Document:

EX-10.3

   

  Exhibit 10.3

  RESTRICTED STOCK UNIT GRANT NOTICE
UNDER THE
BUMBLE INC.
2021 OMNIBUS INCENTIVE PLAN
(RSU Grant – Employees)

  Bumble Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Omnibus Incentive Plan (as amended and/or restated from time to time, the “Plan”), hereby grants to the Participant set forth below the number of Restricted Stock Units set forth below.  The Restricted Stock Units are subject to all of the terms and conditions as set forth herein, in the Restricted Stock Unit Agreement including any provisions for the Participant’s country set forth in any exhibit to the Restricted Stock Unit Agreement (the “Exhibit”) (together, the “Restricted Stock Unit Agreement”) (attached hereto), and in the Plan, all of which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

  		
	Participant:
	[●]

	Date of Grant: 
	[●]

	Vesting Reference Date:
	[●]

	Number of Restricted Stock Units: 
	[●]

	Vesting Schedule:
	Provided that the Participant has not undergone a Termination at the time of the applicable vesting date, one quarter (1/4) of the Restricted Stock Units (rounded down to the nearest whole share of Common Stock) will vest on the first anniversary of the Vesting Reference Date and the remaining three-quarters (3/4) of the Restricted Stock Units will vest in substantially equal installments (with each installment rounded down to the nearest whole share of Common Stock) on each [monthly][quarterly] anniversary thereafter such that the Restricted Stock Units will be fully vested on the fourth anniversary of the Vesting Reference Date; provided, that on the fourth anniversary of the Vesting Reference Date, any Restricted Stock Units that have not otherwise vested due to rounding will also vest in full.

	 
	Notwithstanding the foregoing, if the Participant’s employment or service, as applicable, is terminated without Cause by the Company or its then-Affiliates in the two-year period following a Change in Control, then all then-outstanding Restricted Stock Units (or substitute equity or consideration of purchaser or its Affiliates, as applicable) shall vest upon the Participant’s Termination.

	Settlement:
	Any Restricted Stock Units that become vested pursuant to the Vesting Schedule set forth above shall be settled in accordance with Section 3 of the Restricted Stock Unit Agreement.

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  THE PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF RESTRICTED STOCK UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN. If the Participant DOES not accept the Restricted Stock Unit Agreement through the online acceptance process by THIRTY CALENDAR DAYS FOLLOWING THE GRANT DATE, or such other date that may be communicated, the Company will automatically accept the Restricted Stock Unit Agreement on the Participant’s behalf.  If the Participant declines the Restricted Stock Unit Agreement, the Participant’s Restricted STock Unit award will be canceled and the Participant will not be entitled to any benefits from the award nor any compensation or benefits in lieu of the canceled award.

   

  

   

  RESTRICTED STOCK UNIT AGREEMENT
UNDER THE
BUMBLE INC.
2021 OMNIBUS INCENTIVE PLAN

  Pursuant to the Restricted Stock Units Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant Notice), and subject to the terms of this Restricted Stock Unit Agreement including any provisions for the Participant’s country in any exhibit hereto (this “Restricted Stock Unit Agreement”) and the Bumble Inc. 2021 Omnibus Incentive Plan, as it may be amended and/or restated from time to time (the “Plan”), Bumble Inc., a Delaware corporation (the “Company”), and the Participant agree as follows.  Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan.

  1.	Grant of Restricted Stock Units.  Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant the number of Restricted Stock Units provided in the Grant Notice (with each Restricted Stock Unit representing the right to receive one share of Common Stock upon the vesting of such Restricted Stock Unit).  The Company may make one or more additional grants of Restricted Stock Units to the Participant under this Restricted Stock Unit Agreement by providing the Participant with a new Grant Notice, which may also include any terms and conditions differing from this Restricted Stock Unit Agreement to the extent provided therein.  The Company reserves all rights with respect to the granting of additional Restricted Stock Units hereunder and makes no implied promise to grant additional Restricted Stock Units.

  2.	Vesting.  Subject to the conditions contained herein and in the Plan, the Restricted Stock Units shall vest and the restrictions on such Restricted Stock Units shall lapse as provided in the Grant Notice.  With respect to any Restricted Stock Unit, the period of time that such Restricted Stock Unit remains subject to vesting shall be its Restricted Period.

  3.	Settlement of Restricted Stock Units.  Subject to the proviso to Section 9(d)(ii) of the Plan, within 45 days following the date on which the Restricted Period lapses with respect to a Restricted Stock Unit, the Company shall issue to the Participant or the Participant’s beneficiary, without charge, one share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit.

  4.	Treatment of Restricted Stock Units Upon Termination.  (a) Unless otherwise determined by the Committee, in the event of the Participant’s Termination for any reason:

  (i)	all vesting with respect to the Restricted Stock Units shall cease (after taking into account vesting of Restricted Stock Units as set forth in the Grant Notice); and

  (ii)	the unvested Restricted Stock Units shall be forfeited to the Company by the Participant for no consideration as of the date of such Termination.

  (b)	Upon (i)  a Termination by the Company for Cause; or (ii) a Termination as a result of a voluntary resignation by the Participant when grounds for Cause exist, in each case, unvested Restricted Stock Units and all vested Restricted Stock Units that have not been settled in shares of Common Stock pursuant to Section 3 of this Restricted Stock Unit Agreement shall be forfeited to the Company by the Participant for no consideration as of the date of such Termination.

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  5.	Company; Participant.

  (a)	The term “Company” as used in this Restricted Stock Unit Agreement with reference to employment shall include the Board, the Company and its Subsidiaries.

  (b)	Whenever the word “Participant” is used in any provision of this Restricted Stock Unit Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Stock Units may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or persons.

  6.	Non-Transferability. The Restricted Stock Units are not transferable by the Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan.  Except as otherwise provided herein, no assignment or transfer of the Restricted Stock Units, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Restricted Stock Units shall terminate and become of no further effect.

  7.	Rights as Stockholder.  The Participant or a Permitted Transferee of the Restricted Stock Units shall have no rights as a stockholder with respect to any share of Common Stock underlying a Restricted Stock Unit unless and until the Participant shall have become the holder of record or the beneficial owner of such share of Common Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant shall become the holder of record or the beneficial owner thereof.

  8.	Dividend Equivalents.  The Restricted Stock Units shall be entitled to be credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock), which shall accrue in cash without interest and shall be delivered in cash.  Accumulated dividend equivalents shall be payable at such time as the underlying Restricted Stock Units to which such dividend equivalents relate are settled in accordance with Section 3 above.  For the avoidance of doubt, dividend equivalents accrued in respect of Restricted Stock Units shall only be paid to the extent the underlying Restricted Stock Unit vests and is settled, and to the extent that any Restricted Stock Units are forfeited and not vested and settled, the Participant shall have no right to such dividend equivalent payments.

  9.	Tax Withholding.  The provisions of Section 14(d) of the Plan are incorporated herein by reference and made a part hereof.  In addition, the Committee, subject to its having considered the applicable accounting impact of any such determination, has full discretion to allow the Participant to satisfy, in whole or in part, any additional income, employment, national insurance and/or other applicable taxes payable by the Participant with respect to an Award by electing to have the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, vesting or settlement of the Award, as applicable, shares of Common Stock having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in the Participant’s relevant tax jurisdictions).

  10.	Notice.  Every notice or other communication relating to this Restricted Stock Unit Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Chief Legal 

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  Officer, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records.  Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant from time to time.

  11.	No Right to Continued Service.  This Restricted Stock Unit Agreement does not confer upon the Participant any right to continue as an employee or service provider to the Company.

  12.	Binding Effect.  This Restricted Stock Unit Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

  13.	Waiver and Amendments.  Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or modification of any of the terms of this Restricted Stock Unit Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Committee.  No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver

  14.	Clawback/Forfeiture.  In the event of a Termination by the Company for Cause, or if the Company discovers within 12 months after a Termination that grounds for a Termination for Cause existed at the time of such Termination, in each case, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within 10 business days after the Company’s request to the Participant therefor, an amount equal to the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) that the Participant received upon the sale or other disposition of, or distributions in respect of, the Restricted Stock Units issued hereunder (including any shares of Common Stock issued upon settlement of any such Restricted Stock Unit).  Any reference in this Restricted Stock Unit Agreement to grounds existing for a Termination for Cause shall be determined without regard to any notice period, cure period, or other procedural delay or event required prior to a finding of, or Termination for, Cause.

  15.	Governing Law.  This Restricted Stock Unit Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Notwithstanding anything contained in this Restricted Stock Unit Agreement, the Grant Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Restricted Stock Unit Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of and venue in the courts of Delaware.

  16.	Section 409A of the Code.  It is intended that the Restricted Stock Units granted hereunder shall be exempt from Section 409A of the Code pursuant to the “short-term deferral” rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder.

  17.	Plan. The terms and provisions of the Plan are incorporated herein by reference.  In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Restricted Stock Unit Agreement, the Plan shall govern and control.

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  18.	Exhibit for Non U.S. Participants.  If the Participant is residing and/or working outside of the United States, the Restricted Stock Units shall be subject to any additional provisions set forth in Exhibit A to this Restricted Stock Unit Agreement.  If the Participant becomes based outside the United States while holding any Restricted Stock Units, the additional provisions set forth in Exhibit A shall apply to the Participant to the extent that the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons.  Moreover, if the Participant relocates between any of the countries included on Exhibit A, the additional provisions set forth in Exhibit A for such country shall apply to the Participant to the extent that the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons.  Exhibit A constitutes part of this Restricted Stock Unit Agreement.

  19.	Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Restricted Stock Units and on any shares of Common Stock acquired under the Plan, to the extent that the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

  20.	Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.  Further, if the Participant does not accept the Restricted Stock Unit Agreement through the online acceptance process by the date set forth in the Grant Notice, or such other date that may be communicated, the Company will automatically accept the Restricted Stock Unit Agreement on the Participant’s behalf.  If the Participant declines the Restricted Stock Unit Agreement, the Participant’s Restricted Stock Unit award will be canceled and the Participant will not be entitled to any benefits from the award nor any compensation or benefits in lieu of the canceled award.

  21.	Entire Agreement.  This Restricted Stock Unit Agreement (including, without limitation, all exhibits and appendices attached hereto), the Grant Notice and the Plan constitute the entire agreement of the parties hereto in respect of the subject matter contained herein and supersede all prior agreements and understandings of the parties, oral and written, with respect to such subject matter.

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  EXHIBIT A

  TO THE RESTRICTED STOCK UNIT AGREEMENT
UNDER THE
BUMBLE INC.
2021 OMNIBUS INCENTIVE PLAN

  Capitalized terms used but not otherwise defined herein will have the meaning given to such terms in the Plan and the Restricted Stock Unit Agreement.  For the avoidance of doubt, all provisions of the Restricted Stock Unit Agreement and the Restricted Stock Unit Grant Notice apply to non-U.S. Participants except to the extent supplemented or modified by this Exhibit A.

  Part I - ADDITIONAL TERMS AND CONDITIONS FOR PARTICIPANTS SUBJECT TO LAWS OUTSIDE THE U.S.

  1.	Responsibility for Taxes.  This provision supplements Section 9 of the Restricted Stock Unit Agreement:

  (a)	The Participant acknowledges that, regardless of any action taken by the Company or, if different, the Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. The Participant further acknowledges that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

  (b)	Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following:

  (i)	withholding from the Participant’s wages, salary, or other cash compensation payable to the Participant by the Company, the Employer, or any other member of the Company Group;

  (ii)	withholding from any cash payment made in settlement of the Restricted Stock Units or dividend equivalents;

  (iii)	withholding from proceeds of the sale of shares of Common Stock either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s behalf pursuant to this authorization without further consent); or

  (iv)	withholding in shares of Common Stock;

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  provided, however, that if the Participant is subject to Section 16 of the Exchange Act, then the Company will withhold in shares of Common Stock upon the relevant taxable or tax withholding event, as applicable, unless the use of such withholding method is problematic under applicable law or has materially adverse accounting consequences, in which case, the obligation for Tax-Related Items may be satisfied by one or a combination of methods (i), (ii) and (iii) above.

  (c)	The Company may withhold or account for Tax-Related Items by considering statutory withholding amounts or other applicable withholding rates, including maximum rates applicable in the Participant’s jurisdiction(s).  In the event of over-withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Common Stock) from the Company or the Employer; otherwise, the Participant may be able to seek a refund from the local tax authorities.  In the event of under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer.  If the withholding obligation for Tax-Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, the Participant is deemed to have been issued the full number of shares of Common Stock subject to the vested Restricted Stock Units, notwithstanding that a number of the shares of Common Stock is held back solely for the purpose of paying the Tax-Related Items.

