Document:

rtr-eighthamendmentfully

Execution Version    EIGHTH AMENDMENT TO CREDIT AGREEMENT    This EIGHTH AMENDMENT TO CREDIT AGREEMENT, dated as of August 15,  2022 (this "Amendment"), to the Credit Agreement, dated as of July 23, 2018, by and among the  lenders from time to time party thereto (individually, a "Lender," and any and all such lenders  collectively, the "Lenders"), Double Helix Pte Ltd, as the Agent for the Lenders (in such  capacity, together with its successors and assigns in such capacity, the "Agent"), and Rent the  Runway, Inc., a Delaware corporation (the "Borrower") (as amended by the First Amendment to  Credit Agreement, dated as of December 21, 2018, the Second Amendment to Credit Agreement,  dated as of April 24, 2019, the Third Amendment to Credit Agreement and First Amendment to  the Security Agreement, dated as of November 26, 2019, the Fourth Amendment to Credit  Agreement, dated as of June 2, 2020, the Fifth Amendment to Credit Agreement, dated as of  August 18, 2020, the Sixth Amendment to Credit Agreement and Second Amendment to the  Security Agreement, dated as of October 26, 2020, the Seventh Amendment to Credit Agreement  and Third Amendment to the Security Agreement, dated as of October 18, 2021 and as further  amended, amended and restated, supplemented or otherwise modified from time to time, the  "Credit Agreement") is by and among the Borrower, the Lenders and the Agent. Unless  otherwise defined herein, capitalized terms used herein shall have the meanings provided in the  Credit Agreement.    WHEREAS, the Borrower, the Agent and the Lenders desire to amend certain provisions  of the Credit Agreement as provided more fully herein, subject to the terms and conditions set  forth herein.    NOW THEREFORE, in consideration of the mutual agreements contained in the Credit  Agreement and herein and for other good and valuable consideration, the receipt and sufficiency  of which are hereby acknowledged, the parties hereto hereby agree as follows:    Section 1 Amendments to the Credit Agreement.    1.01 Section 1.1 of the Credit Agreement is hereby amended by adding the  following definition, in appropriate alphabetical order:    “Qualified Cash Equivalents” means, as of any date of determination, the aggregate  amount of Permitted Investments of the Credit Parties that constitute “cash equivalents” (as  defined under GAAP) that are maintained in securities accounts in the name of a Credit Party in  the United States as of such date, which securities accounts are subject to Account Control  Agreements.    1.02 The following definition in Section 1.1 of the Credit Agreement is hereby  amended and restated in its entirety to read as follows:    “Liquidity” shall mean an amount equal to the sum of (a) Qualified Cash plus (b)  Qualified Cash Equivalents plus (c) availability under the Senior Credit Agreement.    Section 2 Representations and Warranties. The Borrower hereby represents and  warrants to the Lenders and the Agent as follows:        132603884v3  

 

