Document:

Exhibit
10.53

 

Warrant
– No.: [•]

 

THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”), AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

 

MATEON
THERAPEUTICS, INC.

 

COMMON
STOCK PURCHASE WARRANT

 

February
14, 2020

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) of Mateon Therapeutics, Inc., a corporation duly organized and
validly existing under the laws of Delaware (the “Company”), is issued to the Holder (as defined below) by
the Company in accordance with the terms of the Warrant Purchase Agreement between the Company and the Holder dated as of February
__, 2020 pursuant to which Warrant the Holder ha the right to purchase shares of the Company’s Common Stock, $0.01 par value
per share (the “Common Stock”) as set forth herein.

 

FOR
VALUE RECEIVED, the Company hereby certifies that the registered holder hereof, [●] , with an address at [●], and
the Holder’s successors and assigns (the “Holder”), is entitled to purchase from the Company [●]
duly authorized, validly issued, fully paid and nonassessable shares of Common Stock, at a purchase price equal to $0.20 per share,
as may be adjusted pursuant to the anti-dilution provisions set forth herein (the “Warrant Price”). The Holder
is registered on the records of the Company regarding registration and transfer of the Warrant (the “Warrant Register”)
and is the owner and Holder thereof for all purposes, except as described in Section 13 hereof.

 

1. Warrant
Exercise. This Warrant shall become exercisable immediately after the date hereof.

 

2.
Expiration of Warrant. This Warrant shall expire on the date that is three years after the date hereof (the
“Expiration Date”).

 

3.
Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of Section 1 and this Section 3 hereof.

 

3.1
Manner of Exercise. This Warrant may only be exercised by the Holder hereof, in accordance with the terms and
conditions hereof, in whole or in part with respect to any portion of this Warrant, into shares of Common Stock (the
“Warrant Shares”), during normal business hours on any day other than a Saturday or a Sunday or a day on
which commercial banking institutions in New York, New York are authorized by law to be closed (a “Business
Day”) on or prior to the Expiration Date with respect to such portion of this Warrant, by surrender of this Warrant
to the Company at its office maintained pursuant to Section 12.2(a) hereof, accompanied by an exercise notice (the
“Exercise Notice”) in substantially the form attached to this Warrant as Exhibit A (or a reasonable
facsimile thereof) duly executed by the Holder, together with the payment of the Warrant Price.

 

    	 

    	Common Stock Purchase Warrant
	Page	2
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

Anything
to the contrary notwithstanding, in no event shall the Holder be entitled to exercise any portion of this Warrant in excess of
that portion of this Warrant upon exercise of which the sum of (1) the number of shares of Common Stock beneficially owned by
the Holder and the Holder’s affiliates (other than shares of Common Stock which may be deemed beneficially owned through
the ownership of the unexercised portion of the Warrant or the unexercised or unconverted portion of any other of the Company’s
securities subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number
of shares of Common Stock issuable upon the exercise of the portion of this Warrant with respect to which the determination of
this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding
shares of Common Stock (the “Ownership Limitation”). Beneficial ownership shall be determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Regulations 13D - G thereunder;
provided, further, that the limitations on exercise may be waived by the Holder upon, at the election of the Holder,
not less than 61 days’ prior notice to the Company, and the provisions of the exercise limitation shall continue to apply
until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver).

 

3.2
When Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close
of business on the Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 3.1
hereof, and, at such time, the corporation, association, partnership, organization, business, individual, government or political
subdivision thereof or a governmental agency (a “Person” or the “Persons”) in whose name
or names any certificate or certificates for shares of Common Stock shall be issuable upon exercise as provided in Section
3.3 hereof shall be deemed to have become the holder or holders of record thereof.

 

3.3
Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Company’s
transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime broker
with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company
is then a participant in such system and there is an effective Registration Statement permitting the issuance of the Warrant Shares
to or resale of the Warrant Shares by the Holder, and otherwise by physical delivery to the address specified by the Holder in
the Exercise Notice by the date that is three Business Days after the latest of (A) the delivery to the Company of the Exercise
Notice, (B) surrender of this Warrant and (C) payment of the aggregate Exercise Price as set forth above (such date, the “Warrant
Share Delivery Date”). If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant
Shares via the DWAC system or a certificate, or certificates, subject to an Exercise Notice by the Warrant Share Delivery Date,
the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject
to such exercise (based on the closing price of the Common Stock on the date of the applicable Exercise Notice), $10 per Business
Day (increasing to $20 per Business Day on the fifth Business Day after such liquidated damages begin to accrue) for each Business
Day after such Warrant Share Delivery Date until such certificates are delivered or the Holder rescinds such exercise.

 

    	 

    	Common Stock Purchase Warrant
	Page	3
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

3.4 Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder via the DWAC system
or a certificate or certificates representing the Warrant Shares pursuant to Section 3.3 by the Warrant Share Delivery
Date, then the Holder will have the right to rescind such exercise.

 

3.5 Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the
Holder, if the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder via the DWAC system or
a certificate or certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery
Date as provided in Section 3.3 above, and if after such date the Holder is required by its broker to purchase (in an
open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Shares that the Holder anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which
(x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so
purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to
such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and
equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a
total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an
aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, reasonable evidence
of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of
the Warrant as required pursuant to the terms hereof.

