Document:

Exhibit 10.5

 

STRATEGIC INVESTMENT AGREEMENT

 

This
STRATEGIC INVESTMENT AGREEMENT (this “Agreement”) is entered into on May 26, 2022, by and between ECARX
Holdings Inc., an exempted company incorporated with limited liability in the Cayman Islands (the “Issuer”), and Geely
Investment Holding Ltd., a company incorporated under the laws of the British Virgin Islands
(the “Investor”). Capitalized terms used and not defined in this Agreement have the meanings ascribed
to such terms in the Transaction Agreement (as defined below).

 

WHEREAS,
this Agreement is being entered into in connection with that certain Agreement and Plan of Merger, dated as of the date hereof (as may
be amended, modified, supplemented or waived from time to time in accordance with its terms, the “Transaction Agreement”),
by and among the Issuer, COVA Acquisition Corp., an exempted company incorporated with limited liability in the Cayman Islands (“SPAC”),
Ecarx Temp Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct wholly owned subsidiary
of the Issuer (“Merger Sub 1”), and Ecarx&Co Limited, an exempted company incorporated with limited liability
in the Cayman Islands and a direct wholly owned subsidiary of the Issuer (“Merger Sub 2”), pursuant to which, on the
terms and subject to the conditions set forth therein, among other things, (a) Merger Sub 1 will merge with and into SPAC (the “First
Merger”), with SPAC as the surviving company in the First Merger and, after giving effect to the First Merger, becoming a wholly
owned subsidiary of the Issuer, and (b) SPAC will merge with and into Merger Sub 2 (the “Second Merger,” and
together with the First Merger and the other transactions contemplated by the Transaction Agreement, the “Transaction”),
with Merger Sub 2 as the surviving company in the Second Merger and, after giving effect to the Second Merger, becoming a wholly owned
subsidiary of the Issuer;

 

WHEREAS,
in connection with, and contingent on the closing of, the Transaction, the Investor desires to subscribe for and purchase and the Issuer
desires to issue and sell to the Investor, on the Closing Date, 2,000,000 Class A ordinary shares in the Issuer, par value $0.000005
per share (the “Shares”) at a purchase price of $10.00 per share (the “Per Share Purchase Price”),
for the aggregate purchase price of US$20,000,000 (the “Subscription Amount”), all on the terms and conditions set
forth herein; and

 

WHEREAS, in connection with
the Transaction, the Issuer and/or SPAC (a) are entering into subscription agreements on the date hereof, and may enter into after
the date hereof, Subsequent Equity Subscription Agreements (together with the subscription agreements entered into on the date hereof,
the “Equity Subscription Agreements”) with certain investors (the “Other Equity Investors,” together
with the Investor, collectively, the “Equity Investors”), pursuant to which the Other Equity Investors have agreed
to or will agree to subscribe for and purchase, and the Issuer has agreed to or will agree to issue and sell to the Other Equity Investors,
on the Closing Date, the Shares at the Per Share Purchase Price, and (b) may enter into certain Permitted Financing Agreements (other
than the Equity Subscription Agreements) with certain parties (each, a “Financing Party”, and collectively, the “Financing
Parties”, together with the Equity Investors, the “Ecarx Investors”) pursuant to which the Issuer may agree
to, among other matters, issue Equity Securities of the Issuer to such Financing Parties.

 

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, the Investor hereby irrevocably subscribes for
                                            and agrees to purchase from the Issuer, and the Issuer hereby agrees to issue and sell to
                                            the Investor, the Shares, on the terms and subject to the conditions provided for herein.

 

		2.	Closing.

 

		2.1	The
                                            closing of the issuance and sale of the Shares contemplated hereby (the “Closing”)
                                            shall occur on the closing date of the Transaction (the “Closing Date”)
                                            and substantially concurrent with (and subject to), the consummation of the Transaction and
                                            satisfaction or waiver of the other conditions set forth in Section 3 hereof.

 

     

     

    

 

		2.2	At
                                            least five (5) business days before the expected Closing Date, the Issuer shall deliver
                                            written notice to the Investor (the “Closing Notice”) specifying
                                            the expected Closing Date and that the Issuer reasonably expects all conditions to the closing
                                            of the Transaction to be satisfied or waived on an expected closing date that is not less
                                            than five (5) business days from the date on which the Closing Notice is delivered to
                                            the Investor, (a) the Investor shall deliver to the Issuer, (i) three (3) business
                                            days prior to the expected closing date specified in the Closing Notice, the Subscription
                                            Amount by wire transfer of U.S. dollars in immediately available funds to the account in
                                            an escrow bank specified by the Issuer in the Closing Notice, to be held in a segregated
                                            escrow account on behalf of the Investor until the closing of the First Merger, or (ii) on
                                            the expected closing date specified in the Closing Notice, the Subscription Amount to an
                                            account specified by the Issuer, or otherwise mutually agreed by the Investor and the Issuer
                                            due to regulatory reasons that apply to the Investor, by wire transfer of U.S. dollars in
                                            immediately available funds, and (b) as soon as practicable following, but not later
                                            than one (1) business day after the Closing Date, the Issuer shall (i) issue the
                                            Shares to the Investor, free and clear of any liens or other restrictions (other than those
                                            arising under applicable securities laws) and subsequently (but not later than two (2) business
                                            days thereafter) cause the Shares to be registered in book-entry form in the name of the
                                            Investor on the Issuer’s register of members and (ii) provide to the Investor
                                            evidence of such issuance from the Issuer’s transfer agent.

 

		2.3	If the Closing does not occur within five
                                            (5) business days following the expected closing date specified in the Closing Notice,
                                            unless otherwise agreed to by the Issuer and the Investor, the Issuer shall promptly (but
                                            not later than two (2) business days following the expected closing date specified in
                                            the Closing Notice) cause the escrow agent to return the Subscription Amount in full, without
                                            any deduction or penalty of any kind, for or on account of any tax, withholding, charges,
                                            set-off or otherwise, to the Investor by wire transfer of U.S. dollars in immediately available
                                            funds to the account specified by the Investor, and any book-entries for the Shares shall
                                            be deemed cancelled; provided that unless this Agreement has been terminated pursuant
                                            to Section 6, such return of funds shall not terminate this Agreement or relieve
                                            the Investor of its obligation to purchase the Shares at the Closing upon delivery by the
                                            Issuer of a subsequent Closing Notice in accordance with the terms of this Section 2.

 

		2.4	Prior to or on the Closing Date, the Investor
                                            shall deliver to the Issuer any other information that is reasonably requested in order for
                                            the Issuer to issue the Shares , including, without limitation, the legal name of the person
                                            in whose name such Shares are to be issued and a duly executed Internal Revenue Service Form W-9
                                            or W-8, as applicable. For purposes of this Agreement, “business day” shall mean
                                            any day other than a Saturday, Sunday or other day on which commercial banks in New York,
                                            New York, the Cayman Islands, Hong Kong and mainland China are authorized or required by
                                            law to close.

 

		3.	Conditions
                                            to Closing

 

		3.1	Conditions to Closing of the Issuer.
                                            The Issuer’s obligations to sell and issue the Shares at the Closing are subject to
                                            the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior
                                            to the Closing Date, of each of the following conditions:

 

		(a)	Closing of the Transaction. All
                                            conditions precedent to effect the closing of the Transaction shall have been satisfied or
                                            waived (other than those conditions that, by their nature, may only be satisfied at the consummation
                                            of the closing of the Transaction but subject to satisfaction or waiver thereof).

 

		(b)	Representations and Warranties Correct.
                                            The representations and warranties made by the Investor in Section 4.2 shall
                                            be true and correct in all material aspects as of the Closing Date other than (i) such
                                            representations and warranties qualified by materiality, Investor Material Adverse Effect
                                            or similar qualification, which shall be true and correct in all respects as of the Closing
                                            Date and (ii) such representations and warranties which speak as to an earlier date,
                                            which representations and warranties shall be true and correct in all material respects (or,
                                            if qualified by materiality, Investor Material Adverse Effect or similar qualification,
                                            in all respects) as of such date.

 

		(c)	Legality. There shall not be in
                                            force any order, judgment, injunction, decree, writ, stipulation, determination or award,
                                            in each case, entered by or with any governmental authority, law, statute, rule or regulation
                                            enjoining or prohibiting the issuance and sale of the Shares under this Agreement.

 

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		(d)	Performance and Compliance under the
                                            Agreement. The Investor shall have wired the Subscription Amount in accordance with Section 2
                                            of this Agreement and otherwise performed, satisfied and complied in all material respects
                                            with all covenants, agreements and conditions required by this Agreement to be performed,
                                            satisfied or complied with by it at or prior to the Closing, 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 the Investor to consummate the Closing.

