Document:

Exhibit 10.2

 

Form of Lock-Up Agreement

 

[●], 2022

 

Portage Biotech Inc.

c/o Portage Development Services

61 Wilton Road, 3rd floor penthouse

Westport, CT 06880

Attention: Ian B. Walters, MD

Email: Ian@portagebiotech.com

 

Tarus Therapeutics, Inc

30 Rockefeller Plaza

26th Floor

New York, NY 10112

Attention: Peter Molloy

Email: pmolloy@tarustx.com                          ]

 

Ladies and Gentlemen:

 

The undersigned
(the “Shareholder”) understands that: (i) Portage Biotech Inc., a company formed under the laws of the British
Virgin Islands (“Parent”), has entered into an Agreement and Plan of Merger and Reorganization, dated as of July 1,
2022, (the “Merger Agreement”) by and among Parent, Portage Merger Sub 1, Inc., a Delaware corporation and wholly-owned
subsidiary of Parent (“Merger Sub”), Portage Merger Sub 2, LLC, a Delaware limited liability company and wholly-owned
subsidiary of Parent (“Merger Sub 2”), Tarus Therapeutics, Inc., a Delaware corporation (the “Company”)
and and Shareholder Representative Services LLC, a Colorado limited liability company, solely in
their capacity as the sellers’ representative (the “Sellers’ Representative”), pursuant to which Merger
Sub will be merged with and into the Company (the “First Merger”) and the separate corporate existence of Merger Sub
will cease and the Company will continue as the surviving corporation, following which the Company will be merged with and into Merger
Sub 2 (the “Second Merger”) and the separate corporate existence of the Company will cease and Merger Sub 2 will continue
as the surviving company; and (ii) in connection with the First Merger, the Shareholder will receive ordinary shares, no par value per
share, of Parent (“Parent Shares”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings given to such terms in the Merger Agreement.

 

 

     

     

    

 

As a material inducement to the willingness
of each of Parent, Merger Sub, Merger Sub 2 and the Company to enter in to the Merger Agreement, and for other good and valuable consideration,
the Shareholder hereby agrees that, for a period of twelve (12) months after the Effective Time (the “Restricted Period”),
it will not, directly or indirectly, subject to the exceptions set forth in this letter agreement: offer, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, pledge, transfer,
assign, or otherwise dispose of (or enter into any transaction that is designed to, or could reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Shareholder or
any affiliate of the Shareholder or any person in privity with the Shareholder or any affiliate of the Shareholder) 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 (the “Exchange Act”), with respect to any Parent Shares, or any securities convertible
into, or exercisable or exchangeable for, Parent Shares, (collectively, the “Shareholder’s Shares”), or, publicly
announce an intention to effect any such transaction; provided, however, that notwithstanding the foregoing, restrictions
of this letter shall not prohibit such Shareholder from transfers or dispositions (a) as charitable gifts or donations, (b) to
any trust or estate planning vehicle for the direct or indirect benefit of Shareholder or the immediate family of the Shareholder, (c) by
will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediately
family of the Shareholder, (d) to limited partners, members, or securityholders of the Shareholder, (e) to the Shareholder’s
affiliates or to any investment fund or other entity controlled (directly or indirectly) or managed by the Shareholder, (f) that
occur by operation of law pursuant to a qualified domestic relations order or in connection with a divorce settlement, or (g) not
involving a change in beneficial ownership, (h) dispositions to any member of the immediate family of the Shareholder or any trust for
the direct or indirect benefit of the Shareholder or the immediate family of the Shareholder in a transaction not involving a disposition
for value, (i) dispositions of pursuant to a bona fide tender offer for shares of Parent’s capital stock, merger, consolidation
or other similar transaction made to all holders of Parent’s securities involving a change of control of Parent (including without
limitation, the entering into of any lock-up, voting or similar agreement pursuant to which the Shareholder may agree to transfer, sell,
tender or otherwise dispose of shares of Parent securities in connection with such transaction) that has been approved by the Board of
Directors of Parent; provided, that, in the event that such change of control transaction is not consummated, this clause (i) shall not
be applicable and the Shareholder’s shares and other securities shall remain subject to the restrictions contained in this letter
agreement, (j) transactions to satisfy any U.S. federal, state, or local income tax obligations of such Shareholder (or its direct or
indirect owners) arising from a change in the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or the U.S. Treasury
Regulations promulgated thereunder (the “Regulations”) after the date on which the Merger Agreement was executed by the parties,
and such change prevents the Merger from qualifying as a “reorganization” pursuant to Section 368 of the Code (and the Merger
does not qualify for similar tax-free treatment pursuant to any successor or other provision of the Code or Regulations taking into account
such changes), in each case, solely to the extent necessary to cover any tax liability as a result of the transaction and (k) pursuant
to that certain assignment and assumption agreement dated the date hereof; provided, in each case of clauses (a) through (h) and
clause (k), that any such transferee agrees in writing to the same restrictions applicable to the Shareholder in this letter and either
the Shareholder or the transferee provides Parent with a copy of such agreement promptly upon consummation of any such transfer); provided,
further, that in each case, except clause (k), no filing by any party (donor, donee, transferor or transferee) under the Exchange
Act or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution (other
than filings made in respect of involuntary transfers or a filing of a Form 5 made after the expiration of the Restricted Period) and
any such transfer or distribution shall not involve a disposition for value. For purposes of this letter agreement, “immediate family”
shall mean any relationship by blood, marriage or adoption not more remote than first cousin. For the avoidance of doubt, in no event
shall the terms of this Lock-Up Agreement apply to any securities of Parent purchased in the public market following the Effective
Time, in any public or private capital raising transactions of Parent following the Effective Time, or otherwise to any other securities
of Parent. In addition, for the avoidance of any doubt, each Shareholder shall retain all of its rights as a stockholder of Parent during
the Restricted Period, including the right to vote, and to receive any dividends and distributions in respect of, any Parent Shares (provided
that additional shares received as a dividend shall be subject to the restrictions contained in this letter agreement).

 

 

     

     

    

 

The Shareholder additionally agrees that,
during the three-month period following the Restricted Period (the “Dribble Out Period”), such Shareholder will not
sell more than 10% of the average trading volume of Parent Shares for the rolling three month period prior to the date on which the Shareholder
executes a trade of Parent Shares without the prior written consent of Parent (which Parent shall be permitted to withhold at its sole
discretion).

 

Any attempted transfer in violation of this
letter agreement will be of no effect and null and void, regardless of whether the purported transferee has any actual or constructive
knowledge of the transfer restrictions set forth in this letter agreement, and will not be recorded on the stock transfer books of Parent.
In order to ensure compliance with the restrictions referred to herein, the Shareholder agrees that Parent may issue appropriate “stop
transfer” certificates or instructions. Parent may cause the legend set forth below, or a legend substantially equivalent thereto,
to be placed upon any certificate(s) or other documents or instruments evidencing ownership of the Shareholder’s Shares:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, DATED AS OF JULY 1, 2022, BY AND BETWEEN
THE COMPANY AND THE SHAREHOLDER NAMED THEREIN. A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.

 

The Shareholder hereby represents and warrants
that the Shareholder has full power and authority to enter into this letter agreement. All authority conferred or agreed to be conferred
and any obligations of the Shareholder under this letter agreement will be binding upon the successors, assigns, heirs or personal representatives
of the Shareholder.

 

The Shareholder further understands that this
letter agreement is irrevocable and is binding upon the Shareholder’s heirs, legal representatives, successors and assigns.

 

This letter agreement and any claim, controversy
or dispute arising under or related to this letter agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without giving effect to any laws, rules or provisions that would cause the application of the laws of any other jurisdiction
other than the State of Delaware.

 

This letter agreement may be executed by electronic
(i.e., PDF) transmission, which is deemed an original.

 

	 	SHAREHOLDER:	 
	 	 	 
	 	 	 
	 	NameExhibit 10.3

 

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT (the "Agreement"),
dated as of July 6, 2022, is made by and between PORTAGE BIOTECH INC., a British Virgin Islands corporation (the "Company"),
and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company (the "Investor").

 

WHEREAS:

 

Subject to the terms and conditions set forth in this
Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company, up to Thirty Million Dollars ($30,000,000)
of the Company’s ordinary shares without par value per share (the "Ordinary Shares"). The Ordinary Shares to be
purchased hereunder are referred to herein as the "Purchase Shares."

 

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

 

		1.	CERTAIN DEFINITIONS.

 

For purposes of this Agreement, the following terms
shall have the following meanings:

 

(a)               
"Accelerated Purchase Date" means, with respect to any Accelerated Purchase made pursuant to Section 2(b)
hereof, the Business Day immediately following the applicable Purchase Date with respect to the corresponding Regular Purchase referred
to in Section 2(b) hereof.

 

(b)               
 "Accelerated Purchase Minimum Price Threshold" means, with respect to any Accelerated Purchase made pursuant
to Section 2(b) hereof, any minimum per share price threshold set forth by the Company in the applicable Accelerated Purchase Notice.

 

(c)               
"Accelerated Purchase Notice" means, with respect to an Accelerated Purchase made pursuant to Section 2(b)
hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase the applicable Accelerated
Purchase Share Amount at the Accelerated Purchase Price on the Accelerated Purchase Date for such Accelerated Purchase in accordance with
this Agreement, and specifying any Additional Accelerated Purchase Minimum Price Threshold determined by the Company.

 

(d)               
"Accelerated Purchase Price" means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof,
the lower of ninety-seven percent (97%) of (i) the VWAP for the period beginning at 9:30:01 a.m., Eastern time, on the applicable Accelerated
Purchase Date, or such other time publicly announced by the Principal Market as the official open (or commencement) of trading on the
Principal Market on such applicable Accelerated Purchase Date (the "Accelerated Purchase Commencement Time"), and ending
at the earliest of (A) 4:00:00 p.m., Eastern time, on such applicable Accelerated Purchase Date, or such other time publicly announced
by the Principal Market as the official close of trading on the Principal Market on such applicable Accelerated Purchase Date, (B) such
time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the total number (or volume) of Ordinary
Shares traded on the Principal Market has exceeded the applicable Accelerated Purchase Share Volume Maximum, and (C) such time, from and
after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the Sale Price has fallen below the applicable Accelerated
Purchase Minimum Price Threshold (such earliest of (i)(A), (i)(B) and (i)(C) above, the "Accelerated Purchase Termination Time"),
and (ii) the Closing Sale Price of the Ordinary Shares on such applicable Accelerated Purchase Date (to be appropriately adjusted for
any reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar transaction).

 

     

     

    

(e)               
"Accelerated Purchase Share Amount" means, with respect to an Accelerated Purchase made pursuant to Section
2(b) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor in an Accelerated Purchase Notice,
which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company to be
purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular Purchase referred to in
Section 2(b) hereof (subject to the Purchase Share limitations contained in Section 2(a) hereof) and (ii) an amount equal
to (A) the Accelerated Purchase Share Percentage multiplied by (B) the total number (or volume) of Ordinary Shares traded on the Principal
Market during the period on the applicable Accelerated Purchase Date beginning at the Accelerated Purchase Commencement Time for such
Accelerated Purchase and ending at the Accelerated Purchase Termination Time for such Accelerated Purchase.

 

(f)                
"Accelerated Purchase Share Percentage" means, with respect to an Accelerated Purchase made pursuant to Section
2(b) hereof, twenty-five percent (25%).

 

(g)               
"Accelerated Purchase Share Volume Maximum" means, with respect to an Accelerated Purchase made pursuant to Section
2(b) hereof, a number of Ordinary Shares equal to (i) the applicable Accelerated Purchase Share Amount properly directed by the Company
to be purchased by the Investor in the applicable Accelerated Purchase Notice for such Accelerated Purchase, divided by (ii) the Accelerated
Purchase Share Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share split, reverse
share split or other similar transaction).

 

(h)               
"Additional Accelerated Purchase Date" means, with respect to an Additional Accelerated Purchase made pursuant
to Section 2(c) hereof, the Business Day (i) that is the Accelerated Purchase Date with respect to the corresponding Accelerated
Purchase referred to in Section 2(b) hereof and (ii) on which the Investor receives, prior to 1:00 p.m., Eastern time, on such
Business Day, a valid Additional Accelerated Purchase Notice for such Additional Accelerated Purchase in accordance with this Agreement.

 

(i)                
 "Additional Accelerated Purchase Minimum Price Threshold" means, with respect to an Additional Accelerated Purchase
made pursuant to Section 2(c) hereof, any minimum per share price threshold set forth by the Company in the applicable Additional
Accelerated Purchase Notice.

 

(j)                
"Additional Accelerated Purchase Notice" means, with respect to an Additional Accelerated Purchase made pursuant
to Section 2(c) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase the applicable
Additional Accelerated Purchase Share Amount at the Additional Accelerated Purchase Price for such Additional Accelerated Purchase in
accordance with this Agreement, and specifying any Additional Accelerated Purchase Minimum Price Threshold determined by the Company.