    2.01 No Default. At and as of the date of this Amendment and after giving  effect to this Amendment, no Default or Event of Default has occurred and is continuing.    2.02 Representations and Warranties True and Correct. At and as of the  date of this Amendment and after giving effect to this Amendment, each of the representations  and warranties made by any Credit Party in or pursuant to the Loan Documents (as amended  hereby) are true and correct in all material respects (except that such materiality qualifier shall  not be applicable to any representations or warranties that already are qualified or modified as to  “materiality” or “Material Adverse Effect” in the text thereof, which representations and  warranties shall be true and correct in all respects subject to such qualification), except to the  extent such representations and warranties specifically relate to an earlier date, in which case  such representations and warranties are true and correct in all material respects (except that such  materiality qualifier shall not be applicable to any representations or warranties that already are  qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof, which  representations and warranties shall be true and correct in all respects subject to such  qualification) on and as of such earlier date.    2.03 Due Authorization. Execution, delivery and performance of this  Amendment and the Credit Agreement (as amended hereby) (i) are within the Borrower's  corporate power, (ii) have been duly authorized by all necessary action, and (iii) are not in  contravention of any Requirement of Law applicable to the Borrower or the terms of the  Borrower's organizational documents.    2.04 Enforceability of Agreement and Loan Documents. This Amendment  has been duly executed and delivered by the Borrower's duly authorized officers. This  Amendment and the Credit Agreement (as amended hereby) constitute the valid and binding  obligations of the Borrower, enforceable against the Borrower in accordance with their  respective terms, except as enforcement thereof may be limited by applicable bankruptcy,  reorganization, insolvency, fraudulent conveyance, moratorium or similar laws affecting the  enforcement of creditor’s rights, generally and by general principles of equity (regardless of  whether enforcement is considered in a proceeding in law or equity).    2.05 Consents, Approvals and Filings, Etc. No authorization, consent,  approval, license, qualification or formal exemption from, nor any filing, declaration or  registration with, any court, governmental agency or regulatory authority or any securities  exchange or any other Person (whether or not governmental) is required in connection with (i)  the execution and delivery of this Amendment and (ii) performance by the Borrower of this  Amendment and the Credit Agreement (as amended hereby), in each case, except for such  matters which have been previously obtained.    Section 3  Conditions. This Amendment shall become effective and be deemed effective  as of the date when, and only when, all of the following conditions have been satisfied as  determined in the Agent's and the Lenders' discretion (the date of such effectiveness being herein  called the "Eighth Amendment Effective Date"):    3.01 Amendment. The Agent shall have received this Amendment, duly  executed by the Agent, the Borrower and the Lenders.    

 

      3.02 Closing Certificate. The Agent shall have received a certificate of a  Responsible Officer of the Borrower dated the Eighth Amendment Effective Date, stating that to  the best of his or her respective knowledge after due inquiry, the conditions set forth in Section  3.03 hereof have been satisfied.    3.03        Representations and Warranties; No Event of Default. At and as of  the date of this Amendment, both before and after giving effect to this Amendment, each of the  representations and warranties made by any Credit Party herein or in or pursuant to any other  Loan Document (as amended hereby) shall be true and correct in all material respects (except  that such materiality qualifier shall not be applicable to any representations or warranties that  already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text  thereof, which representations and warranties shall be true and correct in all respects subject to  such qualification), except to the extent such representations and warranties specifically relate to  an earlier date, in which case such representations and warranties shall have been true and  correct in all material respects (except that such materiality qualifier shall not be applicable to  any representations or warranties that already are qualified or modified as to “materiality” or  “Material Adverse Effect” in the text thereof, which representations and warranties shall be true  and correct in all respects subject to such qualification) on and as of such earlier date. At and as  of the date of this Amendment and after giving effect to this Amendment, no Default or Event of  Default shall have occurred and be continuing.    3.04        Fees and Expenses. Subject to Legal Counsel Limitations, the Agent  and the Lenders shall have been paid all costs and expenses then payable on or before the Eighth  Amendment Effective Date pursuant to the Loan Documents.    Section 4               Release.  Each Credit Party hereby acknowledges and agrees that:  (i) neither it nor any of its Subsidiaries has any claim or cause of action against the Agent or any  Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants  or agents in their capacities for the Agent or any Lender) in connection with the Loan Documents  and (ii) the Agent and each Lender has heretofore properly performed and satisfied in a timely  manner all of its obligations to the Credit Parties and their Subsidiaries under the Credit  Agreement and the other Loan Documents that are required to have been performed on or prior  to the date hereof. Notwithstanding the foregoing, the Agent and the Lenders wish (and the  Credit Parties agree) to eliminate any possibility that any past conditions, acts, omissions, events  or circumstances would impair or otherwise adversely affect any of the Agent's and the Lenders'  rights, interests, security and/or remedies under the Credit Agreement and the other Loan  Documents. Accordingly, for and in consideration of the agreements contained in this  Amendment and other good and valuable consideration, each Credit Party (for itself and its  Subsidiaries and the successors, assigns, heirs and representatives of each of the foregoing)  (collectively, the "Releasors") does hereby fully, finally, unconditionally and irrevocably release  and forever discharge the Agent, each Lender and each of their respective Affiliates, officers,  directors, employees, attorneys, consultants and agents in their capacities as the Agent or any  Lender (collectively, the "Released Parties") from any and all debts, claims, obligations,  damages, costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of  action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of  whatever nature or description, and whether in law or in equity, under contract, tort, statute or  otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have    