  (d)	Finally, the Participant agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares of Common Stock or the proceeds of the sale of shares of Common Stock or to make any cash payment upon settlement of the Restricted Stock Units if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items.

  (e)	Notwithstanding anything to the contrary in the Plan or in Section 5 of the Restricted Stock Unit Agreement, if the Company is required by applicable law to use a particular definition of fair market value for purposes of calculating the taxable income for the Participant, the Company will have the discretion to calculate the shares of Common Stock to be withheld to cover any Withholding Taxes by using either the price used to calculate the taxable income under applicable law or by using the closing price per share of Common Stock on the Nasdaq (or other principal exchange on which the shares of Common Stock then trade) on the trading day immediately prior to the date of delivery of the shares of Common Stock.

  2.	Nature of Grant.  This provision supplements Sections 3 and 11 of the Restricted Stock Unit Agreement:

  By accepting the grant of the Restricted Stock Units, the Participant acknowledges, understands and agrees that:

  (a)	the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

  (b)	the grant of the Restricted Stock Units is voluntary and occasional, and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

  (c)	all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Company;

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  (d)	the Participant is voluntarily participating in the Plan;

  (e)	the Restricted Stock Units and the shares of Common Stock subject to the Restricted Stock Units, and the income from and value of same, are not intended to replace any pension rights or compensation;

  (f)	the Restricted Stock Units and the shares of Common Stock subject to the Restricted Stock Units, and the income from and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits or similar payments;

  (g)	unless otherwise agreed with the Company in writing, the Restricted Stock Units and the shares of Common Stock subject to the Restricted Stock Units, and the income from and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Subsidiary;

  (h)	the future value of the underlying shares of Common Stock is unknown, indeterminable and cannot be predicted with certainty;

  (i)	no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of the Participant’s employment (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any);

  (j)	for purposes of the Restricted Stock Units, Participant’s employment relationship will be considered terminated as of the date the Participant is no longer actively providing services to the Company, the Employer or any of the other subsidiaries or affiliates of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and such date will not be extended by any notice period (e.g., the period of employment would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of Participant’s employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Restricted Stock Unit grant (including whether the Participant may still be considered to be providing services while on a leave of absence);

  (k)	unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Restricted Stock Unit Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of Common Stock; and

  (l)	neither the Company, the Employer nor any other subsidiary or affiliate of the Company shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Unit or of any amounts due to the Participant pursuant to the settlement of the Restricted Stock Unit or the subsequent sale of any shares of Common Stock acquired upon settlement.

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  (m)	the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan or the Participant’s acquisition or sale of the shares of Common Stock. The Participant should consult with his or her personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

  3.	Insider Trading Restrictions/Market Abuse Laws.  The Participant acknowledges that, depending on his or her country, or the broker’s country, or where the shares of Common Stock are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect the Participant’s ability to, directly or indirectly, accept, acquire, sell, or attempt to sell or otherwise dispose of shares of Common Stock, rights to shares of Common Stock (e.g., Restricted Stock Units), or rights linked to the value of shares of Common Stock, during such times as the Participant is considered to have “inside information” regarding the Company (as defined by the laws and/or regulations in the applicable jurisdictions or the Participant’s country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant places before possessing the inside information.  Furthermore, the Participant may be prohibited from (i) disclosing inside information to any third party, including fellow employees (other than on a “need to know” basis) and (ii) “tipping” third parties or causing them to otherwise buy or sell securities.  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  The Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter.

  4.	Foreign Asset/Account Reporting; Exchange Controls.  The Participant’s country may have certain foreign asset and/or account reporting requirements and/or exchange controls that may affect the Participant’s ability to acquire or hold shares of Common Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Common Stock) in a brokerage or bank account outside the Participant’s country.  The Participant may be required to report such accounts, assets or transactions to the tax or other authorities in the Participant’s country. The Participant also may be required to repatriate sale proceeds or other cash received as a result of the Participant’s participation in the Plan to the Participant’s country through a designated bank or broker and/or within a certain time after receipt. The Participant acknowledges that it is the Participant’s responsibility to be compliant with such regulations, and the Participant is advised to consult the Participant’s personal legal advisor for any details.

  5.	Language.  By accepting the Restricted Stock Unit Agreement, the Participant acknowledges and represents that the Participant is sufficiently proficient in the English language, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Participant to understand the terms of the Restricted Stock Unit Agreement and any other documents related to the Plan. If the Participant has received a copy of this Restricted Stock Unit Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version of the Plan, and in the event of any conflict the English version will govern.

   

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  Part II - COUNTRY-SPECIFIC TERMS AND CONDITIONS

  This Part II of this Exhibit A includes additional terms and conditions that govern the Restricted Stock Units if the Participant resides and/or works in one of the countries listed below.  If the Participant is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which the Participant is currently residing and/or working or if the Participant moves to another country after receiving the grant of the Restricted Stock Units, the Company will, in its discretion, determine the extent to which the terms and conditions herein will be applicable to the Participant.

  This Part II of this Exhibit A also includes information regarding exchange controls and certain other issues of which the Participant should be aware with respect to the Participant’s participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2022.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Participant not rely on the information in Exhibit A as the only source of information relating to the consequences of the Participant’s participation in the Plan because the information may be out of date at the time that the Restricted Stock Units vest or the Participant sells shares of Common Stock acquired under the Plan.

  In addition, the information contained herein is general in nature and may not apply to the Participant’s particular situation and the Company is not in a position to assure the Participant of a particular result.  Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in the Participant’s country may apply to the Participant’s situation.

  If the Participant is a citizen or resident of a country other than the one in which the Participant is currently residing and/or working (or if the Participant is considered as such for local law purposes) or if the Participant moves to another country after receiving the grant of the Restricted Stock Units, the information contained herein may not be applicable to the Participant in the same manner.

  Australia

  Securities Law Notification.  This offer of the Restricted Stock Units is intended to comply with the provisions of the Corporations Act 2001, ASIC Regulatory Guide 49 and ASIC Class Order CO 14/1000. Additional details are set forth in the Offer Document for the offer of Restricted Stock Units to Australian resident employees, which is attached hereto as Exhibit B.

  Tax Information.  The Plan is a plan which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act).

  Exchange Control Notification. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers of any amount. The Australian bank assisting with the transaction will file the report for the Participant. If there is no Australian bank involved in the transfer, the Participant will have to file the report independently.

  Brazil

  Labor Law Policy and Acknowledgment.  The following provision supplements Section 2 in Part I of this Exhibit A:

  By accepting the Restricted Stock Units, the Participant agrees that he or she is (i) making an investment decision; (ii) the shares of Common Stock will be issued to the Participant only if the vesting conditions 

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  are met and (iii) the value of the underlying shares of Common Stock is not fixed and may increase or decrease in value over the vesting period without compensation to the Participant.

  Compliance with Law.  By accepting the Restricted Stock Units, the Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with the vesting of the Restricted Stock Units, and the sale of shares of Common Stock acquired under the Plan and the receipt of any dividends.

  Foreign Asset/Account Reporting Notification.  If the Participant is resident or domiciled in Brazil, he or she will be required to submit a declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights exceeds US$1,000,000.  Quarterly reporting is required if such amount is equal to or greater than US$1,000,000. Shares acquired under the Plan are included in the assets and rights that must be reported.

  Tax on Financial Transaction (IOF).  Repatriation of funds (e.g., the proceeds from the sale of shares of Common Stock) into Brazil and the conversion of USD into BRL associated with such fund transfers may be subject to the Tax on Financial Transactions. It is the Participant’s responsibility to comply with any applicable Tax on Financial Transactions arising from his or her participation in the Plan. The Participant should consult with his or her personal tax advisor for additional details.

  Canada

  Settlement of Restricted Stock Units.  Notwithstanding any terms or conditions of the Plan or the Restricted Stock Unit Agreement to the contrary, Restricted Stock Units will be settled in Shares only, not cash.

  Securities Law Notification.  The Participant may not be permitted to sell within Canada shares of Common Stock acquired under the Plan.  The Participant may only be permitted to sell or dispose of any shares of Common Stock acquired under the Plan if such sale or disposal takes place outside of Canada through the facilities of a stock exchange on which the shares of Common Stock are listed (i.e., the Nasdaq Global Select Market).

  Foreign Asset/Account Reporting Notification.  Specified foreign property, including Restricted Stock Units, shares of Common Stock acquired under the Plan and other rights to receive shares of a non-Canadian company held by a Canadian resident must generally be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of the specified foreign property exceeds C$100,000 at any time during the year. Thus, such Restricted Stock Units must be reported – generally at a nil cost – if the C$100,000 cost threshold is exceeded because other specified foreign property is held by you. When shares of Common Stock are acquired, their cost generally is the adjusted cost base (“ACB”) of the shares. The ACB would ordinarily equal the fair market value of the shares at the time of acquisition, but if the Participant owns other shares of the same company, this ACB may have to be averaged with the ACB of the other shares.  The Participant should consult with his or her personal tax advisor to determine the applicable reporting requirements.

  The following provisions apply to Participants in Quebec:

  Consent to Receive Information in English.  The parties acknowledge that it is their express wish that the Restricted Stock Unit Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

  A-6

  

   

  Les parties reconnaissent avoir exigé la rédaction en anglais du Contrat, ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées en vertu du, ou liés directement ou indirectement au, présent Contrat.

  Data Privacy.  The Participant hereby authorizes the Company and the Company’s representative to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved with the administration of the Plan.  The Participant further authorizes the Company and the Employer to disclose and discuss the Participant’s participation in the Plan with their advisors.  The Participant also authorizes the Company and the Employer to record such information and keep it in Participant’s employee file.

  France

  Nature of the Award. The Restricted Stock Units are not granted under the French specific regime provided by Articles L. 225-197-1 and seq. or L. 22-10-59 and L. 22-10-60 of the French Commercial Code, as amended.

  Consent to Receive Information in English.  The parties acknowledge that it is their express wish that this Restricted Stock Unit Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

  Les parties reconnaissent avoir exigé la rédaction en anglais du Contrat, ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées en vertu du, ou liés directement ou indirectement au, présent Contrat.

  Foreign Asset/Account Reporting Notification.If the Participant is a French resident, the Participant will be required to report all foreign accounts (whether open or closed) to the French tax authorities when filing his or her annual tax return.  The Participant should consult with his or her personal advisor to ensure proper compliance with applicable reporting requirements in France.

  Germany

  Exchange Control Notification.  Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank (Bundesbank).  In case of payments in connection with securities (including proceeds realized upon the sale of shares of Common Stock or the receipt of dividends), the report must be made by the 5th day of the month following the month in which the payment was received.  The form must be filed electronically and the form of report (“Allgemeine Meldeportal Statistik”) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in both German and English.  The Participant acknowledges that he or she personally is responsible for complying with applicable reporting requirements.

  India

  Exchange Control Notification.  The Participant is required to repatriate any proceeds from the sale of shares of Common Stock acquired under the Plan and any dividends paid on such shares of Common Stock (if any) within such time as prescribed under applicable India exchange control laws as may be amended from time to time.  The Participant must maintain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the employer requests proof of repatriation.  It is the Participant’s responsibility to comply with applicable exchange control laws in India.

  A-7

  

   

  Foreign Asset/Account Reporting Notification.  The Participant is required to declare any bank accounts or any financial assets (including shares of Common Stock) that the Participant holds outside India in his or her annual tax return.  It is the Participant’s responsibility to comply with this reporting obligation and the Participant should consult with his or her personal tax advisor in this regard.

  Ireland

  There are no country-specific provisions.

  Isle of Man

  There are no country-specific provisions.

  Malta

  Securities Law Notification.  The Plan, the Restricted Stock Unit Agreement, including this Exhibit A, and all other materials the Participant may receive regarding participation in the Plan do not constitute advertising of securities in Malta and are deemed accepted by the Participant upon receipt of the Participant’s electronic or written acceptance in the United States.

  Mexico

  Labor Law Acknowledgement.  The following provision supplements Section 2 in Part I of this Exhibit A.

  By accepting the Restricted Stock Units, the Participant acknowledges that he or she understands and agrees that: (i) the Restricted Stock Units are not related to the salary and other contractual benefits granted to the Participant by the Employer; and (ii) any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of employment.

  Policy Statement.  The grant of the Restricted Stock Units the Company is making under the Plan is unilateral and discretionary and, therefore, the Company reserves the absolute right to amend it and discontinue it at any time without any liability.