 

    	 	- 2 -	 

     

    

(k)               
"Additional Accelerated Purchase Price" means, with respect to an Additional Accelerated Purchase made pursuant
to Section 2(c) hereof, the lower of ninety-seven percent (97%) of (i) the VWAP for the period on the applicable Additional Accelerated
Purchase Date, beginning at the latest of (A) the applicable Accelerated Purchase Termination Time with respect to the corresponding Accelerated
Purchase referred to in Section 2(c) hereof on such Additional Accelerated Purchase Date, (B) the applicable Additional Accelerated
Purchase Termination Time with respect to the most recently completed prior Additional Accelerated Purchase on such Additional Accelerated
Purchase Date, as applicable, and (C) the time at which all Purchase Shares subject to all prior Accelerated Purchases and Additional
Accelerated Purchases (as applicable), including, without limitation, those that have been effected on the same Business Day as the applicable
Additional Accelerated Purchase Date with respect to which the applicable Additional Accelerated Purchase relates, have theretofore been
received by the Investor as DWAC Shares in accordance with this Agreement (such latest of (i)(A), (i)(B) and (i)(C) above, the "Additional
Accelerated Purchase Commencement Time"), and ending at the earliest of (X) 4:00 p.m., Eastern time, on such Additional Accelerated
Purchase Date, or such other time publicly announced by the Principal Market as the official close of trading on the Principal Market
on such Additional Accelerated Purchase Date, (Y) such time, from and after the Additional Accelerated Purchase Commencement Time for
such Additional Accelerated Purchase, that the total number (or volume) of Ordinary Shares traded on the Principal Market has exceeded
the applicable Additional Accelerated Purchase Share Volume Maximum, and (Z) such time, from and after the Additional Accelerated Purchase
Commencement Time for such Additional Accelerated Purchase, that the Sale Price has fallen below the applicable Additional Accelerated
Purchase Minimum Price Threshold (such earliest of (i)(X), (i)(Y) and (i)(Z) above, the "Additional Accelerated Purchase Termination
Time"), and (ii) the Closing Sale Price of the Ordinary Shares on such Additional Accelerated Purchase Date (to be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar transaction).

 

(l)                
"Additional Accelerated Purchase Share Amount" means, with respect to an Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor on an Additional
Accelerated Purchase Notice, which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares
directed by the Company to be purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular
Purchase referred to in Section 2(c) hereof (subject to the Purchase Share limitations contained in Section 2(a) hereof)
and (ii) an amount equal to (A) the Additional Accelerated Purchase Share Percentage multiplied by (B) the total number (or volume) of
Ordinary Shares traded on the Principal Market during the period on the applicable Additional Accelerated Purchase Date beginning at the
Additional Accelerated Purchase Commencement Time for such Additional Accelerated Purchase and ending at the Additional Accelerated Purchase
Termination Time for such Additional Accelerated Purchase.

 

(m)             
"Additional Accelerated Purchase Share Percentage" means, with respect to an Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, twenty-five percent (25%).

 

(n)               
"Additional Accelerated Purchase Share Volume Maximum" means, with respect to an Additional Accelerated Purchase
made pursuant to Section 2(c) hereof, a number of Ordinary Shares equal to (i) the applicable Additional Accelerated Purchase Share
Amount properly directed by the Company to be purchased by the Investor in the applicable Additional Accelerated Purchase Notice for such
Additional Accelerated Purchase, divided by (ii) the Additional Accelerated Purchase Share Percentage (to be appropriately adjusted for
any reorganization, recapitalization, non-cash dividend, share split, reverse share split or other similar transaction).

 

(o)               
"Alternate Adjusted Regular Purchase Share Limit" means, with respect to
a Regular Purchase made pursuant to Section 2(a) hereof, the maximum number of Purchase Shares which, taking into account the applicable
per share Purchase Price therefor calculated in accordance with this Agreement, would enable the Company to deliver to the Investor, on
the applicable Purchase Date for such Regular Purchase, a Regular Purchase Notice for a Purchase Amount equal to, or as closely approximating
without exceeding, Two Hundred Thousand Dollars ($200,000).

 

    	 	- 3 -	 

     

    

(p)               
"Available Amount" means, initially, Thirty Million Dollars ($30,000,000) in the aggregate, which amount shall
be reduced by the Purchase Amount each time the Investor purchases Ordinary Shares pursuant to Section 2 hereof.

 

(q)               
"Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(r)                
"Base Prospectus" means the Company’s final base prospectus, filed March 8, 2021, as updated by the Prospectus
Supplement, a preliminary form of which is included in the Registration Statement, including the documents incorporated by reference therein.

 

(s)                
"Business Day" means any day on which the Principal Market is open for trading, including any day on which the
Principal Market is open for trading for a period of time less than the customary time.

 

(t)                
"Closing Sale Price" means, for any security as of any date, the last closing sale price for such security on
the Principal Market as reported by the Principal Market.

 

(u)               
"Confidential Information" means any information disclosed by either party to the other party, either directly
or indirectly, in writing, orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples,
plant and equipment), which is designated, either orally or in writing, as "Confidential," "Proprietary" or some similar
designation. Information communicated orally shall be considered Confidential Information if such information is confirmed in writing
as being Confidential Information within ten (10) Business Days after the initial disclosure. Confidential Information may also include
information disclosed to a disclosing party by third parties. Confidential Information shall not, however, include any information which
(i) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii)
becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party through no action
or inaction of the receiving party; (iii) is already in the possession of the receiving party without confidential restriction at the
time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately prior to the time of
disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party’s obligations of confidentiality;
or (v) is independently developed by the receiving party without use of or reference to the disclosing party’s Confidential Information,
as shown by documents and other competent evidence in the receiving party’s possession.

 

(v)               
"Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

(w)             
"DTC" means The Depository Trust Company, or any successor performing substantially the same function for the
Company.

 

(x)               
"DWAC Shares" means Ordinary Shares that are (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale and (iii) timely credited by the Company, once a DWAC notice is received, to the Investor’s or
its designee’s specified Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST)
Program, or any similar program hereafter adopted by DTC performing substantially the same function.

 

    	 	- 4 -	 

     

    

(y)               
"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

(z)               
“Floor Price” means $0.25, which shall be adjusted for any reorganization, recapitalization, non-cash dividend,
share split or other similar transaction and, effective upon the consummation of any of the foregoing, the Floor Price shall mean the
lower of (i) the adjusted price and (ii) $0.25.

 

(aa)            
"Fully Adjusted Regular Purchase Share Limit" means, with respect to any reorganization, recapitalization, non-cash
dividend, share split or other similar transaction from and after the date of this Agreement, the Regular Purchase Share Limit (as defined
in Section 2(a) hereof) in effect on the applicable date of determination, after giving effect to the full proportionate adjustment
thereto made pursuant to Section 2(a) hereof for or in respect of such reorganization, recapitalization, non-cash dividend, share
split or other similar transaction.

 

(bb)           
"Initial Prospectus Supplement" means the prospectus supplement of the Company relating to the Securities, including
the accompanying Base Prospectus, to be prepared and filed by the Company with the SEC pursuant to Rule 424(b)(5) under the Securities
Act and in accordance with Section 5(a) hereof, together with all documents and information incorporated therein by reference.

 

(cc)            
 "Material Adverse Effect" means any material adverse effect on (i) the enforceability of any Transaction Document,
(ii) the results of operations, assets, business or financial condition of the Company, other than any material adverse effect disclosed
in the SEC Documents or that resulted exclusively from (A) any change in the United States or foreign economies or securities or financial
markets in general that does not have a disproportionate effect on the Company, (B) any change that generally affects the industry in
which the Company operates that does not have a disproportionate effect on the Company, (C) any change arising in connection with earthquakes,
hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts
of war, sabotage or terrorism or military actions existing as of the date hereof, (D) any action taken by the Investor, its affiliates
or its or their successors and assigns with respect to the transactions contemplated by this Agreement, (E) the effect of any change in
applicable laws or accounting rules that does not have a disproportionate effect on the Company, (F) any change resulting from compliance
with terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the date of
determination.

 

(dd)           
"Maturity Date" means the first day of the month immediately following the thirty-six (36) month anniversary of
the Commencement Date.

 

(ee)            
"PEA Period" means the period commencing at 9:30 a.m., Eastern time, on the tenth (10th) Business Day
immediately prior to the filing of any post-effective amendment to the Registration Statement (as defined herein) or New Registration
Statement (as such term is defined in the Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately
following, the date any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement (as such
term is defined in the Registration Rights Agreement) is declared effective by the SEC.

 

(ff)              
"Person" means an individual or entity including but not limited to any limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

    	 	- 5 -	 

     

    

(gg)           
 "Principal Market" means The Nasdaq Capital Market (or any nationally recognized successor thereto); provided,
however, that in the event the Company’s Ordinary Shares are ever listed or traded on The Nasdaq Global Market, The Nasdaq Global
Select Market, the New York Stock Exchange, the NYSE American, the NYSE Arca, the OTC Bulletin Board, or the OTCQX or OTCQB 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 Company’s Ordinary Shares are then listed or traded.

 

(hh)           
"Prospectus" means the Base Prospectus, as supplemented from time to time by any Prospectus Supplement (including
the Initial Prospectus Supplement), including the documents and information incorporated by reference therein.

 

(ii)              
 "Prospectus Supplement" means any prospectus supplement to the Base Prospectus (including the Initial Prospectus
Supplement) filed with the SEC pursuant to Rule 424(b) under the Securities Act in connection with the transactions contemplated by this
Agreement, including the documents and information incorporated by reference therein.

 

(jj)              
"Purchase Amount" means, with respect to any Regular Purchase, any Accelerated Purchase, any Additional Accelerated
Purchase, or any Tranche Purchase made hereunder, as applicable, the portion of the Available Amount to be purchased by the Investor pursuant
to Section 2 hereof.

 

(kk)           
"Purchase Date" means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, the Business
Day on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 6:00 p.m., Eastern time, on such Business Day, a valid
Regular Purchase Notice for such Regular Purchase in accordance with this Agreement.

 

(ll)              
"Purchase Price" means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, the lower
of: (i) the lowest Sale Price on the Purchase Date for such Regular Purchase and (ii) the arithmetic average of the three (3) lowest Closing
Sale Prices for the Ordinary Shares during the ten (10) consecutive Business Days ending on the Business Day immediately preceding such
Purchase Date for such Regular Purchase (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, share split or other similar transaction that occurs on or after the date of this Agreement).

 

(mm)       
"Registration Rights Agreement" means that certain Registration Rights Agreement, of even date herewith between
the Company and the Investor.

 

(nn)           
"Registration Statement" has the meaning set forth in the Registration Rights Agreement.

 

(oo)           
"Regular Purchase Notice" means, with respect to a Regular Purchase pursuant to Section 2(a) hereof, an
irrevocable written notice from the Company to the Investor directing the Investor to buy a specified number of Purchase Shares (subject
to the Purchase Share limitations contained in Section 2(a) hereof) at the applicable Purchase Price for such Regular Purchase
in accordance with this Agreement.

 

(pp)           
"Sale Price" means any trade price for the Ordinary Shares on the Principal Market as reported by the Principal
Market.

 

(qq)           
"SEC" means the U.S. Securities and Exchange Commission.

 

    	 	- 6 -	 

     

    

(rr)              
"Securities" means, collectively, the Purchase Shares and the Commitment Shares (as defined below).

 

(ss)             
"Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(tt)              
"Shelf Registration Statement" has the meaning set forth in the Registration Rights Agreement.

 

(uu)           
“Tranche Purchase Date” means, with respect to a Tranche Purchase made pursuant to Section 2(d) hereof,
the Business Day on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 6:00 p.m., Eastern time, on such Business
Day, a valid Tranche Purchase Notice that the Investor is to buy Purchase Shares pursuant to Section 2(d) hereof.

 

(vv)           
“Tranche Purchase Notice” means, with respect to any Tranche Purchase pursuant to Section 2(d) hereof,
an irrevocable written notice from the Company to the Investor directing the Investor to buy such applicable amount of Purchase Shares
at the applicable Tranche Purchase Price, calculated in accordance with this Agreement and specified by the Company therein, on the Tranche
Purchase Date.

 

(ww)        
“Tranche Purchase Price” means, with respect to any Tranche Purchase made pursuant to Section 2(d) hereof,
ninety percent (90%) of the lower of (A) the lowest Sale Price on the Purchase Date and (B) the arithmetic average of the three (3) lowest
Closing Sale Prices for the Ordinary Shares during the ten (10) consecutive Business Days ending on the Business Day immediately preceding
the Purchase Date (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share split
or other similar transaction that occurs on or after the date of this Agreement).

 

(xx)           
"Transaction Documents" means, collectively, this Agreement and the schedules and exhibits hereto, the Registration
Rights Agreement and the schedules and exhibits thereto.

 

(yy)           
"Transfer Agent" means TSX Trust Company, or such other Person who is then serving as the transfer agent for the
Company in respect of the Ordinary Shares.

 

(zz)            
"VWAP" means in respect of an Accelerated Purchase Date and an Additional Accelerated Purchase Date, as applicable,
the volume weighted average price of the Ordinary Shares on the Principal Market, as reported on the Principal Market.