 

3.6 Partial
Exercise. In case exercise is in part only, a new Warrant of like tenor, dated the date hereof and calling in the
aggregate on the face thereof for the number of Warrant Shares equal to the number of Warrant Shares called for on the face
of this Warrant minus the number of Warrant Shares designated by the Holder upon exercise as provided in Section 3.1
hereof (without giving effect to any adjustment thereof).

 

3.7 Company
to Reaffirm Obligations. The Company will, at the time of each exercise of this Warrant and upon the written request of
the Holder hereof, acknowledge in writing its continuing obligation to afford to the Holder all rights (including without
limitation any rights to registration of the Warrant Shares issued upon exercise) to which the Holder shall continue to be
entitled after exercise in accordance with the terms of this Warrant; provided, however, that if the Holder
shall fail to make a request, the failure shall not affect the continuing obligation of the Company to afford the rights to
such Holder.

 

    	 

    	Common Stock Purchase Warrant
	Page	4
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

4. Warrant
Adjustments.

 

The
Warrant Price and the number of shares purchasable upon exercise of this Warrant shall be subject to adjustment with respect to
events after the date hereof as follows:

 

(a)
 Adjustment for Change in Capital Stock. Except as provided in Subsection 4(c) below, if the Company shall
(i) declare a dividend on its outstanding Common Stock in shares of its capital stock, (ii) subdivide its outstanding Common
Stock, or (iii) issue any shares of its capital stock by reclassification of its Common Stock (including any such
reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then in
each such case the Warrant Price in effect immediately prior to such action shall be adjusted so that if this Warrant is
thereafter exercised, the Holder may receive the number and kind of shares which it would have owned immediately following
such action if it had exercised this Warrant immediately prior to such action. Such adjustment shall be made successively
whenever such an event shall occur. The adjustment shall become effective immediately after the record date in the case of a
dividend or distribution and immediately after the effective date in the case of a subdivision or reclassification. If after
an adjustment the Holder upon exercise of this Warrant may receive shares of two or more classes of capital stock of the
Company, the Company’s Board of Directors, in good faith, shall determine the allocation of the adjusted Warrant Price
between the classes of capital stock. After such allocation, the Warrant Price of each class of capital stock shall
thereafter be subject to adjustment on terms comparable to those applicable to Common Stock in this Section
4.

 

(b) Number
of Shares. Upon each adjustment of the Warrant Price as a result of the calculations made in Subsection 4(a)
above, this Warrant shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares
(calculated to the nearest one-hundredth) obtained by dividing (i) the product obtained by multiplying the number of shares
issuable upon exercise of this Warrant prior to adjustment of the number of shares by Warrant Price in effect prior to
adjustment of the Warrant Price by (ii) the Warrant Price in effect after such adjustment of the Warrant Price.

 

(c) Transactions
Not Requiring Adjustments. No adjustment need be made for a transaction referred to in Subsection 4(a) if the
Holder is permitted to participate in the transaction on a basis no less favorable than any other party and at a level which
would preserve the Holder’s percentage equity participation in the Common Stock upon exercise of this
Warrant.

 

(d) Action
to Permit Valid Issuance of Common Stock. Before taking any action which would cause an adjustment reducing the Warrant
Price below the then par value, if any, of the shares of Common Stock issuable upon exercise of this Warrant, the Company
will take all corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly
and legally issue shares of such Common Stock at such adjusted Warrant Price.

 

    	 

    	Common Stock Purchase Warrant
	Page	5
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

(e) Minimum
Adjustment. No adjustment in the Warrant Price shall be required if such adjustment is less than $0.05; provided, however,
that any adjustments, which by reason of this Subsection 4 (e) are not required to be made, shall be carried forward and
taken into account in any subsequent adjustment. All calculations under this Section 4 shall be made to the nearest
cent or to the nearest one-hundredth of a share, as the case may be. Anything to the contrary notwithstanding, the Company
shall be entitled to make such reductions in the Warrant Price, in addition to those required by this Subsection 4(e),
as it in its discretion shall determine to be advisable in order that any stock dividends, subdivision of shares,
distribution of rights to purchase stock or securities, or distribution of securities convertible into or exchangeable for
stock hereafter made by the Company to its stockholders shall not be taxable.

 

(f) Referral
of Adjustment. In any case in which this Section 4 shall require that an adjustment in the Warrant Price be made
effective as of a record date for a specified event (the “Exercise Event”), if this Warrant shall have been
exercised after such record date, the Company may elect to defer until the occurrence of the Exercise Event issuing to the
Holder the shares, if any, issuable upon the Exercise Event over and above the shares, if any, issuable upon such exercise on
the basis of the Warrant Price in effect prior to such adjustment; provided, however, that the Company shall
deliver to the Holder a due bill or other appropriate instrument evidencing the Holder’ right to receive such
additional shares upon the occurrence of the Exercise Event.

 

(g) Number
of Shares. Upon each adjustment of the Warrant Price as a result of the calculations made in Subsection 4(a),this
Warrant shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares (calculated to
the nearest thousandth) obtained by dividing (i) the product obtained by multiplying the number of shares purchasable upon
exercise of this Warrant prior to adjustment of the number of shares by the Warrant Price in effect prior to adjustment of
the Warrant Price by (ii) the Warrant Price in effect after such adjustment of the Warrant Price.