 

		3.2	Conditions to Closing of the Investor.
                                            The Investor’s obligation to subscribe for and purchase the Shares at the Closing is
                                            subject to the fulfillment or (to the extent permitted by applicable law) written waiver,
                                            on or prior to the Closing Date, of each of the following conditions:

 

		(a)	Closing of the Transaction. All
                                            conditions precedent to effect the Transaction shall have been satisfied or waived (other
                                            than those conditions that, by their nature, may only be satisfied at the closing of the
                                            Transaction but subject to satisfaction or waiver thereof) and the consummation of the Transaction
                                            shall have occurred.

 

		(b)	Representations and Warranties Correct.
                                            The representations and warranties made by the Issuer in Section 4.1 shall be
                                            true and correct in all material aspects as of the Closing Date other than (i) such
                                            representations and warranties qualified by materiality, Issuer Material Adverse Effect
                                            (as defined below) or similar qualification, which shall be true and correct in all respects
                                            as of the Closing Date and (ii) such representations and warranties which speak as to
                                            an earlier date, which representations and warranties shall be true and correct in all material
                                            respects (or, if qualified by materiality, Issuer Material Adverse Effect or similar
                                            qualification, in all respects) as of such date.

 

		(c)	Legality. There shall not be in
                                            force any order, judgment, injunction, decree, writ, stipulation, determination or award,
                                            in each case, entered by or with any governmental authority, law, statute, rule or regulation
                                            enjoining or prohibiting the issuance and sale of the Shares under this Agreement.

 

		(d)	Performance and Compliance under the
                                            Agreement. The Issuer shall have performed, satisfied and complied in all material respects
                                            with all covenants, agreements and conditions required by this Agreement to be performed,
                                            satisfied or complied with by it at or prior to the Closing, 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 the Issuer to consummate the Closing.

 

		(e)	Transaction Agreement. The terms
                                            of the Transaction Agreement (including the conditions thereto) shall not have been amended
                                            or waived in a manner that materially and adversely affect the economic benefits the Investor
                                            reasonably expects to receive under this Agreement.

 

		4.	Representations,
                                            Warranties and Agreements.

 

		4.1	Issuer’s Representations, Warranties
                                            and Agreements. The Issuer hereby represents and warrants to the Investor as follows:

 

		(a)	The Issuer is an exempted company duly
                                            incorporated, validly existing and in good standing under the laws of the Cayman Islands.
                                            The Issuer has all power (corporate or otherwise) and authority to own, lease and operate
                                            its properties and conduct its business as presently conducted and contemplated to be conducted
                                            and to enter into, deliver and perform its obligations under this Agreement.

 

		(b)	At the Closing, the Shares will have been
                                            duly authorized, and when issued and delivered to the Investor against full payment in cash
                                            for the Shares in accordance with the terms of this Agreement and registered in the Issuer’s
                                            register of members, the Shares will be validly issued and allotted and fully paid and non-assessable,
                                            free and clear of any liens or other encumbrances (other than those arising under applicable
                                            securities laws) and will not have been issued in violation of or subject to any preemptive
                                            or similar rights created under the Issuer’s organizational documents (as in effect
                                            at such time of issuance) or the laws of the Cayman Islands.

 

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		(c)	This Agreement has been duly authorized,
                                            executed and delivered by the Issuer and, assuming that this Agreement constitutes the valid
                                            and binding obligation of the Investor, 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.

 

		(d)	The
                                            issuance and sale of the Shares and the compliance by the Issuer with all of the provisions
                                            of this 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 the Issuer pursuant to the terms of
                                            any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
                                            or instrument to which the Issuer is a party or by which the Issuer is bound or to which
                                            any of the property or assets of the Issuer is subject, which would reasonably be expected
                                            to have a material adverse effect on the ability of the Issuer to enter into and timely perform
                                            its obligations under this Agreement (an “Issuer Material Adverse Effect”),
                                            (ii) result in any violation of the provisions of the organizational documents of the
                                            Issuer 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 the Issuer or any of its properties that would reasonably be expected to have an Issuer
                                            Material Adverse Effect.

 

		(e)	Assuming
                                            the accuracy of the Investor’s representations and warranties set forth in Section 4.2,
                                            in connection with the offer, sale and delivery of the Shares in the manner contemplated
                                            by this Agreement, no registration under the Securities Act of 1933, as amended (the “Securities
                                            Act”) is required for the offer and sale of the Shares by the Issuer to the Investor.
                                            The Shares (i) were not offered to the Investor by any form of general solicitation
                                            or general advertising, including methods described in section 502(c) of Regulation
                                            D under the Securities Act 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 state securities
                                            laws.

 

		(f)	The Issuer will use the cash proceeds
                                            of the sale of the Shares contemplated by the Equity Subscription Agreements and this Agreement
                                            exclusively to operate the Issuer’s business post-Closing and will not, directly or
                                            indirectly, or in any way, use the proceeds, or lend, contribute or otherwise make available
                                            such proceeds to any affiliates, subsidiaries, or its parent or other person or entity, for
                                            the purpose of financing the activities of any person, entity or country currently subject
                                            to sanctions imposed by any of the laws of a relevant and applicable jurisdiction, including
                                            the jurisdiction(s) in which the Agreement will take place, the United States (including
                                            sanctions programs administered by the US Department of the Treasury’s Office of Foreign
                                            Assets Control), United Kingdom and the European Union.

 

		(g)	The
                                            Issuer is not (i) a person or entity named on the Specially Designated Nationals and
                                            Blocked Persons List 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, or a person or entity prohibited by any OFAC
                                            Sanctions program, or any similar list of sanctioned persons administered by the European
                                            Union or the United Kingdom (collectively, “Sanctions Lists”);
                                            (ii) directly or indirectly, owned or controlled by, or acting on behalf of, one or
                                            more persons that are named on the Sanctions Lists; (iii) organized, incorporated, established,
                                            located, resident or born in, or a citizen, national or the government, including any political
                                            subdivision, agency or instrumentality thereof, of, Cuba, Iran, North Korea, Syria,
                                            the Crimea region of Ukraine or any other country or territory embargoed or subject to substantial
                                            trade restrictions by the United States, the European Union or the United Kingdom; (iv) a
                                            Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515;
                                            or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S.
                                            shell bank (each, a “Prohibited Investor”). The Issuer agrees to provide
                                            law enforcement agencies, if requested thereby, such records as required by applicable law;
                                            provided that the Issuer is permitted to do so under applicable law. To the extent
                                            required, the Issuer maintains procedures that it reasonably believes to be in compliance
                                            with sanctions programs administered by the United States, the European Union and the United
                                            Kingdom. To the extent required and from and after the closing of the Transaction, the Issuer
                                            shall maintain procedures adequate and necessary to ensure its compliance with sanctions
                                            programs administered by the United States, the European Union and the United Kingdom, and
                                            the Issuer shall comply with such sanctions programs to which it is legally subject and with
                                            which it is legally obligated to comply.

 

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		(h)	No broker, finder or other financial consultant
                                            is acting on behalf of the Issuer in connection with this Agreement or the transactions contemplated
                                            hereby in such a way as to create any liability of the Investor for the payment of any fees,
                                            costs, expenses or commissions.

 

		(i)	(i) The Equity Subscription Agreements
                                            reflect or will reflect the same Per Share Purchase Price and other material terms and conditions
                                            (including the registration rights) with respect to the purchase of the Shares that are no
                                            more favorable to any Other Equity Investor thereunder in any material respect than the terms
                                            of this Agreement, other than terms particular to the issuance of any Other Equity Investor’s
                                            shares to the Issuer (if such Other Equity Investor elects to issue and sell its shares to
                                            the Issuer), SPAC as a signing party thereto, the regulatory requirements of the Other Equity
                                            Investors or their respective affiliates or related funds that are mutual funds or are otherwise
                                            subject to regulations related to the timing of funding and the issuance of the related Shares
                                            (collectively, the “Excluded Terms”), and (ii) any Permitted Financing
                                            Agreement to the extent it provides for the issuance of Equity Securities of the Issuer,
                                            other than (A) the convertible note purchase agreement dated May 9, 2022 by and
                                            between the Issuer and Lotus Technology Inc. and the convertible note dated May 13,
                                            2022 issued by the Issuer to Lotus Technology Inc., and (B) any Permitted Financing
                                            Agreement pursuant to which (I) the Equity Securities of the Issuer to be issued thereunder
                                            are convertible into the Shares at an effective conversion price of no less than the Per
                                            Share Purchase Price, and (II) the Permitted Financing Proceeds thereunder will be funded
                                            prior to (and not subject to) the consummation of the Transaction (the agreements in (A) and
                                            (B) are collectively referred to as the “Excluded Subscription Agreements”),
                                            will not contain any terms (other than the Excluded Terms as applied mutatis mutandis)
                                            that provide a greater economic benefit with respect to such Equity Securities of the Issuer
                                            to be received by the Financing Party than the benefits to be received by the Investor under
                                            this Agreement.