 

		2.	PURCHASE OF ORDINARY SHARES.

 

Subject to the terms and conditions set forth in this
Agreement, the Company has the right to sell to the Investor, and the Investor has the obligation to purchase from the Company, Purchase
Shares as follows:

 

    	 	- 7 -	 

     

    

(a)               
Commencement of Regular Sales of Ordinary Shares. Beginning one Business Day following the satisfaction of the conditions
set forth in Sections 7 and 8 hereof (the "Closing" and the date of satisfaction of such conditions the "Commencement
Date") and thereafter, the Company shall have the right, but not the obligation, to require the Investor, by its delivery to
the Investor of a Regular Purchase Notice from time to time on any Regular Purchase Date on which the Closing Sale Price is not below
the Floor Price, to purchase up to Thirty Thousand (30,000) Purchase Shares, subject to adjustment as set forth below in this Section
2(a) (such maximum number of Purchase Shares, as may be adjusted from time to time, the "Regular Purchase Share Limit"),
at the Purchase Price on the Purchase Date (each such purchase a "Regular Purchase") (such share and dollar amounts shall
be appropriately proportionately adjusted for any reorganization, recapitalization, non-cash dividend, share split or other similar transaction);
provided that if, after giving effect to the full proportionate adjustment to the Regular Purchase Share Limit therefor, the Fully
Adjusted Regular Purchase Share Limit then in effect would preclude the Company from delivering to the Investor a Regular Purchase Notice
hereunder for a Purchase Amount (calculated by multiplying (X) the number of Purchase Shares equal to the Fully Adjusted Regular Purchase
Share Limit, by (Y) the Purchase Price per Purchase Share covered by such Regular Purchase Notice on the applicable Purchase Date therefor)
equal to or greater than the Alternate Adjusted Regular Purchase Share Limit, the Regular Purchase Share Limit for such Regular Purchase
Notice shall not be fully adjusted to equal the applicable Fully Adjusted Regular Purchase Share Limit, but rather the Regular Purchase
Share Limit for such Regular Purchase Notice shall be adjusted to equal the applicable Alternate Adjusted Regular Purchase Share Limit
as of the applicable Purchase Date for such Regular Purchase Notice; and provided, further, however, that the Investor’s
committed obligation under any single Regular Purchase, other than any Regular Purchase with respect to which an Alternate Adjusted Regular
Purchase Share Limit shall apply, shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000) and provided, further,
however, that the parties may mutually agree at any time to increase the dollar amount of any Regular Purchase on any Purchase
Date to a dollar amount greater than the limit then in effect. If the Company delivers any Regular Purchase Notice for a Purchase Amount
in excess of the limitations contained in the immediately preceding sentence, such Regular Purchase Notice shall be void ab initio only
with respect to the extent of the amount by which the number of Purchase Shares set forth in such Regular Purchase Notice exceeds the
number of Purchase Shares which the Company is permitted to include in such Purchase Notice in accordance herewith, and the Investor shall
have no obligation to purchase such excess Purchase Shares in respect of such Regular Purchase Notice; provided, however, that the Investor
shall remain obligated to purchase the number of Purchase Shares which the Company is permitted to include in such Regular Purchase Notice.
The Company may deliver a Regular Purchase Notice to the Investor as often as every Business Day, provided the Company has not failed
to deliver Purchase Shares for the most recent prior Regular Purchase. Notwithstanding the foregoing, the Company shall not deliver any
Regular Purchase Notices during the PEA Period.

 

(b)               
Accelerated Purchases. Subject to the terms and conditions of this Agreement, from and after one Business Day following
the Commencement Date, in addition to purchases of Purchase Shares as described in Section 2(a) above, the Company shall also have
the right, but not the obligation, to require the Investor, by its delivery to the Investor of an Accelerated Purchase Notice from time
to time in accordance with this Agreement, to purchase the applicable Accelerated Purchase Share Amount at the Accelerated Purchase Price
on the Accelerated Purchase Date therefor in accordance with this Agreement (each such purchase, an "Accelerated Purchase");
provided however, that the parties may mutually agree to increase the Accelerated Purchase Share Amount for any Accelerated Purchase.
The Company may deliver an Accelerated Purchase Notice to the Investor only on a Purchase Date on which the Company also properly submitted
a Regular Purchase Notice providing for a Regular Purchase of a number of Purchase Shares not less than the Regular Purchase Share Limit
then in effect on such Purchase Date in accordance with this Agreement (including, without limitation, giving effect to any automatic
increase to the Regular Purchase Share Limit as a result of the Closing Sale Price of the Ordinary Shares exceeding certain thresholds
set forth in Section 2(a) above on such Purchase Date and any other adjustments to the Regular Purchase Share Limit, in each case
pursuant to Section 2(a) above) and (ii) if all Purchase Shares for all prior Regular Purchases, Accelerated Purchases, Tranche
Purchases and Additional Accelerated Purchases, including, without limitation, those that have been effected on the same Business Day
as the applicable Accelerated Purchase Date, have theretofore been received by the Investor as DWAC Shares in accordance with this Agreement.
If the Company delivers any Accelerated Purchase Notice directing the Investor to purchase an amount of Purchase Shares that exceeds the
Accelerated Purchase Share Amount that the Company is then permitted to include in such Accelerated Purchase Notice, such Accelerated
Purchase Notice shall be void ab initio only with respect to the extent of the amount by which the number of Purchase Shares set
forth in such Accelerated Purchase Notice exceeds the Accelerated Purchase Share Amount that the Company is then permitted to include
in such Accelerated Purchase Notice (which shall be confirmed in an Accelerated Purchase Confirmation), and the Investor shall have no
obligation to purchase such excess Purchase Shares in respect of such Accelerated Purchase Notice; provided, however, that
the Investor shall remain obligated to purchase the Accelerated Purchase Share Amount which the Company is permitted to include in such
Accelerated Purchase Notice. Within one (1) Business Day after completion of each Accelerated Purchase Date for an Accelerated Purchase,
the Investor will provide to the Company a written confirmation of such Accelerated Purchase setting forth the applicable Accelerated
Purchase Share Amount and Accelerated Purchase Price for such Accelerated Purchase (each, an "Accelerated Purchase Confirmation").
Notwithstanding the foregoing, the Company shall not deliver any Accelerated Purchase Notices during the PEA Period.

 

    	 	- 8 -	 

     

    

(c)               
Additional Accelerated Purchases. Subject to the terms and conditions of this Agreement, from and after one Business Day
following the Commencement Date, in addition to purchases of Purchase Shares as described in Section 2(a) and Section 2(b)
above, the Company shall also have the right, but not the obligation, to direct the Investor, by its timely delivery to the Investor of
an Additional Accelerated Purchase Notice on an Additional Accelerated Purchase Date in accordance with this Agreement, to purchase the
applicable Additional Accelerated Purchase Share Amount at the applicable Additional Accelerated Purchase Price therefor in accordance
with this Agreement (each such purchase, an "Additional Accelerated Purchase"); provided however, that the parties
may mutually agree to increase the Additional Accelerated Purchase Share Amount for any Additional Accelerated Purchase. The Company may
deliver multiple Additional Accelerated Purchase Notices to the Investor on an Additional Accelerated Purchase Date; provided,
however, that the Company may deliver an Additional Accelerated Purchase Notice to the Investor only (i) on a Business Day that
is also the Accelerated Purchase Date for an Accelerated Purchase with respect to which the Company properly submitted to the Investor
an Accelerated Purchase Notice in accordance with this Agreement on the applicable Purchase Date for a Regular Purchase of a number of
Purchase Shares not less than the Regular Purchase Share Limit then in effect in accordance with this Agreement (including, without limitation,
giving effect to any automatic increase to the Regular Purchase Share Limit as a result of the Closing Sale Price of the Ordinary Shares
exceeding certain thresholds set forth in Section 2(a) above on such Purchase Date and any other adjustments to the Regular Purchase
Share Limit, in each case pursuant to Section 2(a) above), and (ii) if all Purchase Shares subject to all prior Regular Purchases,
Accelerated Purchases, Tranche Purchases and Additional Accelerated Purchases, including, without limitation, those that have been effected
on the same Business Day as the applicable Additional Accelerated Purchase Date with respect to which the applicable Additional Accelerated
Purchase relates, and, if the Tranche Purchase has occurred prior thereto, all Purchase Shares subject to the Tranche Purchase, in each
case have theretofore been received by the Investor as DWAC Shares in accordance with this Agreement. If the Company delivers any Additional
Accelerated Purchase Notice directing the Investor to purchase an amount of Purchase Shares that exceeds the Additional Accelerated Purchase
Share Amount that the Company is then permitted to include in such Additional Accelerated Purchase Notice, such Additional Accelerated
Purchase Notice shall be void ab initio only with respect to the extent of the amount by which the number of Purchase Shares set
forth in such Additional Accelerated Purchase Notice exceeds the Additional Accelerated Purchase Share Amount that the Company is then
permitted to include in such Additional Accelerated Purchase Notice (which shall be confirmed in an Additional Accelerated Purchase Confirmation),
and the Investor shall have no obligation to purchase such excess Purchase Shares in respect of such Additional Accelerated Purchase Notice;
provided, however, that the Investor shall remain obligated to purchase the Additional Accelerated Purchase Share Amount
which the Company is permitted to include in such Additional Accelerated Purchase Notice. Within one (1) Business Day after completion
of each Additional Accelerated Purchase Date, the Investor will provide to the Company a written confirmation of each Additional Accelerated
Purchase on such Additional Accelerated Purchase Date setting forth the applicable Additional Accelerated Purchase Share Amount and Additional
Accelerated Purchase Price for each such Additional Accelerated Purchase on such Additional Accelerated Purchase Date (each, an "Additional
Accelerated Purchase Confirmation"). Notwithstanding the foregoing, the Company shall not deliver any Additional Accelerated
Purchase Notices during the PEA Period.

 

    	 	- 9 -	 

     

    

(d)               
Tranche Purchases. Subject to the terms and conditions of this Agreement, from and after the Commencement Date, in addition
to purchases of Purchase Shares as described in Section 2(a), Section 2(b) and Section 2(c) above, the Company shall
also have the right annually (every twelve months), but not the obligation, to require the Investor, by the Company’s delivery to
the Investor of a Tranche Purchase Notice on a Tranche Purchase Date in accordance with this Agreement, and the Investor thereupon shall
have the obligation, to buy the amount of Purchase Shares as specified by the Company therein (subject to the limitations below) at the
Tranche Purchase Price on the Tranche Purchase Date (each such purchase, a “Tranche Purchase”); provided, however,
that (i) the Company may deliver a Tranche Purchase Notice to the Investor only on a Tranche Purchase Date on which the Closing Sale Price
of the Ordinary Shares is not below $0.25 (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, share
split or other similar transaction), (ii) the Company may deliver a Tranche Purchase Notice to the Investor only if at least twenty (20)
Business Days have passed since the most recent Tranche Purchase was completed, (iii) the Investor’s committed obligation under
any single Tranche Purchase shall not exceed One Million Dollars ($1,000,000), and (iv) the Investor’s committed obligation under
all Tranche Purchases during the term of this Agreement shall not exceed Three Million Dollars ($3,000,000) in the aggregate. If the Company
delivers the Tranche Purchase Notice for a Tranche Purchase Amount in excess of the limitations contained in this Section 2(d),
such Tranche Purchase Notice shall be void ab initio to the extent of the amount by which the number of Tranche Purchase Shares
set forth in such Tranche Purchase Notice exceeds the number of Tranche Purchase Shares which the Company is permitted to include in such
Tranche Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares in respect
of such Tranche Purchase Notice; provided that the Investor shall remain obligated to purchase the number of Tranche Purchase Shares
which the Company is permitted to include in such Tranche Purchase Notice. Notwithstanding the foregoing, the Company shall not deliver
any Tranche Purchase Notice during the PEA Period.

 

(e)               
Compliance with Principal Market Rules. Notwithstanding anything in this Agreement to the contrary, and in addition to the
limitations set forth in Section 2(f), the Company shall not issue more than 3,154,255 Ordinary Shares (including the Commitment
Shares) (the "Exchange Cap") under this Agreement, which equals 19.99% of the Company’s outstanding Ordinary Shares
as of the date hereof, unless shareholder approval is obtained to issue in excess of the Exchange Cap; provided, however,
that the foregoing limitation shall not apply if at any time the Exchange Cap is reached and at all times thereafter the average price
paid for all Ordinary Shares issued under this Agreement is equal to or greater than $7.18 (the "Minimum Price"), a price
equal to the lower of (i) the Nasdaq Official Closing Price immediately preceding the execution of this Agreement or (ii) the arithmetic
average of the five (5) Nasdaq Official Closing Prices for the Ordinary Shares immediately preceding the execution of this Agreement,
as calculated in accordance with the rules of the Principal Market (in such circumstance, for purposes of the Principal Market, the transaction
contemplated hereby would not be "below market" and the Exchange Cap would not apply). Notwithstanding the foregoing, the Company
shall not be required or permitted to issue, and the Investor shall not be required to purchase, any Ordinary Shares under this Agreement
if such issuance would violate the rules or regulations of the Principal Market. The Company may, in its sole discretion, determine whether
to obtain shareholder approval to issue more than 19.99% of its outstanding Ordinary Shares hereunder if such issuance would require shareholder
approval under the rules or regulations of the Principal Market. The Exchange Cap shall be reduced, on a share-for-share basis, by the
number of Ordinary Shares issued or issuable that may be aggregated with the transactions contemplated by this Agreement under applicable
rules of the Principal Market.