 

(h) Notice
of Adjustments. Whenever the Warrant Price is adjusted, the Company shall promptly mail to the Holder a notice of the
adjustment together with a certificate from the Company’s Chief Financial Officer or Treasurer briefly stating (i) the
facts requiring the adjustment, (ii) the adjusted Warrant Price and the manner of computing it, and (iii) the date on which
such adjustment becomes effective. The certificate shall be prima facia evidence that the adjustment is correct, absent
manifest error.

 

(i) Reorganization
of Company. If the Company is a party to a merger, consolidation or a transaction in which (i) the Company transfers or
leases substantially all of its assets; (ii) the Company reclassifies or changes its outstanding Common Stock; or (iii) the
Common Stock is exchanged for securities, cash or other assets, the Person who is the transferee or lessee of such assets or
is obligated to deliver such securities, cash or other assets shall assume the terms of this Warrant. If the issuer of
securities deliverable upon exercise of this Warrant is an affiliate of the surviving, transferee or lessee corporation, that
issuer shall join in such assumption. The assumption agreement shall provide that the Holder may exercise this Warrant into
the kind and amount of securities, cash or other assets which it would have owned immediately after the consolidation,
merger, transfer, lease or exchange if it had exercised this Warrant immediately before the effective date of the
transaction. The assumption agreement shall provide for adjustments that shall be as nearly equivalent as may be practical to
the adjustments provided for in this Section 4. The successor company shall mail to the Holder a notice briefly
describing the assumption agreement. If this Subsection 4(i) applies, Subsection 4(a) above does not apply.
Notwithstanding the forgoing, in the event of a reorganization of the Company, the Company shall have the right to purchase
this Warrant equal to the difference between the exercise price, as adjusted, if any, and the equivalent value of share of
Common Stock determined in the Reorganization by the Company’s Board of Directors.

 

    	 

    	Common Stock Purchase Warrant
	Page	6
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

(j) Dissolution,
Liquidation. In the event of the dissolution or total liquidation of the Company, then after the effective date thereof,
this Warrant and all rights thereunder shall expire.

 

(k) Notices.
If (i) the Company takes any action that would require an adjustment in the Warrant Price pursuant to this Section 4;
or (ii) there is a liquidation or dissolution of the Company, the Company shall mail to the Holder a notice stating the
proposed record date for a distribution or effective date of a reclassification, consolidation, merger, transfer, lease,
liquidation or dissolution. The Company shall mail the notice at least 15 days before such date. Failure to mail the notice
or any defect in it shall not affect the validity of the transaction.

 

5.
Fractional Shares. If the number of Warrant Shares purchasable upon the exercise of this Warrant is adjusted
pursuant to Section 4 hereof, the Company shall nevertheless not be required to issue fractions of shares upon
exercise of this Warrant or otherwise, or to distribute certificates that evidence fractional shares. Instead the Company
will issue cash in the amount equal to the fractional share times the Current Market Price calculated to the nearest
penny.

 

6. Right
to Registration. The Holder has the right to require the Company to register the Warrant Shares under the Act in
accordance with the terms of an agreement (the “Registration Rights Agreement”) dated as of the date
hereof between the Company and the Holders. The date on which the first Registration Statement filed pursuant to the
Registration Rights Agreement is declared effective by the Commission is herein referred to as the “Effective
Date.”

 

7.
No Dilution or Impairment.

 

7.1 Actions
to Permit Issuance of Warrant Shares. The Company will not, by amendment of its certificate of incorporation or through
any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of the Warrants, but will at all
times in good faith assist in the carrying out of all of the terms and in the taking of all actions necessary or appropriate
in order to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (a) will not
permit the par value of any shares of Common Stock receivable upon the exercise of the Warrants to exceed the amount payable
therefor upon exercise, (b) will take all actions necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of Common Stock on the exercise of the Warrants, and (c) will not take any action
which results in any adjustment of the Warrant Price if the total number of shares of Common Stock issuable after the action
upon the exercise of the Warrant would exceed the total number of shares of Common Stock then authorized by the
Company’s certificate of incorporation and available for the purpose of issuance upon exercise.

 

    	 

    	Common Stock Purchase Warrant
	Page	7
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

7.2 Acknowledgement
of Company’s Obligations. The Company acknowledges that its obligation to issue shares of Common Stock issuable
upon exercise of the Warrants is binding upon it and enforceable regardless of the dilution that such issuance may have on
the ownership interests of other stockholders.

 

8.
Chief Financial Officer’s Report as to Adjustments. In the case of any adjustment or re-adjustment in the shares
of Common Stock issuable upon the exercise of the Warrants, the Company at its expense will promptly compute the adjustment or
re-adjustment in accordance with the terms of the Warrants and cause its Chief Financial Officer or Treasurer to certify the computation
(other than any computation of the fair value of property as determined in good faith by the Board of Directors of the Company)
and prepare a report setting forth the adjustment or re-adjustment and showing in reasonable detail the method of calculation
thereof and the facts upon which the adjustment or re-adjustment is based, including a statement of (a) the number of shares of
Common Stock outstanding or deemed to be outstanding and (b) the Warrant Price in effect immediately prior to the deemed issuance
or sale and as adjusted and re-adjusted (if required by Section 4 hereof) on account thereof. The Company will forthwith
mail a copy of each report to the Holder and will, upon the written request at any time of the Holder, furnish to the Holder a
like report setting forth the Warrant Price at the time in effect and showing in reasonable detail how it was calculated. The
Company will also keep copies of all reports at its office maintained pursuant to Section 12.2(a) hereof and will cause
them to be available for inspection at the office during normal business hours upon reasonable notice by the Holder or any prospective
purchaser of the Warrants designated by the Holder.