 

		(j)	None of the Equity Subscription Agreements
                                            shall be amended, modified or terminated, and no provision thereof may be waived, in each
                                            case, in any way which would adversely affect the rights of the Investor in a manner disproportionate
                                            to any adverse effect such amendment, modification, termination or waiver would have on the
                                            rights of any of the Other Equity Investors. In addition, no Permitted Financing Agreement
                                            shall be entered into, amended, modified or terminated, and no provision thereof may be waived,
                                            in each case, in any way which would adversely affect the rights of the Investor solely with
                                            respect to the Shares in a manner disproportionate to any adverse effect such amendment,
                                            modification, termination or waiver would have on the rights of any Financing Party solely
                                            with respect to the Equity Securities of the Issuer to be received by such Financing Party
                                            pursuant to the applicable Permitted Financing Agreement. In addition, if the Issuer provides
                                            any terms more favorable to any of the Other Equity Investors with respect to the Shares
                                            under the Equity Subscription Agreements (but excluding the Excluded Terms) or terms more
                                            favorable to any of the Financing Parties with respect to the Equity Securities of the Issuer
                                            under the Permitted Financing Agreements (but excluding the Excluded Terms as applied mutatis
                                            mutandis) than those terms provided to the Investor, either directly or indirectly by
                                            amendment, merger, consolidation, recapitalization, reclassification, or otherwise, the Issuer
                                            shall promptly provide the Investor with written notice thereof, and, upon written request
                                            of the Investor, any additional information related to such terms as may be reasonably requested
                                            by the Investor. In the event the Investor determines that such terms are preferable to the
                                            terms contemplated herein and seeks to receive any such terms, the Investor shall notify
                                            the Issuer in writing within 10 days of the receipt of the Issuer’s notice. Promptly
                                            after receipt of such written notice from the Investor, the Issuer agrees to amend and restate
                                            any required documents to provide identical terms to the Investor. Notwithstanding anything
                                            to the contrary in this Agreement, this Section 4.1(j) shall not apply to
                                            the Excluded Subscription Agreements.

 

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		4.2	Investor’s Representations, Warranties
                                            and Agreements. The Investor hereby represents and warrants to the Issuer and acknowledges
                                            as follows:

 

		(a)	The Investor is a company duly incorporated,
validly existing and in good standing under the laws of the British Virgin Islands. The Investor has all power (corporate or otherwise)
and authority to own, lease and operate its properties and conduct its business as presently conducted and contemplated to be conducted
and to enter into, deliver and perform its obligations under this Agreement.

 

		(b)	This Agreement has been duly authorized,
                                            executed and delivered by the Investor and, assuming that this Agreement constitutes the
                                            valid and binding obligation of the Issuer, 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.

 

		(c)	The
                                            compliance by the Investor with all of the provisions of this 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 the Investor pursuant to the terms of any indenture, mortgage, deed of trust,
                                            loan agreement, lease, license or other agreement or instrument to which the Investor is
                                            a party or by which the Investor is bound or to which any of the property or assets of the
                                            Investor is subject, which would reasonably be expected to have a material adverse effect
                                            on the ability of the Investor to enter into and timely perform its obligations under this
                                            Agreement (an “Investor Material Adverse Effect”), (ii) result
                                            in any violation of the provisions of the organizational documents of the Investor 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 the Investor
                                            or any of its properties that would reasonably be expected to have an Investor Material Adverse
                                            Effect.

 

		(d)	The Investor (i) is not a “U.S.
                                            Person” (as such term is defined in Regulation S promulgated under the Securities Act),
                                            (ii) is acquiring the Shares only for its own account and not for the account of others,
                                            and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection
                                            with, any distribution thereof in violation of the Securities Act.

 

		(e)	The Investor acknowledges and agrees that
                                            the Shares were not offered by any form of general solicitation or general advertising and
                                            are being offered in a transaction not involving any public offering within the meaning of
                                            the Securities Act and, that the Shares have not been registered under the Securities Act
                                            and the Issuer is not required to register the Shares except as set forth in Section 5.
                                            The Investor acknowledges and agrees that the Shares may not be offered, resold, transferred,
                                            pledged or otherwise disposed of by the Investor absent an effective registration statement
                                            under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to
                                            non-U.S. persons pursuant to offers and sales that occur solely outside the United States
                                            within the meaning of and in compliance with Regulation S under the Securities Act, or (iii) pursuant
                                            to another applicable exemption from the registration requirements of the Securities Act,
                                            and, in each case, in accordance with any applicable securities laws of the states of the
                                            United States and other applicable jurisdictions, and that any book-entry position or certificates
                                            representing the Shares shall contain a restrictive legend to such effect. The Investor acknowledges
                                            and agrees that the Shares will be subject to transfer restrictions and, as a result of these
                                            transfer restrictions, the Investor may not be able to readily offer, resell, transfer, pledge
                                            or otherwise dispose of the Shares and may be required to bear the financial risk of an investment
                                            in the Shares for an indefinite period of time. The Investor acknowledges and agrees that
                                            the Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant
                                            to Rule 144 promulgated under the Securities Act until at least six months from the
                                            issuance date thereof and to the extent Rule 144 is available. The Investor acknowledges
                                            and agrees that it has been advised to consult legal counsel and tax and accounting advisors
                                            prior to making any offer, resale, transfer, pledge or disposition of any of the Shares.

 

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		(f)	The Investor acknowledges and agrees that
                                            the Investor is purchasing the Shares directly from the Issuer. The Investor further acknowledges
                                            that there have been no representations, warranties, covenants and agreements made to the
                                            Investor by or on behalf of the Issuer, any of their respective affiliates or any control
                                            persons, officers, directors, employees, partners, agents or representatives of any of the
                                            foregoing or any other person or entity, expressly or by implication, other than those representations,
                                            warranties, covenants and agreements of the Issuer expressly set forth in Section 4.1
                                            of this Agreement.

 

		(g)	The Investor acknowledges and agrees that
                                            the Investor has received such information as the Investor deems necessary in order to make
                                            an investment decision with respect to the Shares, including, with respect to the Issuer,
                                            the Transaction and the business of the Issuer and its subsidiaries. The Investor has sufficient
                                            knowledge and experience in financial and business matters so as to be capable of evaluating
                                            the merits and risks of its investment in the Issuer. The Investor is capable of bearing
                                            the economic risks of such investment, including a complete loss of its investment.

 

		(h)	The Investor acknowledges that certain
                                            information provided to the Investor was based on projections, and such projections were
                                            prepared based on assumptions and estimates that are inherently uncertain and are subject
                                            to a wide variety of significant business, economic and competitive risks and uncertainties
                                            that could cause actual results to differ materially from those contained in the projections.

 

		(i)	The
                                            Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed
                                            the merits of the offering of the Shares or made any findings or determination as
                                            to the fairness of this investment.

 

		(j)	The
                                            Investor is not a Prohibited Investor. The Investor agrees to provide law enforcement
                                            agencies, if requested thereby, such records as required by applicable law; provided
                                            that the Investor is permitted to do so under applicable law. To the extent required, it
                                            maintains policies and procedures reasonably designed to ensure compliance with sanctions
                                            programs administered by the United States, the European Union and the United Kingdom.

 

		(k)	Except as expressly disclosed in a Schedule
                                            13D or Schedule 13G (or amendments thereto) filed by the Investor with the SEC with respect
                                            to the beneficial ownership of SPAC’s ordinary shares prior to the date hereof, the
                                            Investor is not currently (and at all times through Closing will refrain from being or becoming)
                                            a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
                                            the Exchange Act) acting for the purpose of acquiring, holding or disposing of equity securities
                                            of SPAC (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

		(l)	The Investor has or has commitments to
                                            have and, when required to deliver payment to the Issuer pursuant to Section 2,
                                            will have, sufficient funds to pay the Subscription Amount and consummate the purchase and
                                            sale of the Shares pursuant to this Agreement.

 

		(m)	The Investor does not have, as of the
                                            date hereof, and during the 30-day period immediately prior to the date hereof, the Investor
                                            has not entered into, any “put equivalent position” as such term is defined in
                                            Rule 16a-1 under the Exchange Act or end of day short sale positions with respect to
                                            the securities of SPAC.