 

    	 	- 10 -	 

     

    

(f)                
Payment for Purchase Shares. For each Regular Purchase and each Tranche Purchase, the Investor shall pay to the Company
an amount equal to the Purchase Amount with respect to such Regular Purchase and Tranche Purchase, respectively, as full payment for such
Purchase Shares via wire transfer of immediately available funds on the same Business Day that the Investor receives such Purchase Shares,
if such Purchase Shares are received by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor
after 1:00 p.m., Eastern time, the next Business Day. For each Accelerated Purchase and each Additional Accelerated Purchase, the Investor
shall pay to the Company an amount equal to the Purchase Amount with respect to such Accelerated Purchase and Additional Accelerated Purchase,
respectively, as full payment for such Purchase Shares via wire transfer of immediately available funds on the second Business Day following
the date that the Investor receives such Purchase Shares. If the Company or the Transfer Agent shall fail for any reason or for no reason
to electronically transfer any Purchase Shares as DWAC Shares with respect to any Regular Purchase, Accelerated Purchase, Additional Accelerated
Purchase or Tranche Purchase (as applicable) within two (2) Business Days following the receipt by the Company of the Purchase Price,
Accelerated Purchase Price, Additional Accelerated Purchase Price or Tranche Purchase Price, respectively, therefor in compliance with
this Section 2(f), and if on or after such Business Day the Investor purchases (in an open market transaction or otherwise) Ordinary
Shares to deliver in satisfaction of a sale by the Investor of such Purchase Shares that the Investor anticipated receiving from the Company
in respect of such Regular Purchase, Accelerated Purchase, Additional Accelerated Purchase or Tranche Purchase (as applicable), then the
Company shall, within two (2) Business Days after the Investor’s request, either (i) pay cash to the Investor in an amount equal
to the Investor’s total purchase price (including customary brokerage commissions, if any) for the Ordinary Shares so purchased
(the "Cover Price"), at which point the Company’s obligation to deliver such Purchase Shares as DWAC Shares shall
terminate, or (ii) promptly honor its obligation to deliver to the Investor such Purchase Shares as DWAC Shares and pay cash to the Investor
in an amount equal to the excess (if any) of the Cover Price over the total Purchase Amount paid by the Investor pursuant to this Agreement
for all of the Purchase Shares to be purchased by the Investor in connection with such purchases. The Company shall not issue any fraction
of an Ordinary Share upon any Regular Purchase, Accelerated Purchase, Additional Accelerated Purchase or Tranche Purchase. If the issuance
would result in the issuance of a fraction of an Ordinary Share, the Company shall round such fraction of an Ordinary Share up or down
to the nearest whole share. All payments made under this Agreement shall be made in lawful money of the United States of America or wire
transfer of immediately available funds to such account as the Company may from time to time designate by written notice in accordance
with the provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is
not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day.

 

(g)               
Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall
not issue or sell, and the Investor shall not purchase or acquire, any Ordinary Shares under this Agreement which, when aggregated with
all other Ordinary Shares then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange
Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates of more than 4.99%
of the then issued and outstanding Ordinary Shares (the "Beneficial Ownership Limitation"). Upon the written or oral
request of the Investor, the Company shall promptly (but not later than one Business Day) confirm orally or in writing to the Investor
the number of Ordinary Shares then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations
required hereby and the application hereof. The Investor’s written certification to the Company of the applicability of the Beneficial
Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof
and such result absent manifest error.

 

    	 	- 11 -	 

     

    

		3.	INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

The Investor represents and warrants to the Company
that as of the date hereof and as of the Commencement Date:

 

(a)               
Organization, Authority. Investor is an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, with the requisite power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the other Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and
thereunder.

 

(b)               
Investment Purpose. The Investor is acquiring the Securities as principal for its own account for investment only and not
with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
state securities law and has no direct or indirect arrangement or understandings with any other Persons to distribute or regarding the
distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty
not limiting the Investor’s right to sell the Securities at any time pursuant to the Registration Statement described herein or
otherwise in compliance with applicable federal and state securities laws). The Investor is acquiring the Securities hereunder in the
ordinary course of its business.

 

(c)               
Accredited Investor Status. The Investor is an "accredited investor" as that term is defined in Rule 501(a)(3)
of Regulation D promulgated under the Securities Act.

 

(d)               
Information. The Investor understands that its investment in the Securities involves a high degree of risk. The Investor
(i) is able to bear the economic risk of an investment in the Securities including a total loss thereof, (ii) has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of the proposed investment in the Securities and
(iii) has had an opportunity to ask questions of and receive answers from the officers of the Company concerning the financial condition
and business of the Company and others matters related to an investment in the Securities. Neither such inquiries nor any other due diligence
investigations conducted by the Investor or its representatives shall modify, amend or affect the Investor’s right to rely on the
Company’s representations and warranties contained in Section 4 below. The Investor has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities and
is not relying on any accounting, legal tax or other advice from the Company or its officers, employees or representatives. The Investor
acknowledges and agrees that the Company neither makes nor has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 4 hereof.

 

    	 	- 12 -	 

     

    

(e)               
No Governmental Review. The Investor understands that no U.S. federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment in the
Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f)                
Validity; Enforcement. This Agreement and the other Transactional Documents have been duly and validly authorized, executed
and delivered on behalf of the Investor and each is a valid and binding agreement of the Investor enforceable against the Investor in
accordance with its terms, subject as to enforceability to (y) general principles of equity and to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies and (z) public policy underlying any law, rule or regulation (including any federal or state securities law, rule
or regulation) with regards to indemnification, contribution or exculpation.

 

(g)               
Residency. The Investor’s principal place of business is located in of the State of Illinois.

 

(h)               
No Short Selling or Other Hedging. The Investor represents and warrants to the Company that at no time prior to the date
of this Agreement has any of the Investor, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever,
directly or indirectly, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of
the Ordinary Shares or (ii) hedging transaction, which establishes a net short position with respect to the Ordinary Shares and shall
not engage in any such activity whatsoever at any time after the date hereof.

 

		4.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and warrants to the Investor
that, as of the date hereof and as of the Commencement Date:

 

(a)               
Organization and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite corporate power and authority
to own and use its properties and assets and to carry on its business as currently conducted. The is not in violation or default of any
of the provisions of its respective certificate or articles of formation or 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 proceeding has been instituted
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification,
except where the failure to be so qualified or in good standing or such proceeding, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect.

 

(b)               
Authorization; Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into and
perform its obligations under this Agreement and each of the other Transaction Documents, and to issue the Securities in accordance with
the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby, including without limitation, the issuance of the Commitment Shares (as defined below
in Section 5(e)), the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement, have been
duly authorized by the Company’s board of directors, or a validly authorized committee thereof (collectively, the "Board
of Directors"), and no further consent or authorization is required by the Company, its Board of Directors or any committee thereof,
or its shareholders (save to the extent provided in this Agreement), (iii) this Agreement has been, and each other Transaction Document
shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement constitutes, and each other Transaction
Document upon its execution on behalf of the Company, shall constitute, the valid and binding obligations of the Company enforceable against
the Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of
creditors’ rights and remedies. The Board of Directors of the Company has approved the resolutions (the "Signing Resolutions")
substantially in the form as set forth as Exhibit B attached hereto to authorize this Agreement and the transactions contemplated
hereby. The Signing Resolutions are valid, in full force and effect and have not been modified or supplemented in any respect. The Company
has delivered to the Investor a true and correct copy of a unanimous written consent adopting the Signing Resolutions executed by all
of the members of the Board of Directors of the Company. Except as set forth in this Agreement, no other approvals or consents of the
Board of Directors, any other authorized committee thereof, and/or shareholders is necessary under applicable laws and the Company’s
Memorandum and Articles of Association to authorize the execution and delivery of this Agreement or any of the transactions contemplated
hereby, including, but not limited to, the issuance of the Commitment Shares and the issuance of the Purchase Shares.

 

    	 	- 13 -	 

     

    

(c)               
Capitalization. As of the date hereof, the Company has an unlimited number of authorized capital shares  with no par
value. Except as disclosed in the SEC Documents (as defined below), (i) none of the Company’s capital shares are subject to preemptive
rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt
securities, (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, any capital shares of the Company, or contracts, commitments, understandings or
arrangements by which the Company is or may become bound to issue additional capital shares of the Company or options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any capital
shares of the Company other than authorized options granted and to be granted to employees and authorized persons under the Company’s
existing share incentive plans, (iv) there are no agreements or arrangements under which the Company is obligated to register the sale
of any of their securities under the Securities Act (except the Registration Rights Agreement and those registration rights for which
a registration statement has been filed and is effective), (v) there are no outstanding securities or instruments of the which contain
any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is
or may become bound to redeem a security of the Company, (vi) there are no securities or instruments containing anti-dilution or similar
provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii) the Company does not have
any share appreciation rights or "phantom share" plans or agreements or any similar plan or agreement. The Company has furnished
to the Investor true and correct copies of the Company’s Memorandum and Articles of Association , each as in effect on the date
hereof, and copies of any documents containing the material rights of holders of securities convertible or exercisable for Ordinary Shares,
to the extent not filed as an exhibit to the Company’s Annual Report on Form 20-F for the fiscal year ended March 31, 2021 or other
Exchange Act reports.

 

(d)               
Issuance of Securities. Upon issuance and payment therefor in accordance with the terms and conditions of this Agreement,
the Purchase Shares shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights
of first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a
holder of Ordinary Shares. 4,043,331 Ordinary Shares have been duly authorized and reserved for issuance upon purchase under this Agreement
as Purchase Shares. 94,508 Ordinary Shares (subject to equitable adjustment for any reorganization, recapitalization, non-cash dividend,
share split or other similar transaction) have been duly authorized and reserved for issuance as Commitment Shares (as defined below in
Section 5(e)) in accordance with this Agreement. The Commitment Shares shall be validly issued, fully paid and nonassessable and
free from all taxes, Liens, charges, restrictions, rights of first refusal and preemptive rights with respect to the issue thereof, with
the holders being entitled to all rights accorded to a holder of Ordinary Shares. The Purchase Shares are being issued pursuant to the
Registration Statement, and the issuance of the Purchase Shares has been registered by the Company pursuant to the Securities Act. Upon
receipt of the Purchase Shares and the Commitment Shares, the Investor will have good and marketable title to such Securities and, upon
the effectiveness of the Registration Statement, such Securities will be immediately freely tradable on the Principal Market by any holder
who is not an “affiliate” under the Act.

 

    	 	- 14 -	 

     

    

(e)               
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance
of the Purchase Shares and the Commitment Shares) will not (i) result in a violation of the Company’s Memorandum and Articles of
Association , any Certificate of Designations, Preferences and Rights of any outstanding series of preferred shares of the Company or
(ii) 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 Company is a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations and the rules and regulations of the Principal Market applicable to the Company) or by which any property
or asset of the Company is bound or affected, except in the case of conflicts, defaults, terminations, amendments, accelerations, cancellations
and violations under clause (ii), which would not reasonably be expected to result in a Material Adverse Effect. The Company is not in
violation of any term of or in default under its Memorandum and Articles of Association, any Certificate of Designation, or Preferences
and Rights of any outstanding series of preferred shares of the Company. The Company is not in violation of any term of or is in default
under any material contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule
or regulation applicable to the Company, except for possible conflicts, defaults, terminations or amendments that would not reasonably
be expected to have a Material Adverse Effect. The business of the Company is not being conducted, and shall not be conducted, in violation
of any law, ordinance or regulation of any governmental entity, except for possible violations, the sanctions for which either individually
or in the aggregate would not reasonably be expected to have a Material Adverse Effect. Except as specifically contemplated by this Agreement
and as required under the Securities Act or applicable state securities laws and the rules and regulations of the Principal Market, the
Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
agency or any regulatory or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated
by the Transaction Documents in accordance with the terms hereof or thereof. Except as set forth elsewhere in this Agreement, (i) all
consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence
on or prior to the date hereof or on or prior to the Commencement Date shall be obtained or effected on or prior to the date hereof and
on or prior to the Commencement Date, respectively, and (ii) all consents, authorizations, orders, filings and registrations which the
Company is required to obtain pursuant to the preceding sentence with respect to the Commencement shall be obtained or effected on or
prior to the Commencement Date.

 

    	 	- 15 -	 

     

    

(f)                
SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the twelve months preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with each
Prospectus, being collectively referred to herein as the "SEC Documents") on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension. As of their respective dates,
the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable. None
of the SEC Documents, 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 Documents 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 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. Except as publicly available through
the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) or in connection with a confidential treatment request
submitted to the SEC, the Company has received no notices or correspondence from the SEC for the one year preceding the date hereof other
than SEC comment letters relating to the Company’s filings under the Exchange Act and the Securities Act. There are no "open"
SEC comments. To the Company’s knowledge, the SEC has not commenced any enforcement proceedings against the Company.

