Document:

Exhibit
10.1

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT made as of February 19, 2021 (the “Issuance Date), between Gaucho Group Holdings, Inc., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant
Agent”).

 

WHEREAS,
the Company has registered (i) 1,533,333 Units, each consisting of one share of Company common stock, par value $0.01 per share
(the “Common Stock”) and one common stock purchase warrant (the “Unit Warrants”) to purchase
one share of Common Stock (the “Warrant Shares”); and (ii) up to 15,333 shares of Common Stock (the “UW
Warrant Shares”) issuable upon exercise of the underwriters warrant (“UW Warrant”) to purchase 15,333
shares of Common Stock pursuant to the Registration Statement and Prospectus and the underwriting agreement dated February 16,
2021, between the Company and underwriters named therein (the “Underwriting Agreement”);

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1
(File No. 333-233586) (as the same may be amended from time to time, the “Registration Statement”) for the registration,
under the Securities Act of 1933, as amended (the “1933 Act”), of shares of Common Stock, the Unit Warrants, the Warrant
Shares, the UW Warrant and the UW Warrant Shares, and such Registration Statement was declared effective by the SEC on February
16, 2021;

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange and exercise of the Unit Warrants;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Unit Warrants, the terms upon which they shall be issued and
exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders
of the Unit Warrants; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Unit Warrants, when executed on behalf of the
Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of
the Company, and to authorize the execution and delivery of this Warrant Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company
hereby appoints the Warrant Agent to act as agent for the Company for the Unit Warrants, and the Warrant Agent hereby accepts
such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant
Agreement.

 

2.
Warrants.

 

2.1
Form of Warrant. The Unit Warrants shall be registered securities and shall be initially evidenced by a global Warrant
certificate (“Global Certificate”) in the form of Exhibit A-1 to this Warrant Agreement, which shall be deposited
on behalf of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name
of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Unit Warrants,
the Company may instruct the Warrant Agent regarding making arrangements for book-entry settlement. In the event that the Unit
Warrants are not eligible for, or it is no longer necessary to have the Unit Warrants available in, registration in the name of
Cede & Co., a nominee of DTC, the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver
to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each
Holder (as defined below) certificates evidencing the Unit Warrants (“Definitive Certificate” and, together
with the Global Certificate, “Warrant Certificates”), in the form of Exhibit B-1 to this Warrant Agreement.

 

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2.2
Registration.

 

2.2.1
Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of
original issuance and the registration of transfer of the Unit Warrants. Any Person in whose name ownership of a beneficial interest
in the Unit Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed
the “beneficial owner” thereof, provided that all such beneficial interests shall be held through a Participant (as
defined below), which shall be the registered holder of such Unit Warrants.

 

2.2.2
Issuance of Warrants. Upon the initial issuance of the Unit Warrants, the Warrant Agent shall issue the Global Certificate
and deliver the Unit Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent
by the Company. Ownership of beneficial interests in the Unit Warrants shall be shown on, and the transfer of such ownership shall
be effected through, records maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”),
subject to a Holder’s right to elect to receive a Unit Warrant, as applicable, in certificated form in the form of Exhibit
B-1 to this Warrant Agreement. Any Holder desiring to elect to receive a Unit Warrant in certificated form shall make such request
in writing delivered to the Warrant Agent pursuant to Section 2.2.6, and shall surrender to the Warrant Agent the interest of
the Holder on the books of the Participant evidencing the Unit Warrants, each of which are to be represented by a Definitive Certificate
through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a
Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

 

2.2.3
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name that the Warrant shall be registered on the Warrant Register (the “Holder”)
as the absolute owner of such Warrants for purposes of any exercise thereof, and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent
the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification,
proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any
Warrant. The rights of beneficial owners in a Warrant evidenced by a Global Certificate shall be exercised by the Holder or a
Participant through the DTC system, except to the extent set forth herein or in such Global Certificate.

 

2.2.4
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company
(an “Authorized Officer”), which need not be the same authorized signatory for all of the Warrant Certificates,
either manually or by facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant
Agent, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for
any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates
ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the
Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same
force and effect as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and
any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such
Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the
date of the execution of this Warrant Agreement any such person was not such an Authorized Officer.

 

2.2.5
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial
holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Warrant
Agreement or the Warrants; provided, however, that at all times that Unit Warrants are evidenced by a Book Entry
Warrant Certificate, exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance the
procedures administered by DTC.

 

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2.2.6
Warrant Certificate Request. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined
below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent
for the exchange of some or all of such Holder’s Warrants for a Definitive Certificate evidencing the same number of Warrants,
which request shall be in the form attached hereto as Exhibit C (a “Warrant Certificate Request Notice”
and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice
Date” and the deemed surrender upon delivery by the Holder of a number of Warrants for the same number of the Unit Warrants
evidenced by a Definitive Certificate, a “Warrant Exchange”), the Warrant Agent shall, as soon as practicable,
effect the Warrant Exchange and shall, as soon as practicable, issue and deliver to the Holder a Definitive Certificate for such
number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated
the original issue date of the applicable Warrants, the Warrants shall be manually executed by an authorized signatory of the
Company, shall be in the form attached hereto as Exhibit B-1 , and shall be reasonably acceptable in all respects to such
Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive
Certificate to the Holder within three (3) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions
in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company or the Warrant
Agent fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice
by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Unit Warrant Shares, as applicable, evidenced by such Definitive Certificate (based on the Weighted Average
Price of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such
Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate,
the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate
Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the
contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions
of the Unit Warrants evidenced by such Warrant Certificate and the terms of this Warrant Agreement, shall not apply to the Unit
Warrants evidenced by the Definitive Certificate. The Warrant Agent shall have no responsibility for any liquidated damages that
may be payable or paid to any Person under this paragraph for any failure by the Warrant Agent to deliver to the Holder the Definitive
Certificate, on the Company’s behalf. In addition, the Company shall indemnify and hold harmless the Warrant Agent against
all claims made against the Warrant Agent for any such failure except that the Company shall not be obligated to provide any such
indemnification if it is determined by a final, non-appealable judgment of a court of competent jurisdiction that such failure
is due to the Warrant Agent’s gross negligence, bad faith or willful misconduct.

 

2.2.7
For purposes of clarity, without limiting the rights and immunities of the Warrant Agent, if there is a conflict between the express
terms of this Warrant Agreement and any Definitive Certificate in the form of Exhibit B-1 hereto with respect to the terms
of the Unit Warrant, the terms of such Definitive Certificate set forth in the form of Exhibit B-1 shall govern and control.

 

2.2.8
The terms of the Unit Warrants are set forth in the form of the Unit Warrant attached hereto as Exhibit B-1, which form
is incorporated by reference into this Warrant Agreement. If there is any discrepancy between any Section of this Warrant Agreement
applicable to the Unit Warrants and the form of Unit Warrant attached hereto as Exhibit B-1, the form of Unit Warrant shall
govern.

 

2.3
Detachability of Warrants. The Common Stock and the Unit Warrants will be issued separately and will be separately transferable
immediately upon issuance.

 

3.
Terms of Warrants. The terms of the Unit Warrants are as set forth in this Section 3.

 

3.1
Exercise Price. The exercise price per whole share of the Common Stock under each Unit Warrant shall be as set forth in
the form of Unit Warrant attached hereto as Exhibit B-1, which is incorporated by reference herein. The exercise price applicable
to the exercise of any Warrant is hereinafter referred to as the “Exercise Price.”

 

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3.2
Duration of Warrants. A Unit Warrant may be exercised only during the period set forth in the form of Unit Warrant attached
hereto as Exhibit B-1, which is incorporated by reference herein. The exercise period applicable to the exercise of any Warrant
is hereinafter referred to as the “Warrant Exercise Period.”

 

3.3
Exercise of Warrants.

 

3.3.1
Exercise and Payment. Terms relating to the exercise of a Unit Warrant are set forth in form of Unit Warrant attached hereto
as Exhibit B-1, which is incorporated by reference herein. A registered holder may exercise a Warrant by delivering, not later
than 5:00 P.M., Eastern time, on any Business Day during the applicable Warrant Exercise Period (the “Exercise Date”)
to the Warrant Agent at its offices designated for such purpose (i) the Warrant Certificate evidencing the Warrants to be exercised,
or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) free
on the records of DTC to an account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to
DTC from time to time, and (ii) an election to purchase the Warrant Shares underlying the Warrants to be exercised (the “Election
to Purchase” and together with the Warrant Certificates and the Book-Entry Warrants, the “Warrant Exercise Documents”),
properly completed and duly executed by the registered holder on the reverse of the Warrant Certificate, accompanied by a signature
guarantee and such other documentation as the Warrant Agent may reasonably request, or, in the case of a Book-Entry Warrant Certificate,
properly delivered by the Participant in accordance with DTC’s procedures. Within one Trading Day after the Exercise Date,
such holder must pay the Warrant Price for each Warrant to be exercised in lawful money of the United States of America by wire,
certified or official bank check, or wire transfer, in immediately available funds unless such holder has elected to make a cashless
exercise pursuant to the terms of the Warrant. The term “Warrant Price” as used in this Warrant Agreement refers to
price per share of Common Stock at which shares may be purchased at the time the Warrant is exercised.

 

If
any of (A) the Warrant Certificate or the Book-Entry Warrants, (B) the Election to Purchase, or (C) the Warrant Price therefor,
is received by the Warrant Agent after 5:00 P.M., Eastern Time, on the specified Exercise Date, the Warrants will be deemed to
be received on the Business Day next succeeding the Exercise Date. If the date specified as the Exercise Date is not a Business
Day, the Warrants will be deemed to be received on the next succeeding day that is a Business Day. If the Warrants are received
or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the
Warrant Agent will be returned to the registered holder or Participant, as the case may be, as soon as practicable. In no event
will a registered holder or Participant be entitled to interest accrued on funds deposited with the Warrant Agent in respect of
an exercise or attempted exercise of the Warrants. The Warrant Agent shall not have any responsibility or liability relating to
the determination as to the validity of any exercise of Warrants which determination will be made by the Company and the applicable
registered holder, and the Warrant Agent may rely upon the instructions of the Company regarding the validity of any exercise
of Warrants. The Warrant Agent shall not have any obligation to inform a registered holder of the invalidity of any exercise of
Warrants. If the Company believes that an exercise by a registered holder is invalid the Company will promptly notify such registered
holder of such fact and the reasons why it believes the exercise was invalid and will provide a copy of such notice to the Warrant
Agent as soon as practicable.

 

The
Warrant Agent shall forward funds received for Warrant exercises, during any month, by the 5th Business Day of the following month
by wire transfer to an account designated by the Company in writing.

 

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3.3.2
Issuance of Certificates. The Warrant Agent shall, within a reasonable time, advise the Company and the Company’s
transfer agent and registrar (the “Transfer Agent”) in respect of (a) the Warrant Shares issuable upon such
exercise as to the number of Warrants exercised in accordance with the terms and conditions of this Warrant Agreement, (b) the
instructions of each registered holder or Participant, as the case may be, with respect to delivery of the Warrant Shares issuable
upon such exercise, and the delivery of definitive Warrant Certificates, as appropriate, evidencing the balance, if any, of the
Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the
records maintained by DTC, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the
balance, if any, of the Warrants remaining after such exercise and (d) such other information as the Company, the Warrant Agent
or such Transfer Agent shall reasonably require. So long as the Holder delivers the Warrant Price (or notice of a Cashless Exercise)
on or prior to the first (1st) Trading Day following the date on which the Warrant Exercise Documents have been delivered to the
Warrant Agent, then on or prior to the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising
the Standard Settlement Period, in each case following the date on which the Warrant Exercise Documents have been delivered to
the Company, or, if the Holder does not deliver the Warrant Price (or notice of a Cashless Exercise) on or prior to the first
(1st) Trading Day following the date on which the Warrant Exercise Documents have been delivered to the Warrant Agent, then on
or prior to the first (1st) Trading Day following the date on which the Warrant Price (or notice of a Cashless Exercise) is delivered
(such earlier date, the “Share Delivery Date”), the Company shall cause the Warrant Agent to (X) provided that
the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, credit such aggregate number of Warrant
Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account
with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Warrant Exercise
Documents, a certificate, registered in the name of the Holder or its designee, for the number of Warrant Shares to which the
Holder is entitled pursuant to such exercise. If the Warrant Agent fails for any reason to deliver to such registered holder or
Participant, as the case may be, the Warrant Shares subject to an exercise notice by the Share Delivery Date, the Company shall
pay to the registered holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to
such exercise (based on the Weighted Average Price of the Common Stock on the date of the applicable exercise notice), $10 per
Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each
Trading Day after such Share Delivery Date until such Warrant Shares are delivered or the registered holder rescinds such exercise.
The Warrant Agent shall have no responsibility for any liquidated damages that may be payable or paid to any registered holder
or Participant under this paragraph for any failure by the Warrant Agent to execute, issue and deliver, on the Company’s
behalf, the Warrant Shares as required by this paragraph. In addition, the Company shall indemnify and hold harmless the Warrant
Agent against all claims made against the Warrant Agent for any such failure except that the Company shall not be obligated to
provide any such indemnification if it is determined by a final, non-appealable judgment of a court of competent jurisdiction
that such failure is due to the Warrant Agent’s gross negligence, bad faith or willful misconduct.

 

If
the Warrant Agent fails to comply with the preceding paragraphs in this Section 3.3.2 by the Share Delivery Date, then, without
limiting the rights and immunities of the Warrant Agent hereunder, in addition to other rights it may have hereunder, the registered
holder or Participant will have the right to rescind its exercise.

 

3.3.3
Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Warrant
Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.4
Dividends. The accrual of dividends, if any, on the Warrant Shares issued hereunder will be governed by the terms generally
applicable to the Common Stock. From and after the issuance of such Warrant Shares, the Holder of the Warrants pursuant to which
such Warrant Shares a were issued, upon exercise, will be entitled to the benefits generally available to other holders of Common
Stock, including the accrual of dividends, if any, on such Warrant Shares even prior to exercise of such Warrants, and such Holder’s
right to receive payments of dividends and any other amounts payable in respect of the Warrant Shares shall be governed by, and
shall be subject to, the terms and provisions generally applicable to the Common Stock.