 

		(n)	No broker, finder or other financial consultant
                                            is acting on the Investor’s behalf in connection with this Agreement or the transactions
                                            contemplated hereby in such a way as to create any liability of the Issuer or SPAC for the
                                            payment of any fees, costs, expenses or commissions.

 

    	 	7	 

     

    

 

		(o)	The
                                            Investor agrees that, from the date of this Agreement until the Closing Date (or earlier
                                            termination of this Agreement), none of the Investor or any person or entity acting on behalf
                                            of the Investor or pursuant to any understanding with the Investor will engage in any Short
                                            Sales with respect to securities of the Issuer or SPAC. For purpose of this Section 4.2(o),
                                            “Short Sales” shall mean all “short sales” as defined in Rule 200
                                            of Regulation SHO under the Exchange Act and all types of direct and indirect share pledges
                                            (other than pledges in the ordinary course of business as part of prime brokerage arrangements),
                                            forward sale contracts, options, puts, calls, swaps and similar arrangements (including on
                                            a total return basis), and sales and other short transactions through non-U.S. broker dealers
                                            or foreign regulated brokers. Notwithstanding the foregoing, (i) the restrictions in
                                            this Section 4.2(o) shall not apply to any sale of securities of the Issuer
                                            or SPAC (A) held by the Investor or any person or entity acting on behalf of the Investor
                                            prior to the execution of this Agreement or (B) purchased by the Investor or any person
                                            or entity acting on behalf of the Investor in an open market transaction after the execution
                                            of this Agreement. Further, notwithstanding the foregoing, (ii) nothing herein shall
                                            prohibit other entities under common management with the Investor that have no knowledge
                                            of this Agreement or of the Investor’s subscription of the Shares (including the Investor’s
                                            controlled affiliates and/or affiliates) from entering into any Short Sales.

 

		5.	Registration
                                            Rights

 

		5.1	The Issuer agrees that, within sixty (60)
                                            calendar days after the Closing Date, it will file with the SEC (at the Issuer’s sole
                                            cost and expense) a registration statement registering the resale of the Shares (the “Registration
                                            Statement”), and it shall use its commercially reasonable efforts to have the Registration
                                            Statement declared effective as soon as practicable after the filing thereof; provided,
                                            however, that the Issuer’s obligations to include such shares in the Registration
                                            Statement are contingent upon Investor furnishing in writing to the Issuer such information
                                            regarding Investor, the securities of the Issuer beneficially owned by Investor and the intended
                                            method of disposition of the Shares as shall be reasonably requested by the Issuer to effect
                                            the registration of the Shares, and Investor shall execute such documents in connection with
                                            such registration as the Issuer may reasonably request that are customary of a selling shareholder
                                            in similar situations, including providing that the Issuer shall be entitled to postpone
                                            and suspend the effectiveness or use of the Registration Statement as permitted hereunder.

 

		5.2	The
                                            Issuer agrees to, except for such times as the Issuer is permitted hereunder to suspend the
                                            use of the prospectus forming part of an Registration Statement, use its commercially reasonable
                                            efforts to cause such Registration Statement (including any post-effective amendment to such
                                            Registration Statement), or another shelf registration statement that includes the Shares
                                            to be issued pursuant to this Agreement, to remain effective until the earliest of (i) the
                                            second anniversary of the Closing, (ii) the date on which the Investor ceases to hold
                                            any Shares issued pursuant to this Agreement, or (iii) on the first date on which the
                                            Investor is able to sell all of its Shares issued pursuant to this Agreement (or shares received
                                            in exchange therefor) under Rule 144 promulgated under the Securities Act (“Rule 144”)
                                            without the public information, volume or manner of sale limitations of such rule (such
                                            date, the “End Date”).

 

		5.3	The Issuer will use all commercially reasonable
                                            efforts, at all times from the Closing Date through the End Date, to satisfy any applicable
                                            continuing listing requirements of the Nasdaq Stock Market in respect of the Shares. The
                                            Investor agrees to disclose its ownership to the Issuer upon request to assist it in making
                                            the determination with respect to Rule 144 described in clause (iii) of Section 5.2
                                            above. The Issuer may amend the Registration Statement so as to convert the Registration
                                            Statement to an Registration Statement on Form F-3 at such time after the Issuer becomes
                                            eligible to use such Form F-3. The Investor acknowledges and agrees that the Issuer
                                            may suspend the use of any such registration statement if it determines that in order for
                                            such registration statement not to 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, provided that any
                                            such suspension shall be for the shortest period of time, determined in good faith by the
                                            Issuer’s Board of Directors to be necessary for such purpose.

 

    	 	8	 

     

    

 

		5.4	Notwithstanding the foregoing, if the SEC
                                            prevents the Issuer 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 of the Securities
                                            Act for the resale of the Shares by the applicable shareholders or otherwise, such Registration
                                            Statement shall register for resale such number of the Shares which is equal to the maximum
                                            number of the Shares as is permitted by the SEC. In such event, the number of the Shares
                                            to be registered shall be reduced (a) firstly, pro rata among all the selling shareholders
                                            other than the Ecarx Investors; and (b) secondly, only if the number of the Shares to
                                            be registered for the selling shareholders other than the Ecarx Investors has been reduced
                                            to zero, pro rata among the Ecarx Investors, and the Issuer shall use its commercially reasonable
                                            efforts to file with the SEC, as promptly as practicable and as allowed by the SEC, one or
                                            more registration statements to register the resale of those Shares that were not registered
                                            on the initial Registration Statement, as so amended.

 

		5.5	Notwithstanding anything to the contrary in
                                            this Agreement, the Issuer shall be entitled to delay or postpone the effectiveness of the
                                            Registration Statement, and from time to time to require the Investor not to sell under the
                                            Registration Statement or to suspend the effectiveness thereof, if (a) the use of the
                                            Registration Statement would require the inclusion of financial statements that are unavailable
                                            for reasons beyond the Issuer’s control, (b) the Issuer determines that in order
                                            for the Registration Statement to not contain a material misstatement or omission, (i) 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 or (ii) the
                                            negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending
                                            or an event has occurred, which negotiation, consummation or event that the Issuer reasonably
                                            believes would require additional disclosure by the Issuer in the Registration Statement
                                            of material information that the Issuer has a bona fide business purpose for keeping confidential
                                            and the non-disclosure of which in the Registration Statement would be expected, in the reasonable
                                            determination of the Issuer’s board of directors to cause the Registration Statement
                                            to fail to comply with applicable disclosure requirements (each such circumstance, an “Suspension
                                            Event”). Upon receipt of any written notice from the Issuer of the happening of
                                            any Suspension Event during the period that the Registration Statement is effective or if
                                            as a result of an 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 Investor agrees
                                            that (i) it will immediately discontinue offers and sales of the Shares under the Registration
                                            Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144)
                                            until the Investor receives copies of a supplemental or amended prospectus 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 the Issuer
                                            that it may resume such offers and sales; provided, for the avoidance of doubt, that
                                            the Issuer shall not include any material non-public information in any such written notice.
                                            If so directed by the Issuer, the Investor will deliver to the Issuer or destroy all copies
                                            of the prospectus covering the Shares in the Investor’s possession. The Issuer may
                                            not delay or suspend any filing, initial effectiveness or continued use of an Registration
                                            Statement pursuant to this Section 5.5 on more than three (3) occasions
                                            or for more than sixty (60) consecutive days or for more than one hundred and twenty (120)
                                            total calendar days, in each case, in any 12-month period. Notwithstanding anything to the
                                            contrary in this Agreement, the Investor agrees and acknowledges that any offer or sale of
                                            the Shares shall be in compliance with applicable securities laws, and if applicable, the
                                            Issuer’s customary insider trading policy.

 

		5.6	Indemnification.

 

		(a)	The Issuer agrees to indemnify and hold
                                            harmless, to the extent permitted by law, the Investor, its directors, and officers, employees,
                                            and agents, and each person who controls the Investor (within the meaning of the Securities
                                            Act or the Exchange Act) from and against any and all losses, claims, damages, liabilities
                                            and reasonable and documented out-of-pocket expenses (including, without limitation, any
                                            reasonable and documented attorneys’ fees and expenses incurred in connection with
                                            defending or investigating any such action or claim) caused by any untrue or alleged untrue
                                            statement of a material fact contained in any Registration Statement, prospectus included
                                            in any Registration Statement or preliminary prospectus or any amendment thereof or supplement
                                            thereto or any omission or alleged omission of a material fact required to be stated therein
                                            or necessary to make the statements therein not misleading, except insofar as the same are
                                            caused by or contained in any information furnished in writing to the Issuer by or on behalf
                                            of the Investor expressly for use therein or such Investor has omitted a material fact from
                                            such information or otherwise violated the Securities Act, Exchange Act or any state securities
                                            law or any other law, rule or regulation thereunder; provided, however,
                                            that the indemnification contained in this Section 5.6(a) shall not apply
                                            to amounts paid by the Investor in settlement of any losses, claims, damages, liabilities
                                            or out-of-pocket expenses if such settlement is effected without the consent of the Issuer,
                                            which consent shall not be unreasonably withheld. In no event shall the liability of the
                                            Issuer be greater than the dollar amount of the Subscription Amount.