 

(g)               
Absence of Certain Changes. Except as disclosed in the SEC Documents, since March 31, 2021, there has been no material adverse
change in the business, properties, operations, financial condition or results of operations of the Company. For purposes of this Agreement,
neither a decrease in cash or cash equivalents or in the market price of the Ordinary Shares nor losses incurred in the ordinary course
of the Company’s business shall be deemed or considered a material adverse change. The Company has not taken any steps, and does
not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company have any knowledge or reason
to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings. The Company is financially solvent
and is generally able to pay its debts as they become due.

 

(h)               
Absence of Litigation. Except as disclosed in the SEC Documents, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company,
threatened against the Company, the Ordinary Shares or any of the Company’s officers or directors in their capacities as such, which
would reasonably be expected to have a Material Adverse Effect.

 

(i)                
Acknowledgment Regarding Investor’s Status. The Company acknowledges and agrees that the Investor is acting solely
in the capacity of arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and
thereby. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any
similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice given
by the Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated
hereby and thereby is merely incidental to the Investor’s purchase of the Securities. The Company further represents to the Investor
that the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company
and its representatives and advisors.

 

    	 	- 16 -	 

     

    

(j)                
No Aggregated Offering. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Securities to be integrated or aggregated with prior offerings by the Company in a manner that would
require shareholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or
designated. The issuance and sale of the Commitment Shares hereunder does not, and subject to the terms of this Agreement, the issuance
and sale of the additional Purchase Shares will not, contravene the rules and regulations of the Principal Market.

 

(k)               
Intellectual Property Rights. The Company owns or possesses adequate rights or licenses to use all material trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and rights necessary to conduct its business as now conducted. None of the Company’s
material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions,
licenses, approvals, government authorizations, trade secrets or other intellectual property rights have expired or terminated, or, by
the terms and conditions thereof, could expire or terminate within two years from the date of this Agreement, except as would not reasonably
be expected to have a Material Adverse Effect. Except as set forth in the SEC Documents, the Company does not have any knowledge of any
infringement by the Company of any material trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service
names, service marks, service mark registrations, trade secret or other similar rights of others, or of any such development of similar
or identical trade secrets or technical information by others, and there is no claim, action or proceeding that has been brought against,
or to the Company’s knowledge, being threatened against, the Company regarding trademark, trade name, patents, patent rights, invention,
copyright, license, service names, service marks, service mark registrations, trade secret or other infringement, which could reasonably
be expected to have a Material Adverse Effect.

 

(l)                
Environmental Laws. The Company (i) is in compliance with any and all applicable foreign, federal, state and local laws
and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants
or contaminants ("Environmental Laws"), (ii) has received all permits, licenses or other approvals required of it under
applicable Environmental Laws to conduct its business and (iii) is in compliance with all terms and conditions of any such permit, license
or approval, except where, in each of the three foregoing clauses, the failure to so comply could not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

(m)             
Title. Except as set forth in the SEC Documents, the Company has good and marketable title in fee simple to all real property
owned by it and good and marketable title in all personal property owned by it that is material to the business of the Company, in each
case free and clear of all liens, encumbrances and defects ("Liens") and, except for Liens as do not materially affect
the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and
Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real
property and facilities held under lease by the Company are held by it under valid, subsisting and enforceable leases with which the Company
is in compliance with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property
and buildings by the Company, except for such interference which would not reasonably be expected to have a Material Adverse Effect.

 

    	 	- 17 -	 

     

    

(n)               
Insurance. The Company is insured by insurers of recognized financial responsibility against such losses and risks and in
such amounts as management of the Company believes to be prudent and customary in the business in which the Company is engaged. The Company
has not been refused any insurance coverage sought or applied for and the Company does not have any reason to believe that it will not
be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not materially and adversely affect the condition, financial or otherwise,
or the earnings, business or operations of the Company, taken as a whole.

 

(o)               
Regulatory Permits. Except as disclosed in the SEC Documents, the Company possesses all material certificates, authorizations
and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct its business as currently
conducted and the Company has not received any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit, except in the case of each of the two foregoing clauses, as would not reasonably be expected to have a Material
Adverse Effect.

 

(p)               
Tax Status. The Company has made or filed all foreign, federal and state income and all other material tax returns, reports
and declarations required by any jurisdiction to which it is subject or otherwise filed timely extensions (unless and only to the extent
that the Company has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations, except those being contested in good faith and has set aside on its books provision reasonably adequate for
the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no
basis for any such claim.

 

(q)               
Transactions With Affiliates. Except as disclosed in the SEC Documents, none of the
Company’s shareholders, officers or directors or any family member or affiliate of any of the foregoing, has either directly or
indirectly an interest in, or is a party to, any transaction that would be required to be disclosed as a related party transaction pursuant
to Item 404 of Regulation S-K promulgated under the Securities Act.

 

(r)                
Application of Takeover Protections. The Company and its Board of Directors have taken or will take prior to the Commencement
Date all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Memorandum and Articles
of Association or the laws of the state of its incorporation which is or could become applicable to the Investor as a result of the transactions
contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and the Investor’s
ownership of the Securities.

 

(s)                
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents or any other agreements to be entered into by the Company and the Investor that, in each case, which shall be timely publicly
disclosed by the Company, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or
its agents or counsel with any information that the Company believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the Registration Statement or the SEC Documents. The Company understands and confirms that the Investor
will rely on the foregoing representation in effecting purchases and sales of securities of the Company. All of the disclosure furnished
by or on behalf of the Company to the Investor regarding the Company, its business and the transactions contemplated hereby, including
the disclosure schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made,
not misleading. The Company acknowledges and agrees that the Investor neither makes nor has made any representations or warranties with
respect to the transactions contemplated hereby other than those specifically set forth in Section 3 hereof.

 

    	 	- 18 -	 

     

    

(t)                
Foreign Corrupt Practices. Neither the Company nor, to the knowledge of the Company, any director, officer, agent, employee
or affiliate of the Company is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "FCPA"), including,
without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer,
payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the
giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or
official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, and, to the knowledge of
the Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. The operations
of the Company is and has been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements
and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any applicable governmental agency, including, without limitation, Title 18 U.S. Code section 1956
and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental
group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which
designation the United States representative to the group or organization continues to concur, all as amended, and any Executive order,
directive or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder (collectively,
the "Money Laundering Laws"), and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company,
threatened. Neither the Company, nor to the knowledge of the Company any of the directors, officers or employees, agents, affiliates or
representatives of the Company, is an individual or entity that is, or is owned or controlled by an individual or entity that is: (i)
the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the
United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
"Sanctions"), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, the Balkans, Belarus, Burma/Myanmar, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia,
Libya, North Korea, Sudan, Syria, Venezuela and Zimbabwe). The Company will not, directly or indirectly, use the proceeds of the transactions
contemplated hereby, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other individual
or entity: (i) to fund or facilitate any activities or business of or with any individual or entity or in any country or territory that,
at the time of such funding or facilitation, is the subject of Sanctions or (ii) in any other manner that will result in a violation of
Sanctions by any individual or entity (including any individual or entity participating in the transactions contemplated hereby, whether
as underwriter, advisor, investor or otherwise). For the past five years, the Company has not knowingly engaged in, and is not now knowingly
engaged in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing
or transaction is or was the subject of Sanctions.

 

    	 	- 19 -	 

     

    

(u)               
DTC Eligibility. The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities Transfer
(FAST) Program and the Ordinary Shares can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer
(FAST) Program.

 

(v)               
Sarbanes-Oxley. The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended,
which are applicable to it as of the date hereof.

 

(w)             
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents.

 

(x)               
Investment Company. The Company is not required to be registered as, and immediately after receipt of payment for the Purchase
Shares will not be required to be registered as, an "investment company" within the meaning of the Investment Company Act of
1940, as amended.

 

(y)               
Listing and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Ordinary Shares pursuant to the Exchange Act nor has the Company received any notification that the SEC is currently contemplating
terminating such registration. The Securities have been approved for listing on the Principal Market prior to issuance. The Company has
taken no action designed to, or likely to have the effect of, delisting the Ordinary Shares from the Principal Market, nor has the Company
received any notice from any Person to the effect that the Company is not in compliance with the listing or maintenance requirements of
the Principal Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements.

 

(z)               
Accountants. The Company’s accountants are set forth in the SEC Documents and, to the knowledge of the Company, such
accountants are an independent registered public accounting firm as required by the Securities Act.

 

(aa)            
No Market Manipulation. The Company has not, and to its knowledge no Person acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other
securities of the Company in connection with the transactions contemplated in this Agreement.

 

(bb)           
Shell Company Status. The Company is not, and has never been, an issuer identified in Rule 144(i)(1) under the Securities
Act and has filed with the SEC current "Form 10 information" (as defined in Rule 144(i)(3) under the Securities Act) at least
12 calendar months prior to the date of this Agreement reflecting its status as an entity that is no longer an issuer identified in Rule
144(i)(1) under the Securities Act.

 

    	 	- 20 -	 

     

    

(cc)            
No Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an "Issuer Covered Person")
is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a
"Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities
Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.

 

(dd)           
Registration Statement. The Company has prepared and filed the Shelf Registration Statement with the SEC in accordance with
the Securities Act. The Shelf Registration Statement was declared effective by order of the SEC on March 8, 2021. The Shelf Registration
Statement is effective pursuant to the Securities Act and available for the issuance of the Securities thereunder. No stop order suspending
the effectiveness of the Shelf Registration Statement has been issued by the SEC, and no proceeding for that purpose or pursuant to Section
8A of the Securities Act against the Company or related to the offering of the Securities has been initiated or, to the knowledge of the
Company, threatened by the SEC. The "Plan of Distribution" section of the Prospectus permits the issuance of the Securities
under the terms of this Agreement. At the time the Shelf Registration Statement and any amendments thereto became effective, at the date
of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the Securities Act, the Shelf Registration
Statement and any amendments thereto complied and will comply in all material respects with the requirements of the Securities Act and
did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading; and the Base Prospectus and any Prospectus Supplement thereto, at the time
such Base Prospectus or such Prospectus Supplement thereto was issued and on the Commencement Date, complied and will comply in all material
respects with the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading; provided that this representation and warranty does not apply to statements in or omissions from any Prospectus Supplement
made in reliance upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf
of the Investor expressly for use therein. The Company meets all of the requirements for the use of a registration statement on Form F-3
pursuant to the Securities Act for the offering and sale of the Securities contemplated by this Agreement in reliance on General Instruction
I.B.1., and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule
401(g)(1) of the Securities Act. The Company hereby confirms that the issuance of the Securities to the Investor in accordance with this
Agreement would not result in non-compliance with the Securities Act or any of the General Instructions to FormF-3. The Registration Statement,
as of its effective date, meets the requirements set forth in Rule 415(a)(1)(x) pursuant to the Securities Act. At the earliest time after
the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of
Rule 164(h)(2) of the Securities Act) relating to any of the Securities, the Company was, and as of the date of this Agreement the Company
is, not an Ineligible Issuer (as defined in Rule 405 of the Securities Act). The Company has not distributed any offering material in
connection with the offering, issuance and sale of any of the Securities, other than the Shelf Registration Statement or any amendment
thereto, the Prospectus or any Prospectus Supplement required pursuant to applicable law or the Transaction Documents. The Company has
not made an offer relating to the Securities that would constitute a "free writing prospectus" as defined in Rule 405 under
the Securities Act.

 

    	 	- 21 -	 

     

    

(ee)            
Absence of Schedules. In the event that on the date hereof, or the Commencement Date, the Company does not deliver any disclosure
schedule contemplated by this Agreement, the Company hereby acknowledges and agrees that each such undelivered disclosure schedule shall
be deemed to read as follows: "Nothing to Disclose."

 

		5.	COVENANTS.

 

(a)               
Filing of Current Report and Initial Prospectus Supplement. The Company agrees that it shall, within the time required under
the Exchange Act, file with the SEC a Current Report on Form 6-K relating to the transactions contemplated by, and describing the material
terms and conditions of, the Transaction Documents (the "Current Report"). The Company further agrees that it shall,
within the time required under Rule 424(b) under the Securities Act, file with the SEC the Initial Prospectus Supplement pursuant to Rule
424(b) under the Securities Act specifically relating to the transactions contemplated by, and describing the material terms and conditions
of, the Transaction Documents, containing information previously omitted at the time of effectiveness of the Shelf Registration Statement
in reliance on Rule 430B under the Securities Act, and disclosing all information relating to the transactions contemplated hereby required
to be disclosed in the Shelf Registration Statement and the Prospectus as of the date of the Initial Prospectus Supplement, including,
without limitation, information required to be disclosed in the section captioned "Plan of Distribution" in the Prospectus.
The Investor acknowledges that it will be identified in the Initial Prospectus Supplement as an underwriter within the meaning of Section
2(a)(11) of the Securities Act. The Company shall permit the Investor to review and comment upon the Current Report and the Initial Prospectus
Supplement at least two (2) Business Days prior to their filing with the SEC, the Company shall give due consideration to all such comments.
The Investor shall use its reasonable best efforts to provide any comments upon the Current Report and the Initial Prospectus Supplement
within one (1) Business Day from the date the Investor receives a substantially complete draft thereof from the Company. The Investor
shall furnish to the Company such information regarding itself, the Securities held by it and the intended method of distribution thereof,
including any arrangement between the Investor and any other Person relating to the sale or distribution of the Securities, as shall be
reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Initial Prospectus Supplement,
and shall otherwise cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of
the Current Report and the Initial Prospectus Supplement with the SEC.