 

      against any Released Party by reason of any act, omission or thing whatsoever done or omitted to  be done on or prior to the Eighth Amendment Effective Date arising out of, connected with or  related in any way to this Amendment, the Credit Agreement or any other Loan Document, or  any act, event or transaction related or attendant thereto, or the agreements of the Agent or any  Lender contained therein, or the possession, use, operation or control of any of the assets of any  Credit Party, or the making of any Loans or other advances, or the management of such Loans or  advances or the Collateral prior to the Eighth Amendment Effective Date.    Section 5 Miscellaneous.    5.01 Continuing Effect; No Waiver. Except as otherwise expressly provided  herein, the Credit Agreement and the other Loan Documents are, and shall continue to be, in full  force and effect and are hereby ratified and confirmed in all respects, except that on and after the  Eighth Amendment Effective Date (i) all references in the Credit Agreement to "this Agreement",  "hereto", "hereof", "hereunder" or words of like import referring to the Credit Agreement shall  mean the Credit Agreement as modified by this Amendment, and (ii) all references in the other  Loan Documents to the "Credit Agreement", "thereto", "thereof", "thereunder" or words of like  import referring to the Credit Agreement shall mean the Credit Agreement as modified by this  Amendment. To the extent that the Credit Agreement or any other Loan Document purports to  pledge to the Agent, or to grant to the Agent, a security interest or lien, such pledge or grant is  hereby ratified and confirmed in all respects. This Amendment does not and shall not affect any  of the obligations of the Credit Parties, other than as expressly provided herein, including,  without limitation, the Credit Parties' obligations to repay the Loans in accordance with the terms  of Credit Agreement, or the obligations of the Credit Parties under any Loan Document to which  they are a party, all of which obligations shall remain in full force and effect, and nothing herein  contained shall be construed as a substitution or novation of the obligations outstanding under  the Credit Agreement or instruments securing the same. Nothing expressed or implied in this  Amendment shall be construed as a release or other discharge of any Credit Party under the  Credit Agreement, as amended hereby, or the other Loan Documents from any of its obligations  and liabilities as a "Borrower" or "Credit Party" thereunder. Except as expressly provided herein,  the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any  right, power or remedy of the Agent and the Lenders under the Credit Agreement or any other  Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other  Loan Document.    5.02 Loan Document. This Amendment is a Loan Document under and as  defined in the Credit Agreement.    5.03 Counterparts. This Amendment may be executed in any number of  counterparts and by different parties on separate counterparts, each of which, when executed and  delivered, shall be deemed to be an original, and all of which, when taken together, shall  constitute but one and the same Amendment. The words “execution,” “execute”, “signed,”  “signature,” and words of like import in or related to any document to be signed in connection  with this Amendment and the transactions contemplated hereby shall be deemed to include  electronic signatures, the electronic matching of assignment terms and contract formations on  electronic platforms approved by the Agent, or the keeping of records in electronic form, each of  which shall be of the same legal effect, validity or enforceability as a manually executed    

 

      signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and  as provided for in any applicable law, including the Federal Electronic Signatures in Global and  National Commerce Act, the New York State Electronic Signatures and Records Act, or any  other similar state laws based on the Uniform Electronic Transactions Act; provided that  notwithstanding anything contained herein to the contrary the Agent is under no obligation to  agree to accept electronic signatures in any form or in any format unless expressly agreed to by  the Agent pursuant to procedures approved by it.    5.04 Headings. Headings of the various subdivisions hereof are for  convenience of reference only and shall in no way modify or affect any of the terms or  provisions hereof.    5.05 Binding Effect; Assignment. This Amendment shall be binding upon and  inure to the benefit of the Credit Parties, the Agent and the Lenders and their respective  successors and assigns in accordance with the terms of the Credit Agreement.    5.06 Severability. Any provision of this Amendment that is prohibited or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  prohibition or unenforceability without invalidating the remaining portions hereof or affecting  the validity or enforceability of such provision in any other jurisdiction.    5.07 Costs and Expenses. The Borrower agrees to pay on demand all  reasonable and documented costs and expenses of the Agent in connection with the preparation,  execution and delivery of this Amendment.    5.08 Consent to Jurisdiction; Governing Law; Waiver of Jury Trial.  Sections 12.2, 12.3 and 12.13 of the Credit Agreement are incorporated herein mutatis mutandis.          [Remainder of page intentionally left blank.]  