 

9. Reservation
of Shares. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, free from all taxes, liens and charges with respect to the issue thereof and not be subject to preemptive rights or
other similar rights of stockholders of the Company, solely for the purpose of effecting the exercise of the Warrants, such
number of its shares of Common Stock as shall from time to time be sufficient to effect the exercise thereof, and if at any
time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of the
Warrants, in addition to such other remedies as shall be available to the Holder, the Company will take such corporate action
as may, in the opinion of its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock
to such number of shares as shall be sufficient for such purposes, including without limitation, using its best efforts to
obtain the requisite stockholder approval necessary to increase the number of authorized shares of the Company’s Common
Stock. All shares of Common Stock issuable upon exercise of the Warrants shall be duly authorized and, when issued upon
exercise, shall be validly issued and, in the case of shares, fully paid and nonassessable and free from all preemptive or
similar rights, taxes, liens and charges with respect to the issue thereof, and that upon issuance such shares shall be
listed on each securities exchange, if any, on which the other shares of outstanding Common Stock of the Company are then
listed.

 

10. Listing.
The Company shall at all times comply in all respects with the Company’s reporting, filing and other obligations under
the by-laws or rules of each national securities exchange or inter-dealer quotation system, if any, upon which shares of
Common Stock are then listed and shall list the shares issuable upon the exercise of the Warrants on such national securities
exchange or inter-dealer quotation system, if any, it being understood that the Company’s Common Stock is currently
traded on the OTCQX and the Company has no current plans to list its securities on any other exchange.

 

    	 

    	Common Stock Purchase Warrant
	Page	8
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

11.
Investment Representations: Restrictions on Transfer.

 

11.1 Investment
Representations. The Holder acknowledge that the Warrants and the Warrant Shares have not been and, except as otherwise
provided herein, will not be registered under the Act or qualified under applicable state securities laws and that the
transferability thereof is restricted by the registration provisions of the Act as well as such state laws. The Holder
represents that it is acquiring this Warrant and will acquire the Warrant Shares for its own account, for investment purposes
only and not with a view to resale or other distribution thereof, nor with the intention of selling, transferring or
otherwise disposing of all or any part of such securities for any particular event or circumstance, except selling,
transferring or disposing of them upon full compliance with all applicable provisions of the Act, the Exchange Act, the Rules
and Regulations promulgated by the Commission thereunder, and any applicable state securities laws. The Holder further
understands and agrees that (i) neither the Warrants nor the Warrant Shares may be sold or otherwise transferred unless they
are subsequently registered under the Act and qualified under any applicable state securities laws or, in the opinion of
counsel reasonably satisfactory to the Company, an exemption from such registration and qualification is available; (ii) any
routine sales of the Company’s securities made in reliance upon Rule 144 promulgated by the Commission under the Act,
can be effected only pursuant to the terms and conditions of that Rule, including applicable holding periods and timely
filing requirements with the Commission for the Company; and (iii) except as otherwise set forth herein, the Company is under
no obligation to register the Warrants or the Warrant Shares on its behalf or to assist it in complying with any exemption
from registration under the Act. The Holder agrees that each certificate representing any Warrant Shares for which the
Warrants may be exercised will bear on its face a legend in substantially the following form:

 

These
securities have not been registered under the Securities Act of 1933 or qualified under any state securities laws. They may not
be sold, hypothecated or otherwise transferred in the absence of an effective registration statement under that Act or qualification
under applicable state securities laws without an opinion counsel reasonably acceptable to the Company that such registration
and qualification are not required.

 

11.2 Notice
of Proposed Transfer; Opinion of Counsel. Prior to any transfer of any securities that are not registered under an
effective registration statement under the Act (“Restricted Securities”), the Holder will give written
notice to the Company of the Holder’s intention to effect a transfer and to comply in all other respects with this Section
11.2. Each notice (a) shall describe the manner and circumstances of the proposed transfer, and (b) shall designate
counsel for the Holder giving the notice (who may be in-house counsel for the Holder). The Holder giving notice will submit a
copy thereof to the counsel designated in the notice. The following provisions shall then apply:

 

(i)
If in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer (i.e. private
sale of Restricted Securities) may be effected without registration of Restricted Securities under the Act (which opinion shall
state the bases for the legal conclusions reached therein), the Holder shall thereupon be entitled to transfer the Restricted
Securities in accordance with the terms of the notice delivered by the Holder to the Company. Each certificate representing the
Restricted Securities issued upon or in connection with any transfer shall bear the restrictive legends required by Section
11.1 hereof.

 

    	 

    	Common Stock Purchase Warrant
	Page	9
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

(ii)
If the opinion called for in (i) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities
until either (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section
11.2 and fulfillment of the provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered
under the Act.