  The Company, with registered offices at 1105 West 41st Street, Austin, Texas 78756, United States of America, is solely responsible for the administration of the Plan.  Participation in the Plan and the acquisition of shares of Common Stock under the Plan does not, in any way establish an employment relationship between the Participant and the Company since the Participant is participating in the Plan on a wholly commercial basis and the Participant’s sole employer is the Subsidiary employing the Participant, as applicable, nor does it establish any rights between the Participant and the Employer.

  Plan Document Acknowledgment.  By participating in the Plan, Participant acknowledges that he or she has received copies of the Plan and the Restricted Stock Unit Agreement, has reviewed the Plan and the Restricted Stock Unit Agreement in their entirety and fully understands and accept all provisions of the Plan and the Restricted Stock Unit Agreement.

  In addition, by participating in the Plan, the Participant further acknowledges that he or she has read and specifically and expressly approves the terms and conditions in Section 2 in Part I of this Exhibit A, in which the following is clearly described and established: (i) participation in the Plan does not constitute an acquired right; (ii) the Plan and participation in the Plan is offered by the Company on a wholly discretionary basis; (iii) participation in the Plan is voluntary; and (iv) the Company and its Subsidiaries 

  A-8

  

   

  are not responsible for any decrease in the value of the shares of Common Stock underlying the Restricted Stock Units.

  Finally, the Participant hereby declares that he or she does not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of participation in the Plan and therefore grants a full and broad release to the Employer and the Company and its Subsidiaries with respect to any claim that may arise under the Plan.

  Spanish Translation

  Reconocimiento de la Legislación Laboral.  Esta disposición complementa el Apartado 2 de la Parte I de la Adenda.

  Al aceptar las Restricted Stock Units, el Partícipe reconoce y acepta (i) que las Restrictred Stock Units no están vinculadas al salario ni a otras prestaciones contractuales concedidas al Partícipe por el Empleador; y (ii) que ni la modificación del Plan ni su cancelación alterarán o empeorarán sus condiciones laborales.

  Declaración de Política.  La concesión de Restricted Stock Units que la Compañía realiza con arreglo al Plan es unilateral y discrecional y, por lo tanto, la Compañía se reserva el derecho absoluto de modificarla y retirarla en cualquier momento, sin ninguna responsabilidad.

  La Compañía, cuyo domicilio social está situado en 1105 West 41st Street, Austin, Texas 7875, Estados Unidos de América, es enteramente responsable de la administración del Plan. La participación en el Plan y la adquisición de Acciones Ordinarias con arreglo al mismo no suponen en modo alguno la creación de una relación laboral entre el Partícipe y la Compañía, ya que la participación en el Plan por parte del Participante es de carácter puramente mercantil y el único empleador del Partícipe es la Filial que le ha contratado, en su caso, ni establecen ningún derecho entre el Partícipe y el Empleador.

  Aceptación de la Documentación del Plan.  Al participar en el Plan, el Partícipe reconoce que ha recibido sendas copias del Plan y del Acuerdo de Concesión de Restricted Stock Units, que ha leído el Plan y el Acuerdo de Concesión de Restricted Stock Units en su totalidad y que entiende y acepta completamente las disposiciones contenidas en los mismos.

  Adicionalmente, al participar en el Plan, el Partícipe reconoce que ha leído y aprueba específica y expresamente los términos y condiciones contenidos del Apartado 2 de la Parte I de la Adenda, en el que se describe y establece claramente lo siguiente: (i) la participación en el Plan no constituye un derecho adquirido; (ii) el Plan y la participación en el mismo son ofrecidos por la Compañía de forma enteramente discrecional; (iii) la participación en el Plan es voluntaria; y (iv) ni la Compañía ni sus Filiales serán responsables de ninguna reducción del valor de las Acciones Ordinarias subyacentes en las Restricted Stock Units.

  Finalmente, el Partícipe declara que no se reserva ninguna acción ni el derecho a interponer una demanda contra la Compañía para exigir el pago de una indemnización por daños y perjuicios como consecuencia de su participación en el Plan y, por consiguiente, exonera de toda responsabilidad, en los términos más amplios, tanto a la Compañía como a sus Filiales en relación con cualquier demanda que pudiera derivarse del Plan.

  Netherlands

  There are no country-specific provisions.

  A-9

  

   

  Russia

  Data Privacy.  The Participant understands and agrees that the Company may require the Participant to complete and return a Consent to Processing of Personal Data form (the “Consent”) to the Company.  If a Consent is required by the Company but the Participant fails to provide such Consent to the Company, the Participant understands and agrees that the Company will not be able to administer or maintain the Restricted Stock Units or any other awards.  Therefore, the Participant understands that refusing to complete any required Consent or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan.  For more information on any required Consent or withdrawal of consent, the Participant understands he or she may contact the Bumble Equity Team at equity@team.bumble.com.

  U.S. Transaction.  The Participant understands that his or her acceptance of the grant of Restricted Stock Units results in a contract between the Participant and the Company completed in the United States and that the Restricted Stock Unit Agreement is governed by the laws of the State of Delaware, U.S.A., without giving effect to the conflict of law principles thereof.

  Securities Law Notification.  The Participant acknowledges that the Restricted Stock Units, the Restricted Stock Unit Agreement, the Plan and all other materials the Participant may receive regarding participation in the Plan do not constitute advertising or an offering of securities in Russia.  The issuance of securities pursuant to the Plan has not and will not be registered in Russia and therefore, the securities described in any Plan-related documents may not be used for offering or public circulation in Russia.

  Anti-Corruption Notification.  Certain individuals who hold public office in Russia, as well as their spouses and dependent children, are prohibited from opening or maintaining foreign brokerage or bank accounts and holding any securities, whether acquired directly or indirectly, in a foreign company (including shares of Common Stock acquired under the Plan).

  Spain

  No Entitlement for Claims or Compensation.  This provision supplements the terms of the Restricted Stock Unit Agreement:

  By accepting the Restricted Stock Units, the Participant consents to participation in the Plan and acknowledges that the Participant has received a copy of the Plan document.

  The Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to make grants of Restricted Stock Units under the Plan to individuals who may be employees of the Company or its subsidiaries or affiliates throughout the world. The decision is limited and entered into based upon the express assumption and condition that any Restricted Stock Units will not economically or otherwise bind the Company or any of its subsidiaries or affiliates, including the Employer, on an ongoing basis, other than as expressly set forth in the Restricted Stock Unit Agreement. Consequently, the Participant understands that the Restricted Stock Units are given on the assumption and condition that the Restricted Stock Units shall not become part of any employment contract (whether with the Company or any of its subsidiaries or affiliates, including the Employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Furthermore, the Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of the Restricted Stock Units, which is gratuitous and discretionary, since the future value of the Restricted Stock Units is unknown and unpredictable.

  The Participant understands and agrees that, unless otherwise expressly set forth in the Restricted Stock Unit Agreement, the Participant’s termination of employment for any reason (including for the reasons 

  A-10

  

   

  listed below) will automatically result in the cancellation and loss of any Restricted Stock Units that may have been granted to the Participant and that were not fully vested on the date of termination of employment. In particular, the Participant understands and agrees that, unless otherwise expressly set forth in the Restricted Stock Unit Agreement, the Restricted Stock Units will be cancelled without entitlement to the cash proceeds or to any amount as indemnification if the Participant terminates employment by reason of, including, but not limited to: resignation, death, disability, retirement, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause, individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985.

  The Participant also understands that the grant of Restricted Stock Units would not be made but for the assumptions and conditions set forth hereinabove; thus, the Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the grant of the Restricted Stock Units shall be null and void.

  Securities Law Notification.  The Restricted Stock Units described in the Plan and the Restricted Stock Unit Agreement, including this Exhibit A, do not qualify under Spanish regulations as a security.  No “offer of securities to the public,” as defined under Spanish law, has taken place or will take place in the Spanish territory.  The Plan and the Restricted Stock Units Agreement, including Exhibit A, have not been nor will they be registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission), and they do not constitute a public offering prospectus.

  United Kingdom

  Responsibility for Taxes. The following supplements the “Responsibility for Taxes” section of Part I of Exhibit A:

  Without limitation to the “Responsibility for Taxes” section of Part I of Exhibit A, the Participant agree that he or she is liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or, if different, the Employer or by Her Majesty’s Revenue & Customs (“HMRC”) (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and, if different, the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on the Participant’s behalf (or any other tax authority or any other relevant authority).

  Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the Participant understands that he or she may not be able to indemnify the Company for the amount of any Tax-Related Items as it may be considered to be a loan.  In this case, any income tax not collected from or paid by the Participant within ninety (90) days of the end of the U.K. tax year in which the event giving rise to the Tax-Related Items occurs may constitute a benefit to the Participant on which additional income tax and National Insurance contributions (“NICs”) may be payable.  The Participant understands that he or she will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying to the Company and/or the Employer (as appropriate) the amount of any NICs due on this additional benefit, which may also be recovered from the Participant by any of the means referred to in the “Responsibility for Taxes” section of Part I of this Exhibit A.

  A-11

  

   

  EXHIBIT B

  OFFER DOCUMENT

   

  BUMBLE INC.

  2021 OMNIBUS INCENTIVE PLAN

    

  OFFER OF RESTRICTED STOCK UNITS

  TO AUSTRALIAN RESIDENT PARTICIPANTS

    

  Investment in shares involves a degree of risk. Participants who elect to participate in the Plan should monitor their participation and consider all risk factors relevant to the acquisition of shares under the Plan as set out in this Offer Document and the Additional Documents.

  The information contained in this Offer Document and the Additional Documents is general only. Any advice given in relation to this offer of Restricted Stock Units does not take into account Participant’s personal objectives, financial situation and needs.

  Participants should consider obtaining their own financial product advice from an independent person who is licensed by the Australian Securities and Investments Commission to give advice about participation in the Plan.

  B-1

  

   

  OFFER OF RESTRICTED STOCK UNITS TO AUSTRALIAN
RESIDENT PARTICIPANTS

  BUMBLE INC.

  2021 OMNIBUS INCENTIVE PLAN

  This Offer Document sets out information regarding the grant of Restricted Stock Units  over shares of Common Stock of Bumble Inc., a Delaware corporation (the “Company”), under the Bumble Inc. 2021 Omnibus Incentive Plan (the “Plan”). This information is provided by the Company to ensure compliance of the Plan with Australian Securities and Investments Commission (“ASIC”) Class Order 14/1000 and relevant provisions of the Corporations Act 2001.

  Any capitalized terms not otherwise defined in this Offer Document shall have the definitions set forth in the Plan.

  Additional Documents

  In addition to the information set out in this Offer Document, you are being provided with copies of the following documents:

  (a)	the Plan;

  (b)	the Plan Prospectus; and

  (c)	the Restricted Stock Unit Agreement, including any exhibits, addenda or appendices thereto (the “Agreement”);

  (collectively, the “Additional Documents”).

  The Plan and the Agreement set out, among other details, the nature of the Award, what, if anything, you must do to accept the Award and the consequences of a change in the nature or status of your employment.

  The Additional Documents provide further information to help you make an informed investment decision in relation to your participation in the Plan. Neither the Plan nor any of the other Additional Documents is a prospectus for purposes of the Australian Corporations Act 2001.

  Common Stock in a U.S. Corporation

  Common stock of a U.S. corporation is analogous to an ordinary share of an Australian corporation. Each shareholder is entitled to one vote for every share of Common Stock held in the Company.

  Shares of Common Stock are traded on the Nasdaq in the United States of America (“U.S.”) and are traded under the symbol “BMBL.”

  The shares of Common Stock are not liable to any further calls for payment of capital or for other assessment by the Company and have no sinking fund provisions, pre-emptive rights, conversion rights or redemption provisions.

  B-2

  

   

  Ascertaining the Market Price of Shares

  You may ascertain the current per Share market price as traded on the Nasdaq at www.nasdaq.com under the code “BMBL.”  The Australian dollar (“AUD”) equivalent of that price can be obtained at www.rba.gov.au/statistics/frequency/exchange-rates.html.

  This will not be a prediction of the market price of an individual Share on the Vesting Date or of the applicable exchange rate on the Vesting Date.

  Risk Factors for Australian Residents

  Australian residents should have regard to risk factors relevant to investment in securities generally and, in particular, to holding shares of Common Stock.

  For example, the price at which the shares of Common Stock are quoted on the Nasdaq may increase or decrease due to a number of factors. There is no guarantee that the per share price will increase. Factors which may affect the per share price include fluctuations in the domestic and international market for listed stocks, general economic conditions, including interest rates, inflation rates, commodity and oil prices, changes to government fiscal, monetary or regulatory policies, legislation or regulation, the nature of the markets in which the Company operates and general operational and business risks.