 

                IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be  executed by their respective officers thereunto duly authorized, as of the date first above written.           RENT THE RUNWAY, INC., as Borrower   By: /s/ Scarlett O’Sullivan   Name: Scarlett O’Sullivan    Title: CFO       DOUBLE HELIX PTE LTD, as Agent   By /s/ Johan Dulat   Name: Johan Dulat   Title: Authorized Signatory       DOUBLE HELIX PTE LTD, as a Lender   By /s/ Johan Dulat   Name: Johan Dulat   Title: Authorized SignatoryExhibit
4.2

 

Form
of Representative’s Warrant

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES BY HIS, HER OR ITS ACCEPTANCE HEREOF, THAT SUCH HOLDER WILL NOT FOR A PERIOD OF ONE
HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING: (A) SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE
THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO ANYONE OTHER THAN OFFICERS OR PARTNERS OF CRAFT CAPITAL MANAGEMENT, LLC,
EACH OF WHOM SHALL HAVE AGREED TO THE RESTRICTIONS CONTAINED HEREIN, IN ACCORDANCE WITH FINRA CONDUCT RULE 5110(E), OR (B) CAUSE
THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION
THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR
IN FINRA RULE 5110(E)(2).

 

THIS
PURCHASE WARRANT IS EXERCISABLE AFTER THE CLOSING DATE, VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2022.

 

CLASS
A ORDINARY SHARES PURCHASE WARRANT

 

For
the Purchase of [●] Class A Ordinary Shares

 

of

 

ERAYAK
POWER SOLUTION GROUP INC.

 

1.
Purchase Warrant. THIS CLASS A ORDINARY SHARES
PURCHASE WARRANT (this “Purchase Warrant”) certifies that, pursuant to that certain Underwriting Agreement by and
between Erayak Power Solution Group Inc., a Cayman Islands exempted company (the “Company”) and Craft Capital Management,
LLC (“Craft Capital”), dated [●], 2022 (the “Underwriting Agreement”), Craft Capital (in
such capacity with its permitted successors or assigns, the “Holder”), as registered owner of this Purchase Warrant,
is entitled, at any time or from time to time from [●], 2022 (the “Exercise Date”) , and at or before
5:00 p.m., Eastern time, [●], 20[●] (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to [●] shares of the Company’s Class A Ordinary Shares, par value $0.0001 per share
(the “Shares”), subject to adjustment as provided in Section 5 hereof. If the Expiration Date is
a day on which banking institutions are authorized by law or executive order to close, then this Purchase Warrant may be exercised on
the next succeeding day which is not such a day in accordance with the terms herein, provided, however, for clarification, that
banking institutions shall not be deemed to be authorized or required by law or executive order to remain closed due to “stay at
home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or
the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer
systems (including for wire transfers) of banking institutions in The City of New York generally are open for use by customers on such
day. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that
would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share (120% of the price of
the Shares sold in the Offering); provided, however, that upon the occurrence of any of the events specified in Section 5 hereof,
the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such
exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price
or the adjusted exercise price, depending on the context. Any term not defined herein shall have the meaning ascribed thereto in the
Underwriting Agreement.