 

11.3
Termination of Restrictions. The restrictions imposed by this Section 11 upon the transferability of
Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which Restricted Securities
shall have been effectively registered under the Act, or (b) when, in the opinions of both counsel for the holder thereof and
counsel for the Company, which opinion shall not be unreasonably withheld, such restrictions are no longer required in order
to insure compliance with the Act or Section 11 hereof. Whenever such restrictions shall cease and terminate as to any
Restricted Securities, the holder thereof shall be entitled to receive from the Company, without expense (other than
applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section
11.1 hereof.

 

12.
Ownership, Transfer and Substitution of Warrant.

 

12.1 Ownership of Warrant. The Company may treat the Holder, in whose name this Warrant is registered to in the
Warrant Register maintained pursuant to Subsection 12.2(b) hereof, as the owner and holder thereof for all purposes,
notwithstanding any notice to the contrary, except that, if and when any Warrant is properly assigned by a notice in
substantially the form attached to this Warrant as Exhibit B (or a reasonable facsimile thereof) duly executed by the
holder thereof in blank, the Company shall treat the bearer thereof as the owner of such Warrant for all purposes,
notwithstanding any notice to the contrary. Subject to Section 11 hereof, this Warrant, if properly assigned, may be
exercised by a new holder without a new Warrant first having been issued.

 

12.2
Office; Transfer and Exchange of Warrant.

 

(a)
The Company will maintain an office (which may be an agency maintained at a bank) at 29397 Agoura Road, Suite 107,
Agoura Hills, California 91301 (until the Company notifies the Holder of any change of location of the office) where notices,
presentations and demands in respect of the may be made upon it.

 

(b)
The Company shall cause to be kept at its office maintained pursuant to Subsection 12.2(a) hereof a Warrant
Register for the registration and transfer of the Warrants. The names and addresses of holders of the Warrants, the transfers
thereof and the names and addresses of transferees of the Warrants shall be registered in such Warrant Register. The Person
in whose name any Warrant shall be so registered shall be deemed and treated as the owner and holder thereof for all purposes
of such Warrant, and the Company shall not be affected by any notice or knowledge to the contrary.

 

    	 

    	Common Stock Purchase Warrant
	Page	10
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

(c)
Upon the surrender of a Warrant, properly endorsed, for registration of transfer or for exchange at the office of the
Company maintained pursuant to Subsection 12.2(a) hereof, the Company at its expense will (subject to compliance with Section
11 hereof, if applicable) execute and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in
the name of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling
in the aggregate on the face thereof for the number of shares of Common Stock called for on the face of the Warrant so
surrendered.

 

12.3
Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of a Warrant and, in the case of any such loss, theft or destruction of a Warrant, upon delivery of
indemnity reasonably satisfactory to the Company in form and amount or, in the case of any mutilation, upon surrender of a
Warrant for cancellation at the office of the Company maintained pursuant to Subsection 12.2(a) hereof, the Company at
its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor and dated the date hereof.

 

13.
No Rights or Liabilities as Stockholder. Except as may otherwise be provided herein, no Holder shall be entitled to vote
or receive dividends or be deemed the holder of any shares of Common Stock or any other securities of the Company which may at
any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the
Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon
any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon
any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or
otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until such Holder’s
Warrant shall have been exercised and the shares of Common Stock purchasable upon the exercise hereof shall have become deliverable,
as provided herein. The Holder will not be entitled to share in the assets of the Company in the event of liquidation, dissolution
or the winding up of the Company.

 

14.
 Notices. Any notice or other communication in connection with this Warrant shall be deemed to be given if in
writing addressed as hereinafter provided and actually delivered at such address: (a) if to any Holder, at the registered
address of such holder as set forth in the Warrant Register kept at the office of the Company maintained pursuant to Subsection
12.2(a) hereof, or (b) if to the Company, to the attention of its Chief Financial Officer at its office maintained
pursuant to Subsection 12.2(a) hereof; provided, however, that the exercise of any Warrant shall be
effective in the manner provided in Section 3 hereof.

 

15. Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock
underlying this Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the registration of any certificate for shares of Common
Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that
may arise as a result of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant
upon exercise hereof.

 

    	 

    	Common Stock Purchase Warrant
	Page	11
	Issued by Mateon Therapeutics, Inc.
	 	 

    

 

16. Warrant
Agent. The Company shall serve as warrant agent under for the Warrants. Upon 30 days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or stockholders
services business shall be successor warrant agent under this Warrant without any further act. Any such successor warrant
agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to
the Holder at the Holder’s last address as shown on the Warrant Register.

 

17. Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be
construed and enforced in accordance with and governed by the laws of the State of California applicable to contracts made
and to be performed entirely within such State. Any action, suit or proceeding in connection with this Warrant maybe brought
in a federal or state court of record located in the County of Los Angeles in the State of California, and the Holder
and the Company each agrees to submit to the personal jurisdiction of such court and waives any objection which either may
have, based on improper venue or forum non conveniens, to the conduct of any proceeding in any such court and waives
personal service of any and all process upon it, and consents that all such service of process be made by mail or messenger
directed to it at the address referred to in Section 14 above and that service so made shall be deemed to be completed
upon the earlier of actual receipt or five days after the same shall have been posted to its address. The section headings in
this Warrant are for purposes of convenience only and shall not constitute a part hereof. The use herein of the masculine
pronouns or similar terms shall be deemed to include the feminine and neuter genders as well and vice versa and the use of
the singular pronouns shall be deemed to include the plural as well and vice versa.