 

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3.3.5
No Fractional Exercise. A registered holder may exercise a Warrant from time to time only for whole shares of Common Stock.
No fractional shares or scrip representing fractional shares shall be issued upon the exercise of a Warrant. As to any fraction
of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either
pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or
round up to the next whole share. If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant
Certificate for the number of unexercised Warrants remaining shall be executed by the Company and countersigned by the Warrant
Agent as provided in Section 2 of this Warrant Agreement, and delivered to the Holder of the Warrant Certificate at the address
specified on the books of the Warrant Agent or as otherwise specified in writing by such registered holder. If fewer than all
the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by
DTC, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants
remaining after such exercise. Whenever a payment for fractional shares is to be made by the Warrant Agent under this Warrant
Agreement, the Company shall promptly prepare and deliver to the Warrant Agent a certificate setting forth in reasonable detail
the facts related to such payments and the prices and formulas utilized in calculating such payments. The Warrant Agent shall
be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have
knowledge of, any payment for fractional shares under this Warrant Agreement relating to the payment of fractional shares unless
and until the Warrant Agent shall have received such a certificate and sufficient monies. The Company shall provide initial funding
to the Warrant Agent of one thousand dollars ($1,000) for the purpose of issuing cash in lieu of fractional shares. From time
to time thereafter, the Warrant Agent may request additional funding, as shall be required, in the Warrant Agent’s reasonable
determination, to satisfy payments for fractional Warrant Shares. The Warrant Agent shall have no obligation to make such payments
for fractional Warrant Shares in excess of the amount of funds advanced by the Company in respect of such payments. Upon expiration
of the term of all Warrants or the earlier exercise of all Warrants any balance remaining of such funds shall be paid to the Company.

 

3.3.6
No Transfer Taxes. Issuance of Warrant Shares shall be made without charge to a registered holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the registered holder or in such name or names as may be
directed by the registered holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the
name of the registered holder, a Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the registered holder and the Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing
of any exercise notice. The Warrant Agent shall not have any duty or obligation to take any action under any section of this Warrant
Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been
made.

 

3.3.7
Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the
Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the stock transfer books are open. Upon receipt by
the Company of a duly executed Notice of Exercise (which may be by facsimile or email), a registered holder shall be deemed to
have exercised its Warrant as specified in the Notice of Exercise for purposes of Regulation SHO promulgated under the Securities
Exchange Act of 1934, as amended (the “1934 Act”). A Holder whose interest in a Warrant is a beneficial interest
in certificate(s) representing a Warrant held in book-entry form through DTC shall be deemed to have exercised its interest in
Warrant upon instructing its broker that is a DTC participant to exercise its interest in a Warrant, for purposes of Regulation
SHO promulgated under the 1934 Act.

 

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3.3.8
Optional Cashless Exercise. A Unit Warrant, as applicable, may be exercised by the Holder thereof, pursuant to the cashless
exercise provisions set forth in the form of Unit Warrant attached hereto as Exhibit B-1, which is incorporated by reference
herein.

 

3.3.9
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the registered holder the number of Warrant Shares that are not disputed.

 

3.3.10
Limitations on Exercise. Each Unit Warrant shall be subject to such limitations on exercise as set forth in the section
titled Beneficial Ownership the form of Unit Warrant attached hereto as Exhibit B-1.

 

3.4
Company’s Failure to Timely Deliver Securities. Provisions relating to the Company’s failure to timely deliver
securities, with respect to the exercise of the Unit Warrants shall be set forth (a) in each Unit Warrant in the section titled
Company’s Failure to Timely Deliver Securities in the form of Unit Warrant attached hereto as Exhibit B-1.

 

3.5
Cost Basis Information. In the event of a cash exercise, the Company hereby instructs the Warrant Agent to record cost
basis for newly issued shares of Common Stock in a manner to be subsequently communicated by the Company in writing to the Warrant
Agent. In the event of a cashless exercise, the Company shall provide cost basis for the shares of Common Stock issued pursuant
to a cashless exercise at the time the Company confirms the number of Warrant Shares issuable in connection with the cashless
exercise to the Warrant Agent pursuant to Section 3.3.3 hereof.

 

3.6
Rule 144. If the Warrant Shares are issued in a cashless exercise, the Company and the registered holder undertaking such
cashless exercise acknowledge and agree that in accordance with Section 3(a)(9) of the 1933 Act, other than a change in law, the
Warrant Shares take on the registered characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated
under the 1933 Act, as in effect on the Issuance Date, it is intended that the Warrant Shares issued in a cashless exercise shall
be deemed to have been acquired by the holder of the Warrant Shares, and the holding period for the Warrant Shares shall be deemed
to have commenced, on the date the Warrants being exercised were originally issued pursuant to the Underwriting Agreement. The
Company shall, at all times prior to the earlier to occur of (i) the date of sale or other disposition by the holders of a Warrant
of or all shares of Common Stock issued on exercise of such Warrant or (ii) the expiration or earlier termination of a Warrant
if a Warrant has not been exercised in full or in part on such date, use commercially reasonable efforts to timely file all reports
required under the 1934 Act and otherwise timely take all actions necessary to permit the holder of such Warrant and/or the shares
of Common Stock issued on exercise thereof to sell or otherwise dispose of such Warrant and shares pursuant to Rule 144 promulgated
under the 1933 Act, provided that the foregoing shall not apply in the event of a Merger Event following which the successor or
surviving entity is not subject to the reporting requirements of the 1934 Act. If the holder of a Warrant proposes to sell Common
Stock issuable upon the exercise of such Warrant in compliance with Rule 144, then, upon the holder’s written request to
the Company, the Company shall furnish to the holder, within five (5) Business Days after receipt of such request, a written statement
confirming the Company’s compliance with the filing and other requirements of such Rule 144.

 

4.
Adjustments. The terms regarding any adjustment
of the Unit Warrants are set forth in the form of the Unit Warrant attached hereto as Exhibit B-1, which form is incorporated
by reference into this Warrant Agreement.

 

5.
Transfer and Exchange of Warrants.

 

5.1
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Unit Warrant
upon the Warrant Register, upon surrender of such Unit Warrant for transfer, duly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Unit Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Unit Warrants so cancelled
shall be delivered by the Warrant Agent to the Company from time to time upon the request and at the expense of the Company.

 

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5.2
Procedure for Surrender of Warrants. The Unit Warrants may be surrendered to the Warrant Agent, together with a written
request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Unit Warrants
as requested by the registered holder of the Unit Warrants so surrendered, representing an equal aggregate number of Unit Warrants;
provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant
Certificate may be transferred only in whole and only to DTC, to another nominee of DTC, to a successor depository, or to a nominee
of a successor depository; provided further, however, that in the event that a Unit Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Unit Warrant and issue a new Unit Warrants in exchange therefor until the Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Unit
Warrants or Warrant Shares must also bear a restrictive legend. Upon any such registration of transfer, the Company shall execute,
and the Warrant Agent shall countersign and deliver, in the name of the designated transferee a new Warrant Certificate or Warrant
Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Unit Warrants.

 

A
party requesting transfer of Warrants must provide any evidence of authority that may be required by the Warrant Agent, including
but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program
approved by the Securities Transfer Association.

 

5.3
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will
result in the issuance of a Warrant Certificate for a fraction of a Warrant.

 

5.4
Service Charges. A registered holder shall not incur any service charge for any exchange or registration of transfer of
the Unit Warrants.

 

5.5
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Warrant Agreement and the Unit Warrants required to be issued pursuant to the provisions of this Section
5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf
of the Company for such purpose.

 

6.
Other Provisions Relating to Rights of Registered
Holders of Warrants.

 

6.1
No Rights as Stockholder. Except as otherwise specifically provided herein, a registered holder, solely in its capacity
as a holder of a Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a registered holder, solely
in its capacity as the registered holder of the Unit Warrant, any of the rights of a stockholder of the Company or any right to
vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the registered holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of a Warrant. In addition, nothing contained in this Warrant Agreement shall be construed as imposing any liabilities on a registered
holder to purchase any securities (upon exercise of a Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company. The Unit Warrant does not entitle the registered holder thereof to
any of the rights of a stockholder.

 

6.2
Lost, Stolen or Destroyed Warrants. The Warrant Agent shall issue replacement Unit Warrants in a form mutually agreed to
by Warrant Agent and the Company for those certificates alleged to have been lost, stolen or destroyed, upon receipt by Warrant
Agent of an open penalty surety bond satisfactory to it and holding it and Company harmless and, at the Company’s or the
Rights Agent’s request, reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto,
absent notice to Warrant Agent that such certificates have been acquired by a bona fide purchaser. Warrant Agent may, at its option,
issue replacement Unit Warrants for mutilated certificates upon presentation thereof without such indemnity.

 

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6.3
Authorized Shares. The Company covenants that, during the period the Unit Warrants are outstanding, the Company shall at
all times keep reserved for issuance under the U Unit Warrants a number of shares of Common Stock at least equal to 100% of the
maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common
Stock under the Unit Warrants then outstanding (without regard to any limitations on exercise) (the “Required Reserve
Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section
6.3 be reduced other than in connection with any exercise of the Unit Warrants or such other event covered by Section 4.2. The
Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated
pro rata among the holders of the Unit Warrants based on the number of shares of Common Stock issuable upon exercise of the Unit
Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized
Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Unit Warrants,
each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common
Stock reserved and allocated to any Person which ceases to hold the Unit Warrants shall be allocated to the remaining holders
of the Unit Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Unit Warrants then
held by such holders thereof (without regard to any limitations on exercise). If at any time while the Unit Warrants remains outstanding
the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to
reserve for issuance the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall promptly
take all action reasonably necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for the Unit Warrants then outstanding. Without limiting the generality
of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders
for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company
shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders’
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders
that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the Company is
able to obtain the written consent of a majority of the shares of its issued and outstanding shares of Common Stock to approve
the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by obtaining such consent
and submitting for filing with the SEC an Information Statement on Schedule 14C.

 

6.4
Noncircumvention. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of the Unit Warrants, and will at all times in good faith carry out all of the provisions of the Unit Warrants and take
all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company
(i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of the Unit Warrants above the
Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of the Unit Warrants, and (iii)
shall, so long as any of the Unit Warrants are outstanding, take all action necessary to reserve and keep available out of its
authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of Unit Warrant, the number of
shares of Common Stock as shall from time to time be necessary to effect the exercise of the Unit Warrants then outstanding (without
regard to any limitations on exercise).

 

7.
Concerning the Warrant Agent and Other Matters.

 

7.1
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance, transfer or delivery of shares of Common Stock upon the exercise of Warrants,
but the Company or the Warrant Agent shall not be obligated to pay any transfer taxes or charges in respect of the Unit Warrants
or such shares in connection with a transfer to a different holder. The Warrant Agent shall not register any transfer or issue
or deliver any Warrant Certificate(s) unless or until the persons requesting the registration or issuance shall have paid to the
Warrant Agent for the account of the Company the amount of such transfer tax and charges, if any, or shall have established to
the reasonable satisfaction of the Company and the Warrant Agent that such transfer tax and charges, if any, have been paid.

 

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7.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

7.2.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to
the Company pursuant to the notice provisions in Section 8.2 hereof. In the event the transfer agency relationship, if any, in
effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and
be discharged from its duties under this Warrant Agreement as of the effective date of such termination. If the office of the
Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost.
Any successor Warrant Agent, whether appointed by the Company or by such court, shall be authorized under applicable laws to exercise
the powers of a transfer agent and subject to supervision or examination by federal or state authorities. After appointment, any
successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for
any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the
Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor
Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver
any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all
such authority, powers, rights, immunities, duties, and obligations.

 

7.2.2
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any
such appointment.

 

7.2.3
Merger or Consolidation of Warrant Agent. Any Person into which the Warrant Agent may be merged or converted or with which
it may be consolidated or any Person resulting from any merger, conversion, or consolidation to which the Warrant Agent shall
be a party, or any Person succeeding to the business of the Warrant Agent, shall be the successor Warrant Agent under this Warrant
Agreement without any further act by the parties.

 

7.3
Fees and Expenses of Warrant Agent.

 

7.3.1
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder in accordance with a fee schedule to be mutually agreed upon and will reimburse the Warrant Agent upon demand for all
expenditures (including the reasonable expenses and fees of counsel) and disbursements that the Warrant Agent may reasonably incur
in the incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Warrant Agreement and
the exercise and performance of its duties hereunder.

 

7.3.2
Further Assurances. The Company shall perform, acknowledge and deliver or cause to be performed, acknowledged and delivered
all such further and other acts, documents, instruments and assurances as may be reasonably required by the Warrant Agent for
the carrying out or performing by the Warrant Agent of the provisions of this Warrant Agreement.

 

7.4
Liability of Warrant Agent.

 

7.4.1
Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer,
President or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may rely
upon, and be held harmless for such reliance, such statement for any action taken or suffered by it pursuant to the provisions
of this Warrant Agreement, and shall not be held liable in connection with any delay in receiving such statement.

 

    	10

    	 

    

 

7.4.2
Indemnification. The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs,
expenses (including reasonable fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to
which it may become subject, arising from or out of, directly or indirectly, any claims or liability resulting from its actions
or omissions as Warrant Agent pursuant hereto; provided, that such covenant and agreement does not extend to, and the Warrant
Agent shall not be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent
as a result of, or arising out of, its gross negligence, bad faith, or willful misconduct (each as determined in a final, non-appealable
judgment of a court of competent jurisdiction).