 

(b)               
Blue Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for
or to register or qualify (i) the issuance and the sale of the Securities to the Investor under this Agreement and (ii) any subsequent
resale of all Commitment Shares and all Purchase Shares by the Investor, in each case, under applicable securities or "Blue Sky"
laws of the states of the United States in such states as is reasonably requested by the Investor from time to time, and shall provide
evidence of any such action so taken to the Investor at its written request; provided, however, that the Company shall not be obligated
to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction
in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise
so subject.

 

(c)               
Listing/DTC. The Company shall use commercially reasonable efforts to maintain, so long as any Ordinary Shares shall be
so listed, such listing of all Purchase Shares and Commitment Shares from time to time issuable hereunder. The Company shall use commercially
reasonable efforts to maintain the listing of the Ordinary Shares on the Principal Market and shall use commercially reasonable efforts
to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of
the Principal Market. The Company shall not take any action that would reasonably be expected to result in the delisting or suspension
of the Ordinary Shares on the Principal Market. The Company shall promptly provide to the Investor copies of any notices it receives from
any Person regarding the continued eligibility of the Ordinary Shares for listing on the Principal Market; provided, however, that the
Company shall not be required to provide the Investor copies of any such notice that the Company reasonably believes constitutes material
non-public information and the Company would not be required to publicly disclose such notice in any report or statement filed with the
SEC and under the Exchange Act or the Securities Act. The Company shall pay all fees and expenses in connection with satisfying its obligations
under this Section 5(c). The Company shall take all commercially reasonable action necessary to ensure that its Ordinary Shares
can be transferred electronically as DWAC Shares.

 

    	 	- 22 -	 

     

    

(d)               
Prohibition of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and
ending on the date of termination of this Agreement as provided in Section 11, the Investor and its agents, representatives and
affiliates shall not in any manner whatsoever, including acting in concert with any other investor, enter into or effect, directly or
indirectly, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Ordinary
Shares or (ii) hedging transaction, which establishes a net short position with respect to the Ordinary Shares.

 

(e)               
Issuance of Commitment Shares. In consideration for the Investor’s execution and delivery of this Agreement, the Company
shall cause the Transfer Agent to issue on the date of this Agreement 94,508 Ordinary Shares (the "Commitment Shares")
directly to the Investor in accordance with Section 6 hereto and the Irrevocable Transfer Agent Instructions. For the avoidance
of doubt, the Commitment Shares shall be fully earned as of the date of this Agreement, whether or not the Commencement shall occur or
any Purchase Shares are purchased by the Investor under this Agreement and irrespective of any termination of this Agreement.

 

(f)                
Due Diligence; Non-Public Information. During the term of this Agreement, the Investor shall have the right, from time to
time as the Investor may reasonably deem appropriate, and upon reasonable advance notice to the Company, to perform reasonable due diligence
on the Company during normal business hours. The Company and its officers and employees shall provide material information and reasonably
cooperate with the Investor in connection with any reasonable request by the Investor related to the Investor’s due diligence of
the Company. Each party hereto agrees not to disclose any Confidential Information of the other party to any third party and shall not
use the Confidential Information for any purpose other than in connection with, or in furtherance of, the transactions contemplated hereby.
Each party hereto acknowledges that the Confidential Information shall remain the property of the disclosing party and agrees that it
shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other party. The receiving
party may disclose Confidential Information to the extent such information is required to be disclosed by law, regulation or order of
a court of competent jurisdiction or regulatory authority, provided that the receiving party shall promptly notify the disclosing party
when such requirement to disclose arises, and shall cooperate with the disclosing party so as to enable the disclosing party to: (i) seek
an appropriate protective order; and (ii) make any applicable claim of confidentiality in respect of such Confidential Information; and
provided, further, that the receiving party shall disclose Confidential Information only to the extent required by the protective order
or other similar order, if such an order is obtained, and, if no such order is obtained, the receiving party shall disclose only the minimum
amount of such Confidential Information required to be disclosed in order to comply with the applicable law, regulation or order. In addition,
any such Confidential Information disclosed pursuant to this section shall continue to be deemed Confidential Information. Notwithstanding
anything in this Agreement to the contrary, the Company shall not be obligated to provide the Investor with any information that constitutes
or may reasonably be considered to constitute material, non-public information pursuant to a request for information hereunder, and the
Company and the Investor agree that neither the Company nor any other Person acting on its behalf shall provide the Investor or its agents
or counsel with any information that constitutes or may reasonably be considered to constitute material, non-public information, unless
a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD. In the event of a breach
of the foregoing covenant by the Company or any Person acting on its behalf (as determined in the reasonable good faith judgment of the
Investor), in addition to any other remedy provided herein or in the other Transaction Documents, if the Investor is holding any Securities
at the time of the disclosure of such material non-public information, the Investor shall have the right to make a public disclosure,
in the form of a press release, public advertisement or otherwise, of such material, non-public information without the prior approval
by the Company; provided the Investor shall have first provided notice to the Company that it believes it has received information that
constitutes material, non-public information; and the Company shall have at least two Business Days from such notice to either publicly
disclose such material, non-public information or to demonstrate to the Investor that such information does not constitute material, non-public
information, and (assuming the Investor and Investor’s counsel disagree in their reasonable good faith judgment with the Company’s
determination) prior to any such disclosure by the Investor; and the Company shall have failed to publicly disclose such material, non-public
information. The Investor shall not have any liability to the Company or any of its directors, officers, employees, shareholders or agents,
for any such disclosure in accordance with this Section 5(f). The Company understands and confirms that the Investor shall be relying
on the foregoing covenants in effecting transactions in securities of the Company.

 

    	 	- 23 -	 

     

    

(g)               
Purchase Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any
given time and the dates and Purchase Amounts for each Regular Purchase, Accelerated Purchase, Additional Accelerated Purchase and Tranche
Purchase or shall use such other method, reasonably satisfactory to the Investor and the Company.

 

(h)               
Taxes. The Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance
and delivery of any Ordinary Shares to the Investor made under this Agreement.

 

(i)                
Use of Proceeds. The Company will use the net proceeds from the offering for any corporate purpose at the sole discretion
of the Company.

 

(j)                
Other Transactions. The Company shall not enter into any agreement, plan, arrangement or transaction in or of which the
terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform its obligations
under the Transaction Documents, including, without limitation, the obligation of the Company to deliver the Commitment Shares to the
Investor in accordance with the terms of the Transaction Documents, provided, however, that this Section 5(j) shall not be deemed
to prohibit the issuance and sale of Ordinary Shares pursuant to an "at-the-market offering" by the Company exclusively through
a registered broker-dealer acting as agent of the Company pursuant to a written agreement between the Company and such registered broker-dealer.

 

(k)               
Aggregation. From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and
the Company shall use its reasonable best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any
offers or sales of any security or solicit any offers to buy any security, under circumstances that would cause this offering of the Securities
by the Company to the Investor to be aggregated with other offerings by the Company in a manner that would require shareholder approval
pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or designated, unless shareholder
approval is obtained before the closing of such subsequent transaction in accordance with the rules of such Principal Market.

 

    	 	- 24 -	 

     

    

(l)                
Limitation on Variable Rate Transactions. From and after the date of this Agreement until the thirty-six (36) month anniversary
of the date of this Agreement (irrespective of any earlier termination of this Agreement), the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company of Ordinary Shares involving a Variable Rate Transaction other than
with the Investor. "Variable Rate Transaction" includes, without limitation, an "equity line of credit" or
any transaction whereby an investor is irrevocably bound to purchase securities over a period of time from the Company at a price based
on the market price of the Company’s Ordinary Shares at the time of each such purchase, provided, however, that this Section
5(l) shall not be deemed to prohibit the issuance and sale of Ordinary Shares pursuant to an "at-the-market offering" by
the Company exclusively through a registered broker-dealer acting as agent of the Company pursuant to a written agreement between the
Company and such registered broker-dealer.

 

		6.	TRANSFER AGENT INSTRUCTIONS.

 

(a) Commitment Shares. On the date of this Agreement,
the Company shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions, in the form agreed to prior
to the date hereof (the "Irrevocable Transfer Agent Instructions"), to issue the Commitment Shares in accordance with
the terms of this Agreement. All Commitment Shares to be issued to or for the benefit of the Investor pursuant to this Agreement shall
be issued in book entry form. Upon the effectiveness of the Registration Statement, all restrictive legends shall be removed from the
Commitment Shares.

 

(b) Purchase Shares. On the date of the Initial
Prospectus Supplement, the Company shall issue to the Transfer Agent, and any subsequent transfer agent, irrevocable instructions in the
form agreed to prior to the date hereof (the "Commencement Irrevocable Transfer Agent Instructions") to issue the Purchase
Shares in accordance with the terms of this Agreement and the Registration Rights Agreement. All Purchase Shares to be issued from and
after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued only as DWAC Shares. The Company represents
and warrants to the Investor that, while this Agreement is effective, no instruction other than as contemplated by the Commencement Irrevocable
Transfer Agent Instructions and any Notice of Effectiveness of Registration Statement (as defined in the Registration Rights Agreement)
will be given by the Company to the Transfer Agent with respect to the Purchase Shares from and after Commencement, and no instruction
or other communication to the Transfer Agent with respect to the issuance of the Purchase Shares shall be made without the approval of
the Investor. The Company shall provide confirmation of receipt by the Transfer Agent of all instructions pursuant to the Commencement
Irrevocable Transfer Agent Instructions with respect to Purchase Shares within one Business Day of delivery of any Purchase Notice. The
Purchase Shares covered by the Registration Statement shall otherwise be freely transferable on the books and records of the Company.

 

		7.	CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF ORDINARY SHARES.

 

    	 	- 25 -	 

     

    

The right of the Company hereunder to commence sales
of Purchase Shares is subject to the satisfaction, or where legally permissible, the waiver of each of the following conditions:

 

(a)               
The Investor shall have executed each of the Transaction Documents and delivered the same to the Company;

 

(b)               
The representations and warranties of the Investor shall be true and correct in all material respects as of the date hereof and
as of the Commencement Date as though made at that time; and

 

(c)               
No stop order with respect to the Registration Statement shall be pending or threatened by the SEC.

 

		8.	CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE SHARES OF ORDINARY SHARES.

 

The obligation of the Investor to buy Purchase Shares
under this Agreement is subject to the satisfaction or, where legally permissible, the waiver of each of the following conditions on or
prior to the Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation to satisfy
such conditions after the Commencement has occurred:

 

(a)               
The Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

 

(b)               
The Company shall have issued or caused to be issued to the Investor a number of Ordinary Shares equal to the number of Commitment
Shares as DWAC Shares, in each case in accordance with Section 6;

 

(c)               
The Ordinary Shares shall be listed on the Principal Market, and the Company shall have filed with The Nasdaq Stock Market a Notification
Form: Listing of Additional Shares for the listing of the Securities, and Nasdaq shall have raised no objection to the consummation of
the transactions contemplated by this Agreement;

 

(d)               
The Investor shall have received the opinions and negative assurances letter of the Company’s legal counsel dated as of the
Commencement Date substantially in the forms agreed prior to the date of this Agreement by the Company’s legal counsel and the Investor’s
legal counsel;

 

(e)               
The representations and warranties of the Company in this Agreement shall be true and correct in all material respects (except
to the extent that any of such representations and warranties is already qualified as to materiality in Section 4 above, in which
case, such representations and warranties shall be true and correct without further qualification) as of the date hereof and as of the
Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall
be true and correct in all material respects as of such date) and the Company shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with
by the Company at or prior to the Commencement Date. The Investor shall have received a certificate, executed by the Chief Executive Officer,
President or Chief Financial Officer of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto
as Exhibit A;

 

    	 	- 26 -	 

     

    

(f)                
The Board of Directors of the Company shall have adopted resolutions in substantially the form attached hereto as Exhibit
B which shall be in full force and effect without any amendment or supplement thereto as of the Commencement Date;

 

(g)               
As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Ordinary Shares, (i) solely for
the purpose of effecting purchases of Purchase Shares hereunder, 4,043,331 Ordinary Shares, and (ii) solely for the purpose of effecting
the issuance of Commitment Shares hereunder, 94,508 Ordinary Shares;

 

(h)               
 Each of the Irrevocable Transfer Agent Instructions and the Commencement Irrevocable Transfer Agent Instructions shall have been
delivered to and acknowledged in writing by the Company and the Transfer Agent (or any successor transfer agent);

 

(i)                
The Company shall have delivered to the Investor (i) a certificate evidencing the incorporation and good standing of the Company
in the British Virgin Islands issued by the Register of Corporate Affairs - BVI Financial Services Commission and (ii) a certificate or
its equivalent evidencing the good standing of the Company as a foreign corporation in any other jurisdiction where the Company is duly
qualified to conduct business, in each case, as of a date within ten (10) Business Days of the Commencement Date;

 

(j)                
The Company shall have delivered to the Investor a certified copy of the Memorandum of Association and Articles of Association
as certified by Register of Corporate Affairs - BVI Financial Services Commission within ten (10) Business Days of the Commencement Date;