 

    	 	9	 

     

    

 

		(b)	In connection with any Registration Statement
                                            in which the Investor is participating, the Investor agrees to indemnify and hold harmless
                                            the Issuer, its directors and officers and agents and each person who controls the Issuer
                                            (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
                                            and expenses (including, without limitation, reasonable and documented attorneys’ fees)
                                            resulting from any untrue statement of material fact contained in the Registration Statement,
                                            prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any
                                            omission of a material fact required to be stated therein or necessary to make the statements
                                            therein not misleading, but only to the extent that such untrue statement or omission is
                                            contained (or not contained, in the case of an omission) in any information or affidavit
                                            so furnished in writing by or on behalf of the Investor expressly for use therein; provided,
                                            however, that the liability of the Investor shall be several and not joint with any other
                                            selling shareholder and in no event shall the liability of the Investor be greater in amount
                                            than the dollar amount of the net proceeds received by the Investor upon the sale of the
                                            Shares purchased pursuant to this Agreement giving rise to such indemnification obligation.

 

		(c)	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 it elects in its sole discretion.
                                            If such defense is assumed, the indemnifying party will not be liable to the indemnified
                                            party for any legal or other expenses incurred by the indemnified party and shall not be
                                            subject to any liability for any settlement made by the indemnified party without its consent.
                                            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 such indemnified parties with respect to such claim. No indemnifying party
                                            shall, without the consent of the indemnified party, 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.

 

		(d)	The indemnification provided for under
                                            this Agreement shall remain in full force and effect regardless of any investigation made
                                            by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate
                                            or controlling person of such indemnified party and shall survive the transfer of the Shares
                                            purchased pursuant to this Agreement.

 

    	 	10	 

     

    

 

		(e)	If the indemnification provided under
                                            this Section 5.6 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 or on behalf of, 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 above, 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 5.6(e) from
                                            any person who was not guilty of such fraudulent misrepresentation. Any contribution pursuant
                                            to this Section 5.6(e) by any seller of Shares shall be limited in amount
                                            to the amount of net proceeds received by such seller from the sale of such Shares pursuant
                                            to the Registration Statement. Notwithstanding anything to the contrary herein, in no event
                                            will any party be liable for consequential, special, exemplary or punitive damages in connection
                                            with this Agreement.

 

		6.	Termination.
                                            This 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 earliest to occur of (a) such date
                                            and time as the Transaction Agreement is terminated in accordance with its terms without
                                            being consummated, (b) upon the mutual written agreement of each of the parties hereto
                                            to terminate this Agreement, and (c) on the 300th day after the date hereof (and if
                                            such 300th day shall not be a business day, then the next following business day), if the
                                            Closing has not occurred by such date other than as a result of a breach of the Investor’s
                                            obligations hereunder; provided that 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 losses, liabilities or damages arising from
                                            any such willful breach. The Issuer shall notify the Investor in writing of the termination
                                            of the Transaction Agreement promptly after the termination of such agreement. Upon the termination
                                            of this Agreement in accordance with this Section 6, any monies paid by the Investor
                                            to the Issuer in connection herewith shall be promptly (and in any event within two (2) business
                                            days after such termination) returned to the Investor without any deduction for or on account
                                            of any tax, withholding, charges, or set-off.

 

		7.	Miscellaneous.

 

		7.1	Assignment. Neither this Agreement
                                            nor any rights, interests or obligations that may accrue to the parties hereunder (other
                                            than the Shares acquired hereunder, if any) may be transferred or assigned without the prior
                                            written consent of each of the other parties hereto, other than (a) an assignment by
                                            the Investor to any affiliate of the Investor; provided that prior to such assignment
                                            any such assignee shall agree in writing to be bound by the terms hereof; provided,
                                            further, that no assignment pursuant to the foregoing terms shall relieve the Investor
                                            of its obligations hereunder, (b) an assignment of the Investor’s rights under
                                            Section 5 to an assignee or transferee of the Shares, and (c) an assignment
                                            by the Issuer to any affiliate of the Issuer; provided that prior to such assignment
                                            any such assignee shall agree in writing to be bound by the terms hereof; provided,
                                            further, that no assignment pursuant to the foregoing terms shall relieve the Issuer
                                            of its obligations hereunder.

 

		7.2	Additional Information. The Issuer
                                            may request from the Investor such additional information as is reasonably necessary for
                                            SPAC or the Issuer, as applicable, to comply with public disclosure requirements of applicable
                                            securities laws or any filing requirements pursuant to the rules of any stock exchange
                                            or the Financial Industry Regulatory Authority, and the Investor shall provide such information;
                                            provided that, subject to Section 5.5, the Issuer shall keep any such
                                            information provided by the Investor confidential except (a) as necessary to include
                                            in any registration statement the Issuer is required to file hereunder, (b) as required
                                            by the federal securities law or pursuant to other routine proceedings of regulatory authorities
                                            or (c) to the extent such disclosure is required by law, at the request of the staff
                                            of the SEC or regulatory agency or under the regulations of any national securities exchange
                                            on which SPAC’s securities are listed or the Issuer’s securities will be listed
                                            for trading. The Investor acknowledges that SPAC and/or the Issuer may file a copy of the
                                            form of this Agreement with the SEC as an exhibit to a current or periodic report or a registration
                                            statement of SPAC or the Issuer, as applicable. The Issuer may request from the Investor
                                            such additional information as the Issuer may reasonably deem necessary to register the resale
                                            of the Shares and evaluate the eligibility of the Investor to acquire the Shares, and the
                                            Investor shall promptly provide such information as may reasonably be requested to the extent
                                            readily available. The Investor acknowledges and agrees that if it does not provide the Issuer
                                            with such requested information, the Issuer may not be able to register the Investor’s
                                            Shares for resale pursuant to Section 5 hereof.

 

    	 	11	 

     

    

 

		7.3	Further Assurances.

 

		(a)	The Investor acknowledges that the Issuer
                                            will rely on the acknowledgments, understandings, agreements, covenants, representations
                                            and warranties of the Investor contained in this Agreement. Prior to the Closing, the Investor
                                            agrees to promptly notify the Issuer if any of the acknowledgments, understandings, agreements,
                                            covenants representations and warranties made by the Investor set forth herein are no longer
                                            accurate in all material respects. The Investor acknowledges and agrees that each purchase
                                            by the Investor of the Shares from the Issuer will constitute a reaffirmation of the acknowledgments,
                                            understandings, agreements, representations and warranties herein (as modified by any such
                                            notice) by the Investor as of the time of such purchase.

 

		(b)	The Issuer acknowledges that the Investor
                                            will rely on the acknowledgements, understandings, agreements, covenants, representations
                                            and warranties of the Issuer contained in this Agreement. Prior to the Closing, the Issuer
                                            agrees to promptly notify the Investor if any of the acknowledgements, understandings, agreements,
                                            covenants, representations and warranties made by the Issuer, as applicable, set forth herein
                                            are no longer accurate in all material respects. The Issuer acknowledges and agrees that
                                            each purchase by the Investor of the Shares from the Issuer will constitute a reaffirmation
                                            of the acknowledgments, understandings, agreements, representations and warranties herein
                                            (as modified by any such notice) by the Issuer as of the time of such purchase.

 

		(c)	Each of the Investor and the Issuer is
                                            irrevocably authorized to produce this Agreement or a copy hereof to any interested party
                                            in any action, suit, hearing, claim, charge, audit, lawsuit, litigation, inquiry or proceeding
                                            (in each case, whether civil, criminal or administrative or at law or in equity) with respect
                                            to the matters covered hereby.