 

7.4.3
Instructions. From time to time, the Company may provide the Warrant Agent with instructions concerning the services performed
by the Warrant Agent hereunder. In addition, at any time the Warrant Agent may apply to any officer of the Company for instruction,
and may consult with legal counsel for Warrant Agent or the Company with respect to any matter arising in connection with the
services to be performed by the Warrant Agent under this Warrant Agreement. The Warrant Agent and its agents and subcontractors
shall not be liable and shall be indemnified by the Company for any action taken or omitted by the Warrant Agent in reliance upon
any Company instructions or upon the advice or opinion of such counsel. The Warrant Agent shall not be held to have notice of
any change of authority of any person, until receipt of written notice thereof from the Company.

 

7.4.4
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any
breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible
to make calculations under Section 3.3.8 or any adjustments required under the provisions of Section 4 hereof or responsible for
the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common
Stock will when issued be valid and fully paid and nonassessable.

 

7.4.5
Rights and Duties of Warrant Agent. The Warrant Agent may consult with legal counsel (who may be legal counsel for the
Company), and the opinion or advice of such counsel shall be full and complete authorization and protection to the Warrant Agent
as to any action taken or omitted by it in accordance with such opinion or advice.

 

(a)
The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Warrant
Agreement or in the Warrant Certificates (except its countersignature thereof) or be required to verify the same, and all such
statements and recitals are and shall be deemed to have been made by the Company only.

 

(b)
The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of
the Unit Warrants with respect to any action or default by the Company, including, without limiting the generality of the foregoing,
any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the
Company.

 

(c)
The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the
Unit Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may
be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant
Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the
Company or for any other legal entity.

 

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(d)
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default,
neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect
or misconduct, absent gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of
competent jurisdiction) in the selection and continued employment thereof.

 

(e)
The Warrant Agent may rely on and shall be held harmless and protected and shall incur no liability for or in respect of any action
taken, suffered or omitted to be taken by it in reliance upon any certificate, statement, instrument, opinion, notice, letter,
facsimile transmission, telegram or other document, or any security delivered to it, and believed by it to be genuine and to have
been made or signed by the proper party or parties, or upon any written or oral instructions or statements from the Company with
respect to any matter relating to its acting as Warrant Agent hereunder.

 

(f)
The Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or
subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances
of repayment or indemnity satisfactory to it.

 

(g)
The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating
to any registration statement filed with the Commission or this Warrant Agreement, including without limitation obligations under
applicable regulation or law.

 

(h)
The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Unit Warrants
authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Warrant Agreement or for the application
by the Company of the proceeds of the issue and sale, or exercise, of the Unit Warrants.

 

(i)
The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express
provisions hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations
or relationship of agency or trust with any of the owners or holders of the Unit Warrants.

 

(j)
The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature
by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion
Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution
for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation
may thereafter have been altered, changed, amended or repealed.

 

(k)
In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction,
request or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole
discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder
of any Warrant Certificate or Book-Entry Warrant Certificate or any other person or entity for refraining from taking such action,
unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to
the satisfaction of Warrant Agent. The foregoing shall not eliminate any liability that the Company may have to any registered
holder or holder of any Warrant Certificate or Book-Entry Warrant Certificate.

 

7.5
Limitation on Liability of Warrant Agent. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s
aggregate liability during any term of this Warrant Agreement with respect to, arising from, or arising in connection with this
Warrant Agreement, or from all services provided or omitted to be provided under this Warrant Agreement, whether in contract,
or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Warrant Agent as fees
and charges, but not including reimbursable expenses, during the twelve (12) months immediately preceding the event for which
recovery from Warrant Agent is being sought. Sections 7.1, 7.3, 7.4, 7.5 and 8.15 shall survive the expiration of the Unit Warrants,
the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs and expenses
incurred in enforcing this right of indemnification shall be paid by the Company.

 

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7.6
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform
the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
to the Unit Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent
for the purchase of shares of Common Stock through the exercise of Unit Warrants.

 

7.7
Opinion of Counsel. The Company shall provide an opinion of counsel prior to the Issuance Date to set up a reserve of the
Unit Warrants and related Common Stock. The opinion shall state that all Unit Warrants or Common Stock, as applicable, are:

 

(1)
registered under the 1933 Act, or are exempt from such registration, and all appropriate state securities law filings have been
made with respect to the warrants or shares; and

 

(2)
validly issued, fully paid and non-assessable.

 

8.
Miscellaneous Provisions.

 

8.1
Successors. Subject to applicable securities laws, this Warrant Agreement and the Unit Warrants and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the
successors and permitted assigns of each registered holder. The provisions of this Warrant Agreement are intended to be for the
benefit of any holder from time to time of this Warrant Agreement and shall be enforceable by the holder or holder of Warrant
Shares.

 

8.2
Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent
or by the holder of any Warrant to or on the Company shall be in writing and delivered by hand or sent by registered or certified
mail or overnight courier service addressed (until another address is filed in writing by the Company with the Warrant Agent),
or by facsimile transmission (as long as the sender maintains a fax delivery report confirming receipt by the recipient and is
considered delivered when sent or if after normal business hours the next Business Day) or by email (as long as no bounce back
is received by the sender), as follows:

 

Gaucho
Group Holdings, Inc.

8
Union Square South, Suite 2A

New
York, NY 10003

Attn:
Scott Mathis

212-739-7700

 

Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company
to or on the Warrant Agent shall be in writing and delivered by hand or overnight courier service addressed (until another address
is filed in writing by the Warrant Agent with the Company) as follows:

 

Continental
Stock Transfer & Trust

Attn:
Compliance Department

1
State Street, 30th Floor

New
York, NY 10004

 

8.3
Jurisdiction. The validity, interpretation, and performance of this Warrant Agreement and of the Unit Warrants shall be
governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenience forum. Any such process or summons to be served upon the Company may be served
by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at
the address set forth in Section 8.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon
the Company in any action, proceeding or claim.

 

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8.4
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation
other than the parties hereto and the registered holders of the Unit Warrants, any right, remedy, or claim under or by reason
of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the
parties hereto and their successors and assigns and of the registered holders of the Unit Warrants.

 

8.5
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the
office of the Warrant Agent, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

 

8.6
Counterparts. This Warrant Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument. A signature to this Warrant Agreement transmitted electronically shall have the same authority, effect, and
enforceability as an original signature.

 

8.7
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and
shall not affect the interpretation thereof.

 

8.8
Amendments. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate,
for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or
making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent
may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders
of the Unit Warrants. Notwithstanding the foregoing, any amendment to a Unit Warrant shall be governed by the terms of the form
of Unit Warrant attached hereto as Exhibit B-1, which is incorporated by reference herein.

 

8.9
Severability. Wherever possible, each provision of this Warrant Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant Agreement shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Warrant Agreement; provided, however, that if such prohibited
and invalid provision shall adversely affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent,
the Warrant Agent shall be entitled to resign immediately upon written notice to the Company.

 

8.10
Restrictions. Each registered holder acknowledges that the Warrant Shares acquired upon the exercise of a Warrant, if not
registered, and the registered holder does not utilize cashless exercise, will have restrictions upon resale imposed by state
and federal securities laws.

 

8.11
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of a registered
holder shall operate as a waiver of such right or otherwise prejudice such a registered holder’s rights, powers or remedies.
Without limiting any other provision of this Warrant Agreement or the Underwriting Agreement, if the Company willfully and knowingly
fails to comply with any provision of this Warrant Agreement or the Unit Warrants, which results in any material damages to a
registered holder, the Company shall pay such registered holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the registered
holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

8.12
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the registered holder to exercise
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of a registered holder, shall give rise
to any liability of each registered holder for the purchase price of any Common Stock or as a stockholder of the Company, whether
such liability is asserted by the Company or by creditors of the Company.

 

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8.13
Remedies. The registered holders, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, will be entitled to specific performance of its rights under this Warrant Agreement. The Company agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant
Agreement and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law
would be adequate. Notwithstanding the foregoing or anything else herein to the contrary, other than as expressly provided in
Section 3.3.2, Section 3.4 or Section 4.5 hereof, if the Company is for any reason unable to issue and deliver Warrant Shares
upon exercise of a Warrant as required pursuant to the terms hereof, the Company shall have no obligation to pay to the holder
any cash or other consideration or otherwise “net cash settle” the Warrant; provided that the foregoing shall not
limit or supersede the applicability of Section 4.5 hereof.

 

8.14
Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the
business of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received
pursuant to the negotiation or the carrying out of this Warrant Agreement including the fees for services set forth in a mutually
agreed upon schedule shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required
by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and
criminal actions).

 

8.15
Consequential Damages. Neither party to this Warrant Agreement shall be liable to the other party for any consequential,
indirect, special or incidental damages under any provisions of this Warrant Agreement or for any consequential, indirect, punitive,
special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has
foreseen the possibility of such damages.

 

8.16
Force Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any
delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of
data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war,
or civil unrest; provided, however, that this Section 8.16 shall not affect any of the Company’s obligations to the Holders
under the Unit Warrants.

 

8.17
Dispute Resolution. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic
mail within two (2) Business Days of receipt of the Warrant Exercise Document or other event giving rise to such dispute, as the
case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise
Price or the Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted
to the Holder, then the Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination
of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the
disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall
cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations
and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed
determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may
be, shall be binding upon all parties absent demonstrable error.

 

8.18
Conflicts. If there is any conflict between the terms of this Warrant Agreement and the terms of a Unit Warrant, as applicable,
the terms of such Unit Warrant shall apply.

 

9.
Certain Definitions. For purposes of this
Warrant Agreement, the following terms shall have the following meanings (for purposes of these definitions, Warrants means the
Unit Warrants):

 

9.1
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

    	15

    	 

    

 

9.2
[Reserved]

 

9.3
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly
managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect
Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together
with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock
would or could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934
Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the
Maximum Percentage.

 

9.4
“Bid Price” means, for any security as of the particular time of determination, the bid price for such
security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not
the principal securities exchange or trading market for such security, the bid price of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination,
or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board
for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security
by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the
Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid
Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and
the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved in accordance with the procedures in Section 8.17. All such determinations shall be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during such period.

 

9.5
[Reserved].

 

9.6
“Bloomberg” means Bloomberg Financial Markets.

 

9.7
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law or executive order to remain closed.

 

9.8
“Change of Control” means any Fundamental Transaction other than (i) any reorganization, recapitalization
or reclassification of the Common Stock in which holders of the Company’s voting power immediately prior to such reorganization,
recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly
traded securities and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving
entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if
other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, (ii) pursuant
to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or (iii) a
merger in connection with a bona fide acquisition by the Company of any Person in which (x) the gross consideration paid, directly
or indirectly, by the Company in such acquisition is not greater than 20% of the Company’s market capitalization as calculated
on the date of the consummation of such merger and (y) such merger does not contemplate a change to the identity of a majority
of the board of directors of the Company. Notwithstanding anything herein to the contrary, any transaction or series of transaction
that, directly or indirectly, results in the Company or the Successor Entity not having Common Stock or common stock, as applicable,
registered under the 1934 Act and listed on an Eligible Market shall be deemed a Change of Control.

 

    	16

    	 

    

 

9.9
“Closing Bid Price” and “Closing Sale Price” means, for any security as of
any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as
reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing
bid price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such
security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities
exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on
the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the
foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter
market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade
price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively,
of any market makers for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly
Pink OTC Markets Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable
to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 8.17 with the term
fair market value being substituted for “Exercise Price.” All such determinations to be appropriately adjusted for
any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation
period.

 

9.10
“Common Stock” means (i) the Company’s shares of Common Stock and (ii) any share capital into
which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

9.11
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

9.12
“Eligible Market” means The Nasdaq Capital Market, the NYSE American LLC, The Nasdaq Global Select Market,
The Nasdaq Global Market or The New York Stock Exchange, Inc.

 

9.13
[Reserved]

 

9.14
“Expiration Date” means the date that is eighteen (18) months after the Issuance Date or, if such date
falls on a Holiday, the next date that is not a Holiday, as the same may be extended pursuant to Section 3.3.7.

 

9.15
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through
subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or
not the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose
of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as
defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities
to make, or allow the Company to be subject to or have its shares of Common Stock be subject to or party to one or more Subject
Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding
shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by
all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or
exchange offer were not outstanding; or (z) such number of shares of Common Stock such that all Subject Entities making or party
to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the
beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or
(iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the
aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares
of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding;
or (z) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined
in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or
reclassify its shares of Common Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate
to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether
through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common
Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization,
recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding shares of Common Stock, (y) at least 50% of the aggregate ordinary voting power
represented by issued and outstanding shares of Common Stock not held by all such Subject Entities as of the Issuance Date calculated
as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate
ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of the Company sufficient
to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the
Company to surrender their Common Stock without approval of the stockholders of the Company or (C) directly or indirectly, including
through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other
instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case
this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition
to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with
the intended treatment of such instrument or transaction.

 

    	17

    	 

    

 

9.16
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined
in Rule 13d-5 thereunder.

 

9.17
“Merger Event” means any of the following: (i) a sale, lease or other transfer of all or substantially
all assets of the Company, (ii) any merger or consolidation involving the Company in which the Company is not the surviving entity
or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of
capital stock or other securities or property of another entity, or (iii) any sale by holders of the outstanding voting equity
securities of the Company in a single transaction or series of related transactions of shares constituting a majority of the outstanding
combined voting power of the Company.

 

9.18
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock
or Convertible Securities.

 

9.19
[Reserved]

 

9.20
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common stock or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected
by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity, the
Person or such entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public
market capitalization as of the date of consummation of the Fundamental Transaction.

 

9.21
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

9.22
“Principal Market” means the principal securities exchange or securities market on which the Common
Stock is then traded.

 

9.23
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the
Notice of Exercise.

 

9.24
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person,
Persons or Group.

 

9.25
“Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company
or Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if
so elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

9.26
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the
Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities
market on which the Common Stock is then traded.

 

9.27
“Transaction Documents” means any agreement entered into by and between the Company and the Holder,
as applicable.