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto as Exhibit A (the
“Exercise Form”) must be duly executed and completed and delivered to the Company, together with this Purchase Warrant
and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately available funds to an
account designated by the Company or by certified check or official bank check to the order of the Company. If the subscription rights
represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become
and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

     

     

    

 

2.2
Cashless Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase
Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the Exercise Form,
in which event the Company shall issue to Holder, Shares in accordance with the following formula:

 

	X
    =	Y(A
    – B)	 
	A	 

 

	Where,	X = The
    number of Shares to be issued to Holder;

 

Y
= The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise;

 

A
= The fair market value of one Share; and

 

B
= The Exercise Price of this Purchase Warrant, as adjusted hereunder.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

(i)
if the Company’s Class A Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the closing price
on such exchange on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise
of this Purchase Warrant; or

 

(ii)
if the Company’s Class A Ordinary Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid
price on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of the
Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith
by the Company’s Board of Directors.

 

(iii)
if there is no market for the Class A Ordinary Shares, the value shall be the fair market value thereof, as determined in good faith
by the Company’s Board of Directors.

 

2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable
state law which, in the opinion of counsel to the Company, is available.”

 

    2

     

    

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not for a period of six (6) months beginning on the date of commencement of sales of the Offering: (a) sell, transfer, assign, pledge
or hypothecate this Purchase Warrant or the securities hereunder to anyone other than: (i) Craft Capital or a selected dealer participating
in the Offering contemplated by the Underwriting Agreement, or (ii) officers or partners of Craft Capital, each of whom shall have agreed
to the restrictions contained herein, in accordance with FINRA Rule 5110(e), or (b) cause this Purchase Warrant or the securities
issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective
economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). The registered
Holder of this Purchase Warrant will have the option to exercise their warrants at any time, provided that such shares are not transferred
during the lock-up period; the six-month lock period will remain on these underlying shares. The registered Holder of this Purchase Warrant
shall have the option to exercise, transferred or assign their warrants at any time from issuance but the six-month lock period shall
remain in effect for the underlying shares. On and after that date that is six months after the date of commencement of sales of the
Offering, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as Exhibit B duly
executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith.
The Company shall, within five (5) Business Days, transfer this Purchase Warrant on the books of the Company and shall execute and deliver
a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the
aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2
Restrictions Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from
registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction
of the Company, (ii) a Registration Statement relating to the offer and sale of such securities that includes a current prospectus has
been filed and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance with
applicable state securities law has been established.

 

4.
New Purchase Warrants to be Issued.

 

4.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised
or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant
for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer
tax if exercised pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without charge
a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase
the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

4.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

5.
Adjustments.

 

5.1
Adjustments to Exercise Price and Number of Shares. The Exercise Price and the number of Shares underlying this Purchase Warrant
shall be subject to adjustment from time to time as hereinafter set forth:

 

5.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 5.3 below, the
number of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then,
on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding
shares, and the Exercise Price shall be proportionately decreased.

 

    3

     

    

 

5.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 5.3 below, the number
of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the
effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares,
and the Exercise Price shall be proportionately increased.

 

5.1.3
Replacement of Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other
than a change covered by Section 5.1.1 or Section 5.1.2 hereof or that solely affects the par
value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another
corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to
another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which
the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior
to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by
a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and
if any reclassification also results in a change in Shares covered by Section 5.1.1 or Section 5.1.2, then
such adjustment shall be made pursuant to Section 5.1.1, Section 5.1.2 and this Section 5.1.3.
The provisions of this Section 5.1.3 shall similarly apply to successive reclassifications, reorganizations, share
reconstructions or amalgamations, or consolidations, sales or other transfers.

 

5.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
5.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date hereof or
the computation thereof.

 

5.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the
Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have
been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase
Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 5. The above
provision of this Section 5 shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

5.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

6.
Registration Rights. The Company has filed the Registration Statement with the Commission, which has been declared effective on
Form F-1 (File No. 333-262292), and registers the underlying shares of the Purchase Warrant(s) granted to the Holder(s) in connection
to the Offering, under the terms of the Underwriting Agreement.