 

		(d)	The
                                            Investor acknowledges and agrees that none of any other party to the Transaction Agreement
                                            (other than the Issuer) or any Issuer Non-Party Affiliate, shall have any liability (including
                                            in contract, tort, under federal or state securities laws or otherwise) to the Investor pursuant
                                            to this Agreement related to the private placement of the Shares, the negotiation hereof
                                            or thereof or the subject matter hereof or thereof, or the transactions contemplated hereby
                                            or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of
                                            them in connection with the purchase of the Shares, or with respect to any claim (whether
                                            in tort, contract or otherwise) for breach of this Agreement or in respect of any written
                                            or oral representations made or alleged to be made in connection herewith, as expressly provided
                                            herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect
                                            to any information or materials of any kind furnished by the Issuer or any Issuer Non-Party
                                            Affiliate concerning the Issuer, any of their respective controlled affiliates, this Agreement
                                            or the transactions contemplated hereby. For purposes of this Agreement, “Issuer
                                            Non-Party Affiliates” means each former, current or future officer,
                                            director, employee, partner, member, manager, direct or indirect equityholder or affiliate
                                            of the Issuer or any of the Issuer’s controlled affiliates or any family member of
                                            the foregoing.

 

		(e)	The
                                            Issuer acknowledges and agrees that none of any other party to the Transaction Agreement
                                            (other than the Investor) or any Investor Non-Party Affiliate, shall have any liability (including
                                            in contract, tort, under federal or state securities laws or otherwise) to the Issuer pursuant
                                            to this Agreement related to the negotiation hereof or thereof or the subject matter hereof
                                            or thereof, or the transactions contemplated hereby or thereby, or with respect to any claim
                                            (whether in tort, contract or otherwise) for breach of this Agreement or in respect of any
                                            written or oral representations made or alleged to be made in connection herewith, as expressly
                                            provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with
                                            respect to any information or materials of any kind furnished by the Investor or any Investor
                                            Non-Party Affiliate concerning the Investor, any of their respective controlled affiliates,
                                            this Agreement or the transactions contemplated hereby. For purposes of this Agreement, “Investor
                                            Non-Party Affiliates” means each former, current or future officer,
                                            director, employee, partner, member, manager, direct or indirect equityholder or affiliate
                                            of the Investor, or any of the Investor’s controlled affiliates or any family member
                                            of the foregoing.

 

    	 	12	 

     

    

 

		7.4	Survival of Representations and Warranties
                                            and Covenants. All of the agreements, representations and warranties contained in this
                                            Agreement shall survive the Closing.

 

		7.5	Modifications and Amendments. This
                                            Agreement may not be modified, waived or terminated (other than pursuant to the terms of
                                            Section 6 above) except by an instrument in writing, signed by each of the parties
                                            hereto. No failure or delay of either party in exercising any right or remedy hereunder shall
                                            operate as a waiver thereof, nor shall any single or partial exercise of any such right or
                                            power, or any abandonment or discontinuance of steps to enforce such right or power, or any
                                            course of conduct, preclude any other or further exercise thereof or the exercise of any
                                            other right or power. The rights and remedies of the parties hereunder are cumulative and
                                            are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

		7.6	Entire Agreement. This Agreement (including
                                            the schedule hereto) 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 set forth in Section 5.6,
                                            with respect to the persons specifically referenced therein, this Agreement shall not confer
                                            any rights or remedies upon any person other than the parties hereto, and their respective
                                            successors and assigns.

 

		7.7	Benefit. Except as otherwise provided
                                            herein, this 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.

 

		7.8	Severability. If any provision of this
                                            Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal
                                            or unenforceable, the validity, legality or enforceability of the remaining provisions of
                                            this Agreement shall not in any way be affected or impaired thereby and shall continue in
                                            full force and effect.

 

		7.9	Transaction Expenses. Subject to Section 5.1,
                                            each party shall pay all of its own costs and expenses incurred in anticipation of, relating
                                            to and in connection with the negotiation and execution of this Agreement and the transactions
                                            contemplated hereby, whether or not such transactions are consummated.

 

		7.10	Counterparts. This Agreement may be
                                            executed in one or more counterparts (including by facsimile or electronic mail or in .pdf)
                                            and by different parties in separate counterparts, with the same effect as if all parties
                                            hereto had signed the same document. All counterparts so executed and delivered shall be
                                            construed together and shall constitute one and the same agreement.

 

		7.11	Remedies. The parties hereto acknowledge
                                            and agree that irreparable damage would occur in the event that any of the provisions of
                                            this 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 Agreement, without posting a bond or undertaking
                                            and without proof of damages, to enforce specifically the terms and provisions of this 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 it may be
                                            difficult to prove damages with reasonable certainty, that it may be difficult to procure
                                            suitable substitute performance, and that injunctive relief and/or specific performance will
                                            not cause an undue hardship to the parties hereto. The parties hereto further acknowledge
                                            that the existence of any other remedy contemplated by this Agreement does not diminish the
                                            availability of specific performance of the obligations hereunder or any other injunctive
                                            relief. Each party hereto further agrees that in the event of any action by the other party
                                            for specific performance or injunctive relief, it will not assert that a remedy at law or
                                            other remedy would be adequate or that specific performance or injunctive relief in respect
                                            of such breach or violation should not be available on the grounds that money damages are
                                            adequate or any other grounds.

 

    	 	13	 

     

    

 

		7.12	Adjustment of Number of Shares. If
                                            any change in the number, type or classes of authorized shares of the Issuer (including the
                                            Shares), shall occur between the date hereof and immediately prior to the Closing by reason
                                            of reclassification, recapitalization, stock split (including reverse stock split) or combination,
                                            exchange or readjustment of shares, or any stock dividend, the number of the Shares issued
                                            to the Investor shall be appropriately adjusted to reflect such change.

 

		7.13	Governing Law. This Agreement, and
                                            any claim or cause of action hereunder based upon, arising out of or related to this Agreement
                                            (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation,
                                            execution, performance or enforcement of this 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 laws that would otherwise require the application of the law of any other
                                            state.

 

		7.14	Dispute
                                            Resolution. Any proceeding or action based upon, arising out of or related to this Agreement
                                            or the transactions contemplated hereby must be referred to and finally settled by arbitration
                                            administered by the International Centre for Dispute Resolution (the “ICDR”)
                                            under the ICDR Rules in force at the time of commencement of the arbitration. The seat
                                            of arbitration shall be New York. There shall be three arbitrators. The claimant and respondent
                                            shall each nominate one (1) arbitrator and the third arbitrator shall be appointed by
                                            the ICDR. The arbitration proceedings shall be conducted in English. The award of the arbitral
                                            tribunal shall be final and binding upon the parties thereto, and the prevailing party may
                                            apply to a court of competent jurisdiction for enforcement of such award.

 

		7.15	Notice. Any notice or communication
                                            required or permitted hereunder to be given to the Investor 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, to such address(es) or email address(es)
                                            set forth on the signature page hereto, 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 the Investor
                                            may hereafter designate by notice to the Issuer.

 

		(a)	if to the Investor, to:

 

Geely Investment Holding Ltd.

Attn:
Buqing Ma

Email: Buqing.Ma@geely.com

 

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

 

Zhejiang Geely Holding (Group) Co., Ltd.

Attn:
Tihua Huang

Email: Tihua.Huang@geely.com

 

		(b)	if to the Issuer, to:

 

ECARX Holdings Inc.

16/F, Tower 2, China Eastern Airline Binjiang Center

277 Longlan Road

Xuhui District, Shanghai 200041

People’s Republic of China

Attention: Tony Chen

Email: tony.chen@ecarxgroup.com

 

with a required copy (which will not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

30/F, China World Office 2

No. 1, Jian Guo Men Wai Avenue

Beijing 100004, China

Attention: Peter X. Huang, Esq.

Email: peter.huang@skadden.com

 

    	 	14	 

     

    

 

		8.	Disclosure.
                                            The Issuer shall cause the SPAC to by 9:00 a.m., New York City time, on the first (1st)
                                            business day immediately following the date of the Transaction Agreement, issue one or more
                                            press releases or file with the SEC a Current Report on Form 8-K (collectively, the
                                            “Disclosure Document”) disclosing all material terms of the transactions
                                            contemplated hereby and the Transaction and any other material, nonpublic information that
                                            the Issuer or SPAC or their respective representatives have provided to Investor at any time
                                            prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure
                                            Document, to the Issuer’s knowledge, the Investor shall not be in possession of any
                                            material, non-public information received from the Issuer or any of its respective officers,
                                            directors, employees or agents relating to the transactions contemplated by this Agreement.
                                            Notwithstanding anything in this Agreement to the contrary, the Issuer shall ensure that
                                            the SPAC shall not publicly disclose the name of the Investor or any of its affiliates or
                                            advisers, or include the name of the Investor or any of its affiliates or advisers in any
                                            press release or in any filing with the SEC or any regulatory agency or trading market, without
                                            the prior written consent of the Investor and the Issuer, except (i) as required by
                                            the federal securities law or pursuant to other routine proceedings of regulatory authorities,
                                            (ii) to the extent such disclosure is required by law, at the request of the staff of
                                            the SEC or regulatory agency or under the regulations of any national securities exchange
                                            on which SPAC’s securities are listed for trading or (iii) to the extent such
                                            announcements or other communications contain only information previously disclosed in a
                                            public statement, press release or other communication previously approved in accordance
                                            with this Section 8.