 

9.28
“Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average
price for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time
as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such
other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its
“Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security
in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m.,
New York time (or such other time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m.,
New York time (or such other time as such market publicly announces is the official close of trading), as reported by Bloomberg,
or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest
Closing Bid Price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link or
“pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable
to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 8.17 with the term
“Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction
during the applicable calculation period.

 

    	18

    	 

    

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	GAUCHO
    GROUP HOLDINGS, INC.
	 	 	 
	 	By:	                        
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Continental
    Stock Transfer & Trust Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Warrant Agreement]

 

    	19

    	 

    

 

EXHIBIT
A-1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

 

[FORM
OF GLOBAL CERTIFICATE]

 

GAUCHO
GROUP HOLDINGS, INC.

 

COMMON
WARRANT CERTIFICATE

 

	Certificate
    No.: 1 	 	CUSIP
    No.: [●]
	Number
    of Warrants: [●] 	 	Issue
    Date: February 19, 2021

 

THIS
CERTIFIES THAT, for value received, the person named below, is the registered holder of a Warrant or Warrants (the “Warrant”)
expiring the date eighteen (18) months after the Initial Exercisability Date or, if such date falls on a day other than a Business
Day or on which trading does not take place on the Principal Market (a “Holiday”), the next day that is not
a Holiday, subject to extension in certain events (“Expiration Date”), to purchase[●], ([●],) fully
paid and non-assessable shares (“Shares”) of Common Stock, par value $0.01 per share (“Common Stock”),
of Gaucho Group Holdings, Inc., a Delaware corporation (the “Company”). The Warrant entitles the holder thereof
to purchase from the Company such number of shares of Common Stock at the price of $6.00 per share (subject to adjustment), upon
surrender of this Warrant Certificate and payment of the Warrant Price to Continental Stock Transfer & Trust Company (the
“Warrant Agent”), at its offices designated for such purpose, but only subject to the conditions set forth
herein and in the Warrant Agreement, dated February 19, 2021, between the Company and the Warrant Agent (as may be amended from
time to time, the “Warrant Agreement”). The Warrant Agreement provides that upon the occurrence of certain
events, the Warrant Price and the number of Shares purchasable hereunder, set forth on the face hereof, may, subject to certain
conditions, be adjusted. The term “Warrant Price” as used in this Warrant Certificate refers to the price per
share of Common Stock at which Shares may be purchased at the time the Warrant is exercised. Capitalized terms used and not defined
herein shall have the meanings set forth in the Warrant Agreement.

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of warrants expiring on the Expiration Date
entitling the Holder (as defined below) hereof to receive shares of Common Stock, and is issued or to be issued pursuant to the
Warrant Agreement duly executed and delivered by the Company to the Warrant Agent, which Warrant Agreement is hereby incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the Holders (“Holders”
meaning, from time to time, the registered holders of the warrants issued thereunder). To the extent any provisions of this Warrant
Certificate conflicts with any provision of the Warrant Agreement, the provisions of the Warrant Agreement, specifically Exhibit
B-1 thereto, shall apply. A copy of the Warrant Agreement may be obtained by the Holder hereof upon written request to the
Company at Gaucho Group Holdings, Inc., 8 Union Square South, Suite 2A, New York, NY 100003, Attn: Chief Executive Officer.

 

No
fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction
of a Share upon any exercise of a Warrant, the Company shall, at its election, either pay a cash adjustment in respect of such
fraction in an amount equal to such fraction multiplied by the Exercise Price or round up such fraction to the next whole share.

 

    	20

    	 

    

 

Upon
any exercise of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered
holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the
Warrant has not been exercised, provided that such holder has previously surrendered this Warrant to the Warrant Agent.

 

Upon
surrender of the Warrant Certificate for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer, the Warrant Agent shall register the transfer. A new Warrant Certificate or Warrant Certificates evidencing
in the aggregate a like number of Warrants shall be issued and the old Warrant Certificate shall be canceled.

 

Warrant
Certificates, when surrendered to the Warrant Agent, may be transferred or exchanged in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
evidencing in the aggregate a like number of Warrants.

 

The
Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

This
Warrant Certificate does not entitle the registered holder to any of the rights of a stockholder of the Company.

 

[Signature
page follows]

 

    	21

    	 

    

 

	 	GAUCHO
GROUP HOLDINGS, INC.
	 	 	 
	 	By:	                                              
	 	Name: 	Scott
L. Mathis
	 	Title:	President
& CEO
	 	 	 
	 	COUNTERSIGNED:
	 	 	 
	 	Continental
    Stock Transfer & Trust Company,
    as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Authorized
    Officer

 

[Signature
page to Global Warrant Certificate—Common Warrants]

 

    	22

    	 

    

 

	PLEASE	DETACH	 HERE

 

Certificate
No.: 1 Number of Warrants:

 

WARRANT
CUSIP NO.: [_____]

 

	 	GAUCHO
    GROUP HOLDINGS, INC.
	 	 
	Name
    & Address of Holder:	Continental
    Stock Transfer & Trust Company, Warrant Agent
	Cede
        & Co.

        c/o
        The Depository Trust Company

        55
        Water Street

        New
        York, New York 10041
	 
	 	 
	 	By
    Mail:
	 	 
	 	 
	 	 
	 	By
    hand or overnight courier:
	 	 
	 	 

 

    	23

    	 

    

 

ELECTION
TO PURCHASE FORM

 

(to
be executed by the registered holder in order to exercise Warrants)

 

The
undersigned registered holder irrevocably elects to exercise Warrants to purchase shares of Common Stock represented by this Warrant
Certificate and to purchase such shares of Common Stock issuable upon the exercise of such Warrants, and requests that such shares
shall be issued in the name of

 

	 
	(PLEASE
    TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 
	 
	(SOCIAL
    SECURITY OR TAX IDENTIFICATION NUMBER)
	and
    be delivered to:
	 
	 

 

(PLEASE
PRINT OR TYPE NAME AND ADDRESS)

 

and,
at the sole election of the registered holder, if such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the
registered holder at the address stated below:

 

	Dated:	 	 

 

	 	 
	(SIGNATURE)	 
	 	 
	 	 
	 	 
	 	 
	(ADDRESS)	 
	 	 
	 	 
	 	 
	 	 
	(TAX
    IDENTIFICATION NUMBER)	 

 

    	24

    	 

    

 

ASSIGNMENT

 

(to
be executed by the registered holder in order to assign Warrants)

 

For
Value Received,             hereby sells, assigns, and transfers unto

 

	 
	(PLEASE
    TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 
	 
	(SOCIAL
    SECURITY OR TAX IDENTIFICATION NUMBER)
	and
    be delivered to:
	 
	 

 

(PLEASE
PRINT OR TYPE NAME AND ADDRESS)

 

Warrants
to purchase shares of Common Stock represented by this Warrant Certificate, and hereby irrevocably constitutes and appoints Attorney
to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises.

 

Dated:
___________________

 

	 	 
	(SIGNATURE)	 

 

The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the Nasdaq Stock Market LLC, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
Exchange.

 

    	25

    	 

    

 

Exhibit
B-1

 

[FORM
OF CERTIFICATED WARRANT]

 

COMMON
STOCK PURCHASE WARRANT

 

GAUCHO
GROUP HOLDINGS, INC.

 

	Warrant
    Shares: [_______]	Initial
    Exercise Date: February 19, 2021
	 	Issue
    Date: February 19, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after February 19, 2021 (the “Initial Exercise Date”) and on or prior to 5:00
p.m. (New York City time) on August 19, 2022 (the “Termination Date”) but not thereafter, to subscribe for
and purchase from Gaucho Group Holdings, Inc., a Delaware corporation (the “Company”), up to ______ shares1
(as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

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

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if no Trading Market exists, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

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

 

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

 

 

1
100% warrant coverage.

 

    	26

    	 

    

 

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

 

“Registration
Statement” means that certain registration statement on Form S-1, as amended (Registration No. 333-233586), originally
filed with the Commission on August 30, 2018, as such registration statement may be amended or otherwise modified from time to
time.

 

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

 

“Subsidiary”
or “Subsidiaries” means any subsidiary of the Company and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market or if applicable, the OTCQB or OTCQX Markets operated by OTC
Markets Group, Inc., or any similar over the counter market is open for trading.

 

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

 

“Transfer
Agent” means Continental Stock Transfer & Trust Company, the current transfer agent of the Company with a mailing
address of 1 State Street, 30th Floor, New York, New York 10004-1561, a phone number of (212) 509-4000 and an email address of
compliance@continentalstock.com, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if no Trading Market exists, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination
Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the
Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2)
Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein)
following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified
in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless
exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of
Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise
be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days
of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in
purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.

 

    	27

    	 

    

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $6.00 subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If the Registration Statement is not in effect and there is no other effective registration statement
registering, or no current prospectus available for the issuance of the Warrant Shares to the Holder and the resale of the Warrant
Shares, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice
of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of
the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

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d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares
are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise
of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the
name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise
to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days
after the delivery to the Company of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than
in the instance of a cashless exercise) is received by the Company by such date, (ii) one (1) Trading Day after delivery
of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period
after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within
the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program
so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means
the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	30

    	 

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
[Reserved].

 

c)
[Reserved].

 

    	31

    	 

    

 

d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the
Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or
into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance
or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or
indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has
been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one
or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger, or scheme
of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder
of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section
3(d) pursuant to written agreements prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the
Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of
the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if
such Successor Entity had been named as the Company herein. For the avoidance of doubt, if, at any time while this Warrant is
outstanding, a Fundamental Transaction occurs, pursuant to the terms of this Section 3(d), the Holder shall not be entitled to
receive more than one of (i) the consideration receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction, or (ii) the
assumption by the Successor Entity of all of the obligations of the Company under this Warrant and the option to receive a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant.

 

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e)
[Reserved.]

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered
by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register
of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice
(unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer
or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common
Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

h)
Aggregation of Shares. If, after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination or reclassification of Common Stock or other similar event, then, on the effective date thereof, the number of Warrant
Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares of Common Stock, and the
Exercise Price shall be proportionately increased.

 

i)
Changes in Form of Warrant. This form of Warrant need not be changed because of any change pursuant to this Section 3,
and any Warrant issued after such change may state the same Exercise Price and the same number of Warrant Shares as are stated
in the initial Warrant. The acceptance by the Holder of the issuance of a new Warrant reflecting a required or permissive change
shall not be deemed to waive any rights to an adjustment occurring after the Initial Exercise Date or the computation thereof.

 

    	33

    	 

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. In order to effectuate a transfer (in whole or in part) of this Warrant, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form
to the Company assigning this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised by
a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any
transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants
in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
or exchanges shall be dated the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the
name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
actual notice to the contrary.

 

d)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does
not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof
as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting the rights of a Holder to receive
Warrant Shares on a “cashless exercise,” and to receive the cash payments contemplated pursuant to Sections 2(d)(i)
and 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

    	34

    	 

    

 

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

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Governing Law; Venue. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. The Company and the Holder each agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against the Company
or the Holder or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the City of New York. The Company and the Holder each hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. The Company and the Holder each hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. Notwithstanding the foregoing,
nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal
securities laws.

 

    	35

    	 

    

 

f)
Attorney’s Fees. If either the Company or the Holder shall commence an action, suit or proceeding to enforce any
provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for
their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding.

 

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

 

h)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

i)
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, c/o Burns, Figa & Will, P.C., 6400 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80209, Attention: Victoria Bantz, Esq.; e-mail address: vbantz@bfwlaw.com, or such other email address or
address as the Company may specify for such purposes by notice to the Holder. Any and all notices or other communications or deliveries
to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized
overnight courier service addressed to each Holder at the e-mail address or address of the Holder appearing on the books of the
Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (a)
the time of transmission, if such notice or communication is delivered via e-mail attachment at the email addresses described
above at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission,
if such notice or communication is delivered via e-mail attachment at the e-mail addresses described above on a day that is not
a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to
whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material,
non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K..

 

j)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

    	36

    	 

    

 

k)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

l)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company,
on the one hand, and the Holder, on the other hand.

 

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

 

o)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	37

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	GAUCHO
    GROUP HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	Name: 	Scott
Mathis	 
	Title:	CEO
	 

 

    	38

    	 

    

 

NOTICE
OF EXERCISE

 

TO:
GAUCHO GROUP HOLDINGS, INC.

 

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

 

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

 

[  ]
in lawful money of the United States; or

 

[  ]
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in Section 2(c).

 

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

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity: 
	 	 
	 	 
	Signature
    of Authorized Signatory of Investing Entity:
	 	 
	 
	Name
    of Authorized Signatory: 
	 	 
	 
	Title
    of Authorized Signatory: 
	 	 

 

	Date:
    	 	 

 

    	39

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please
    Print)
	Address:	 	 
	 	 	(Please
    Print)
	 	 	 
	Phone
    Number:	 	 
	 	 	 
	Email
    Address:	 	 
	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature:	 	 
	 	 	 
	Holder’s
    Address:	 	 
	 	 	 
	 	 	[Signature
    Guarantee]

 

    	40

    	 

    

 

Exhibit
C

 

Form
of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

To:
Continental Stock Transfer & Trust Company, as Warrant Agent for Gaucho Group Holdings, Inc. (the “Company”)

 

The
undersigned Holder of Warrants in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate
evidencing the Warrants held by the Holder as specified below:

 

	 	1.	Name
    of Holder of Warrants in form of Global Warrants: _____________________________
	 	 	 
	 	2.	Name
    of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________
	 	 	 
	 	3.	Number
    of Warrants in name of Holder in form of Global Warrants: ___________________
	 	 	 
	 	4.	Number
    of Warrants for which Definitive Certificate shall be issued: __________________
	 	 	 
	 	5.	Number
    of Warrants in name of Holder in form of Global Warrants after issuance of Definitive Certificate, if any: ___________
	 	 	 
	 	6.	Definitive
    Certificate shall be delivered to the following address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to
the number of Warrants evidenced by the Definitive Certificate.