 

(signature
page to follow)

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Common Stock Purchase Warrant to be duly executed as of the date first above written.

 

	MATEON THERAPEUTICS, INC.	 
	 	 	 
	By:	 	 
	Name:	Vuong Trieu	 
	Title:	President and Chief Executive Officer	 

 

Agreed
and Accepted:

 

	 	 
	Name:	 	 

 

    	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

To
Be Executed by the Holder

In
Order to Exercise Warrants

 

TO:
Mateon Therapeutics, Inc.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached
Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if
any.

 

 (2) Payment shall take the form of (check applicable box):

 

[  ] in lawful money of the United States; or

 

(3)
Please issue a certificate or certificates representing the Warrant Shares in the name of the undersigned or in such other
name as is specified below:

 

 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

 

 

 

 

	Dated: 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Address
	 	 	 	 
	 	 	 	 
	 	 	 	Taxpayer Identification Number
	 	 	 	 
	 	 	 	 
	 	 	 	Signature

    	 

     

    

 

EXHIBIT
B

 

[FORM
OF ASSIGNMENT]

 

To
be executed by the registered holder if such holder

desires
to transfer the Warrant Certificate.

 

FOR
VALUE RECEIVED _________________ hereby sells, assigns and transfers unto

 

 

 

(Please
print name and address of transferee)

 

this
Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ____________
Attorney, to transfer the within Warrant Certificate on the books of the within-named Company, with full power of substitution.

 

	Dated:
    	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature	
	 	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)

 

	 	 
	 	(Insert
    Social Security or Other
	 	Identifying Number of Holder)
	 	 
	 	 
	 	Signature GuaranteedExhibit
10.1

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (the “Agreement”) is made as of June 23, 2020 (the “Effective Date”),
by and between Surge Holdings, Inc., a Nevada corporation (the “Company”), AltCorp Trading LLC (the “Investor”)
and consented and agreed to by GBT Technologies, Inc, the parent company of the Investor. In addition to the terms defined elsewhere
in this Agreement, certain terms used herein have the meanings set forth in Section 6 hereof.

 

WHEREAS,
reference is made to a loan made by the Investor to the Company as evidenced by that certain Convertible Promissory Note issued
by the Company for the benefit of the Investor on September 27, 2019 in the principal amount of $4,000,000 (the “Note”),
which such Note was subsequently assigned to GBT’s subsidiary AltCorp on February 3, 2020; and

 

WHEREAS,
subject to the satisfaction of the conditions set forth herein, the Company and the Investor desire to exchange $2,750,000 of
principal and any and all interest or other fees and expenses currently due on such principal amount (the “Note Exchange
Balance”) for 5,500,000 shares (the “Shares”) of the Company’s common stock, par value $0.001
per share (the “Common Stock”);

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1.
Exchange. The closing will occur on June 23, 2020 (or such later date as the parties hereto may agree in writing) (the
“Closing”) following the satisfaction or waiver of the conditions set forth herein (such date, the “Closing
Date”). On the Closing Date, subject to the terms and conditions of this Agreement, the Investor and the Company shall
exchange the Note Exchange Balance for the Shares. At the Closing, the following transactions shall occur (such transactions in
this Section 1, the “Exchange”):

 

1.1.
On the Closing Date and concurrently with the Exchange, the remaining $1,250,000 of principal due under the Note and any and all
interest or other fees and expenses currently due on such principal amount (the “Remaining Note Balance”) shall
be immediately exchanged for shares and transferred and assigned to Glen Eagles Acquisition LP (the “Assignment”).

 

1.2.
Promptly after the Closing Date, but in no event more than two (2) Trading Days (as defined below) after the Closing Date,
the Company shall deliver the Shares to the Investor either in book entry or certificated form, at the option of the
Investor. On the Closing Date, the Investor shall be deemed for all purposes to have become the holder of record of the
Shares, irrespective of the date the Company delivers the Shares to the Investor. Upon receipt of the Shares and the
immediate Assignment of the Remaining Note Balance in accordance with Section 1.1, all of the Investor’s rights under
the Note shall be extinguished.

 

1.3.
It shall be a condition to the obligation of the Investor, on the one hand, and the Company, on the other hand, to consummate
the Exchange contemplated hereunder that the other party’s representations and warranties contained herein are true and
correct on the Closing Date with the same effect as though made on such date, unless waived in writing by the party to whom such
representations and warranties are made.