 

		9.	Allocation.
                                            Notwithstanding anything to the contrary in this Agreement, the Issuer shall have the right,
                                            with the prior written consent of SPAC, to, by written notice to the Investor at least three
                                            (3) business days before the Closing, reduce the number of the Shares to be issued to
                                            the Investor pursuant to this Agreement, upon which the Subscription Amount shall be reduced
                                            proportionally based on the Per Share Purchase Price; provided, however, that any reduction
                                            shall also apply to the Other Equity Investors and such reduction shall apply pro rata to
                                            the Equity Investors based on the number of the Shares to be purchased.

 

[Signature Page Follows]

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the Investor has executed or caused this Agreement to be executed by its duly authorized representative as
of the date first written above.

 

	 	GEELY INVESTMENT
    HOLDING LTD.
	 	 	 
	 	By:	/s/
Donghui Li
	 	 	Name: 
Donghui Li
	 	 	Title: CEO

 

[Signature Page to Strategic Investment Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Issuer has executed or caused this Agreement to be executed by its duly authorized representative as
of the date first set forth above.

 

	 	ECARX HOLDINGS
    INC.
	 	 	 
	 	By:	 /s/ Ziyu Shen
	 	 	Name: Ziyu
    Shen
	 	 	Title: DirectorExhibit
10.44

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO BORROWER. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY
SUCH SECURITIES.

 

Original
Issue Date: April 9, 2021

Principal
Amount: $110,000.00

Interest
Rate: 12% simple interest rate if paid within 60 days; 15% compounding (monthly) interest if not paid in full within 60 days

 

CONVERTIBLE
NOTE

DUE
JUNE 9, 2021

 

THIS
CONVERTIBLE NOTE is one of a series of duly authorized and validly issued Notes of Deep Green Waste & Recycling, Inc., a Wyoming
corporation, (the “Borrower”), due June 9, 2021 (this note, the “Note” and, collectively with the
other notes of such series, the “Notes”).

 

FOR
VALUE RECEIVED, Borrower promises to pay to Bill Edmonds, or its registered assigns (the “ Holder”), with an address
at: 111 Muskhogean Rd in Fair Play, SC 29643, or shall have paid pursuant to the terms hereunder, the principal sum of One Hundred
Ten Thousand Dollars ($110,000.00.00) , plus accrued but unpaid interest thereon, on June 9, 2021 (the “Maturity Date”)
or such earlier date as this Note is required or permitted to be repaid or such later date if extended by the Holder as provided hereunder,
and to pay interest, if any, to the Holder on the aggregate unconverted and then outstanding principal amount of this Note in accordance
with the provisions hereof.

 

This
Note is subject to the following additional provisions:

 

Section
1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not
otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following
meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(a).

 

“Bankruptcy
Event” means any of the following events: (a) Borrower or any Subsidiary thereof commences a case or other proceeding under
any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar
law of any jurisdiction relating to Borrower or any Subsidiary thereof, (b) there is commenced against Borrower or any Subsidiary thereof
any such case or proceeding that is not dismissed within 60 days after commencement, (c) Borrower or any Subsidiary thereof is adjudicated
insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) Borrower or any Subsidiary
thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or
stayed within 60 calendar days after such appointment, (e) Borrower or any Subsidiary thereof makes a general assignment for the benefit
of creditors, (f) Borrower or any Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition, adjustment
or restructuring of its debts or (g) Borrower or any Subsidiary thereof, by any act or failure to act, expressly indicates its consent
to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the
foregoing.

 

    	1

    	 

    

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(d).

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of Washington are required by law or other governmental action to close.

 

“Buy-In”
shall have the meaning set forth in Section 4(c)(v).

 

“Change
of Control Transaction” means, other than by means of conversion or exercise of the Notes and the Securities issued together
with the Notes, the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity
or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal
or beneficial ownership of capital stock of Borrower, by contract or otherwise) of in excess of 50% of the voting securities of Borrower,
(b) Borrower merges into or consolidates with any other Person, or any Person merges into or consolidates with Borrower and, after giving
effect to such transaction, the stockholders of Borrower immediately prior to such transaction own less than 50% of the aggregate voting
power of Borrower or the successor entity of such transaction, (c) Borrower sells or transfers all or substantially all of its assets
to another Person and the stockholders of Borrower immediately prior to such transaction own less than 50% of the aggregate voting power
of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a three year period of more than one-half
of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors
on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination
to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or
(e) the execution by Borrower of an agreement to which Borrower is a party or by which it is bound, providing for any of the events set
forth in clauses (a) through (d) above.

 

“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Price” shall have the meaning set forth in Section 4(b).

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the terms
hereof.

 

“Event
of Default” shall have the meaning set forth in Section 7(a).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(a).

 

“Mandatory
Default Amount” means 150% of the outstanding principal amount of this Note, plus, all other amounts, costs, expenses and liquidated
damages due in respect of this Note.

 

    	2

    	 

    

 

“Washington
Courts” shall have the meaning set forth in Section 9(d).

 

“Note
Register” shall have the meaning set forth in Section 3(c).

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

“Original
Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless of the
number of instruments which may be issued to evidence such Notes.

 

“Other
Holder” means a holder, if any of one or more Other Notes (collectively, “Other Holders”).

 

“Other
Notes” means Notes, if any, nearly identical to this Note issued to other Holders if any pursuant to the Purchase Agreement.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of April 9, 2021 among Borrower and the original Holders, as amended,
modified or supplemented from time to time in accordance with its terms.

 

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

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(c)(ii).

 

“Successor
Entity” shall have the meaning set forth in Section 5(a).

 

“Trading
Day” means a day on which the principal Trading 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 MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, the New York Stock Exchange,
the OTC Bulletin Board, OTCQB, OTC Pink or the OTCQX (or any successors to any of the foregoing).

 

“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 any of the NASDAQ markets or exchanges is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if
the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported
on the OTCQX, OTCQB or OTC Pink Marketplace maintained by the OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the volume weighted average price of the Common Stock on the first such facility (or a similar
organization or agency succeeding to its functions of reporting prices), 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 Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to Borrower, the fees and expenses of which shall be paid by Borrower.

 

“Warrants”
means the Warrants issued pursuant to the Purchase Agreement.

 

    	3

    	 

    

 

Section
2. Interest and Repayment.

 

a)
Interest and Principal Payments. Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding
principal amount of this Note at the annual rate of eight percent (12%) (as subject to increase as set forth in this Note) from the Original
Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.

 

b)
Payment Grace Period. Except as set forth herein, the Borrower shall not have any grace period to pay any monetary amounts due
under this Note.

 

c)
Conversion Privileges. The Conversion Rights set forth in Section 4 shall remain in full force and effect immediately from the
date hereof and until the Note is paid in full regardless of the occurrence of an Event of Default. This Note shall be payable in full
on the Maturity Date, unless previously converted into Common Stock in accordance with Section 4 hereof.

 

d)
Application of Payments. Interest on this Note shall be calculated on the basis of a 365 or 366-day year as the case may be and
the actual number of days elapsed. Payments made in connection with this Note shall be applied first to amounts due hereunder other than
principal and interest, thereafter to interest and finally to principal.

 

e)
Pari Passu. All payments made on this Note and the Other Notes and all actions taken by the Borrower with respect to this Note
and the Other Notes, including but not limited to Optional Redemption, shall be made and taken pari passu with respect to this
Note and the Other Notes. Notwithstanding anything to the contrary contained herein or in the Transaction Documents, it shall not be
considered non-pari passu for a Holder or Other Holder to elect to receive interest paid in shares of Common Stock or for the Borrower
to actually pay interest in shares of Common Stock to such electing Holder or Other Holder, nor for a Holder of a Note or Other Note
to accept a prepayment provided a prepayment offer was made to the Holder and holders of Other Notes on a pari passu basis.

 

f)
Manner and Place of Payment. Principal and interest on this Note and other payments in connection with this Note shall be payable
at the Holder’s offices as designated above in lawful money of the United States of America in immediately available funds without
set-off, deduction or counterclaim. Upon assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant
to the assignee’s instructions upon receipt of written notice thereof. Except as set forth herein, this Note may not be prepaid
or mandatorily converted without the consent of the Holder.

 

Section
3. Registration of Transfers and Exchanges.