 

	 	[SIGNATURE
    OF HOLDER]	 
	 	 	 
	 	Name
    of Investing Entity:	 
	 	 	 
	 	Signature
    of Authorized Signatory of Investing Entity:	 
	 	 	 
	 	Name
    of Authorized Signatory:	 
	 	 	 
	 	Title
    of Authorized Signatory:	 
	 	 	 
	 	Date:	 

 

    	41Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION
AGREEMENT (this “Subscription Agreement” or the “Agreement”) is entered into this ___
day of February, 2021, by and between Rodgers Silicon Valley Acquisition Corp., a Delaware corporation (“Pubco”),
and the undersigned (“Subscriber” or “you”). Defined terms used but not otherwise defined
herein shall have the respective meanings ascribed thereto in the Transaction Agreement (as defined below).

 

WHEREAS, Enovix
Corporation, a Delaware corporation (the “Company”), and the other parties named therein propose to enter into
an Agreement and Plan of Merger (the “Transaction Agreement”), pursuant to which Enovix will merge with and
into a wholly owned subsidiary of Pubco, and Pubco will change its name to Enovix Corporation and continue as a listed public company
on the Nasdaq Capital Market (“Nasdaq”), on the terms and subject to the conditions set forth therein (the “Transaction”);

 

WHEREAS, in
connection with the Transaction, Subscriber desires to subscribe for and purchase from Pubco that number of shares of Pubco’s
common stock, par value $0.0001 per share (the “Pubco Common Stock”), set forth on the signature page hereto
(the “Pubco Shares”) for a purchase price of $14.00 per share (the “Per Share Price”), or
the aggregate purchase price set forth on the signature page hereto (the “Purchase Price”), which payment (other
than the aggregate par value of the Pubco Shares) will be directed to Pubco, and the Pubco Shares will be issued upon consummation
of the Transaction as set forth in the Transaction Agreement, and Pubco desires to issue and sell to Subscriber the Pubco Shares
in consideration of the payment of the Purchase Price by or on behalf of Subscriber to Pubco on or prior to the Closing (as defined
below); and

 

WHEREAS, in
connection with the Transaction, certain other “qualified institutional buyers” (as defined in Rule 144A under the
Securities Act) or “accredited investors” (within the meaning of Rule 501(a) under the Securities Act of 1933, as amended
(the “Securities Act”)) (each, an “Other Subscriber”) have entered into separate subscription
agreements with Pubco (“Other Subscription Agreements”) substantially similar to this Subscription Agreement,
pursuant to which all such investors have, together with the Subscriber pursuant to this Subscription Agreement, agreed to purchase
an aggregate of up to 12,500,000 shares of Pubco Common Stock at the Per Share Price.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.        Subscription.
Subject to the terms and conditions hereof, Subscriber hereby agrees, subject to the substantially concurrent consummation of the
Transaction, to subscribe for, and Pubco hereby agrees to issue to Subscriber, upon the payment of the Purchase Price, the Pubco
Shares on the terms and conditions set forth herein (such subscription and issuance, the “Subscription”).

 

    1

     

    

 

2.        Representations,
Warranties and Agreements.

 

2.1      Subscriber’s
Representations, Warranties and Agreements. To induce Pubco to issue the Pubco Shares to Subscriber, Subscriber hereby represents
and warrants to Pubco, and agrees with Pubco, as follows:

 

2.1.1        If
Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under
the laws of its jurisdiction of incorporation or formation, with the power and authority to enter into, deliver and perform all
of its obligations under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into,
deliver and perform its obligations under this Subscription Agreement.

 

2.1.2        If
Subscriber is not an individual, this Subscription Agreement has been duly authorized, executed and delivered by Subscriber. If
Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and capacity
to execute the same. Assuming that this Subscription Agreement constitutes the valid and binding agreement of the Pubco, this Subscription
Agreement is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.

 

2.1.3        The
execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated
herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of
Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license
or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any of its
subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which would
reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’
equity or results of operations of Subscriber and its subsidiaries, taken as a whole (a “Subscriber Material Adverse Effect”),
or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement
(a “Subscriber Material Adverse Effect”); (ii) if Subscriber is not an individual, result in any violation
of the provisions of the organizational documents of Subscriber or any of its subsidiaries; or (iii) result in any violation
of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably be expected
to have a Subscriber Material Adverse Effect.

 

2.1.4        Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an
 “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the
applicable requirements set forth on Schedule A, (ii) is acquiring the Pubco Shares only for its own account and
not for the account of others, or if Subscriber is subscribing for the Pubco Shares as a fiduciary or agent for one or more
investor accounts, each owner of such account is an accredited investor and Subscriber has full investment discretion with
respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements
herein on behalf of each owner of each such account, and (iii) is not acquiring the Pubco Shares with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the Securities Act. Subscriber has completed Schedule
A following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not
an entity formed for the specific purpose of acquiring the Pubco Shares. Subscriber understands and acknowledges that the
purchase of the Pubco Shares pursuant to this Agreement meets the exemptions from filing under FINRA Rule 5123(b)(1)(C) or
(J).

 

    2

     

    

 

2.1.5        Subscriber
understands that the Pubco Shares are being offered in a transaction not involving any public offering within the meaning of the
Securities Act and that the Pubco Shares have not been, and will not be registered under the Securities Act prior to Closing. Subscriber
understands that the Pubco Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber, any investment
fund or managed account managed by the same investment adviser as the Subscriber or having the same general partner or an affiliated
general partner and which investment fund or managed account shall be deemed to make the same representations as Subscriber hereunder
(each “Subscriber Affiliate”) absent an effective registration statement under the Securities Act except (i) to
the Pubco or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States
within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration
requirements of the Securities Act, and that any certificates or book entries representing the Pubco Shares shall contain a legend
to such effect. Subscriber acknowledges that the Pubco Shares will not be eligible for resale pursuant to Rule 144A promulgated
under the Securities Act. Subscriber understands and agrees that the Pubco Shares will be subject to the foregoing transfer restrictions
and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Pubco Shares and may be required
to bear the financial risk of an investment in the Pubco Shares for an indefinite period of time. Subscriber understands that it
has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Pubco Shares.

 

2.1.6        Subscriber
acknowledges and agrees that the Subscriber is purchasing the Pubco Shares directly from the Pubco. Subscriber acknowledges that
there have been no representations, warranties, covenants and agreements made to Subscriber by Pubco or any of its officers or
directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this
Subscription Agreement.

 

2.1.7        Subscriber
represents and warrants that (i) it is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), or (ii) its acquisition and holding of the Pubco Shares will not constitute
or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974,
as amended, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

    3

     

    

 

2.1.8
        In making its decision to purchase the Pubco Shares, Subscriber represents that it
has relied solely upon independent investigation made by Subscriber and the representations, warranties and covenants of the
Pubco contained in this Subscription Agreement. The Subscriber acknowledges and agrees that the Subscriber has received and
has had an adequate opportunity to review, and ask questions and receive answers with respect to, such financial and other
information as the Subscriber deems necessary in order to make an investment decision with respect to the Pubco Shares and
made its own assessment and is satisfied concerning the relevant tax, legal and other economic considerations relevant to the
Subscriber’s investment in the Pubco Shares. Without limiting the generality of the foregoing, the Subscriber
acknowledges that it has had an adequate opportunity to review the documents Subscriber deems necessary that have been
provided to the Subscriber by Pubco and the Company. The Subscriber represents and agrees that the Subscriber has had the
full opportunity to ask such questions, receive such answers and obtain such information regarding the Company, Pubco and the
Transaction, as the Subscriber has deemed necessary to make an investment decision with respect to the Pubco Shares. The
Subscriber acknowledges that, aside from certain disclosures pertaining to valuation, transaction structure, and comparable
companies and transactions, no disclosure or any information received by the Subscriber has been prepared by Oppenheimer
 & Co. Inc. (the “Placement Agent”) and that the Placement Agent and its directors, officers,
employees, representatives and controlling persons have made no independent investigation with respect to Pubco or the Pubco
Shares or the accuracy, completeness or adequacy of any information supplied to the Subscriber by the Company or Pubco. The
Subscriber acknowledges that it has not relied on any statements or other information provided by the Placement Agent or any
of the Placement Agent’s affiliates with respect to its decision to invest in the Pubco Shares, including information
related to the Company, Pubco, the Pubco Shares and the offer and sale of the Pubco Shares. The information provided to the
Subscriber is preliminary and subject to change.

 

2.1.9        Subscriber
became aware of this offering of the Pubco Shares solely (a) by means of direct contact from the Placement Agent, Pubco, the Company
or a representative of Pubco or the Company or (b) directly from Pubco or the Company as a result of a pre-existing, substantial
relationship with the Company, and the Pubco Shares were offered to Subscriber solely by direct contact between Subscriber and
any of the Placement Agent, Pubco, the Company or a representative of Pubco or the Company. Subscriber did not become aware of
this offering of the Pubco Shares, nor were the Pubco Shares offered to Subscriber, by any other means. Subscriber acknowledges
that the Placement Agent has not acted as its financial advisor or fiduciary. Subscriber acknowledges that Pubco represents and
warrants that the Pubco Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are
not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any
other state or foreign securities laws.

 

2.1.10      Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Pubco Shares. Subscriber
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Pubco Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to
make an informed investment decision. Subscriber acknowledges that the purchase and sale of the Pubco Shares
hereunder meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption
under FINRA Rule 2111(b).

 

2.1.11      Subscriber
represents and acknowledges that Subscriber has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of the investment in the Pubco Shares, has adequately analyzed and fully considered the risks
of an investment in the Pubco Shares and determined that the Pubco Shares are a suitable investment for Subscriber and that Subscriber
is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in
Pubco. Subscriber further acknowledges specifically that a possibility of total loss of investment exists and that it is able to
fend for itself in the transactions contemplated herein.

 

2.1.12      Subscriber
understands and agrees that no federal, state or other agency has passed upon or endorsed the merits of the offering of the Pubco
Shares or made any findings or determination as to the fairness of this investment.

 

    4

     

    

 

2.1.13      Subscriber
represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S.
shell bank (collectively, a “Prohibited  Investor”). Subscriber agrees to provide law enforcement
agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under
applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311
et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and
its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber, directly or indirectly
through a third party administrator, maintains policies and procedures reasonably designed to comply with applicable obligations
under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it directly or indirectly through a third-party
administrator, maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions
programs, including the OFAC List. Subscriber further represents and warrants that, to the extent required, it directly or indirectly
through a third-party administrator, maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber
and used to purchase the Pubco Shares were legally derived.

 

2.1.14      Subscriber
has, and at the Closing, will have, sufficient available funds to pay the Purchase Price pursuant to Section 3.1.

 

2.1.15      As
of the date hereof and as of the date of Closing, Subscriber represents that no disqualifying event described in Rule 506(d)(1)(i)-(viii)
under the Securities Act (a “Disqualification Event”) is applicable to Subscriber or any of its Rule 506(d)
Related Parties (as defined below), except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or
(d)(3) is applicable. At any time prior to the Closing, Subscriber hereby agrees that it shall notify Pubco promptly in writing
in the event a Disqualification Event becomes applicable to Subscriber or any of its Rule 506(d) Related Parties, at
or prior to Closing, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or
(d)(3) is applicable. For purposes of this Section 2.1.15, “Rule 506(d) Related Party” shall mean
a person or entity that is a direct beneficial owner of Subscriber’s securities for purposes of Rule 506(d) under the Securities
Act.

 

2.2      Pubco’s
Representations, Warranties and Agreements. To induce Subscriber to purchase the Pubco Shares, the Pubco hereby represents
and warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1        Pubco
has been duly incorporated and is validly existing as a corporation in good standing under the Delaware General Corporation Law
(the “DGCL”), with corporate power and authority to own, lease and operate its properties and conduct its business
as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

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2.2.2        The
Pubco Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Pubco Shares in
accordance with the terms of this Subscription Agreement and registered with Pubco’s transfer agent, the Pubco Shares will
be validly issued, fully paid and non-assessable and the Pubco Shares will not have been authorized in violation of or subject
to any preemptive or similar rights created under Pubco’s amended and restated certificate of incorporation or under the
DGCL or any other agreement to which Pubco is a party.

 

2.2.3        This
Subscription Agreement has been duly authorized, executed and delivered by the Pubco and is enforceable against it in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether
considered at law or equity.

 

2.2.4        The
execution, delivery and performance of this Subscription Agreement (including compliance by the Pubco with all of the provisions
hereof), issuance and sale of the Pubco Shares and the consummation of the certain other transactions contemplated herein will
not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or
result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Pubco pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the
Pubco is a party or by which the Pubco is bound or to which any of the property or assets of Pubco is subject, which would reasonably
be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results
of operations of Pubco (a “Material Adverse Effect”) or materially affect the validity of the Pubco Shares or
the legal authority of Pubco to comply in all material respects with the terms of this Subscription Agreement; (ii) result
in any violation of the provisions of the organizational documents of Pubco; or (iii) result in any violation of any statute
or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over Pubco or any of its properties that would reasonably be expected to have a Material Adverse Effect or materially affect the
validity of the Pubco Shares or the legal authority of Pubco to comply in all material respects with this Subscription Agreement.

 

2.2.5        Neither
Pubco, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Pubco security or solicited
any offers to buy any security, under circumstances that would adversely affect reliance by the Pubco on Section 4(a)(2) of
the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of
the Pubco Shares under the Securities Act.

 

2.2.6        Neither
Pubco nor any person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used
in Regulation D under the Securities Act) in connection with the offer or sale of any of the Pubco Shares.

 

2.2.7        Pubco
has provided Subscriber an opportunity to ask questions regarding Pubco and made available to Subscriber all the information reasonably
available to Pubco that Subscriber has requested for deciding whether to acquire the Pubco Shares.

 

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2.2.8        No
Disqualification Event is applicable to Pubco or, to Pubco’s knowledge, any Pubco Covered Person (as defined below), except
for a Disqualification Event as to which Rule 506(d)(2)(ii)-(iv) or (d)(3) under the Securities Act is applicable. Pubco has complied,
to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Pubco Covered Person”
means, with respect to Pubco as an “issuer” for purposes of Rule 506 under the Securities Act, any person listed in
the first paragraph of Rule 506(d)(1) under the Securities Act.