 

6.1
Demand Registration.

 

6.1.1
Grant of Right. Unless all of the Registrable Securities (defined as below) are included in an effective registration statement
with a current prospectus, the Company, upon written demand (“Demand Notice”) of the Holder(s) of at least 51% of
the Representative’s Warrants and/or the underlying securities (“Majority Holder(s)”), agrees to register on
one occasion, all or any portion of the remaining Shares (collectively, the “Registrable Securities”) as requested
by the Majority Holder(s) in the Demand Notice, provided that no such registration will be required unless the Holders request registration
of an aggregate of at least 51% of the outstanding Registrable Securities. On such occasion, the Company will file a new registration
statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty (60) days after
receipt of the Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective
as soon as possible thereafter. The demand for registration may be made at any time after one (1) year from the date of effectiveness
of the Registration Statement, but no later than five (5) years from the effective date of the Registration Statement. The Company covenants
and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Representative’s
Warrants and/or the Registrable Securities within ten (10) days from the date of the receipt of any such Demand Notice, who shall have
five days from the receipt of such Notice in which to notify the Company of their desire to have their Registrable Securities included
in the Registration Statement.

 

    4

     

    

 

6.1.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities upon the Demand Notice.
The Company agrees to use its commercially reasonable efforts to qualify or register the Registrable Securities in such States as are
reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable
Securities in a State in which such registration would cause (i) the Company to be obligated to qualify to do business in such State
or execute a general consent to service of process, or would subject the Company to taxation as a foreign corporation doing business
in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the
Company. The Company shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section
6.1.1 to remain effective for a period of twelve (12) consecutive months from the effective date of such registration statement
or post-effective amendment or until the Holders have completed the distribution of the Registrable Securities included in the Registration
Statement, whichever occurs first.

 

6.1.3.
Deferred Filing. If (i) in the good faith judgment of the Board, filing a registration statement pursuant to Section 6.1 would
be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such registration
statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the
Company stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such registration statement
to be filed in the near future and that it is, therefore, essential to defer the filing of such registration statement, then the Company
shall have the right to defer such filing on two occasions for an aggregate of not more than one hundred and twenty (120) days in any
twelve-month period.

 

6.1.4.
No Cash Settlement Option. The Company is only required to use its best efforts to cause a registration statement covering issuance
of the Registrable Securities underlying the Representative’s Warrant to be declared effective, and once effective, only to use
its best efforts to maintain the effectiveness of the registration statement. The Company will not be obligated to deliver securities,
and there are no contractual penalties for failure to deliver securities, if a registration statement is not effective at the time of
exercise. Additionally, in no event is the Company obligated to settle any Representative’s Warrant, in whole or in part, for cash
in the event it is unable to register the Registrable Securities. 

 

6.2
“Piggy-Back” Registration.

 

6.2.1
Grant of Right. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus,
the Holders of the Representative’s Warrants shall have the right for a period of not more than five (5) years from the date of
effectiveness of the Registration Statement, to include the remaining Registrable Securities as part of any other registration of securities
filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to
Form S-8 or any successor or equivalent form); provided, however, that if, in the written opinion of the Company’s managing underwriter
or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being registered
by the Company or the selling shareholder(s), will exceed the maximum amount of the Company’s securities which can be marketed
(i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting the entire
offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing,
to delay the sale of all or any portion of the Registrable Securities for a period of ninety (90) days from the effective date of the
offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold by
all shareholders in such public offering shall be apportioned pro rata among all such selling shareholders, including all holders of
the Registrable Securities, according to the total amount of securities of the Company owned by said selling shareholders, including
all holders of the Registrable Securities.

 

6.2.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities. In the event of such
a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen
(15) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue
to be given for each applicable registration statement filed (during the period in which the Representative’s Warrant is exercisable)
by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities
shall exercise the “piggy back” rights provided for herein by giving written notice, within ten (10) business days of the
receipt of the Company’s notice of its intention to file a registration statement. The Company shall use its best efforts to cause
any registration statement filed pursuant to the above “piggyback” rights that does not relate to a firm commitment underwritten
offering to remain effective for at least nine (9) consecutive months from the effective date of such registration statement or until
the Holders have completed the distribution of the Registrable Securities in the registration statement, whichever occurs first.