 

2.
Representations and Warranties of the Company. The Company hereby represents and warrants to the Investor that:

 

2.1.
Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Nevada, with the requisite power and authority to own and use its properties and assets and to carry on its business
as currently conducted. The Company is not in violation nor default of any of the provisions of its certificate of incorporation,
bylaws or other organizational or charter documents. The Company is duly qualified to conduct business and is in good standing
as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned
by it makes such qualification necessary, and no claim, action or proceeding of any kind has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	 	1	 

     

    

 

2.2.
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and to otherwise to carry out its obligations hereunder and thereunder. This Agreement
have been duly and validly authorized, executed and delivered on behalf of the Company and shall constitute the legal, valid and
binding obligations of the Company enforceable against the Company in accordance with their respective terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and
other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. The
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated
hereby and thereby will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
of incorporation, bylaws or other organizational or charter documents; (ii) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, result in the creation of any options, contracts, agreements,
liens, security interests, or other encumbrances (“Liens”) upon any of the properties or assets of the Company
or any of its Subsidiaries, or give to others any rights of termination, amendment, acceleration or cancellation of (with or without
notice, lapse of time or both), any agreement, credit facility, debt, indenture or other instrument to which the Company or any
of its Subsidiaries is a party or by which any property or asset of the Company or any of its Subsidiaries is bound or affected;
or (iii) result in a violation of any law, rule, regulation, order, judgment, decree or other restriction of any court or governmental
authority (including federal and state securities or “blue sky” laws) applicable to the Company or any of its Subsidiaries
or by which any property or asset of the Company or any of its Subsidiaries is bound or affected.

 

2.3.
Valid Issuance of the Shares. The Shares when issued and delivered in accordance with the terms of this Agreement, for
the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable.

 

2.4.
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
of the Exchange Act, for the two (2) years preceding the date hereof (the foregoing materials, including the exhibits thereto
and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

2.5.
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Shares.

 

3.
Representations and Warranties of the Investor. The Investor hereby represents, warrants and covenants that:

 

3.1.
Organization. The Investor has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and to otherwise to carry out its obligations hereunder and thereunder.

 

    	 	2	 

     

    

 

3.2.
Authorization. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and
shall constitute the legal, valid and binding obligation of the Investor enforceable against the Investor in accordance with its
terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies. The execution, delivery and performance by the Investor of this Agreement and the consummation by the Investor
of the transactions contemplated hereby and thereby will not: (i) conflict with, or constitute a default (or an event which with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Investor is a party or by which it is bound; or (ii) result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue
sky” laws) applicable to the Investor.

 

3.3.
Accredited Investor Status; Investment Experience. The Investor is an “accredited investor” as that term is
defined in Rule 501(a) of Regulation D under the Securities Act. The Investor can bear the economic risk of its investment in
the Shares and has such knowledge and experience in financial and business matters that he is capable of evaluating the merits
and risks of an investment in the Shares.

 

3.4.
No Governmental Review. The Investor understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of
the investment in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

3.5.
Ownership of the Note. The Investor owns and holds, beneficially and of record, the entire right, title, and interest in
and to the Note free and clear of all rights and liens (other than pledges or security interests (i) arising by operation of applicable
securities laws and (ii) that the Investor may have created in favor of a prime broker under and in accordance with its prime
brokerage agreement with such broker). The Investor has full power and authority to transfer and dispose of the Note to the Company
free and clear of any right or lien. Other than the transactions contemplated by this Agreement, there is no outstanding, plan,
pending proposal, or other right of any person or entity to acquire all or any part of the Note or any shares of Common Stock
issuable upon the exchange or conversion thereof, other than Glen Eagles Acquisition LP.

 

3.6.
No Short Sales or Hedging Transactions. The Investor covenants and agrees that neither he, nor any Affiliate acting on
his behalf or pursuant to any understanding with him will execute any Short Sales of the Common Stock or hedging transaction,
which establishes a net short position with respect to the Common Stock during the period commencing with the execution of this
Agreement and ending upon the sale of the Shares and all True-Up Shares.

 

4.
Additional Covenants.

 

4.1.
Disclosure; Confidentiality. The Company shall, within four (4) Trading Days after the date of this Agreement, file with
the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated hereby and attaching the form
of this Agreement as an exhibit thereto (collectively with all exhibits attached thereto, the “8-K Filing”).

 

4.2.
Fees and Expenses. Except as otherwise set forth herein, each party to this Agreement shall pay the fees and expenses of
its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement.

 

4.3.
Lock-Up. The Investor agrees that, from the date hereof until 4:00 p.m. Eastern Standard Time on the one (1) year anniversary
of the date hereof (such period, the “Lock-Up Period”), the Investor shall be subject to the lock-up restrictions
set forth herein. During the Lock-Up Period, the Investor will not offer, sell, contract to sell, hypothecate or otherwise dispose
of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the sale, hypothecation
or disposition (whether by actual or effective economic sale, hypothecation or disposition due to cash settlement or otherwise)
by the Investor or any Affiliate of the Investor or any Person in privity with the Investor or any Affiliate of the Investor),
directly or indirectly, including the filing (or participation in the filing) of a registration statement with the U.S. Securities
and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, with respect to the Shares. The
Investor further agrees that the Company is authorized to and the Company agrees to place “stop orders” on its books
to prevent any transfer of any Shares of the Company held by the Investor in violation of this Agreement. The Company agrees not
to allow any transaction to occur that is inconsistent with this Agreement.