 

(k)               
The Company shall have delivered to the Investor a secretary’s certificate executed by the Secretary of the Company, dated
as of the Commencement Date, in the form attached hereto as Exhibit C;

 

(l)                
The Shelf Registration Statement shall continue to be effective and no stop order with respect to the Shelf Registration Statement
shall be pending or threatened by the SEC. The Company shall have a certain maximum dollar amount of Ordinary Shares registered under
the Shelf Registration Statement which is sufficient to issue to the Investor not less than (i) the full Available Amount worth of Purchase
Shares plus (ii) all of the Commitment Shares. The Current Report and the Initial Prospectus Supplement each shall have been filed with
the SEC, as required pursuant to Section 5(a), and copies of the Prospectus shall have been delivered to the Investor in accordance
with the terms of the Registration Rights Agreement. The Prospectus shall be current and available for issuances and sales of all of the
Securities by the Company to the Investor. Any other Prospectus Supplements required to have been filed by the Company with the SEC under
the Securities Act at or prior to the Commencement Date shall have been filed with the SEC within the applicable time periods prescribed
for such filings under the Securities Act. All reports, schedules, registrations, forms, statements, information and other documents required
to have been filed by the Company with the SEC at or prior to the Commencement Date pursuant to the reporting requirements of the Exchange
Act shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act;

 

(m)             
No Event of Default has occurred, and no event which, after notice and/or lapse of time, would reasonably be expected to become
an Event of Default has occurred;

 

    	 	- 27 -	 

     

    

(n)               
The Exchange Cap has not been reached (to the extent the Exchange Cap is applicable pursuant to Section 2(e) hereof);

 

(o)               
All federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction
Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, authorizations and orders of,
and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state and local
regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation
of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation,
in each case those required under the Securities Act, the Exchange Act, applicable state securities or "Blue Sky" laws or applicable
rules and regulations of the Principal Market, or otherwise required by the SEC, the Principal Market or any state securities regulators;

 

(p)               
No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or
endorsed by any federal, state or local or foreign court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents;

 

(q)               
No action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or governmental authority of
competent jurisdiction shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign
governmental authority of competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers,
directors or affiliates of the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents,
or seeking material damages in connection with such transactions; and

 

(r)                
The Company shall have provided the Investor with the information requested by the Investor in connection with its due diligence
requests in accordance with the terms of Section 5(f) hereof.

 

		9.	INDEMNIFICATION.

 

In consideration of the Investor’s execution
and delivery of the Transaction Documents and acquiring the Purchase Shares hereunder and in addition to all of the Company’s other
obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and all of its
affiliates, shareholders, officers, directors and employees and any of the foregoing Person’s agents or other representatives (including,
without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the "Indemnitees")
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and reasonable
expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder
is sought), and including reasonable and documented attorneys’ fees and disbursements (the "Indemnified Liabilities"),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Company in the Transaction Documents or any other certificate, instrument or document executed by the Company
contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of the Company contained in the Transaction Documents
or any other certificate, instrument or document executed by the Company contemplated hereby or thereby, (c) any cause of action, suit
or claim brought or made against such Indemnitee and arising out of or resulting from the execution, delivery, performance or enforcement
of the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, other than, in the case
of clause (c) with respect to Indemnified Liabilities which directly and primarily result from (A) a breach of any of the Investor’s
representations and warranties, covenants or agreements contained in this Agreement, or (B) the fraud, gross negligence or willful misconduct
of an Indemnitee. The indemnity in this Section 9 shall not apply to amounts paid in settlement of any claim if such settlement
is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.
To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution
to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Payment under this indemnification
shall be made within thirty (30) days from the date the Investor makes written request for it. A certificate containing reasonable detail
as to the amount of such indemnification submitted to the Company by the Investor shall be conclusive evidence, absent manifest error,
of the amount due from the Company to the Investor, provided that the Indemnitee shall undertake to repay any amounts paid to it hereunder
if it is ultimately determined, by a final and non-appealable order of a court of competent jurisdiction, that the Indemnitee is not entitled
to be indemnified against such Indemnified Liabilities by the Company pursuant to this Agreement. If any action shall be brought against
any Indemnitee in respect of which indemnity may be sought pursuant to this Agreement, such Indemnitee shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Indemnitee. Any Indemnitee shall have the right to employ separate counsel in any such action and participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Indemnitee, except to the extent that (i) the employment thereof
has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such
defense and to employ counsel or (iii) in such action there is, in the reasonable written opinion of such separate counsel, a material
conflict on any material issue between the position of the Company and the position of such Indemnitee, in which case the Company shall
be responsible for the actual and reasonable fees and expenses of no more than one such separate counsel.

 

    	 	- 28 -	 

     

    

		10.	EVENTS OF DEFAULT.

 

An "Event of Default" shall be deemed
to have occurred at any time as any of the following events occurs:

 

(a)               
the effectiveness of a Registration Statement registering the sale or resale of the Securities lapses for any reason (including,
without limitation, the issuance of a stop order or similar order) or such registration statement (or the prospectus forming a part thereof)
is unavailable to the Investor for sale or resale of any or all of the Securities to be issued to the Investor under the Transaction Documents
that are required to be included therein, and such lapse or unavailability continues for a period of ten (10) consecutive Business Days
or for more than an aggregate of thirty (30) Business Days in any 365-day period, but excluding a lapse or unavailability where (i) the
Company terminates a Registration Statement after the Investor has confirmed in writing that all of the Securities covered thereby have
been resold or (ii) the Company supersedes one Registration Statement with another Registration Statement, including (without limitation)
by terminating a prior Registration Statement when it is effectively replaced with a new Registration Statement covering Securities (provided
in the case of this clause (ii) that all of the Securities covered by the superseded (or terminated) Registration Statement that have
not theretofore been resold are included in the superseding (or new) Registration Statement);

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	- 29 -	 

     

    

(b)               
the suspension of the Ordinary Shares from trading on the Principal Market for a period of at least one (1) Business Day, provided
that the Company may not direct the Investor to purchase any Ordinary Shares during any such suspension;

 

(c)               
the delisting of the Ordinary Shares from The NASDAQ Capital Market provided, however, that the Ordinary Shares are not immediately
thereafter trading on The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange,
the NYSE American, the NYSE Arca, the OTC Bulletin Board, or the OTCQB or the OTCQX operated by the OTC Markets Group, Inc. (or any nationally
recognized successor to any of the foregoing);

 

(d)               
the failure for any reason by the Transfer Agent to issue Purchase Shares to the Investor within two (2) Business Days after the
applicable Purchase Date, Accelerated Purchase Date, Additional Accelerated Purchase Date or Tranche Purchase Date (as applicable) on
which the Investor is entitled to receive such Securities;

 

(e)               
the Company breaches any representation, warranty, covenant or other term or condition under any Transaction Document if such breach
would be reasonably expected to have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable,
only if such breach continues for a period of at least five (5) Business Days;

 

(f)                
if any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g)               
if the Company is at any time insolvent, or, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary
case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian
of it or for all or substantially all of its property, or (iv) makes a general assignment for the benefit of its creditors or is generally
unable to pay its debts as the same become due;

 

(h)               
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company
in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the
liquidation of the Company; or

 

(i)                
if at any time the Company is not eligible to transfer its Ordinary Shares electronically as DWAC Shares or if the Company fails
to maintain the service of its Transfer Agent (or a successor Transfer Agent) with respect to the issuance of Purchase Shares under this
Agreement, including but not limited to, maintaining the effectiveness of the Commencement Irrevocable Transfer Instructions, payment
of all fees owed to the Transfer Agent and satisfaction of all conditions required by the Transfer Agent to issue Purchase Shares pursuant
to the Commencement Irrevocable Transfer Agent Instructions.

 

In addition to any other rights and remedies under
applicable law and this Agreement, so long as (i) an Event of Default has occurred and is continuing, or if any event that, after notice
and/or lapse of time, would reasonably be expected to become an Event of Default, has occurred and is continuing or (ii) if at any time
after the Commencement Date, the Exchange Cap is reached (to the extent the Exchange Cap is applicable pursuant to Section 2(e) hereof),
the Company shall not deliver to the Investor any Regular Purchase Notice, Accelerated Purchase Notice, Additional Accelerated Purchase
Notice or Tranche Purchase Notice.

 

    	 	- 30 -	 

     

    

		11.	TERMINATION

 

This Agreement may be terminated only as follows:

 

(a)               
If pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding
against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a
general assignment for the benefit of its creditors (any of which would be an Event of Default as described in Sections 10(f),
10(g) and 10(h) hereof), this Agreement shall automatically terminate without any liability or payment to the Company (except
as set forth below) without further action or notice by any Person.

 

(b)               
At any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no
reason by delivering notice (a "Company Termination Notice") to the Investor electing to terminate this Agreement without
any liability whatsoever of any party to any other party under this Agreement (except as set forth below). The Company Termination Notice
shall not be effective until one (1) Business Day after it has been received by the Investor.

 

(c)               
This Agreement shall automatically terminate on the date that the Company sells and the Investor purchases the full Available Amount
as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other
party under this Agreement (except as set forth below).

 

(d)               
If, for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this
Agreement by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the
part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

Except as set forth in Sections 11(a) (in respect
of an Event of Default under Sections 10(f), 10(g) and 10(h)), and 11(d), any termination of this Agreement pursuant
to this Section 11 shall be effected by written notice from the Company to the Investor, or the Investor to the Company, as the
case may be, setting forth the basis for the termination hereof. The representations and warranties and covenants of the Company and the
Investor contained in Sections 3, 4, 5, and 6 hereof, the indemnification provisions set forth in Section
9 hereof and the agreements and covenants set forth in Sections 10, 11 and 12 shall survive the execution and
delivery of this Agreement and any termination of this Agreement. No termination of this Agreement shall (i) affect the Company’s
or the Investor’s rights or obligations under (A) this Agreement with respect to any pending Regular Purchases, Accelerated Purchases,
Additional Accelerated Purchases, or Tranche Purchases and the Company and the Investor shall complete their respective obligations with
respect to any pending Regular Purchases, Accelerated Purchases, Additional Accelerated Purchases and Tranche Purchases under this Agreement
and (B) the Registration Rights Agreement, which shall survive any such termination, or (ii) be deemed to release the Company or the Investor
from any liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

 

		12.	MISCELLANEOUS.

 

(a)               
Governing Law; Jurisdiction; Jury Trial. The corporate laws of the British Virgin Islands shall govern all issues concerning
the relative rights of the Company and its shareholders. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State of Illinois, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Illinois. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of Illinois, County of Cook, for the adjudication of any dispute
hereunder or under the other Transaction Documents or in connection herewith or therewith, 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 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.

 

    	 	- 31 -	 

     

    

(b)               
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided
that a facsimile signature or signature delivered by e-mail in a ".pdf" format data file shall be considered due execution and
shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

 

(c)               
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(d)               
Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of any provision of this Agreement in any other jurisdiction.

 

(e)               
Entire Agreement. The Transaction Documents supersede all other prior oral or written agreements between the Investor, the
Company, their affiliates and Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other
Transaction Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation,
warranty, covenant or undertaking with respect to such matters. The Company acknowledges and agrees that is has not relied on, in any
manner whatsoever, any representations or statements, written or oral, other than as expressly set forth in the Transaction Documents.
The Investor acknowledges and agrees that it has not relied on, in any manner whatsoever, any representations or statements, written or
oral, other than as expressly set forth in the Transaction Documents.

 

(f)                
Notices. Any notices, consents or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent
by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed
to the party to receive the same. The addresses for such communications shall be:

 

    	 	- 32 -	 

     

    

If to the Company:

 

Portage Biotech Inc.

c/o Portage Development Services

61 Wilton Road, Westport CT, USA

Telephone: 510-406-1911

E-mail: Ian@Portagebiotech.com

Attention: Ian Walters, CEO

 

With a copy to (which shall not constitute notice or service
of process):

 

Golenbock Eiseman Assor Bell & Peskoe LLP

711 Third Avenue

New York, NY 10017

Email: ahudders@golenbock.com

Attention: Andrew D. Hudders, Esq.

 

If to the Investor:

 

Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

Telephone: 312-822-9300

Facsimile: 312-822-9301

E-mail: jscheinfeld@lpcfunds.com/jcope@lpcfunds.com

Attention: Josh Scheinfeld/Jonathan Cope

 

With a copy to (which shall not constitute notice or service
of process):

 

K&L Gates LLP

200 S. Biscayne Blvd., Suite 3900

Miami, FL 33131

Telephone: (305) 539-3306

Facsimile: (305) 358-7095

E-mail: clayton.parker@klgates.com

Attention: Clayton E. Parker, Esq.