  More information about potential factors that could affect the Company’s business and financial results is included in the Company’s most recent annual report which is available upon request.

  In addition, you should be aware that in addition to fluctuations in the per share price, the value of any shares of Common Stock acquired under the Plan will be affected by the U.S. dollar/AUD exchange rate. Participation in the Plan involves certain risks related to fluctuations in these rates of exchange.

  Australian Tax Consequences

  The following is intended to provide you with a general summary of the tax consequences regarding the Restricted Stock Units. This summary is based on the tax and other laws concerning Restricted Stock Units in effect in Australia as of December 2021. Such laws are often complex and change frequently and it is possible that the information included in this summary may be out of date at the time your Restricted Stock Units vest and you receive shares of Common Stock or at the time you sell shares of Common Stock acquired under the Plan.

  In addition, this summary does not discuss all of the various laws, rules and regulations that may apply to you. It may not apply to your particular tax or financial situation, and the Company is not in a position to assure you of any particular tax result. Accordingly, you should seek appropriate professional advice as to how the tax or other laws in Australia apply to your situation.

  Finally, if you are a citizen or resident of more than one country or are considered a resident of more than one country for local law purposes, or if you were not resident in Australia when your Restricted Stock Units were granted or you do not remain in Australia after your Restricted Stock Units are granted, the information contained in this summary may not be applicable to you.

  (a)	What is the effect of the grant of the Restricted Stock Units?

  The Australian tax legislation contains specific rules, in Division 83A of the Income Tax Assessment Act 1997, governing the taxation of shares and rights acquired by employees under employee share schemes 

  B-3

  

   

  (“ESS interests”). The Restricted Stock Units should be regarded as a right to acquire shares and, accordingly, an ESS interest for these purposes.

  Your assessable income includes the ESS interest at grant, unless the ESS interest is subject to a “real risk of forfeiture” or a prescribed statement is included in your grant documentation, in which case you will be subject to deferred taxation.

  In the case of the Restricted Stock Units, the “real risk of forfeiture” test requires that:

  (i)	there be a real risk that, under the conditions of the Plan, you will forfeit the Restricted Stock Units or lose them (other than by disposing of or vesting in the Restricted Stock Units); or

  (ii)	there be a real risk that, under the conditions of the Plan, if your Restricted Stock Units vest and you receive shares of Stock, you will forfeit the underlying shares or lose them (other than by disposing of them).

  The terms of the Restricted Stock Units are set out in the Agreement. It is understood that your Restricted Stock Units will satisfy the real risk of forfeiture test. In addition, your Agreement contains the prescribed statement mentioned above1.  Accordingly, you should be subject to deferred taxation (i.e., you generally should not be subject to tax when the Restricted Stock Units are granted to you).

  (b)	When will I be taxed on my Restricted Stock Units?

  You will be required to include an amount in your assessable income for the income year (i.e., the financial year ending 30 June) in which the earliest of the following events occurs in relation to the Restricted Stock Units (the “ESS deferred taxing point”):

  (i)	when there are no longer any genuine restrictions on the disposal of the Restricted Stock Units and there is no real risk of you forfeiting the Restricted Stock Units;

  (ii)	when the Restricted Stock Units are settled in shares of Common Stock and there is no real risk of you forfeiting such shares and there is no genuine restriction on the disposal of the resulting shares (if such restrictions exist, the taxing point is delayed until they lift); and

  (iii)	cessation of employment (to the extent that you retain the Restricted Stock Units).

  Generally, this means that you will be subject to tax when your Restricted Stock Units are settled and the shares of Common Stock are no longer subject to any genuine restrictions on disposal. However, the ESS deferred taxing point for your Restricted Stock Units will be moved to the time you sell the underlying shares of Common Stock if you sell the shares within 30 days of the original ESS deferred taxing point.

  In addition to income tax, the assessable amount will be subject to Medicare Levy, and, if applicable, surcharge.

    

  1 Specifically, the Agreement contains the following statement: “The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act),” which means that tax deferral is to apply to the RSUs.

  B-4

  

   

  (c)	What is the amount to be included in my assessable income?

  The amount you must include in your assessable income in the income year in which the ESS deferred taxing point occurs in relation to your Restricted Stock Units will be the difference between the “market value” of the Restricted Stock Units or the underlying shares of Common Stock, as applicable, at the ESS deferred taxing point and the cost base of the Restricted Stock Units (which should be nil because you do not have to pay anything to receive the Restricted Stock Units or the underlying shares).

  If, however, you sell the underlying shares of Common Stock in an arm’s length transaction (as will generally be the case provided that the shares are sold through the Nasdaq) within 30 days of the original ESS deferred taxing point, the amount to be included in your assessable income in the income year in which the sale occurs will be equal to the difference between the sale proceeds and the cost base of the Restricted Stock Units (which should be nil).

  The “market value” of the Restricted Stock Units or the underlying shares of Common Stock, as applicable, at the ESS deferred taxing point is determined according to the ordinary meaning of “market value” expressed in Australian currency and determined with reference to Australian tax law. The Australian Tax Office has prepared guidelines in relation to the ordinary meaning of market value. As noted below, the Company must provide you with a statement containing certain information about the Restricted Stock Units, including an estimate of the market value of the Restricted Stock Units or underlying shares, as applicable, at the taxing point. This may assist you in determining the market value of the Restricted Stock Units or the shares of Common Stock, as applicable.

  (d)	What happens if I cease employment before my Restricted Stock Units vest?

  If you cease employment with your employer prior to the vesting date of some or all of your Restricted Stock Units and the Restricted Stock Units do not vest upon termination of employment (i.e., they are forfeited), you may be treated as having never acquired the forfeited Restricted Stock Units, in which case no amount will be included in your assessable income.

  (e)	Will I be taxed when I sell shares of Common Stock?

  If you sell shares of Common Stock acquired upon vesting of your Restricted Stock Units within 30 days of the original ESS deferred taxing point, your ESS deferred taxing point will be shifted to the date of sale for purposes of determining the amount of assessable income as described above and you will not be subject to capital gains tax.

  If you sell shares of Common Stock acquired upon vesting of your Restricted Stock Units more than 30 days after the original ESS deferred taxing point, you will be subject to capital gains taxation to the extent that the sale proceeds exceed your cost base in the shares sold, assuming that the sale of such shares occurs in an arm’s-length transaction. Your cost base in the shares of Common Stock will generally be equal to the market value of such shares at the ESS deferred taxing point (which will generally be the vesting date, as described above) plus any incremental costs you incur in connection with the sale (e.g., brokers fees).

  The amount of any capital gain you realize must be included in your assessable income for the year in which shares of Common Stock are sold. However, if you hold shares for at least one year prior to selling (excluding the dates you acquired and sold the shares), you may be able to apply a discount to the amount of capital gain that you are required to include in your assessable income. If this discount is available, you may calculate the amount of capital gain to be included in your assessable income by first subtracting all available capital losses from your capital gains and then multiplying each capital gain by the discount percentage of 50%.

  B-5

  

   

  If the sale proceeds are lower than your cost base in the shares of Common Stock sold (assuming the sale occurred in an arm’s-length transaction), you will realize a capital loss. Capital losses may be used to offset capital gains realized in the current tax year or in any subsequent tax year, but may not be used to offset other types of income (e.g., salary or wage income).

  (f)	Will my employer report the income or withhold tax?

  Your employer will not be required to withhold tax (or Medicare Levy or surcharge) in relation to the Restricted Stock Units unless you have not provided your Tax File Number (“TFN”) to your employer.

  However, the Company or your employer will provide you (no later than 14 July after the end of the year) and the Commissioner of Taxation (no later than 14 August after the end of the year) with a statement containing certain information about your participation in the Plan in the income year in which the original ESS deferred taxing point occurs (typically the year of vesting) (including an estimate of the market value of the Restricted Stock Units or the underlying shares of Common Stock, as applicable, at the taxing point). Please note, however, that, if you sell shares within 30 days of the original ESS deferred taxing point, the amount reported by your employer may differ from your actual taxable amount (which will be based on the sale proceeds rather than the market value of the Restricted Stock Units or the shares at the ESS deferred taxing point, as described above). You will be responsible for determining the actual taxable amount and calculating your tax accordingly.

  It is your responsibility to report and pay any tax liability in relation to the Restricted Stock Units and any shares of Common Stock issued to you as well as in relation to the sale of such shares.

  U.S. Tax Consequences

  Australian residents (who are not U.S. citizens or U.S. tax residents) will not be subject to U.S. tax by reason only of the grant and vesting of the Restricted Stock Units or the sale of shares of Common Stock. However, liability for U.S. taxes (including estate taxes) may accrue if an Australian resident is otherwise subject to U.S. taxes.

  The above is an indication only of the likely U.S. taxation consequences for Australian residents awarded Restricted Stock Units under the Plan. Australian residents should seek their own advice as to the U.S. taxation consequences of Plan participation.

  B-6Exhibit
10.1

 

THIS
NOTE 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

Indonesia
Energy Corporation Limited

 

Second
Amended and Restated Senior Convertible Promissory Note

 

	Dated:
    May 16, 2022 (the “Issuance Date”)	Up
    to $10,000,000.00

 

This
Note amends, restates and replaces in its entirety that certain Senior Convertible Promissory Note, dated as of January 21, 2022, as
amended and restated on March 4, 2022, issued by the Maker to the Holder (the “Amended Original Note”).

 

FOR
VALUE RECEIVED, Indonesia Energy Corporation Limited, a Cayman Islands limited company (hereinafter called the “Maker”
or the “Company”), hereby promises to pay to the order of L1 Capital Global Opportunities Master Fund, Ltd.,
a Cayman Islands limited company, or registered assigns (the “Holder”) the principal sum of up to $10,000,000.00 (the
“Principal Amount”) pursuant to the terms of this Amended and Restated Senior Convertible Promissory Note (this “Note”).
The consideration to the Maker for this Note is up to $9,400,000.00 (the “Consideration”) in United States currency,
due to the prorated original issuance discount of 6% (the “OID”) equaling up to $600,000.00. It is acknowledged that
the Holder funded a first tranche of the Consideration (the “First Tranche”) in an amount equal to the First Tranche
Amount (as defined herein) on or about January 21, 2022. At the closing of the First Tranche (which shall occur on the Closing Date),
the outstanding principal amount under this Note consisted (and continues to consist) of the First Tranche Amount plus the applicable
prorated portion of the OID.

 

    	1

    	 

    

 

The
second tranche of Consideration (the “Second Tranche”) under this Note in an amount equal to the Second Tranche Amount
(as defined herein) shall be funded by the Holder to the Company no later than the second (2nd) Trading Day following the
date that amendment number 1 (“Amendment No. 1”)to the Company’s registration statement on Form F-1 (File Number
333-263396) (the “Registration Statement”) registering all of the Conversion Shares issuable under this Note (assuming
a conversion price equal to the Floor Price (as defined below)) and the Warrant Shares issuable under the Warrants shall have been filed
with the SEC; provided that the Company’s Annual Report on Form 20-F for the year ended December 31, 2021 shall have been
filed with the SEC prior to the filing of such Amendment Number 1. At the closing of the Second Tranche, the outstanding principal amount
under this Note shall consist of the First Tranche Amount and the Second Tranche Amount plus the applicable prorated portion of the OID.

 

Notwithstanding
the provisions of Sections 9.1(a) and 9.1(c) of the Securities Purchase Agreement to the contrary (which provisions are superseded by
this paragraph), the Holder (by its acceptance of this Note) and the Company agree that the Company will use its best efforts to (i)
file Amendment No. 1 by Friday, May 20, 2022 (subject to review of Amendment No. 1 by the Company’s independent auditor) (ii) thereafter
have the Registration Statement declared effective by Tuesday, May 31, 2022 (subject to review by the SEC).

 

The
maturity date of this Note for all shall be July 21, 2023 (the “Maturity Date”), which is the date upon which the
Principal Amount, as well as the OID for each tranche, shall be due and payable unless earlier converted into, or repaid in, Conversion
Shares as provided for herein. This Note may not be repaid in whole or in part except as otherwise explicitly set forth herein.

 

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

 

All
payments under or pursuant to this Note shall be made in United States Dollars in immediately available funds to the Holder at the address
of the Holder set forth in the Purchase Agreement (as hereinafter defined) or at such other place as the Holder may designate from time
to time in writing to the Maker or by wire transfer of funds to the Holder’s account designated in writing by Holder to the Maker.