 

    	 	3	 

     

    

 

4.4.
True-Up Adjustments. It is the intention of the Company and the Investor that the Shares shall have a value which equals
$2,750,000 (the “Value Amount”) on the one (1) year anniversary of the date hereof or if such date is not
a Trading Day, the immediately subsequent Trading Day (the “Valuation Date”). The Investor shall have the
right (but not an obligation) to make a one-time request of additional shares of Common Stock from the Company within five
(5) days of the Valuation Date in the event that the Shares on the Valuation Date are valued less than the Value Amount. The
difference between the Value Amount and value of the Shares (as calculated by the Company using the volume weighted average
price (“VWAP”) of the Shares over the twenty (20) Trading Day period immediately prior to the Valuation
Date) shall be referred to herein as the “True-Up Value”. In the event that the Shares are valued for less
than the Value Amount on the Valuation Date, the Company shall thereafter issue additional shares of Common Stock to the
Investor in the amount of the True-Up Value (such shares, the “True-Up Shares”). In the event that the
Investor disagrees with the Company’s calculations of the True-Up Value or the amount of shares of Common Stock to be
issued in connection with this section, the Investor shall have two (2) Trading Days to contest the calculation of the
Company upon delivery of written notice to the Company, which such written notice shall include the Investor’s proposed
calculation of the amount of the True-Up Shares. If the Parties cannot thereafter agree upon the amount of True-Up Shares to
issue to the Investor, the Investor and the Company shall each agree upon a neutral third-party whom shall determine the
number of True-Up Shares to be issued, which such determination shall be binding upon the Company and the Investor absent
manifest error.

 

4.5.
Reservation of Common Stock. The Company shall reserve with its Transfer Agent 22,000,000 shares of Common Stock for issuance
of any True-Up Shares (as hereafter defined).

 

4.6.
Liquidated Damages. In the event that the Company does not issue the True-Up Shares pursuant to Section 4.4 hereof, the
Company shall pay liquidated damages to the Investor in the amount of $2,750,000 and the Investor shall retain ownership of
the Shares.

 

5.
Miscellaneous.

 

5.1.
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the parties hereto and the respective successors and permitted assigns of the parties. Nothing
in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective
successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except
as expressly provided in this Agreement. The Investor may assign some or all of his rights hereunder without the consent of the
Company provided that any such assignee shall sign a counterpart to this Agreement and be an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D under the Securities Act, in which event such assignee shall be deemed
to be the Investor with respect to such assigned rights and have made the representations to the Company made in Article III hereof.

 

5.2.
Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state or federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each of the parties hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	4	 

     

    

 

5.3.
Notices. All notices, consents or other communications required or permitted under this Agreement shall be in writing and
shall be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by email (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one
(1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the
party to receive the same at the address as provided for on the signature page to this Agreement.

 

5.4.
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent
of the Company and the Investor.

 

5.5.
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms so long as this Agreement as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in
good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

5.6.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

5.7.
Survival. The representations, warranties and covenants of the Company and the Investor contained herein shall survive
the Closing.

 

6.
Definitions. For purposes of this Agreement, the following words and terms shall have the following meanings:

 

6.1.
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

6.2.
“Current Subsidiary” means any Person in which the Company on the Effective Date, directly or indirectly, (i)
owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates
all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current
Subsidiaries.”

 

6.3.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

6.4.
“New Subsidiary” means, as of any date of determination, any Person in which the Company after the Effective
Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest
of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and
all of the foregoing, collectively, “New Subsidiaries.”

 

    	 	5	 

     

    

 

6.5.
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

6.6.
“Principal Market” means the NYSE American (or any nationally recognized successor thereto); provided, however,
that in the event the Common Stock is ever listed or traded on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market, the New York Stock Exchange, the OTC Bulletin Board, the OTCQX, OTCQB, OTC Pink or any other market operated
by the OTC Markets Group, Inc. (or any nationally recognized successor to any of the foregoing), then the “Principal Market”
shall mean such other market or exchange on which the Common Stock is then listed or traded.

 

6.7.
“SEC” means the U.S. Securities and Exchange Commission.

 

6.8.
“Securities Act” means the Securities Act of 1933, as amended.

 

6.9.
“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange
Act.

 

6.10.
“Subsidiaries” means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries,
and each of the foregoing, individually, a “Subsidiary.”

 

6.11.
“Trading Day” means, as applicable, (x) with respect to all price or trading volume determinations relating
to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during
the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time) unless such day is otherwise
designated as a Trading Day in writing by the Investor or (y) with respect to all determinations other than price determinations
relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

6.12.
“Transfer Agent” means Vstock Transfer, LLC, and any successor transfer agent of the Company.

 

[SIGNATURES
ON THE FOLLOWING PAGE]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	COMPANY:
    
	 	 
	 	SURGE
    HOLDINGS, INC. 
	 	 
	 	By:
    	 
	 	Name:	Brian Cox 
	 	Title:	Chief Executive Officer 
	 	 
	 	Address
    for Notices: 
	 	 
	 	3124
    Brother Blvd.
	 	Suite
    104 
	 	Bartlett,
    TN 38133 
	 	Tel:
    (901) 302-9587
	 	Email:
    

 

	 	INVESTOR:
	 	 
	 	ALTCORP
    TRADING LLC
	 	 	                         
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	CONSENTED
    AND AGREED:
	 	 
	 	GBT
    TECHNOLOGIES, INC.
	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Address
    for Notices:
	 	 

 

    	 	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]