 

If to the Transfer Agent:

 

TSX Trust Company

1 Toronto St Suite 1200

Toronto, ON M5C 2V6, Canada

Telephone: (416) 947-4225

Email: amy.kam@tmx.com

Attention: Amy Kam

 

    	 	- 33 -	 

     

    

or at such other address, email address and/or facsimile number and/or
to the attention of such other Person as the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent or
other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email account containing
the time, date, and recipient facsimile number or email address, as applicable, or (C) provided by a nationally recognized overnight delivery
service, shall be rebuttable evidence of personal service, receipt by facsimile or email or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)               
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Investor, including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

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

 

(i)                
Publicity. The Company shall afford the Investor and its counsel with the opportunity to review and comment upon, shall
consult with the Investor and its counsel on the form and substance of, and shall give due consideration to all such comments from the
Investor or its counsel on, the Prospectus Supplement, any press release or any Current Report on Form 6-K by or on behalf of the Company
relating to the Investor, its purchases hereunder or any aspect to the Transaction Documents or the transactions contemplated thereby,
not less than 24 hours prior to the issuance, filing or public disclosure thereof. The Investor must be provided with a final version
of any such press release or SEC filing at least 24 hours prior to any release, filing or use by the Company thereof.

 

(j)                
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to consummate and make effective, as soon as reasonably possible, the Commencement, and to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k)               
No Financial Advisor, Placement Agent, Broker or Finder. The Company represents and warrants to the Investor that it has
not engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby. The Investor
represents and warrants to the Company that it has not engaged any financial advisor, placement agent, broker or finder in connection
with the transactions contemplated hereby. The Company shall be responsible for the payment of any fees or commissions, if any, of any
financial advisor, placement agent, broker or finder relating to or arising out of the transactions contemplated hereby. The Company shall
pay, and hold the Investor harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys’
fees and out of pocket expenses) arising in connection with any such claim made by a third party for any such fees or commissions.

 

(l)                
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

    	 	- 34 -	 

     

    

(m)             
Remedies, Other Obligations, Breaches and Injunctive Relief. The Investor’s remedies provided in this Agreement, including,
without limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all other remedies
available to the Investor under this Agreement, at law or in equity (including a decree of specific performance and/or other injunctive
relief). No remedy of the Investor contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy
and nothing herein shall limit the Investor’s right to pursue actual damages for any failure by the Company to comply with the terms
of this Agreement. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investor
and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or
threatened breach, the Investor shall be entitled, in addition to all other available remedies, to an injunction restraining any breach,
without the necessity of showing economic loss and without any bond or other security being required.

 

(n)               
Enforcement Costs. If: (i) this Agreement is placed by the Investor in the hands of an attorney for enforcement or is enforced
by the Investor through any legal proceeding; (ii) an attorney is retained to represent the Investor in any bankruptcy, reorganization,
receivership or other proceedings affecting creditors’ rights and involving a claim under this Agreement; or (iii) subject to Section
9, an attorney is retained to represent the Investor in any other proceedings whatsoever in connection with this Agreement, then the
Company shall pay to the Investor, as incurred by the Investor, all reasonable costs and expenses including attorneys’ fees incurred
in connection therewith, in addition to all other amounts due hereunder.

 

(o)               
Amendment and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement (i) may be amended other than by
a written instrument signed by both parties hereto and (ii) may be waived other than in a written instrument signed by the party against
whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other right, power or privilege.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

    	 	- 35 -	 

     

    

IN WITNESS WHEREOF, the Investor and the Company
have caused this Purchase Agreement to be duly executed as of the date first written above.

 

 

 

THE COMPANY:

 

PORTAGE BIOTECH INC.

 

 

By: _________________

Name: _______________

Title: ________________

 

 

THE INVESTOR:

 

LINCOLN PARK CAPITAL FUND, LLC 

BY: LINCOLN PARK CAPITAL, LLC

BY:

 

 

By: _________________

Name: _______________

Title: ________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	- 36 -	 

     

    

EXHIBITS

 

	Exhibit A	 	Form of Officer’s Certificate
	Exhibit B	 	Form of Resolutions of the Board of Directors of the Company
	Exhibit C	 	Form of Secretary’s Certificate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

EXHIBIT A

 

FORM OF OFFICER’S CERTIFICATE

 

This Officer’s Certificate ("Certificate")
is being delivered pursuant to Section 8(e) of that certain Purchase Agreement dated as of July 6, 2022, ("Purchase Agreement"),
by and between PORTAGE BIOTECH INC., a British Virgin Islands corporation (the "Company"), and LINCOLN PARK
CAPITAL FUND, LLC (the "Investor"). Terms used herein and not otherwise defined shall have the meanings ascribed
to them in the Purchase Agreement.

 

The undersigned, Ian Walters, Chief Executive Officer
of the Company, hereby certifies, on behalf of the Company and not in his individual capacity, as follows:

 

1.                  
I am the Chief Executive Officer of the Company;

 

2.                  
The representations and warranties of the Company contained in the Purchase Agreement are true and correct in all material respects (except
to the extent that any of such representations and warranties is already qualified as to materiality in Section 4 of the Purchase Agreement,
in which case, such representations and warranties are true and correct without further qualification) as of the date of the Purchase
Agreement and as of the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific
date, in which case such representations and warranties are true and correct in all material respects as of such date);

 

3.                  
The Company has performed, satisfied and complied in all material respects with covenants, agreements and conditions required by the Transaction
Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date, to the extent not otherwise
waived.

 

4.                  
The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law
nor does the Company have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency
proceedings. The Company is financially solvent and is generally able to pay its debts as they become due.

 

IN WITNESS WHEREOF, I have hereunder signed my name
on this ___ day of ___________, 2022.

 

_______________________________________

Name: Ian Walters

Title: Chief Executive Officer

 

The undersigned as Secretary of PORTAGE BIOTECH
INC., a British Virgin Islands corporation, hereby certifies that [●] is the duly elected, appointed, qualified and acting Chief
Executive Officer of the Company, and that the signature appearing above is his genuine signature.

 

 

 

_______________________________________

 

 

     

     

    

EXHIBIT B

 

FORM OF COMPANY RESOLUTIONS

FOR SIGNING PURCHASE AGREEMENT

UNANIMOUS WRITTEN CONSENT OF

PORTAGE BIOTECH INC.

 

The undersigned, being all the members of the Board
of Directors (the “Board”) of Portage Biotech Inc., a British Virgin Islands corporation (the “Company”), pursuant
to the [●] and the Memorandum and Articles of Association, hereby adopt the following resolutions by written consent, without a
meeting, effective as of the date set forth hereto:

 

Whereas,
there has been presented to the Board a draft of the Purchase Agreement (the "Purchase Agreement") by and between
the Company and Lincoln Park Capital Fund, LLC ("Lincoln Park"), providing for the purchase by Lincoln Park of
up to Thirty Million Dollars ($30,000,000) of the Company’s ordinary shares, with no par value (the "Ordinary Shares")
and a draft of the Registration Rights Agreement (the "Registration Rights Agreement") by and between the Company
and Lincoln Park providing for the registration of the shares of the Company’s Ordinary Shares issuable in respect of the Purchase
Agreement on behalf of the Company; and

 

Whereas,
after careful consideration of the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board of
Directors, the Board of Directors has determined that it is advisable and in the best interests of the Company to engage in the transactions
contemplated by the Purchase Agreement, including, but not limited to, the issuance of [●] Ordinary Shares to Lincoln Park as a
commitment fee (the “Commitment Shares”) and the sale of Ordinary Shares to Lincoln Park up to the available amount
under the Purchase Agreement (the “Purchase Shares”).

 

Transaction Documents

 

Now, Therefore,
Be It Resolved, that the transactions described in the Purchase Agreement are hereby approved and each of ________________
and ________________ (the "Authorized Officers") are severally authorized to execute and deliver the Purchase
Agreement, and any other agreements or documents contemplated thereby including, without limitation, the Registration Rights Agreement,
with such amendments, changes, additions and deletions as the Authorized Officers may deem to be appropriate and approve on behalf of,
the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

 

Further Resolved,
that the terms and provisions of the Registration Rights Agreement by and among the Company and Lincoln Park are hereby approved and the
Authorized Officers are authorized to execute and deliver the Registration Rights Agreement (pursuant to the terms of the Purchase Agreement),
with such amendments, changes, additions and deletions as the Authorized Officer may deem appropriate and approve on behalf of, the Company,
such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

 

Further Resolved,
that the terms and provisions of the forms of Irrevocable Transfer Agent Instructions, Commencement Irrevocable Transfer Agent Instructions
and Notice of Effectiveness of Registration Statement (collectively, the "Instructions") are hereby approved and
the Authorized Officers are authorized to execute and deliver the Instructions on behalf of the Company in accordance with the Purchase
Agreement, with such amendments, changes, additions and deletions as the Authorized Officers may deem appropriate and approve on behalf
of, the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

 

     

     

    

Execution of Purchase Agreement

 

Further Resolved,
that the Company be and it hereby is authorized to execute the Purchase Agreement providing for the purchase of up to Thirty Million Dollars
($30,000,000) of the Company’s ordinary shares; and

 

Issuance of Ordinary Shares

 

Further Resolved,
that the Company is hereby authorized to issue to Lincoln Park [●] Ordinary Shares as the Commitment Shares, and that upon issuance
of the Commitment Shares pursuant to the Purchase Agreement the Commitment Shares shall be duly authorized, validly issued, fully paid
and nonassessable with no personal liability attaching to the ownership thereof; and

 

Further Resolved,
that the Company is hereby authorized to issue Ordinary Shares upon the purchase of Purchase Shares up to the Available Amount under the
Purchase Agreement in accordance with the terms of the Purchase Agreement and that, upon issuance of the Purchase Shares pursuant to the
Purchase Agreement, the Purchase Shares will be duly authorized, validly issued, fully paid and nonassessable with no personal liability
attaching to the ownership thereof; and

 

Further
Resolved, that the Company shall initially reserve [●] Ordinary Shares for issuance as Purchase Shares under the
Purchase Agreement, and the Corporation shall adjust such reserve from time to time as shall be necessary, proper or desirable to carry
into effect the purpose, obligations under, and intent of the Purchase Agreement.

 

Approval of Actions

 

Further Resolved,
that, without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on behalf
of the Company and to take all such steps as deemed necessary or appropriate, with the advice and assistance of counsel, to cause the
Company to consummate the agreements referred to herein and to perform its obligations under such agreements; and

 

Further Resolved,
that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the Company,
to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered all such further
agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and undertakings and to incur and
pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect the purpose and intent
of any and all of the foregoing resolutions, and that all actions heretofore taken by any officer or director of the Company in connection
with the transactions contemplated by the agreements described herein are hereby approved, ratified and confirmed in all respects.

 

     

     

    

IN WITNESS WHEREOF, the undersigned have executed
this Unanimous Written Consent of the Board.

 

	By: __________________________	 	By: __________________________
	 	 	 
	Date:	 	Date:
	 	 	 
	By: __________________________	 	By: __________________________
	Date:	 	Date:
	 	 	 
	By: __________________________	 	By: __________________________
	Date:	 	Date:
	 	 	 
	By: __________________________	 	 
	Date:	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

EXHIBIT C

 

FORM OF SECRETARY’S CERTIFICATE

 

This Secretary’s Certificate ("Certificate")
is being delivered pursuant to Section 8(j) of that certain Purchase Agreement dated as of [●], 2022 ("Purchase Agreement"),
by and between PORTAGE BIOTECH INC., a British Virgin Islands corporation (the "Company"), and LINCOLN PARK CAPITAL
FUND, LLC (the "Investor"), pursuant to which the Company may sell to the Investor up to Thirty Million Dollars ($30,000,000)
of the Company’s ordinary shares, with no par value (the "Ordinary Shares"). Terms used herein and not otherwise defined
shall have the meanings ascribed to them in the Purchase Agreement.

 

The undersigned, [●], Secretary of the Company,
hereby certifies, on behalf of the Company and not in her individual capacity, as follows:

 

1.                  
I am the Secretary of the Company and make the statements contained in this Secretary’s Certificate.

 

2.                  
Attached hereto as Exhibit A are true, correct and complete copies of the Company’s Memorandum and Articles of Association
(“Charter”), as amended through the date hereof, and no action has been taken by the Company, its directors, officers or shareholders,
in contemplation of the filing of any further amendment relating to or affecting the Charter.

 

3.                  
Attached hereto as Exhibit B are true, correct and complete copies of the resolutions duly adopted by the Board of Directors
of the Company on _____________, at which a quorum was present and acting throughout. Such resolutions have not been amended, modified
or rescinded and remain in full force and effect and such resolutions are the only resolutions adopted by the Company’s Board of
Directors, or any committee thereof, or the shareholders of the Company relating to or affecting (i) the entering into and performance
of the Purchase Agreement, or the issuance, offering and sale of the Purchase Shares and the Commitment Shares and (ii) and the performance
of the Company of its obligation under the Transaction Documents as contemplated therein.

 

4.                  
As of the date hereof, the authorized, issued and reserved capital shares of the Company is as set forth on Exhibit C hereto.

 

 

 

IN WITNESS WHEREOF, I have hereunder signed
my name on this ___ day of ____________, 2022.

 

 

Secretary

 

The undersigned, as Chief Executive Officer of PORTAGE
BIOTECH INC., a British Virgin Islands corporation, hereby certifies that [●] is the duly elected, appointed, qualified and
acting Secretary of Portage Biotech Inc., and that the signature appearing above is his genuine signature.

 

 

____________________________

Chief Executive Officer

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