 

1.1
Purchase Agreement; Subsidiary Guarantee. This Note has been executed and delivered pursuant to, and is one of the Notes issued
pursuant to, the Securities Purchase Agreement, dated as of January 21, 2022, as amended by that certain First Amendment thereto dated
as of March 4, 2022 (as the same has been or may be further amended from time to time, the “Purchase Agreement”),
by and among the Maker, the other “Investors” (as such term is defined in the Purchase Agreement) and the Holder. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth for such terms in the Purchase Agreement. The full amount
of this Note and all the cash payment obligations of the Company under the Transaction Documents shall be guaranteed in full by the Company’s
wholly-owned subsidiary, WJ Energy Group Limited, pursuant to a Guarantee, in a form attached as an exhibit to the Purchase Agreement.

 

1.2
Interest. Except as set forth in Section 2.2, this Note shall not bear interest.

 

    	2

    	 

    

 

1.3
Principal Installment Payments. Commencing on June 15, 2022 for the initial Monthly Payment (as defined below), then on June 21,
2022 for the second Monthly Payment, and thereafter on the 21st day of each month thereafter (subject to Section 1.6 hereof),
the Maker shall pay to the Holder the Principal Amount hereunder (as may be reduced from time to time by conversions of such Principal
Amount as provided for hereunder) in monthly installments a payment equal to one-fourteenth (1/14th) of the total Principal
Amount then outstanding (the “Monthly Payments”), until the Principal Amount has been paid in full prior to or on
the Maturity Date or, if earlier, upon acceleration, conversion or redemption of this Note in accordance with the terms herein. The Maker
and the Holder agree that all payments made under this Note, including the provisions of Section 1.3, shall be subject in all cases to
the terms of the Purchase Agreement, including, without limitation, Section 2.4 thereof. The Monthly Payments shall be made in cash,
in the amount of 102% of such Monthly Payment; provided, however, as to any Monthly Payment and upon no less than two (2) Trading
Days’ prior written irrevocable notice (the “Monthly Payment Notice”), in lieu of a cash payment the Company
may elect to pay all or part of a Monthly Payment in Conversion Shares based on a conversion price per share, subject to a floor of $1.20
per share (which floor price may be waived by the Company as expressly provided for herein, the “Floor Price”), equal
to the lesser of (i) the then Conversion Price and (ii) 90% of the Market Price (subject to adjustment for any stock dividend, stock
split, stock combination or other similar event affecting the Ordinary Shares during the ten (10) Trading Day measuring period described
in the definition of “Market Price” herein) (the price calculated during the applicable ten (10) Trading Day measuring period
described in the definition of “Market Price” herein, the “Monthly Conversion Price” and such 10 Trading
Day period, the “Monthly Conversion Period”); provided, that the Company may not pay the Monthly Payment in
Conversion Shares unless (i) from the date the Holder receives the duly delivered Monthly Payment Notice through and until the date such
Monthly Payment is paid in full, the Equity Conditions have been satisfied, unless waived in writing by the Holder, and (ii) the Market
Price shall have been equal to or in excess of the Floor Price during the Monthly Conversion Period, unless the Company exercise a right,
in its discretion, to waive the Floor Price. For the avoidance of doubt if the Company determines to waive the foregoing requirement
that the Market Price be equal to or in excess of the Floor Price, and makes a Monthly Payment in the form of Ordinary Shares, the applicable
conversion price per share shall be the lesser of (i) the then Conversion Price and (ii) 90% of the Market Price during the applicable
Monthly Conversion Period, even if less than the Floor Price. The Holder may convert, pursuant to Section 3, any principal amount of
this Note subject to a Monthly Payment at any time prior to the date that the Monthly Payment, plus accrued but unpaid interest, liquidated
damages and any other amounts then owing to the Holder are due and paid in full. Unless otherwise indicated by the Holder in the applicable
Notice of Conversion, any principal amount of this Note converted during the applicable Monthly Conversion Period until the date the
Monthly Payment is paid in full shall be first applied to the Principal Amount subject to the Monthly Payment payable in cash and then
to the Monthly Payment payable in Conversion Shares. The Company covenants and agrees that it will honor all Conversion Notices tendered
up until the amounts due hereunder are paid in full. The Company’s determination to pay a Monthly Payment in cash, Ordinary Shares
or a combination thereof shall be applied ratably to all of the holders of the then outstanding Notes based on their (or their predecessor’s)
initial purchases of Notes pursuant to the Purchase Agreement.

 

    	3

    	 

    

 

Notwithstanding
anything to the contrary contained herein, upon three (3) Trading Days’ notice to the Company (the date of such notice, the “Monthly
Payment Adjustment Notice Date”), the Holder may elect at its sole option, to defer or accelerate up to three (3) Monthly Payments
or any portion of a Monthly Payment, to any Trading Day succeeding such Monthly Payment Adjustment Notice Date provided such date precedes
the next Monthly Payment Date. In the event that the Holder elects to defer or accelerate any such Monthly Payments, to the extent applicable,
the procedures set forth in this Section 1.3 shall continue to apply to the Company.

 

Following
the receipt of a Monthly Payment in the form of Conversion Shares, excluding the final Monthly Payment, if during the ten (10) Trading
Day period beginning on the Trading Date following the Payment Date on which such Conversion Shares were delivered (the “Succeeding
Measurement Period”), the Market Price (the “Succeeding Market Price”) shall be less than the Monthly Conversion
Price during the prior Monthly Conversion Period, then on the Trading Day following such Succeeding Measurement Period, the Company shall
transfer to the Holder an additional number of Ordinary Shares (the “Make Whole Shares”) equal to the amount of the
prior Monthly Payment divided by the difference between the Succeeding Market Price and the prior Monthly Conversion Price; provided,
however, that if (i) the Succeeding Market Price is less than the Floor Price and (ii) the Company desires to exercise a right to
waive the Floor Price limitation and issue Make Whole Shares at less than the Floor Price, in lieu of receiving Make Whole Shares, the
Holder may elect to receive a cash payment derived by multiplying (i) the number of Make Whole Shares which would have been required
to be delivered pursuant to the above provisions by (ii) the VWAP of the Ordinary Shares on the last Trading Day in the applicable Succeeding
Measurement Period. For the avoidance of doubt, to the extent that the Succeeding Market Price is in excess of the Monthly Conversion
Price during the applicable prior Monthly Conversion Period, the Holder shall not be required to refund any Ordinary Shares nor shall
the Company receive a credit in respect of such excess in connection with any following Monthly Payment. With respect to the final Monthly
Payment, if the Company intends to pay such Monthly Payment in the form of Ordinary Shares, prior to the applicable Monthly Conversion
Period (but not more than two (2) Trading Days prior to the commencement of the Monthly Conversion Period), the Company shall deliver
to the Holder a number of Ordinary Shares to be applied against such Monthly Payment equal to the quotient of (x) the applicable Monthly
Payment divided by (y) the lesser of (A) the Conversion Price and (B) 90% of the lowest closing bid price during the ten (10) Trading
Day period preceding the delivery of such Ordinary Shares (the “Final Monthly Payment Provisional Conversion Price”).
If the Monthly Conversion Price with respect to the final Payment Date is less than the Final Monthly Payment Provisional Conversion
Price, then on the final Payment Date, the Company shall transfer to the Holder an additional number of Ordinary Shares equal to the
amount of the final Monthly Payment divided by the difference between the Final Monthly Payment Provisional Conversion Price and the
Monthly Conversion Price with respect to the final Payment Date. In connection with the foregoing, unless waived by the Company, the
Holder agrees that in any Succeeding Measurement Period, it will not sell any Ordinary Shares received by the Holder from the Company
in respect of the related Payment Date, on more than four (4) of the Trading Days during such Succeeding Measurement Period, which such
four (4) Trading Days for the avoidance doubt need not be consecutive Trading Days.

 

    	4

    	 

    

 

1.4
Prepayment. At any time after the Issuance Date and provided that no Event of Default has occurred, but subject in all cases to
the terms of the Purchase Agreement, the Maker may repay any portion of the outstanding Principal Amount upon at least ten (10) Trading
Days’ written notice (the “Prepayment Notice Period”) of the Holder (the “Prepayment Notice”)
by paying an amount equal to 110% of the Principal Amount then being prepaid (representing a 10% prepayment premium payable to the Holder
which shall not constitute a principal repayment); provided that (i) the Equity Conditions are then met, (ii) the closing price
of the Ordinary Shares on the Trading Day prior to the date of the Prepayment Notice is below the Conversion Price, and (iii) a registration
statement registering all of the Conversion Shares issuable under this Note (assuming a conversion price equal to the Floor Price) and
the Warrant Shares issuable under the Warrants shall have been declared effective. If the Maker elects to prepay this Note pursuant to
the provisions of this Section 1.4, the Holder shall have the right, upon written notice to the Maker (a “Prepayment
Conversion Notice”) within five (5) Trading Days of the Holder’s receipt of a Prepayment Notice, to convert up to all
of the Principal at the Conversion Price (as defined below), in accordance with the provisions of Article 3, specifying the Principal
Amount that the Holder will convert. Upon delivery of a Prepayment Notice, the Maker irrevocably and unconditionally agrees to, within
five (5) Trading Days of receiving a Prepayment Conversion Notice, and if no Prepayment Conversion Notice is received, within ten (10)
Trading Days of delivery of a Prepayment Notice: (i) repay the outstanding Principal Amount minus the Principal Amount set forth in the
Prepayment Conversion Notice and (ii) issue the applicable Conversion Shares to the Holder in accordance with Article 3. The foregoing
notwithstanding, the Maker may not deliver a Prepayment Notice with respect to any outstanding Principal Amount that is subject to a
Conversion Notice delivered by the Holder in accordance with Article 3. Notwithstanding anything to the contrary contained herein, any
prepayments made under this Note, including the provisions of this Section 1.4, shall be subject in all cases to the terms of the Purchase
Agreement. If any of the Equity Conditions shall cease to be satisfied at any time during the Prepayment Notice Period or if an Event
of Default occurs, then the Holder may elect to nullify the Prepayment Notice by notice to the Company within 3 Trading Days after the
first day on which any such Equity Condition has not been met or Event of Default has occurred (provided that if, by a provision of the
Transaction Documents, the Company is obligated to notify the Holder of the non-existence of an Equity Condition, such notice period
shall be extended to the third Trading Day after proper notice from the Company) in which case the Prepayment Notice shall be null and
void, ab initio. The Company covenants and agrees that it will honor all Conversion Notices tendered from the time of delivery of the
Prepayment Notice through the date all amounts owing thereon are due and paid in full.

 

1.5
Delisting from a Trading Market. If at any time the Ordinary Shares cease to be listed on a Trading Market, (i) the Holder may,
after receiving the prior written consent of the Requisite Holders, deliver a demand for payment to the Company and, if such a demand
is delivered, the Company shall, within ten (10) Business Days following receipt of the demand for payment from the Holder, pay all of
the Outstanding Principal Amount or (ii) the Holder may, at its election and upon receiving the prior written consent of the Requisite
Holders, after July 21, 2022 or earlier if a Registration Statement covering the Conversion Shares has been declared effective, upon
notice to the Company in accordance with Section 5.1, convert all or a portion of the Outstanding Principal Amount at the Conversion
Price. Notwithstanding anything to the contrary contained herein, any payments made under this Note, including the provisions of this
Section 1.5, shall be subject in all cases to the terms of the Purchase Agreement.

 

1.6
Payment on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment
may be due on the next succeeding Business Day.

 

1.7
Transfer. This Note may be transferred or sold, subject to the provisions of Section 5.8 of this Note, or pledged, hypothecated
or otherwise granted as security by the Holder.

 

    	5

    	 

    

 

1.8
Replacement. Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft or
destruction of this Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation of
such Note, the Maker shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

1.9
Use of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.

 

1.10
Status of Note. The obligations of the Maker under this Note shall rank senior to all other existing Indebtedness and equity of
the Company, other than Indebtedness owing to the other Investors under the other Notes (as such term is defined in the Purchase Agreement)
(the “Other Notes”) and the obligations of the Maker under this Note shall rank pari passu with all other Indebtedness
owing to the other Investors under the Other Notes. Upon any Liquidation Event (as hereinafter defined), but subject in all cases to
the Purchase Agreement, the Holder will be entitled to receive, before any distribution or payment is made upon, or set apart with respect
to, any Indebtedness of the Maker (other than Indebtedness in respect of the Other Notes) or any class of capital stock of the Maker,
an amount equal to the Outstanding Principal Amount. For purposes of this Note, “Liquidation Event” means a liquidation
pursuant to a filing of a petition for bankruptcy under applicable law or any other insolvency or debtor’s relief, an assignment
for the benefit of creditors, or a voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Maker.