 

2.2.9        Until
the earliest of (i) the first date on which the Subscriber can sell all of its Pubco Shares under Rule 144 of the Securities Act
without limitation as to the manner of sale or the amount of such securities that may be sold (or the requirement that Pubco be
in compliance with the current public information requirement of Rule 144) and (ii) two years from the Closing Date, Pubco covenants
to maintain the registration of the Pubco Common Stock under Section 12(b) or 12(g) of the Exchange Act of 1934, as amended (the
 “Exchange Act”) and to timely file (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by Pubco after the date hereof pursuant to the Exchange Act. Pubco may suspend the use
of any such registration statement if it reasonably determines, based upon the advice of external counsel, that in order for the
registration statement to not contain a material misstatement or omission, an amendment thereto would be needed to include information
that would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act, as amended;
provided that, Pubco shall use commercially reasonable efforts to make such registration statement available for the sale
by the Subscriber of such securities as soon as practicable thereafter.

 

2.2.10      Following
the Disclosure Time (as defined in Section 9) or otherwise as required by applicable law, Pubco covenants and agrees that
neither it, nor any other Person acting on its behalf will provide any Subscriber or its agents or counsel with any information
that constitutes, or Pubco reasonably believes constitutes, material non-public information with respect to Pubco or the Company,
unless prior thereto the Subscriber shall have consented to the receipt of such information and agreed with Pubco to keep such
information confidential. Pubco understands and confirms that the Subscriber shall be relying on the foregoing covenant in effecting
transactions in securities of Pubco and the Target; provided that each Subscriber shall be solely responsible for its compliance
with federal, state and foreign securities laws.

 

2.2.11      As
of the date of this Subscription Agreement, the authorized capital stock of the Pubco consists of 100,000,000 shares of
Common Stock. As of the date of this Subscription Agreement, 28,750,000 shares of Common Stock, including the 5,750,000
shares of Common Stock that were initially purchased by Rodgers Capital, LLC, the Pubco’s sponsor, are issued and
outstanding and (ii) 17,500,000 shares of Common Stock are reserved for issuance upon the exercise of warrants
(“Warrants”) to purchase shares of Common Stock. All (i) issued and outstanding shares of Common Stock
have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights
and (ii) outstanding Warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive
rights. As of the date hereof, except as set forth above pursuant to the organizational documents or IPO of Pubco, the Other
Subscription Agreements, the Transaction Agreement and any promissory notes that may be issued by the Pubco’s sponsor
to the Pubco for working capital purposes, there are no outstanding options, warrants or other rights to subscribe for,
purchase or acquire from the Pubco any shares of Pubco Common Stock or other equity interests in Pubco, or securities
convertible into or exchangeable or exercisable for such equity interests. As of the date hereof, other than the subsidiary
created for purposes of the Transaction, Pubco has no subsidiaries and does not own, directly or indirectly, interests or
investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder
agreements, voting trusts or other agreements or understandings to which Pubco is a party or by which it is bound relating to
the voting of any securities of the Pubco, other than (A) as set forth in the Pubco’s filings with the Securities and
Exchange Commission (the “Commission”), together with any amendments, restatements or supplements thereto
(the “SEC Documents”) and (B) as contemplated by the Transaction Agreement. Except as disclosed in the SEC
Documents, Pubco had no outstanding indebtedness and will not have any outstanding long-term indebtedness as of immediately
prior to the Closing.

 

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2.2.12      Assuming
the accuracy of the Subscriber’s representations and warranties set forth in this Subscription Agreement, no registration
under the Securities Act of 1933, as amended (the “Securities Act”), is required for the offer and sale of the Pubco
Shares by Pubco to the Subscriber and the Pubco Shares are not being offered in a manner involving a public offering under, or
in a distribution in violation of, the Securities Act or any state securities laws.

 

2.2.13      Pubco
has timely filed each SEC Document that Pubco was required to file with the Commission under the Exchange Act, since its initial
registration with the SEC. As of their respective dates, each of the SEC Documents complied in all material respects with the requirements
of the Securities Act and the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, and 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 Pubco included in the SEC Documents comply in all material respects with applicable
accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing
and fairly present in all material respects the financial position of Pubco 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, year-end audit adjustments.
As of the date hereof, there are no material outstanding or unresolved comments in comment letters from the Staff of the Commission
with respect to any of the SEC Documents.

 

2.2.14      Other
than the Other Subscription Agreements, the Transaction Agreement and any other agreement expressly contemplated by the Transaction
Agreement, Pubco has not entered into any side letter or similar agreement with any Other Subscriber or any other investor in connection
with such Other Subscriber’s or investor’s direct or indirect investment in Pubco. No Other Subscription Agreement
includes terms and conditions that are materially more advantageous to any such Other Subscriber than the Subscriber hereunder,
and such Other Subscription Agreements have not been and will not be amended or modified in any material respect following the
date of this Subscription Agreement.

 

2.2.15.     Pubco
is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

2.2.16.     Pubco
has not received any written communication from a governmental entity that alleges that Pubco is not in compliance with or is in
default or violation of any applicable law, except where such non-compliance, default or violation would not, individually or in
the aggregate, be reasonably expected to have a Material Adverse Effect.

 

    8

     

    

 

2.2.17      Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, there is no (i) suit, action, claim, proceeding or arbitration before a governmental authority or arbitrator pending, or,
to the knowledge of Pubco, threatened against Pubco or (ii) judgment, decree, injunction, ruling or order of any governmental authority
or arbitrator outstanding against Pubco.

 

3.        Settlement
Date and Delivery.

 

3.1      Closing.
The closing of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the merger transactions as described in the Transaction Agreement. The Closing shall occur on the closing date
of, and immediately prior to, the consummation of the Transaction (the “Closing Date”). Not less than five business
days’ prior to the Closing Date, the Pubco shall provide written notice from (or on behalf of) the Pubco to Subscriber (the
 “Closing Notice”) that the Pubco reasonably expects all conditions to the closing of the Transaction to be satisfied
on a date that is not less than three (3) business days from the date of the Closing Notice, Subscriber shall deliver to Pubco
the Purchase Price for the Pubco Shares by wire transfer of United States dollars in immediately available funds to the account
specified by the Pubco in the Closing Notice. On the Closing Date, Pubco shall issue the Pubco Shares to the Subscriber, free and
clear of any liens or other restrictions (other than those arising under this Subscription Agreement or applicable securities laws)
and subsequently cause the Pubco Shares to be registered in book entry form in the name of the Subscriber on Pubco’s share
register, which book entry records shall contain an appropriate notation concerning transfer restrictions of the Pubco Shares,
in accordance with applicable securities laws of the states of the United States and other applicable jurisdictions. In the event
the Closing does not occur within five business days of the Closing Date, the Pubco shall promptly (but not later than two business
days thereafter) return the Purchase Price to Subscriber, and any book entries shall be deemed cancelled.

 

3.2      Conditions
to Closing.

 

3.2.1        The
Closing shall be subject to the satisfaction or valid waiver by each of the parties hereto, of the conditions that, on the Closing
Date:

(i)         No
suspension of the qualification of the Pubco Shares for offering or sale or trading in any jurisdiction, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred.

 

(ii)        No
governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether
temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated
hereby illegal or otherwise preventing or prohibiting consummation of the transactions contemplated hereby.

 

(iii)       All
conditions precedent to the consummation of the Transaction set forth in the Transaction Agreement shall have been satisfied or
waived (other than those conditions that, by their nature, may only be satisfied at the consummation of the Transaction, but subject
to satisfaction of such conditions as of the consummation of the Transaction).

 

(iv)       No
Material Adverse Effect shall have occurred between the date of the Transaction Agreement and the Closing Date that is continuing.

 

3.2.2        The
obligation of Pubco to consummate the Closing shall be subject to the satisfaction or valid waiver by of the additional conditions
that, on the Closing Date:

 

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(i)         All
representations and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material
respects as of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall
be true and correct in all material respects as of such date), and consummation of the Closing shall constitute a reaffirmation
by Subscriber of each of the representations, warranties and agreements contained in this Subscription Agreement as of the Closing
Date (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in
all respects as of such date).

 

(ii)        The Subscriber shall have performed or complied in all material respects with all agreements and covenants required by this
Subscription Agreement.

 

3.2.3        The
obligation of the Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by the Subscriber of
the additional conditions that, on the Closing Date:

 

(i)         All
representations and warranties of Pubco contained in this Subscription Agreement shall be true and correct in all material respects
as of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall be true
and correct in all material respects as of such date), and consummation of the Closing shall constitute a reaffirmation by Pubco
of each of the representations, warranties and agreements contained in this Subscription Agreement as of the Closing Date (other
than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all respects
as of such date).

 

(ii)        Pubco
shall have performed or complied in all material respects with all agreements and covenants required by this Subscription Agreement,
except where the failure of such performance or compliance would not or would not reasonably be expected to prevent, materially
delay, or materially impair the ability of Pubco to consummate the Closing.

 

(iii)       Pubco
shall have filed with the Nasdaq Capital Market (“Nasdaq”) an application for the listing of the Pubco Shares
and Nasdaq shall have raised no objection with respect thereto.

 

(iv)       The
Transaction Agreement (as the same exists on the date of this Subscription Agreement) shall not have been amended to materially
adversely affect the economic benefits that the Subscriber would reasonably expect to receive under this Subscription Agreement
without having received Subscriber’s prior written consent,

 

(v)        All
conditions precedent to the closing of the Transaction set forth in the Transaction Agreement, including all necessary approvals
of the Pubco’s stockholders and regulatory approvals, if any, shall have been satisfied or waived (other than those conditions
that may only be satisfied at the closing of the Transaction, but subject to the satisfaction or waiver of such conditions as of
the closing of the Transaction) ), and the closing of the Transaction shall be scheduled to occur substantially concurrently with
or immediately following the Closing.

 

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4.        Transfer
Restrictions.

 

4.1           After
the consummation of the Transaction, the Pubco Shares, may only be resold, transferred, pledged or otherwise disposed of in
compliance with state and federal securities laws and pursuant to an effective registration statement, Rule 144 under the
Securities Act (“Rule 144”) or pursuant to another applicable exemption from the registration requirements
of the Securities Act, or a transfer to Pubco or to one or more Subscriber Affiliates or to a lender to Subscriber pursuant
to a pledge and, thereafter, a transferee thereof pursuant to a foreclosure, of the Subscriber, or Pubco, may require the
transferor thereof to provide to Pubco, an opinion of counsel selected by the transferor and reasonably acceptable to Pubco,
the form and substance of which opinion shall be reasonably satisfactory to Pubco, to the effect that such transfer does not
require registration of the Pubco Shares, under the Securities Act. As a condition of transfer (other than pursuant to an
effective registration statement, Rule 144 or pursuant to another applicable exemption from the registration requirements of
the Securities Act, or a transfer to Pubco or to one or more Subscriber Affiliates or to a lender to Subscriber pursuant to a
pledge and, thereafter, a transferee thereof pursuant to a foreclosure of the Subscriber), any such transferee shall agree in
writing to be bound by the terms of this Subscription Agreement and such transferee and each Subscriber Affiliate transferee
and each lender transferee and their subsequent transferees shall have the rights and obligations of the Subscriber under
this Agreement.

 

4.2           The
Company and Pubco acknowledge and agree that the Subscriber may from time to time pledge pursuant to a bona fide margin agreement
with a registered broker-dealer or grant a security interest in some or all of the Pubco Shares, as applicable, to a financial
institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under
the terms of such arrangement, the Subscriber may transfer pledged or secured Pubco Shares, as applicable, to the pledgees or secured
parties. Such a pledge or transfer would not be subject to approval of Pubco, and no legal opinion of legal counsel of the pledgee,
secured party or pledgor shall be required in connection therewith; further, no notice shall be required of such pledge; provided
that the Subscriber and its pledgee shall be required to comply with the other provisions of Section 4 hereof in order
to effect a sale, transfer or assignment of the Pubco Shares, as applicable, to such pledgee. At the Subscriber’s expense,
Pubco will execute and deliver such reasonable documentation as a pledgee or secured party of the Pubco Shares, as applicable,
may reasonably request in connection with a pledge or transfer of the Pubco Shares, as applicable.

 

4.3           The
Subscriber agrees to the imprinting, so long as is required by this Section 4, of a legend on any of the Pubco Shares,
and after the consummation of the Transaction, the Pubco Shares, in the following form:

 

THIS SECURITY
HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE FEDERAL, STATE AND FOREIGN SECURITIES LAWS.

 

4.4           Subject
to applicable requirements of the Securities Act and the interpretations of the Commission thereunder and any requirements of
Pubco’s transfer agent, Pubco shall use commercially reasonable efforts to ensure that instruments, whether
certificated or uncertificated, evidencing the Pubco Shares, as applicable, shall not contain any legend (including the
legend set forth in Section 4.3 above), (i) following any sale of such Pubco Shares pursuant to Rule 144, (ii) if
such Pubco Shares, as applicable, are eligible for sale under Rule 144, without the requirement for Pubco to be in compliance
with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, and in each
case, the Subscriber provides Pubco with an undertaking to effect any sales or other transfers in accordance with the
Securities Act, or (iii) if such legend is not required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission) (the earliest of such dates, the
 “Effective Date”).

 

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4.5           The
Subscriber agrees with Pubco that after the consummation of the Transaction, if the Subscriber shall sell any Pubco Shares, pursuant
to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an
exemption therefrom, and that if after the consummation of the Transaction the Pubco Shares, are sold pursuant to a registration
statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of
the restrictive legend from instruments representing the Pubco Shares, after the consummation of the Transaction pursuant to such
registration statement, as set forth in this Section 4 is predicated upon Pubco’s reliance upon this understanding.