 

    5

     

    

 

7.
Reservation and Listing. The Company shall at
all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of this Purchase
Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the
terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use
its commercially reasonable efforts to cause all Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official
notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market)
on which the Shares issued to the public in the Offering may then be listed and/or quoted.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as
a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice
Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities
or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall
deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that
such notice is given to the shareholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one
or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them
to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of
retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company
shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a
sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 5 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate
by the Company’s Chief Financial Officer.

 

    6

     

    

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing
and shall be deemed to have been duly made (1) when hand delivered, (2) when mailed by express mail or private courier service,
(3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular business
hours, on the following business day, or (4) when the event requiring notice is disclosed in all material respects and filed in a Current
Report on Form 6-K prior to the Notice Date: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as
shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate
by notice to the Holders:

 

If
to the Holder:

 

Craft
Capital Management, LLC

377
Oak St, Lower Concourse

Garden
City, NY 11530

Attention:
Stephen Kiront

Email:
skiront@craftcm.com

 

with
a copy (which shall not constitute notice) to:

 

VCL
Law LLP

1945
Old Gallows Rd., Suite 630

Vienna,
VA 22182

Attention:
Fang Liu, Partner

Email: fliu@vcllegal.com

 

If
sent to the Company, shall be mailed, delivered, or emailed, to the Company with a copy to its counsel (which shall not constitute notice),
at the addresses set forth in the Registration Statement.

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and Craft Capital may from time to time supplement or amend this Purchase Warrant without the approval
of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or
inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that
the Company and Craft Capital may deem necessary or desirable and that the Company and Craft Capital deem shall not adversely affect
the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against
whom enforcement of the modification or amendment is sought.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees and respective successors and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

    7

     

    

 

9.5
Governing Law; Submission to Jurisdiction. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Company and Holder
hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be
brought and enforced in the Borough of Manhattan in The City of New York (each, a “New York Court”), and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and Holder hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company or
the Holder may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed
to it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service and shall be legal
and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any
such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating
to such action or proceeding and/or incurred in connection with the preparation therefor.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach,
non-compliance or non-fulfillment.

 

9.7
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that,
at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Craft Capital enter into an agreement
(“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities
or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

9.8
Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the
same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.9
Restrictions. The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

9.10
Severability. Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Purchase Warrant.

 

[Remainder
of page intentionally left blank]

 

    8

     

    

 

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day
of [●], 2022.

 

	 ERAYAK POWER SOLUTION GROUP INC.
    	 
	 	 	 
	By:	 	 
	 	Name: Lingyi Kong	 
	 	Title: Chief Executive Officer and Chairman	 

 

    9

     

    

 

EXHIBIT
A

 

EXERCISE
FORM

 

Form
to be used to exercise Purchase Warrant:

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Shares of Erayak Power Solution Group Inc., a Cayman
Islands exempted company (the “Company”) and hereby makes payment of $____ (at the rate of $____ per Share) in payment
of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the
instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant
has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Shares under the Purchase Warrant for ______ Shares, as determined
in accordance with the following formula:

 

	X =	Y(A-B)	 
	 	A	 

 

Where,

 

X
= The number of Shares to be issued to Holder;

 

Y
= The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise;

 

A
= The fair market value of one Share; and

 

B
= The Exercise Price of this Purchase Warrant, as adjusted hereunder

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

 

Signature

 

Signature
Guaranteed

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

Name:

 

(Print
in Block Letters)

 

Address:

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    10

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

Form
to be used to assign Purchase Warrant:

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED,                                   does hereby sell, assign and transfer unto the right to purchase shares of Erayak Power Solution Group Inc., a Cayman
Islands exempted company (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company
to transfer such right on the books of the Company to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
____________, 20__

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

_____________________________

 

Signature
Guaranteed: ___________________________________________

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in
a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Purchase Warrant.

 

 

11

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