 

1.11
Tax Treatment. The Maker and the Holder agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S.
income tax purposes, this Note is not intended to be, and shall not be, treated as indebtedness. Neither the Maker nor the Holder shall
take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of Taxes, unless
otherwise required pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any analogous provision of applicable state, local or non-U.S. law.

 

ARTICLE
2

 

2.1
Events of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events of
default defined in the Purchase Agreement, and any of the additional events described below (unless the Event of Default is waived in
writing by the Requisite Holders):

 

(a)
Following a three (3) Business Day opportunity to cure, any default in the payment of (i) the Outstanding Principal Amount hereunder
when due; or (ii) liquidated damages in respect of this Note as and when the same shall become due and payable (whether on the Maturity
Date or by acceleration or otherwise);

 

(b)
the Maker shall fail to observe or perform any other material covenant, condition or agreement contained in this Note or any Transaction
Document, including, for the avoidance of doubt, the filing of a Registration Statement covering the resale of the Investor Shares within
the timeframe set forth in the Purchase Agreement;

 

(c)
the Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including for
any of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion of this
Note into Ordinary Shares;

 

    	6

    	 

    

 

(d)
the Maker shall fail to (i) timely deliver the Ordinary Shares as and when required in Section 3.2; or (ii) make the payment of
any fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;

 

(e)
at any time the Maker shall fail to have the Required Minimum of Ordinary Shares authorized, reserved and available for issuance to satisfy
the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion) of this Note
or upon exercise of the Warrant;

 

(f)
any representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, this Note, the Warrant
or any other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as of which
made;

 

(g)
the Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest (if any) on
any Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess of $500,000
or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in
any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of
which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such Indebtedness
to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity;

 

(h)
the Maker or any of its Subsidiaries shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets; (ii) make a general assignment
for the benefit of its creditors; (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter in effect)
or under the comparable laws of any jurisdiction (foreign or domestic); (iv) file a petition seeking to take advantage of any bankruptcy,
insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally; (v) acquiesce
in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect)
or under the comparable laws of any jurisdiction (foreign or domestic); (vi) issue a notice of bankruptcy or winding down of its operations
or issue a press release regarding same; or (vii) take any action under the laws of any jurisdiction (foreign or domestic) analogous
to any of the foregoing;

 

(i)
a proceeding or case shall be commenced in respect of the Maker or any of its Subsidiaries, without its application or consent, in any
court of competent jurisdiction, seeking: (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or
readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial
part of its assets in connection with the liquidation or dissolution of the Maker or any of its Subsidiaries; or (iii) similar relief
in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii)
shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) days or any order for relief shall be entered
in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or under the comparable laws of any jurisdiction
(foreign or domestic) against the Maker or any of its Subsidiaries or action under the laws of any jurisdiction (foreign or domestic)
analogous to any of the foregoing shall be taken with respect to the Maker or any of its Subsidiaries and shall continue undismissed,
or unstayed and in effect for a period of forty-five (45) days;

 

    	7

    	 

    

 

(j)
one or more final judgments or orders for the payment of money aggregating in excess of $500,000 (or its equivalent in the relevant currency
of payment) are rendered against one or more of the Company and its Subsidiaries;

 

(k)
the failure of the Maker to instruct its transfer agent to remove any legends from the Ordinary Shares and issue such unlegended certificates
to the Holder within three (3) Trading Days of the Holder’s lawful request so long as the Holder has provided reasonable assurances
to the Maker that such Ordinary Shares can be sold pursuant to Rule 144 or any other applicable exemption;

 

(l)
the Maker’s Ordinary Shares are no longer publicly traded or cease to be listed on the Trading Market or, after July 21, 2022,
any Investor Shares may not be immediately resold under Rule 144 without restriction on the number of shares to be sold or manner of
sale, unless such Investor Shares have been registered for resale under the 1933 Act and may be sold without restriction;

 

(m)
the Maker consummates a “going private” transaction and as a result Ordinary Shares are no longer registered under Sections
12(b) or 12(g) of the 1934 Act;

 

(n)
there shall be any SEC or judicial stop trade order or trading suspension stop-order or any restriction in place with the transfer agent
for the Ordinary Shares restricting the trading of such Ordinary Shares;

 

(o)
the Depository Trust Company places any restrictions on transactions in the Ordinary Shares or the Ordinary Shares is no longer tradeable
through the Depository Trust Company Fast Automated Securities Transfer program;

 

(p)
any of the Key Executives (a) is indicted or convicted of a felony, or (b) unless replaced by the Company within 120 days by a successor
reasonably satisfactory to the Requisite Holders, ceases to devote his or her full business time and efforts to the business of the Company,
or dies, suffers any illness, injury, or other disability which has caused (or which the Requisite Holders in their reasonable discretion
determines imminently will cause) him or her to be incapacitated or unable to act competently on his or her own behalf; or

 

(q)
the occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole which would reasonably
be considered to substantially impair the ability of the Maker to satisfy its obligations in the Transaction Documents.

 

    	8

    	 

    

 

2.2
Remedies Upon an Event of Default.

 

(a)
Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring
by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this Note, or
(ii) ten (10) Business Days for all other Events of Default; provided, however, that there shall be no cure period for
an Event of Default described in Section 2.1(g), or 2.1(h), the Maker shall be obligated to pay to the Holder the Mandatory
Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs
and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or
the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof (provided all payments shall
be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes).

 

(b)
Upon the occurrence of any Event of Default, the Maker shall, as promptly as possible but in any event within two (2) Business Day of
the occurrence of such Event of Default, notify the Holder of the occurrence of such Event of Default, describing the event or factual
situation giving rise to the Event of Default and specifying the relevant subsection or subsections of Section 2.1 hereof under which
such Event of Default has occurred.

 

(c)
If an Event of Default shall have occurred and shall not have been remedied within (i) two (2) Business Days for an Event of Default
occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this Note, or (ii)
ten (10) Business Days for all other Events of Default; provided, however, that there shall be no cure period for an Event of Default
described in Section 2.1(g), or 2.1(h), the Holder may at any time at its option, subject to receiving the prior written consent of the
Requisite Holders, declare the Mandatory Default Amount due and payable, and thereupon, the same shall be accelerated and so due and
payable, without presentment, demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by
the Maker; provided, however, that upon the occurrence of an Event of Default described above, the Holder, in its sole and absolute discretion,
but subject to receiving the prior written consent of the Requisite Holders, may: (a) from time-to-time demand that all or a portion
of the Outstanding Principal Amount be converted into Ordinary Shares at a price per share equal to 0.80 times the Market Price; provided,
that, if at the time of such demand the Market Price is less than the Floor Price, and the Company desires to exercise a right to waive
the Floor Price and issue Conversion Shares at less than the Floor Price, then in lieu of receiving such demanded portion of the Outstanding
Principal Amount in Conversion Shares, the Holder may elect to receive a cash payment derived by multiplying (i) the number of Ordinary
Shares which would have been required to be delivered pursuant to the above provisions by (ii) the VWAP of the Ordinary Shares on last
Trading Day prior to the date of such demand; and provided, further however, that the conversion right set forth in this clause (a) shall
not be exercisable by the Holder if, prior to such right being exercised, the Event of Default in question if capable of being cured,
has been cured, or (b) exercise or otherwise enforce any one or more of the Holder’s rights, powers, privileges, remedies and interests
under this Note, the Purchase Agreement, the other Transaction Documents or applicable law. Upon the occurrence of an Event of Default
described in clauses (i) or (j) above, the Mandatory Default Amount shall become immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Maker. No course of delay on the part of the Holder (including
because the Holder has not obtained the consent of the Requisite Holders) shall operate as a waiver thereof or otherwise prejudice the
rights of the Holder. No remedy conferred hereby shall be exclusive of any other remedy referred to herein or now or hereafter available
at law, in equity, by statute or otherwise. All payments shall be subject to the provisions of the Purchase Agreement with respect to
the holders of the Other Notes.

 

    	9

    	 

    

 

ARTICLE
3

 

3.1
Conversion.

 

(a)
Conversion. At any time following the date of effectiveness of a Registration Statement covering the applicable Conversion Shares
(as set forth in the Purchase Agreement), this Note shall be convertible (in whole or in part), at the option of the Holder, into such
number of fully paid and non-assessable Ordinary Shares as is determined by dividing (x) that portion of the Outstanding Principal Amount
that the Holder elects to convert (the “Conversion Amount”) by (y) the Conversion Price then in effect on the date
on which the Holder delivers a notice of conversion, in substantially the form attached hereto as Exhibit A (the “Conversion
Notice”), in accordance with Section 5.1 to the Maker. The Holder shall deliver this Note to the Maker at the address designated
in the Purchase Agreement at such time that this Note is fully converted. With respect to partial conversions of this Note, the Maker
shall keep written records of the amount of this Note converted as of the date of such conversion (each, a “Conversion Date”).

 

(b)
Conversion Price. The “Conversion Price” means $6.00, and shall be subject to adjustment as provided herein.

 

3.2
Delivery of Conversion Shares. As soon as practicable after any conversion or payment of any amount due hereunder in the form
of Ordinary Shares in accordance with this Note, and in any event within two (2) Trading Days thereafter (such date, the “Share
Delivery Date”), the Maker shall, at its expense, cause to be issued in the name of and delivered to the Holder, or as the
Holder may direct, a certificate or certificates evidencing the number of fully paid and non-assessable Ordinary Shares to which the
Holder shall be entitled on such conversion or payment (the “Conversion Shares”), in the applicable denominations
based on the applicable conversion or payment, which certificate or certificates shall be free of restrictive and trading legends (except
for any such legends as may be required under the 1933 Act). In lieu of delivering physical certificates for the Ordinary Shares issuable
upon any conversion of this Note, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program or a similar program, upon request of the Holder, the Company shall cause its transfer agent
to electronically transmit such Ordinary Shares issuable upon conversion of this Note to the Holder (or its designee), by crediting the
account of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system (provided
that the same time periods herein as for stock certificates shall apply) as instructed by the Holder (or its designee).

 

    	10

    	 

    

 

3.3
Ownership Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares representing
Equity Interests upon conversion of this Note to the extent (but only to the extent) that such exercise or receipt would cause the Holder
Group (as defined below) to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of
the 1934 Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under
the 1934 Act which exceeds the Maximum Percentage (as defined below) of the Equity Interests of such class that are outstanding at such
time. Any purported delivery of Equity Interests in connection with the conversion of this Note prior to the termination of this restriction
in accordance herewith shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the
Holder Group becoming the beneficial owner of more than the Maximum Percentage of the Equity Interests of a class that is registered
under the 1934 Act that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following conversion of this
Note is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not
be extinguished and the Company shall deliver such Equity Interests as promptly as practicable after the Holder gives notice to the Company
that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance with the
terms hereof. To the extent limitations contained in this Section 3.3 apply, the determination of whether this Note is convertible
and of which portion of this Note is convertible shall be the sole responsibility and in the sole determination of the Holder, and the
submission of a notice of conversion shall be deemed to constitute the Holder’s determination that the issuance of the full number
of Conversion Shares requested in the notice of conversion is permitted hereunder, and the Company shall not have any obligation to verify
or confirm the accuracy of such determination. For purposes of this Section 3.3, (i) the term “Maximum Percentage”
shall mean 4.99%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of
any class of Equity Interests in the Company that is registered under the 1934 Act, then the Maximum Percentage shall automatically increase
to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt,
automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests); and (ii)
the term “Holder Group” shall mean the Holder plus any other Person with which the Holder is considered to be part
of a group under Section 13 of the 1934 Act or with which the Holder otherwise files reports under Sections 13 and/or 16 of the 1934
Act. In determining the number of Equity Interests of a particular class outstanding at any point in time, the Holder may rely on the
number of outstanding Equity Interests of such class as reflected in (x) the Company’s most recent Form 20-F or Form 6-K filed
with the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent
notice by the Company or its transfer agent to the Holder setting forth the number of Equity Interests of such class then outstanding.
For any reason at any time, upon written or oral request of the Holder, the Company shall, within one (1) Business Day of such request,
confirm orally and in writing to the Holder the number of Equity Interests of any class then outstanding. The provisions of this Section
3.3 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership limitation herein
contained.

 

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3.4
Adjustment of Conversion Price.