 

5.        Termination.
Except for the provisions of Sections 5, 8 and 10, which shall survive any termination hereunder, this Subscription
Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder
shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to occur of (i) such
date and time as the Transaction Agreement is terminated in accordance with its terms, (ii) upon the mutual written agreement
of each of the parties hereto to terminate this Subscription Agreement, (iii) if any of the conditions to Closing set forth
in Section 3 of this Subscription Agreement are not satisfied or waived on or prior to the Closing and, as a result
thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing or (iv) if the Closing
shall not have occurred on or before July 31, 2021; provided that, subject to the limitations set forth in Section 10,
nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party
will be entitled to any remedies at law or in equity to recover reasonable and documented out-of-pocket losses, liabilities or
damages arising from such breach. The Pubco shall promptly notify Subscriber of the termination of the Transaction Agreement promptly
after the termination of such agreement.

 

6.        Registration
of Pubco Shares.

 

6.1           Pubco
agrees that no later than 15 business days following the Closing Date, Pubco will file with the Commission (at Pubco’s
sole cost and expense) a registration statement (including the prospectus included in such registration statement, amendments
(including post-effective amendments)) and supplements to such registration statement, and all exhibits to and all
material incorporated by reference in such registration statement, (the “Registration Statement”)
registering the offer and resale of the Pubco Shares under the Securities Act, and Pubco shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof but
no later than the earlier of (1) sixty (60) calendar days following the Closing Date (or ninety (90) calendar days after
the Closing Date if the Registration Statement is reviewed by, and comments thereto are provided by, the Commission) and
(2) the tenth (10th) business day after the date Pubco is notified (orally or in writing, whichever is
earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to
further review. Pubco will provide a draft of the Registration Statement to the Subscriber for review at least two
(2) business days in advance of the filing of the Registration Statement. Notwithstanding the foregoing, if the
Commission prevents Pubco from including any or all of the shares proposed to be registered under the Registration Statement
due to limitations on the use of Rule 415 under the Securities Act for the resale of the Pubco Shares by the applicable
stockholders or otherwise, such Registration Statement shall register for resale such number of Pubco Shares which is equal
to the maximum number of Pubco Shares as is permitted to be registered by the Commission. In such event, the number of Pubco
Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among
all such selling stockholders and as promptly as practicable after being permitted to register additional Pubco Shares under
Rule 415 under the Securities Act, Pubco shall amend the Registration Statement or file a new Registration Statement to
register such additional Pubco Shares and cause such amendment or Registration Statement to become effective as promptly as
practicable. Pubco agrees that, except for such times as Pubco is permitted hereunder to suspend the use of the prospectus
forming part of a Registration Statement, Pubco will use commercially reasonable efforts, at its expense, to cause such
Registration Statement to remain effective with respect to Subscriber, to keep any qualification, exemption or compliance
under state securities laws which Pubco determines to obtain continuously effective with respect to the Subscriber and to
keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements
or omissions until the earlier of (i) two (2) years from the effective date of the Registration Statement,
(ii) the date on which all of the Pubco Shares shall have been sold, or (iii) the first date on which the
Subscriber can sell all of its Pubco Shares (or shares received in exchange therefor) under Rule 144 under the
Securities Act without restriction, including, without limitation, any volume and manner of sale restrictions which may be
applicable to affiliates under Rule 144 and without the requirement for Pubco to be in compliance with the current public
information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable). For as long as the Registration
Statement shall remain effective pursuant to the immediately preceding sentence, Pubco will file all reports, and provide all
customary and reasonable cooperation, necessary to enable the Subscriber to resell the Pubco Shares pursuant to the
Registration Statement, qualify the Pubco Shares for listing on the applicable stock exchange on which the Pubco Common Stock
is then listed, update or amend the Registration Statement as necessary to include the Pubco Shares, and, upon request of the
Subscriber, instruct the transfer agent to cause any restrictive legend on the Pubco Shares to be removed in connection with
any sale pursuant to an effective Registration Statement or Rule 144, if available. The Subscriber agrees to disclose its
beneficial ownership, as determined in accordance with Rule 13d-3 under the Exchange Act, of Pubco Shares to Pubco (or
its successor) upon request to assist Pubco in making the determination described above. Pubco’s obligations to include
the Pubco Shares in the Registration Statement are contingent upon Subscriber furnishing in writing to Pubco such information
regarding Subscriber, the securities of Pubco held by Subscriber and the intended method of disposition of the Pubco Shares
as shall be reasonably requested by Pubco to effect the registration of the Pubco Shares, and Subscriber shall execute such
documents in connection with such registration as Pubco may reasonably request that are customary for a selling stockholder
in similar situations, including providing that Pubco shall be entitled to postpone and suspend the effectiveness or use of
the Registration Statement during any customary blackout or similar period or as permitted hereunder; provided that,
in connection with the foregoing, the Subscriber shall not be required to execute any lock-up or similar agreement or
otherwise be subject to any contractual restriction on the ability to transfer the Pubco Shares. In the case of the
registration, qualification, exemption, or compliance effected by Pubco pursuant to this Subscription Agreement, Pubco shall,
upon reasonable request, inform Subscriber as to the status of such registration, qualification,
exemption, or compliance. If the Commission requests that the Subscriber be identified as a statutory underwriter in
the Registration Statement, Pubco shall promptly notify the Subscriber in writing and the Subscriber will have an opportunity
to withdraw from the Registration Statement. Notwithstanding anything to the contrary contained herein, Pubco may delay or
postpone filing of such Registration Statement, and from time to time require Subscriber not to sell under the Registration
Statement or suspend the use or effectiveness of any such Registration Statement, if it determines that in order for the
registration statement to not contain a material misstatement or omission, an amendment thereto would be needed, or if such
filing or use could materially affect a bona fide business or financing transaction of Pubco or would require premature
disclosure of information that could materially adversely affect Pubco (each such circumstance, a “Suspension
Event”); provided that (x) Pubco shall not so delay filing or so suspend the use of the Registration
Statement for a period of more than forty-five (45) consecutive days, or more than a total of ninety (90) days, or more than
two times, in each case during in any three hundred sixty (360)-day period and (y) Pubco shall use commercially
reasonable efforts to make such registration statement available for the sale by the Subscriber of such securities as soon as
practicable thereafter.

 

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6.2           At
its expense, Pubco shall advise Subscriber as expeditiously as possible, but in any event within two (2) Business Days or, in the
case of (vi) below, immediately:

 

(a)         when
a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any
post-effective amendment thereto has become effective;

 

(b)        of
any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or
for additional information;

 

(c)        of
the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of
any proceedings for such purpose;

 

(d)        of
the receipt by Pubco of any notification with respect to the suspension of the qualification of the Pubco Shares included therein
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(e)         subject
to the provisions in this Subscription Agreement, of the occurrence of a Suspension Event or any other event that requires the
making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading
and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus, in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, Pubco shall not, when so advising the Subscriber of such events, provide the Subscriber with
any material, nonpublic information regarding Pubco other than to the extent providing notice to the Subscriber of the occurrence
of the events listed in (a) through (f) above constitutes material, nonpublic information regarding Pubco.

 

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6.3           Pubco
shall:

 

(a)         use
its commercially reasonably efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
as soon as reasonably practicable;

 

(b)        except
for such times as Pubco is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration
Statement, Pubco shall use its commercially reasonable efforts to, as soon as reasonably practicable, prepare a post-effective
amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document, so that,
as thereafter delivered to purchasers of the Pubco Shares included therein, such prospectus will not include any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;

 

(c)         use
its commercially reasonable efforts to cause all Pubco Shares to be listed on each securities exchange or market, if any, on which
the Pubco Shares have been listed and facilitate deposit of the Pubco Shares in book entry form, free of any restriction on resale,
into such account and pursuant to such instruction as the Subscriber has provided to the transfer agent in writing;

 

(d)        cause
its legal counsel or other counsel satisfactory to the transfer agent: (i) while the Registration Statement is effective, to issue
to the transfer agent a “blanket” legal opinion to allow the legend on the Pubco Shares to be removed upon resale of
the Pubco Shares pursuant to the effective Registration Statement, and (ii) provide all other opinions as may reasonably be required
by the transfer agent in connection with the removal of legends; and

 

(e)         use
its commercially reasonable efforts to take all other steps necessary to effect the registration of the Pubco Shares required hereby.

 

6.4           Upon
receipt of written notice from Pubco of the happening of any Suspension Event during the period that the Registration Statement
is effective or, if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus), not misleading, the Subscriber agrees
that (i) it will promptly discontinue offers and sales of the Pubco Shares under the Registration Statement (excluding, for
the avoidance of doubt, sales conducted pursuant to Rule 144) until the Subscriber receives copies of a supplemental or amended
prospectus (which Pubco agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives
notice that any post-effective amendment has become effective or unless otherwise notified by Pubco that it may resume such offers
and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by Pubco
unless otherwise required by law, subpoena or regulatory request or requirement.

 

6.5           For
purposes of this Section 6 of this Subscription Agreement, “Pubco Shares” shall mean, as of any date
of determination, the Pubco Shares (as defined in the recitals to this Subscription Agreement) and any other equity security
issued or issuable with respect to the Pubco Shares by way of share split, dividend, distribution, recapitalization, merger,
exchange, replacement or similar event, and “Subscriber” shall include any affiliate of the Subscriber to which
the rights under this Section 6 shall have been duly assigned.

 

    14

     

    

 

 

6.6       Pubco
shall, notwithstanding the termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber (to the extent
a seller under the Registration Statement), its officers, directors, employees, members, managers, partners, advisors, trustees,
stockholders, affiliates, investment advisors and agents, and each person who controls Subscriber (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, employees, members, managers, partners,
advisors, trustees, stockholders, affiliates, investment advisors and agents of such controlling persons to the fullest extent
permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including reasonable external
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, (i) that arise out of or are
based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement (or incorporated by
reference therein), any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus
or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, that such
untrue statements or alleged untrue statements, omissions or alleged omissions are based upon information regarding Subscriber
furnished in writing to Pubco by Subscriber expressly for use therein or Subscriber has omitted a material fact from such information
and (ii) for any losses due to Pubco’s failure to comply with this Section 6. Pubco shall notify the Subscriber
promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated
by this Section 6 of which Pubco is aware.

 

6.7       The
Subscriber shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless Pubco, its directors, officers,
agents and employees, and each person who controls Pubco (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out
of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus
included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements
or omissions are based upon information regarding Subscriber furnished in writing to Pubco by the Subscriber expressly for use
therein. In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received
by Subscriber upon the sale of the Pubco Shares giving rise to such indemnification obligation. Notwithstanding the forgoing, Subscriber’s
indemnification obligations shall not apply to amounts paid in settlement of any losses or action if such settlement is effected
without the prior written consent of Subscriber (which consent shall not be unreasonably withheld or delayed).

 

    16 

     

    

 

6.8       Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without
the consent of the indemnifying party; however, the indemnified party may continue to participate in such defense. Notwithstanding
the foregoing, the defense may not be assumed for claims caused by or arising out of the indemnified party’s own gross negligence,
intentional or criminal misconduct. An indemnifying party who elects not to assume the defense of a claim shall not be obligated
to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of legal counsel to any indemnified party a conflict of interest exists between such indemnified
party and any other of the indemnified parties with respect to such claim. No indemnifying party shall, without the consent of
the indemnified party (which consent shall not be unreasonably withheld, denied or conditioned), consent to the entry of any judgment
or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the
indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

6.9       If
the indemnification provided under this Section 6 from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be deemed to include, subject to the limitations set forth in this Section 6, any legal or other fees, charges
or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to
this Section 6 from any person who was not guilty of such fraudulent misrepresentation.

 

6.10       Subscriber
may deliver written notice (an “Opt-Out Notice”) to Pubco requesting that Subscriber not receive notices
from the Company otherwise required by this Section 6; provided, however, that Subscriber may later
revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently
revoked), (i) the Company shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the
rights associated with any such notice and (ii) each time prior to Subscriber’s intended use of an effective
Registration Statement, Subscriber will notify the Company in writing at least two (2) days after the Business Days in
advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered
but for the provisions of this Section 6.10) and the related suspension period remains in effect, the Company will so
notify Subscriber within one (1) Business Day of Subscriber’s notification to the Company, by delivering to Subscriber
a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the
conclusion of such Suspension Event immediately upon its availability.

 

    17 

     

    

 

7.       Subscriber
Covenant. Subscriber hereby agrees that, from the date of this Subscription Agreement, none of Subscriber, its controlled affiliates,
or any person or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with
Subscriber or any of its controlled affiliates will engage in any Short Sales with respect to securities of Pubco prior to the
Closing Date. For purposes of this Section 7, “Short Sales” shall mean all “short sales” as defined
in Rule 200 promulgated under Regulation SHO under the Exchange Act. Notwithstanding the foregoing, (i) nothing herein shall prohibit
other entities under common management with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s
participation in the Transaction (including Subscriber’s controlled affiliates and/or affiliates) from entering into any
Short Sales and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers
manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions
made by the portfolio managers managing other portions of such Subscriber’s assets, the covenant set forth above shall only
apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the
Pubco Shares covered by this Subscription Agreement..

 

8.        Miscellaneous.

 

8.1        Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated
by this Subscription Agreement.

 

8.1.1        Subscriber
acknowledges that Pubco, the Placement Agent and others will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Pubco if
any of the acknowledgments, understandings, agreements, representations and warranties made by Subscriber set forth herein are
no longer accurate in all material respects. Subscriber further acknowledges and agrees that the Placement Agent is a third-party
beneficiary of the representations and warranties of the Subscriber contained in Section 2.1 of this Subscription Agreement.

 

8.1.2        
Pubco is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement
or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters
covered hereby, in each case, to the extent required by applicable law.