 

(a)
Until the Note has been paid in full or converted in full, the Conversion Price shall be subject to adjustment from time to time as follows
(but shall not be increased, other than pursuant to Section 3.4(a)(i) hereof):

 

(i)
Adjustments for Stock Splits and Combinations. If the Maker shall at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) effect a split of the outstanding Ordinary Shares, the applicable Conversion Price in effect
immediately prior to the stock split shall be proportionately decreased. If the Maker shall at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date), combine the outstanding Ordinary Shares, the applicable Conversion Price
in effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 3.4(a)(i)
shall be effective at the close of business on the date the stock split or combination occurs.

 

ii)
Adjustments for Certain Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date
(but whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Ordinary Shares
entitled to receive a dividend or other distribution payable in Ordinary Shares, then, and in each event, the applicable Conversion Price
in effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall
have been fixed, as of the close of business on such record date, by multiplying the applicable Conversion Price then in effect by a
fraction:

 

(1)
the numerator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date; and

 

(2)
the denominator of which shall be the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date plus the number of Ordinary Shares issuable in payment of such dividend or distribution.

 

(iii)
Adjustment for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Ordinary Shares entitled
to receive a dividend or other distribution payable in other Ordinary Shares, then, and in each event, an appropriate revision to the
applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the
Holder of this Note shall receive upon conversions thereof, in addition to the number of Ordinary Shares receivable thereon, the number
of securities of the Maker or other issuer (as applicable) or other property that it would have received had this Note been converted
into Ordinary Shares in full (without regard to any conversion limitations herein) on the date of such event and had thereafter, during
the period from the date of such event to and including the Conversion Date, retained such securities (together with any distributions
payable thereon during such period) or assets, giving application to all adjustments called for during such period under this Section
3.4(a)(iii) with respect to the rights of the holders of this Note; provided, however, that if such record date shall have been fixed
and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall
be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

    	12

    	 

    

 

(iv)
Adjustments for Reclassification, Exchange or Substitution. If the Ordinary Shares at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities
of any class or classes of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than by way
of a stock split or combination of shares or stock dividends provided for in Sections 3.4(a)(i), (ii) and (iii) hereof, or a reorganization,
merger, consolidation, or sale of assets provided for in Section 3.4(a)(v) hereof), then, and in each event, an appropriate revision
to the Conversion Price shall be made and provisions shall be made (by adjustments of the Conversion Price or otherwise) so that the
Holder shall have the right thereafter to convert this Note into the kind and amount of shares of stock or other securities or other
property receivable upon reclassification, exchange, substitution or other change, by holders of the number of Ordinary Shares into which
such Note might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to
further adjustment as provided herein.

 

(v)
Adjustment Due to Dilutive Issuance. If, at any time when any Notes are issued and outstanding, the Company issues or sells, or
in accordance with this Section 3.4(a)(v) hereof is deemed to have issued or sold, except for Ordinary Shares issued in an issuance
of Exempt Securities (as defined in the Purchase Agreement), any Ordinary Shares for a consideration per share (before deduction of reasonable
expenses or commissions or underwriting discounts or allowances in connection therewith) less than the Conversion Price in effect on
the date of such issuance (or deemed issuance) of such Ordinary Shares (a “Dilutive Issuance”), then immediately upon
the Dilutive Issuance, the Conversion Price will be reduced to the amount of the consideration per share received by the Company in such
Dilutive Issuance.

 

The
Company shall be deemed to have issued or sold Ordinary Shares if the Company in any manner issues or grants any warrants, rights or
options (not including employee stock option plans), whether or not immediately exercisable, to subscribe for or to purchase Ordinary
Shares or other securities convertible into or exchangeable for Ordinary Shares (“Convertible Securities”) (such warrants,
rights and options to Ordinary Shares or Convertible Securities are hereinafter referred to as “Options”) and the price per
share for which such Ordinary Shares are issuable upon the exercise of such Options is less than the Conversion Price then in effect,
then the Conversion Price shall be equal to such price per share. For purposes of the preceding sentence, the “price per share
for which such Ordinary Shares are issuable upon the exercise of such Options” is determined by dividing (i) the total amount,
if any, received or receivable by the Company as consideration for the issuance or granting of all such Options, plus the minimum aggregate
amount of additional consideration, if any, payable to the Company upon the exercise of all such Options, plus, in the case of Convertible
Securities issuable upon the exercise of such Options, the minimum aggregate amount of additional consideration payable upon the conversion
or exchange thereof at the time such Convertible Securities first become convertible or exchangeable, by (ii) the maximum total number
of Ordinary Shares issuable upon the exercise of all such Options (assuming full conversion of Convertible Securities, if applicable).
No further adjustment to the Conversion Price will be made upon the actual issuance of such Ordinary Shares upon the exercise of such
Options or upon the conversion or exchange of Convertible Securities issuable upon exercise of such Options.

 

    	13

    	 

    

 

Additionally,
the Company shall be deemed to have issued or sold Ordinary Shares if the Company in any manner issues or sells any Convertible Securities,
whether or not immediately convertible (other than in an issuance of Exempt Securities), and the price per share for which such Ordinary
Shares are issuable upon such conversion or exchange is less than the Conversion Price then in effect, then the Conversion Price shall
be equal to such price per share. For the purposes of the preceding sentence, the “price per share for which such Ordinary Shares
are issuable upon such conversion or exchange” is determined by dividing (i) the total amount, if any, received or receivable by
the Company as consideration for the issuance or sale of all such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange thereof at the time such Convertible Securities first become
convertible or exchangeable, by (ii) the maximum total number of Ordinary Shares issuable upon the conversion or exchange of all such
Convertible Securities. No further adjustment to the Conversion Price will be made upon the actual issuance of such Ordinary Shares upon
conversion or exchange of such Convertible Securities.

 

(vi)
Reserved.

 

(vii)
Consideration for Stock. In case any Ordinary Shares or any Common Stock Equivalents shall be issued or sold:

 

(1)
in connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or merger
in which the previously outstanding Ordinary Shares of the Maker shall be changed to or exchanged for the stock or other securities of
another corporation), the amount of consideration therefor shall be, deemed to be the fair value, as determined reasonably and in good
faith by the Board of Directors of the Maker and approved by the Requisite Holders, of such portion of the assets and business of the
nonsurviving corporation as such Board of Directors may determine to be attributable to such Ordinary Shares, Convertible Securities,
rights or warrants or options, as the case may be; or

 

(2)
in the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding Ordinary Shares of the Maker shall be changed into or exchanged for the stock or other securities of another corporation
or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or other securities or
other property of any corporation, the Maker shall be deemed to have issued Ordinary Shares, at a price per share equal to the valuation
of the Maker’s Ordinary Shares based on the actual exchange ratio on which the transaction was predicated, as applicable, and the
fair market value on the date of such transaction of all such stock or securities or other property of the other corporation. If any
such calculation results in adjustment of the applicable Conversion Price, or the number of Ordinary Shares issuable upon conversion
of the Note, the determination of the applicable Conversion Price or the number of Ordinary Shares issuable upon conversion of the Note
immediately prior to such merger, consolidation or sale, shall be made after giving effect to such adjustment of the number of Ordinary
Shares issuable upon conversion of the Note. In the event Ordinary Shares are issued with other shares or securities or other assets
of the Maker for consideration which covers both, the consideration computed as provided in this Section 3.4(a)(vii) shall be
allocated among such securities and assets as determined in good faith by the Board of Directors of the Maker, and approved by the Requisite
Holders.

 

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(viii)
Record Date. In case the Maker shall take record of the holders of its Ordinary Shares for the purpose of entitling them to subscribe
for or purchase Ordinary Shares or Convertible Securities, then the date of the issue or sale of the Ordinary Shares shall be deemed
to be such record date.

 

(b)
No Impairment. The Maker shall not, by amendment of its Amended and Restated Memorandum and Articles of Association or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Maker, but will
at all times in good faith assist in the carrying out of all the provisions of this Section 3.4 and in the taking of all such
action as may be necessary or appropriate in order to protect the conversion rights of the Holder against impairment. In the event the
Holder shall elect to convert this Note as provided herein, the Maker cannot refuse conversion based on any claim that the Holder or
anyone associated or affiliated with the Holder has been engaged in any violation of law, violation of an agreement to which the Holder
is a party or for any reason whatsoever, unless, an injunction from a court, or notice, restraining and or adjoining conversion of this
Note shall have issued and the Maker posts a surety bond for the benefit of the Holder in an amount equal to one hundred fifty percent
(150%) of the Outstanding Principal Amount the Holder has elected to convert, which bond shall remain in effect until the completion
of arbitration/litigation of the dispute and the proceeds of which shall be payable to the Holder (as liquidated damages) in the event
it obtains judgment.

 

(c)
Certificates as to Adjustments. Upon occurrence of each adjustment or readjustment of the Conversion Price or number of Ordinary
Shares issuable upon conversion of this Note pursuant to this Section 3.4, the Maker at its expense shall promptly compute such
adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment
and readjustment, showing in detail the facts upon which such adjustment or readjustment is based. The Maker shall, upon written request
of the Holder, at any time, furnish or cause to be furnished to the Holder a like certificate setting forth such adjustments and readjustments,
the applicable Conversion Price in effect at the time, and the number of Ordinary Shares and the amount, if any, of other securities
or property which at the time would be received upon the conversion of this Note. Notwithstanding the foregoing, the Maker shall not
be obligated to deliver a certificate unless such certificate would reflect an increase or decrease of at least one percent (1%) of such
adjusted amount.

 

(d)
Issue Taxes. The Maker shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be
payable in respect of any issue or delivery of Ordinary Shares on conversion of this Note pursuant thereto; provided, however, that the
Maker shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder in connection with any such
conversion.

 

(e)
Fractional Shares. No fractional Ordinary Shares shall be issued upon conversion of this Note. In lieu of any fractional shares
to which the Holder would otherwise be entitled, the Maker shall pay cash equal such fractional shares multiplied by the Conversion Price
then in effect.

 

(f)
Reservation of Ordinary Shares. The Maker shall at all while this Note shall be outstanding, reserve and keep available out of
its authorized but Ordinary Shares, the Required Minimum of Ordinary Shares (disregarding for this purpose any and all limitations of
any kind on such conversion). The Maker shall, from time to time, increase the authorized number of Ordinary Shares or take other effective
action if at any time the unissued number of authorized shares shall not be sufficient to satisfy the Maker’s obligations under
this Section 3.4(f).

 

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(g)
Regulatory Compliance. If any Ordinary Shares to be reserved for the purpose of conversion of this Note require registration or
listing with or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law or regulation
or otherwise before such shares may be validly issued or delivered upon conversion, the Maker shall, at its sole cost and expense, in
good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may be.

 

(h)
Effect of Events Prior to the Issuance Date. If between the date of issuance of the Amended Original Note (the “Original
Issuance Date”) and the Issuance Date the Conversion Price or any other right of the Holder of this Note would have been adjusted
or modified by operation of any provision of this Note had this Note been issued as of the Original Issuance Date, such adjustment or
modification shall be deemed to apply to this Note as of the Issuance Date as if this Note had been issued on the Original Issuance Date.

 

3.5
Prepayment Following a Change of Control.

 

(a)
Mechanics of Prepayment at Option of Holder in Connection with a Change of Control. No later than fifteen (15) days following
the entry by the Company into an agreement for a Change of Control, but in no event prior to the public announcement of such Change of
Control, the Maker shall deliver written notice describing the entry into such agreement (“Notice of Change of Control”)
to the Holder. Within fifteen (15) days after receipt of a Notice of Change of Control, the Requisite Holders may require the Maker to
prepay, effective immediately prior to the consummation of such Change of Control, an amount equal to 105% of the Outstanding Principal
Amount (the “COC Repayment Price”), by delivering written notice thereof (“Notice of Prepayment at Option
of Holder Upon Change of Control”) to the Maker.

 

(b)
Payment of COC Repayment Price. Upon the Maker’s receipt of a Notice(s) of Prepayment at Option of Holder Upon Change of
Control from the Requisite Holders, the Maker shall deliver the COC Repayment Price to the Holder immediately prior to the consummation
of the Change of Control; provided that this Note shall have been so delivered to the Maker, and, provided, further that
all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes.