 

8.1.3
         Pubco may request from Subscriber such additional information as Pubco may
reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Pubco Shares and to register the Pubco
Shares for resale, and Subscriber shall promptly provide such information as may be reasonably requested, to the extent
within Subscriber’s possession and control and otherwise readily available to Subscriber and to the extent consistent
with its internal policies and procedures; provided that the Company and Pubco agree to keep such information
confidential, except to the extent required by applicable law to be included in the registration statement. Subscriber
acknowledges that Pubco may file a copy of this Subscription Agreement with the Commission as an exhibit to a periodic report
or a registration statement of Pubco.

 

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8.1.4        Each
party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

8.2        Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent
by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed
to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection
notice, if sent by email, or (iii) three (3) business days after the date of mailing to the address below or to such other
address or addresses as such person may hereafter designate by notice given hereunder:

 

(i) if to Subscriber,
to such address or addresses set forth on the signature page hereto;

 

(ii) if to Pubco (prior
to the Transaction closing), to:

 

 

Rodgers Silicon Valley Acquisition Corp.

535 Eastview Way

Woodside, California 94062

Attention: Emmanuel
T. Hernandez, Chief Financial Officer

Email: mannyhernandez111@gmail.com

 

with required copies to (which shall not constitute
notice):

 

Loeb & Loeb LLP

345 Park Avenue, 19th Floor

New York, NY 10154

Attention: Mitchell S. Nussbaum, Esq.; Giovanni Caruso, Esq.

E-mail: mnussbaum@loeb.com;
gcaruso@loeb.com

 

and

 

Enovix Corporation

3501 W Warren Ave.

Fremont, CA 94538

Attention: General Counsel

E-mail: legal@enovix.com

 

and

 

Cooley LLP

3175 Hanover Street

Palo Alto, CA 94304

Attention: Matthew Hemington

E-mail: hemingtonmb@cooley.com

 

Attention: Miguel J.
Vega

E-mail: mvega@cooley.com

 

8.3        Entire
Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as
otherwise expressly set forth

in Section 8.1.1, this Subscription
Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective successors and
assigns.

 

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8.4        Modifications
and Amendments. This Subscription Agreement may not be modified or amended except by an instrument in writing, signed by a
majority in interest of, collectively, the Subscriber and subscribers party to the Other Subscription Agreements; provided,
however, any material modification or amendment to the economic terms of the transactions contemplated under this Subscription
Agreement shall require the prior written consent of the Subscriber if the Subscriber has an aggregate Purchase price of at least
$10 million..

 

8.5        Waivers
and Consents. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by a majority in interest of, collectively, the Subscriber and subscribers party to
the Other Subscription Agreements and, to the extent required by the Transaction Agreement, the Company or Pubco, as applicable.
No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions
of this Subscription Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance
and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 

8.6        Assignment.
Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Pubco Shares acquired
hereunder, if any and Subscriber’s rights under Section 4 above) may be transferred or assigned without the prior written
consent of Pubco; provided, however, Subscriber may transfer its rights and obligations hereunder to another investment
fund or account managed or advised by the same manager as Subscriber (or a related party or affiliate) defined as a Subscriber
Affiliate or a lender and, through a lender, a transferee of the lender upon default, provided, that no such transfer shall
release Subscriber of its obligations hereunder unless the assignee expressly assumes such obligations in the applicable transfer
documentation and (b) such assignee can provide documentation reasonably satisfactory to Pubco that assignee can satisfy such obligations.

 

8.7        Benefit.
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

8.8        Governing
Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this
Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution,
performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the
State of New York, without giving effect to the principles of conflicts of law thereof.

 

8.9        Specific
Enforcement. The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the
provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of
this Subscription Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically the
terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is
entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that Pubco and the
Placement Agent shall be entitled to seek to specifically enforce the Subscriber’s obligations to fund the Subscription
Amount and the provisions of the Subscription Agreement of which Pubco and the Placement Agent are each an express third
party beneficiary, in each case, on the terms and subject to the conditions set forth herein.

 

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8.10      Consent
to Jurisdiction; Waiver of Jury Trial. The parties hereto agree to submit any matter or dispute resulting from or arising out
of the execution, performance, interpretation, breach or termination of this Agreement to the non-exclusive jurisdiction of federal
or state courts within the State of New York. Each of the Parties agrees that service of any process, summons, notice or document
in the manner set forth in Section 8.2 hereof or in such other manner as may be permitted by applicable law, shall be effective
service of process for any proceeding in the State of New York with respect to any matters to which it has submitted to jurisdiction
in this Section 8.10. Each of the parties hereto irrevocably and unconditionally agrees that it is subject to, and hereby
submits to, the personal jurisdiction of the courts located in the State of New York for any action, suit or proceeding arising
out of this Subscription Agreement or the transactions contemplated hereunder and waives any objection to the laying of venue in
the United States District Court for the Southern District of New York, or the New York state courts if the federal jurisdictional
standards are not satisfied, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO A TRIAL BY JURY.

 

8.11      Severability.
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

8.12      No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right,
power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by
a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such
party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of
any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice
to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice
or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the
party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

8.13       Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Subscription Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties subject to any applicable statute of limitations under applicable
law.

 

8.14       Expenses.
Except for placement fees payable to the Placement Agent, Pubco has not paid, and is not obligated to pay, any brokerage, finder’s
or other fee or commission in connection with its issuance and sale of the Pubco Shares, including, for the avoidance of doubt,
any fee or commission payable to any stockholder or affiliate of Pubco. Each of the parties hereto shall pay all of its own expenses
in connection with this Subscription Agreement and the transactions contemplated hereby.

 

8.15      Headings
and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for convenience of
reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

    21 

     

    

 

8.16       Counterparts.
This Subscription Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile
transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

8.17      Construction.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement
as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation,
warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation,
warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached
will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

8.18       Intended
Tax Treatment. For U.S. federal income tax purposes, the Subscribers’ beneficial ownership of the Common Stock shall
be disregarded as transitory, and the Purchase Price shall be treated as paid by Subscribers to Pubco for Pubco Common Stock as
part of the same plan as the transfer of other property to Pubco for Pubco Common Stock, in a single integrated transaction that
satisfies the requirements of Section 351 of the Internal Revenue Code.

 

9.          Cleansing
Statement; Disclosure. The Subscriber hereby acknowledges that the terms of this Subscription Agreement will be disclosed by
Pubco in a Current Report on Form 8-K filed with the Commission (the time of such filing, “Disclosure Time”)
and a form of this Subscription Agreement will be filed with the Commission as an exhibit thereto. From and after the Disclosure
Time, Pubco represents to the Subscriber that it shall have publicly disclosed all material, non-public information delivered to
the Subscriber by Pubco or any of its officers, directors, employees or agents in connection with the transactions contemplated
by the Subscription Agreement and the Transaction Agreement. In addition, effective upon the Disclosure Time, Pubco acknowledges
and agrees that any and all confidentiality or similar obligations in relation to the Subscription, whether written or oral, between
Pubco or any of its officers, directors, agents, employees or affiliates on the one hand, and any of the Subscribers or any of
their affiliates on the other hand, shall terminate.

 

10.        Trust
Account Waiver. Subscriber acknowledges that Pubco is a blank check company with the powers and privileges to effect a
merger, asset acquisition, reorganization or similar business combination involving Pubco and one or more businesses or
assets. Subscriber further acknowledges that, as described in the Pubco’s prospectus relating to its initial public
offering (the “IPO”) dated December 1, 2020 (the “Prospectus”) available at
www.sec.gov, substantially all of Pubco’s assets consist of the cash proceeds of Pubco’s initial public offering
and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the
 “Trust Account”) for the benefit of Pubco, its public shareholders and the underwriters of Pubco’s
IPO. Except with respect to interest earned on the funds held in the Trust Account that may be released to Pubco to pay its
tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus.
For and in consideration of Pubco entering into this Subscription Agreement, the receipt and sufficiency of which are hereby
acknowledged, Subscriber, on behalf of itself and its representatives, hereby irrevocably waives any and all right, title and
interest, or any claim of any kind they have or may have in the future, in or to any monies held in the Trust Account, and
agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement.
Subscriber agrees and acknowledges that such irrevocable waiver is material to this Subscription Agreement and specifically
relied upon by Pubco and its affiliates to induce Pubco to enter in this Subscription Agreement, and each such party further
intends and understands such waiver to be valid, binding and enforceable against the Subscriber and its affiliates under
applicable law. To the extent Subscriber commences any action or proceeding based upon, in connection with, relating to or
arising out of any matter relating to Pubco or its affiliates, which proceeding seeks, in whole or in part, monetary relief
against Pubco or its affiliates, the Subscriber hereby acknowledges and agrees that the Subscriber’s sole remedy shall
be against funds held outside of the Trust Account and that such claim shall not permit the Subscriber (or any person
claiming on its behalf or in lieu of the Subscriber) to have any claim against the Trust Account (including any distributions
therefrom) or any amounts contained therein and in the event of any action or proceeding based upon, in connection with,
relating to or arising out of any matter relating to Pubco or its affiliates, which proceeding seeks, in whole or in part,
relief against the Trust Account (including any distributions therefrom) in violation of this Subscription Agreement, Pubco
shall be entitled to recover from the Subscriber and its affiliates, the associated legal fees and costs in connection with
any such action, in the event Subscriber or its affiliates, as applicable, prevails in such action or proceeding.
Notwithstanding anything else in this Section 10, nothing herein (x) shall serve to limit or prohibit the
Subscriber’s right to pursue a claim against Pubco for legal relief against assets held outside the Trust Account, for
specific performance or other equitable relief, (y) shall serve to limit or prohibit any claims that the Subscriber may
have in the future against Pubco’s assets or funds that are not held in the Trust Account (including any funds that
have been released from the Trust Account and any assets that have been purchased or acquired with any such funds) or
(z) shall be deemed to limit any Subscriber’s right, title, interest or claim to the Trust Account by virtue of
such Subscriber’s record or beneficial ownership of securities of the Pubco acquired by any means other than pursuant
to this Subscription Agreement, including but not limited to any redemption right with respect to any such securities of the
Pubco.

 

[Signature Page Follows]

 

    22 

     

    

 

IN WITNESS WHEREOF, each of the Pubco and Subscriber
has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth
below.

 

	 	RODGERS SILICON VALLEY ACQUISITION CORP.

 

	 	By:	 

 

	 	Name:

 Title:

 

[SIGNATURE PAGE OF
SUBSCRIBER FOLLOWS]

  

    23

     

    

 

[SIGNATURE PAGE OF SUBSCRIBER]

 

 

	 
	Accepted and agreed this ____t day of February, 2021.

 

 

	SUBSCRIBER:	 	 
	 	 	 
	Signature of Subscriber:	 	Signature of Joint Subscriber, if applicable: 

 

	By:	
	 	By:	 

 	Name:	 	Name:
	Title:	  	Title:
	 	 	 

	Date: ____________, 2021	 	 
	 	 	 
	Name of Subscriber:	 	Name of Joint Subscriber, if applicable:
	 	 	 

	(Please print. Please indicate name and capacity of person signing above)  	 	(Please Print. Please indicate name and capacity of person signing above)  
	 	 	 
	Name in which securities are to be registered (if different from the name of Subscriber listed directly above):  	 	 
	 	 	 

	Email Address:	 	 
	 	 	 
	If there are joint investors, please check one:	 	 
	 	 	 
	☐   Joint Tenants with Rights of Survivorship	 	 
	 	 	 
	☐   Tenants-in-Common 	 	 
	 	 	 
	☐   Community Property	 	 
	 	 	 

	Subscriber’s EIN: 		 	Joint Subscriber’s EIN: 	 

	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	 	 	 
	
        City, State, Zip:

         
	 	
        City, State, Zip:

         

 

	Attn:	 	Attn:

 

	Telephone No.: 	 	 	Telephone No.: 	 

 

    24

     

    

 

	Facsimile No.:	 	 	Facsimile No.:	 

 

	
        Aggregate Number of Pubco Shares subscribed for:

                                  
                                  

         
	 	 

 

	Aggregate Purchase Price:                    $ .

 

You must pay the Purchase Price by wire transfer of U.S. dollars
in immediately available funds to the account specified by the Company in the Closing Notice.

 

If Subscriber wants certificated Pubco Shares rather than book-entry
form, indicate here: _____

 

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SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS 

              (Please check the applicable subparagraphs): 

 

	 	1.	 ̈ We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) (a “QIB”)). 

 

	 	2.	 ̈ We
    are subscribing for the Pubco Shares as a fiduciary or agent for one or more investor accounts, and each owner of such
    account is a QIB. 

 

***
OR ***

 

	B.	ACCREDITED INVESTOR STATUS (Please check the box)

 

		 ̈	Subscriber is an “accredited investor” (within the meaning of Rule 501(a) under the
Securities Act) and has marked and initialed the appropriate box below indicating the provision under which it qualifies as an
 “accredited investor.”

 

*** AND ***

 

	C.	AFFILIATE STATUS 

              (Please check the applicable box) SUBSCRIBER: 

 

	 	 ̈	is: 

 

	 	 ̈	is not: 

 

                     an “affiliate” (as defined in Rule 144
under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page should be completed by Subscriber

and constitutes a part of the Subscription
Agreement. 

 

Rule 501(a), in relevant part, states that an “accredited
investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes
comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated,
by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber
accordingly qualifies as an “accredited investor.”

 

 ̈
Any bank, registered broker or dealer, insurance company, registered investment company, business development company,
or small business investment company; any plan established and maintained by a state, its political subdivisions, or any agency
or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in
excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the
investment decision is made by a plan fiduciary, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors;

 

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 ̈
Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

 ̈
Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business
trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of
$5,000,000;

 

 ̈
Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive
officer, or general partner of a general partner of that issuer;

 

 ̈
Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000. For purposes
of calculating a natural person’s net worth: (i) the person’s primary residence shall not be included as an asset;
(ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary
residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness
outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of
the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness
that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence at
the time of the sale of securities shall be included as a liability;

 

 ̈Any natural person who had an individual income
in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000
in each of those years and has a reasonable expectation of reaching the same income level in the current year;

 

 ̈
Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered,
whose purchase is directed by a sophisticated person; or

 

 ̈
Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

    27

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