 

3.6
Inability to Fully Convert.

 

(a)
Holder’s Option if Maker Cannot Fully Convert. If, upon the Maker’s receipt of a Conversion Notice or as otherwise
required under this Note, including with respect to repayment of principal in Ordinary Shares as permitted under this Note, the Maker
cannot issue Ordinary Shares for any reason, including, without limitation, because the Maker (x) does not have a sufficient number of
Ordinary Shares authorized and available or (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock
exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Maker or any of its securities
from issuing all of the Ordinary Shares which are to be issued to the Holder pursuant to this Note, then the Maker shall issue as many
Ordinary Shares as it is able to issue and, with respect to the unconverted portion of this Note or with respect to any Ordinary Shares
not timely issued in accordance with this Note, the Holder, solely at Holder’s option, can elect to:

 

(i)
require the Maker to prepay that portion of this Note for which the Maker is unable to issue Ordinary Shares or for which Ordinary Shares
were not timely issued (the “Mandatory Prepayment”) at a price equal to the number of Ordinary Shares that the Maker
is unable to issue multiplied by the Conversion Price on the date of the Conversion Notice (the “Mandatory Prepayment Price”)
(provided all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes);

 

    	16

    	 

    

 

(ii)
void its Conversion Notice and retain or have returned, as the case may be, this Note that was to be converted pursuant to the Conversion
Notice (provided that the Holder’s voiding its Conversion Notice shall not affect the Maker’s obligations to make any payments
which have accrued prior to the date of such notice); or

 

(iii)
defer issuance of the applicable Conversion Shares until such time as the Maker can legally issue such shares; provided that the Principal
Amount underlying such Conversion Shares shall remain outstanding until the delivery of such Conversion Shares; and provided, further,
that if the Holder elects to defer the issuance of the Conversion Shares, it may exercise its rights under either clause (i) or (ii)
above at any time prior to the issuance of the Conversion Shares upon two (2) Business Days’ notice to the Maker.

 

(b)
Mechanics of Fulfilling Holder’s Election. The Maker shall immediately send to the Holder, upon receipt of a Conversion
Notice from the Holder, which cannot be fully satisfied as described in Section 3.6(a) above, a notice of the Maker’s inability
to fully satisfy the Conversion Notice (the “Inability to Fully Convert Notice”). Such Inability to Fully Convert
Notice shall indicate (i) the reason why the Maker is unable to fully satisfy the Holder’s Conversion Notice; and (ii) the amount
of this Note which cannot be converted. The Holder shall notify the Maker of its election pursuant to Section 3.6(a) above by delivering
written notice to the Maker (“Notice in Response to Inability to Convert”).

 

(c)
Payment of Mandatory Prepayment Price. If the Holder shall elect to have its Note prepaid pursuant to Section 3.6(a)(i)
above, the Maker shall pay the Mandatory Prepayment Price to the Holder within five (5) Business Days of the Maker’s receipt of
the Holder’s Notice in Response to Inability to Convert; provided that prior to the Maker’s receipt of the Holder’s
Notice in Response to Inability to Convert the Maker has not delivered a notice to the Holder stating, to the satisfaction of the Holder,
that the event or condition resulting in the Mandatory Prepayment has been cured and all Conversion Shares issuable to the Holder can
and will be delivered to the Holder in accordance with the terms of this Note. If the Maker shall fail to pay the applicable Mandatory
Prepayment Price to the Holder on the date that is two (2) Business Days following the Maker’s receipt of the Holder’s Notice
in Response to Inability to Convert, in addition to any remedy the Holder may have under this Note and the Purchase Agreement, such unpaid
amount shall bear interest at the rate of two percent (2%) per month (prorated for partial months) until paid in full. Until the full
Mandatory Prepayment Price is paid in full to the Holder, the Holder may (i) void the Mandatory Prepayment with respect to that portion
of the Note for which the full Mandatory Prepayment Price has not been paid and (ii) receive back such Note.

 

(d)
No Rights as Shareholder. Nothing contained in this Note shall be construed as conferring upon the Holder, prior to the conversion
of this Note, the right to vote or to receive dividends or to consent or to receive notice as a shareholder of the Company in respect
of any meeting of shareholders for the election of directors of the Maker or of any other matter, or any other rights as a shareholder
of the Maker.

 

    	17

    	 

    

 

ARTICLE
4

 

4.1
Covenants. For so long as any Note is outstanding, without the prior written consent of the Holder:

 

(a)
Compliance with Transaction Documents. The Maker shall, and shall cause its Subsidiaries to, comply with its obligations under
this Note and the other Transaction Documents.

 

(b)
Payment of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause to be
paid and discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income,
profits, property or business of the Maker and the Subsidiaries, except for such failures to pay that, individually or in the aggregate,
have not had and would not reasonably be expected to have a Material Adverse Effect; provided, however, that any such tax, assessment,
charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if
the Maker or such Subsidiaries shall have set aside on its books adequate reserves with respect thereto, and provided, further, that
the Maker and such Subsidiaries will pay all such taxes, assessments, charges or levies forthwith upon the commencement of proceedings
to foreclose any lien which may have attached as security therefor.

 

(c)
Corporate Existence. The Maker shall, and shall cause each of its Subsidiaries to, maintain in full force and effect its corporate
existence, rights and franchises and all licenses and other rights to use property owned or possessed by it and reasonably deemed to
be necessary to the conduct of its business.

 

(d)
Investment Company Act. The Maker shall conduct its businesses in a manner so that it will not become subject to, or required
to be registered under, the Investment Company Act of 1940, as amended.

 

(e)
Prohibited Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30)
days after such time as this Note has been converted into Conversion Shares or repaid in full.

 

(f)
Minimum Cash. As determined on the first of every calendar month, the Company shall at all times keep on-hand unencumbered, unrestricted
cash in an amount greater than or equal to $1,000,000.

 

4.2
Set-Off. This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.

 

    	18

    	 

    

 

ARTICLE
5

 

5.1
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 email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business
Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section
on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on
such date, (c) the Business 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 addresses for notice shall be as set forth in the Purchase
Agreement.

 

5.2
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without
reference to principles of conflict of laws or choice of laws. This Note shall not be interpreted or construed with any presumption against
the party causing this Note to be drafted.

 

5.3
Headings. Article and section headings in this Note are included herein for purposes of convenience of reference only and shall
not constitute a part of this Note for any other purpose.

 

5.4
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of specific
performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving
rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Maker to
comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the
computation thereof) shall be the amounts to be received by the holder thereof and shall not, except as expressly provided herein, be
subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Holder and that the remedy at law for any such breach would be inadequate.
Therefore, the Maker agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to
all other available rights and remedies, at law or in equity, to equitable relief, including but not limited to an injunction restraining
any such breach or threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

 

5.5
Enforcement Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation,
reasonable attorneys’ fees and expenses.

 

5.6
Binding Effect. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors and assigns
of each such party, whether or not such successors or assigns are permitted by the terms herein.

 

5.7
Amendments; Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company and
the Holder. No waiver of any default with respect to any provision, condition or requirement of this Note 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 either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

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5.8
Compliance with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s
own account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose
of this Note in violation of securities laws. This Note and any Note issued in substitution or replacement therefor shall be stamped
or imprinted with a legend in substantially the following form:

 

“THIS
NOTE 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.”

 

5.9
Jurisdiction; Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New
York. The Company and the Holder irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby
waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in any such
action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating to such action
or proceeding.

 

5.10
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege.

 

5.11
Maker Waivers. Except as otherwise specifically provided herein, the Maker and all others that may become liable for all or any
part of the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands’
and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to any number
of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made without notice to
any such persons and without affecting their liability herein and do further consent to the release of any person liable hereon, all
without affecting the liability of the other persons, firms or Maker liable for the payment of this Note, AND DO HEREBY WAIVE TRIAL BY
JURY.

 

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(a)
No delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall
operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights on
any one occasion be deemed a waiver of the same right or rights on any future occasion.

 

(b)
THE MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY APPLICABLE
LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE HOLDER OR ITS SUCCESSORS OR ASSIGNS
MAY DESIRE TO USE.

 

5.12
Definitions. Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement. For the
purposes hereof, the following terms shall have the following meanings:

 

(a)
“Equity Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions
scheduled to occur or occurring by virtue of one or more Conversion Notice of the Holder, if any, (b) the Company shall have paid all
liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective Registration Statement
pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the Ordinary Shares issuable pursuant
to the Transaction Documents (and the Company believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable
future) or (ii) all of the Conversion Shares issuable pursuant to the Transaction Documents (and shares issuable in lieu of cash payments
of interest) may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information requirements
as determined by the counsel to the Company as set forth in a written opinion letter to such effect, addressed and acceptable to the
Company’s share transfer agent and the Holder, (d) the Ordinary Shares trading on a Trading Market and all of the shares issuable
pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the Company believes, in good faith,
that trading of the Ordinary Shares on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient
number of authorized but unissued and otherwise unreserved Ordinary Shares for the issuance of all of the shares then issuable pursuant
to the Transaction Documents, (f) there has been no Event of Default and no existing event which, with the passage of time or the giving
of notice, would constitute an Event of Default, (g) the issuance of the shares in question or, in the case of a Monthly Payment, the
shares issuable upon conversion in full of the Monthly Payment) to the Holder would not violate the limitations set forth in Section
3.3 herein, (h) there has been no public announcement of a pending or proposed event described in Section 3.4(vii) hereof or Change
of Control that has not been consummated, (i) the applicable Holder is not in possession of any information provided by the Company,
any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material
non-public information, other than any information which may be required to be provided by the Company to the Holder pursuant to the
terms of the Transaction Documents and (j) in the case of a Monthly Payment pursuant to Section 1.3 herein only, the average daily
trading volume for the Ordinary Shares on the principal Trading Market for the 10 consecutive Trading Days prior to the applicable Monthly
Payment date exceeds 50% of the amount of Ordinary Shares that is proposed to be paid by the Company in respect of such Monthly Payment,
(k) the Company has no knowledge of any fact that would reasonably be expected to prevent the Conversion Shares from being freely tradable
without registration pursuant to any state securities laws or regulations (in each case, disregarding any limitation on conversion of
this Note); and (l) the Ordinary Shares shall be DWAC Eligible.

 

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(b)
“First Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company
account designated by the Company) equal to $4,700,000.00.

 

(c)
“Indebtedness” means: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures,
notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances,
current swap agreements, interest rate hedging agreements, interest rate swaps, or other financial products; (c) all capital lease obligations
that exceed $500,000 in the aggregate in any fiscal year; (d) all obligations or liabilities secured by a lien or encumbrance on any
asset of the Maker, irrespective of whether such obligation or liability is assumed; (e) all obligations for the deferred purchase price
of assets, together with trade debt and other accounts payable that exceed $500,000 in the aggregate in any fiscal year; (f) all synthetic
leases; (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted
or sold with recourse) any of the foregoing obligations of any other person; (h) trade debt; and (i) endorsements for collection or deposit.

 

(d)
“Key Executives” means each of Frank C. Ingriselli, Gregory L. Overholtzer, and James J. Huang.

 

(e)
“Mandatory Default Amount” means an amount equal to one hundred twenty percent (120%) of the Outstanding Principal
Amount of this Note on the date on which the first Event of Default has occurred hereunder.

 

(f)
Reserved.

 

(g)
“Market Price” means the average of two lowest closing bid prices of the Ordinary Shares on the Trading Market for
the ten (10) consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable date of determination.

 

(h)
“Outstanding Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving
effect to any conversions, payments or prepayments pursuant to the terms hereof.

 

(i)
“Second Tranche Amount” means an amount in cash (funded by wire transfer of immediately available funds to a Company
account designated by the Company) equal to $4,700,000.

 

(j)
“Trading Day” means a day on which the Ordinary Shares are traded on a Trading Market.

 

    	22

    	 

    

 

(k)
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary
Shares are then listed or quoted on a Trading Market, the daily volume weighted average
price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then
listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b) if the Ordinary Shares are traded on OTCQB or OTCQX , the volume weighted average sales price of the Ordinary Shares for
such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share
of the Ordinary Shares so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

IN
WITNESS WHEREOF, the Maker has caused this Amended and Restated Note to be duly executed by its duly authorized officer as of the date
first above indicated.

 

	 	Indonesia
    Energy Corporation Limited
	 	 	 
	 	By:	/s/
    James J. Huang
	 	Name:	James
    J. Huang
	 	Title:	Chief
    Investment Officer

 

    	23

    	 

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ ________________ of the principal amount of the above Note No. ___ into Ordinary Shares
of Indonesia Energy Corporation Limited (the “Maker”) according to the conditions hereof, as of the date written below.

 

Date
of Conversion:

 

Conversion
Price:

 

Number
of Ordinary Shares beneficially owned or deemed beneficially owned by the Holder on the Conversion Date:

 

	 	[HOLDER]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	                                           
	 	Address:	 

 

    	24

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