 

a)
Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

b)
Investment Representations. This Note has been issued subject to certain investment representations of the original Holder set
forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal
and state securities laws and regulations.

 

c)
Reliance on Note Register. Prior to due presentment for transfer to Borrower of this Note, Borrower and any agent of Borrower
may treat the Person in whose name this Note is duly registered on the register maintained of Holders of the Notes and Other Notes (the
“Note Register”) as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither Borrower nor any such agent shall be affected by notice to the contrary.

 

    	4

    	 

    

 

Section
4. Conversion.

 

a)
Voluntary Conversion. At any time after the Closing Date, until this Note is no longer outstanding, this Note shall be convertible,
in whole or in part, into shares of Common Stock at the option of the Holder, at any time and from time to time (subject to the conversion
limitations set forth in Section 4(d) hereof). The Holder shall effect conversions by delivering to Borrower a Notice of Conversion,
the form of which is attached hereto as Annex A (each, a “Notice of Conversion”), specifying therein the principal
amount of this Note and accrued interest, if any, to be converted at the election of the Holder and the date on which such conversion
shall be effected (such date, the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion,
the Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder. To effect conversions hereunder,
the Holder shall not be required to physically surrender this Note to Borrower unless the entire principal amount of this Note has been
so converted. Conversions of principal hereunder shall have the effect of lowering the outstanding principal amount of this Note in an
amount equal to the applicable conversion. The Holder and Borrower shall maintain records showing the principal amount(s) converted and
the date of such conversion(s). Borrower may deliver an objection to any Notice of Conversion within one (1) Business Day of delivery
of such Notice of Conversion. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative
in the absence of manifest error. The Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of
the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this
Note may be less than the amount stated on the face hereof.

 

b)
Conversion Price. The conversion price for the principal and interest in connection with voluntary conversions by the Holder shall
be 60% multiplied by the Market Price (as defined herein)(representing a discount rate of 40%), subject to adjustment as described herein
(“Conversion Price”). Market Price” means the lowest one (1) Trading Prices (as defined below) for the Common
Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. “Trading
Prices” means, for any security as of any date, the lowest traded price on the Over-the Counter Pink Marketplace, OTCQB, or applicable
trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by
the Holder (i.e. www.Nasdaq.com) or, if the OTCQB is not the principal trading market for such security, on the principal securities
exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available
in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets.
If the Trading Prices cannot be calculated for such security on such date in the manner provided above, the Trading Prices shall be the
fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which
the calculation of the Trading Prices are required in order to determine the Conversion Price of such Notes. “Trading Day”
shall mean any day on which the Common Stock is tradable for any period on the OTCQB, or on the principal securities exchange or other
securities market on which the Common Stock is then being traded. Upon any Event of Default, including not having current financial information
publicly disclosed, the Conversion Price will be reduced to 50% multiplied by the Market Price (as defined herein)(representing a discount
rate of 50%).

 

c)
Mechanics of Conversion.

 

i.
Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion hereunder
shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted plus interest,
if any, elected by the Holder to be converted by (y) the Conversion Price. Upon every Conversion, the Company shall deliver an additional
$1,200 worth of shares (as calculated by the Conversion Price in effect on the Conversion Notice being honored) to cover the Holder’s
expenses and deposit fees associated with each Notice of Conversion.

 

    	5

    	 

    

 

ii.
Delivery of Certificate Upon Conversion. Not later than five (5) Trading Days after each Conversion Date (the “Share
Delivery Date”), Borrower shall deliver, or cause to be delivered, to the Holder a certificate or certificates representing
the Conversion Shares which, on or after the earlier of (i) the six month anniversary of the Original Issue Date or (ii) the Effective
Date, shall be free of restrictive legends and trading restrictions (other than those which may then be required by the Purchase Agreement)
representing the number of Conversion Shares being acquired upon the conversion of this Note. On or after the earlier of (i) the six-month
anniversary of the Original Issue Date or (ii) the Effective Date, Borrower shall in lieu of delivering physical certificates representing
the Conversion Shares, upon request of the Holder, so long as the certificates therefor do not bear a legend and the Holder is not obligated
to return such certificate for the placement of a legend thereon, the Borrower shall cause its transfer agent to electronically transmit
the Conversion Shares by crediting the account of Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal
At Custodian system, provided that the Borrower’s Common Stock is DTC eligible and the Borrower’s transfer agent participates
in the Deposit Withdrawal at Custodian system. Such delivery must be made on or before the Legend Removal Date.

 

iii.
Failure to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not delivered
to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to Borrower
at any time on or before its receipt of such certificate or certificates, to rescind such Conversion, in which event Borrower shall promptly
return to the Holder any original Note delivered to Borrower and the Holder shall promptly return to Borrower the Common Stock certificates
issued to such Holder pursuant to the rescinded Conversion Notice.

 

iv.
Obligation Absolute. Borrower’s obligations to issue and deliver the Conversion Shares upon conversion of this Note in accordance
with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver
or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or
any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of
any obligation to Borrower or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other
circumstance which might otherwise limit such obligation of Borrower to the Holder in connection with the issuance of such Conversion
Shares; provided, however, that such delivery shall not operate as a waiver by Borrower of any such action Borrower may
have against the Holder. In the event the Holder of this Note shall elect to convert any or all of the outstanding principal amount hereof,
Borrower may not refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged
in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and or
enjoining conversion of all or part of this Note shall have been sought and obtained, and Borrower posts a surety bond for the benefit
of the Holder in the amount of 150% of the outstanding principal amount of this Note, which is subject to the injunction, which bond
shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable
to the Holder to the extent it obtains judgment. In the absence of such injunction, Borrower shall issue Conversion Shares or, if applicable,
cash, upon a properly noticed conversion. If Borrower fails for any reason to deliver to the Holder such certificate or certificates
pursuant to Section 4(c)(ii) by the Share Delivery Date, Borrower shall pay to the Holder, in cash, as liquidated damages and not as
a penalty, for each $1,000 of principal amount being converted, $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th)
Trading Day after such liquidated damages being to accrue) for each Trading Day after such Share Delivery Date until such certificates
are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare
an Event of Default pursuant to Section 8 hereof for Borrower’s failure to deliver Conversion Shares within the period specified
herein and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder from seeking
to enforce damages pursuant to any other Section hereof or under applicable law.

 

    	6

    	 

    

 

v.
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available to
the Holder, if Borrower fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery Date pursuant
to Section 4(c)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open market
transaction or otherwise), or the Holder or Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction
of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share
Delivery Date (a “Buy-In”), then Borrower shall (A) pay in cash to the Holder (in addition to any other remedies available
to or elected by the Holder) the amount, if any, by which (x) the Holder’s total purchase price (including any brokerage commissions)
for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled
to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase
obligation was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this
Note in a principal amount equal to the principal amount of the attempted conversion (in which case such conversion shall be deemed rescinded)
or deliver to the Holder the number of shares of Common Stock that would have been issued if Borrower had timely complied with its delivery
requirements under Section 4(c)(ii). 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 conversion of this Note with respect to which the actual sale price of the Conversion Shares (including
any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding
sentence, Borrower shall be required to pay the Holder $1,000. The Holder shall provide Borrower written notice indicating the amounts
payable to the Holder in respect of the Buy-In and, upon request of Borrower, 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 Borrower’s failure to timely deliver certificates representing
shares of Common Stock upon conversion of this Note as required pursuant to the terms hereof.

 

vi.
Reservation of Shares Issuable Upon Conversion. Borrower covenants that it will at all times reserve and keep available out of
its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Note as herein provided,
free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders of
the Notes), not less than three times such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions
set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 5) upon the conversion
of the then outstanding principal amount of this Note and interest which has accrued and would accrue on such principal amount, assuming
such principal amount was not converted through three years after the Original Issue Date. Borrower covenants that all shares of Common
Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.

 

    	7

    	 

    

 

vii.
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note.
As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, Borrower 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 Conversion Price
or round up to the next whole share.

 

viii.
Transfer Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made
without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery
of such certificates, provided that, Borrower shall not be required to pay any tax that may be payable in respect of any transfer involved
in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of this Note so converted
and Borrower shall not be required to issue or deliver such certificates unless or until the Person or Persons requesting the issuance
thereof shall have paid to Borrower the amount of such tax or shall have established to the satisfaction of Borrower that such tax has
been paid. Borrower shall pay all Transfer Agent fees required for same-day processing of any Notice of Conversion.

 

d)
Holder’s Conversion Limitations. Borrower shall not effect any conversion of this Note, and a Holder shall not have the
right to convert any portion of this Note, to the extent that after giving effect to the conversion set forth on the applicable Notice
of Conversion, the Holder (together with the Holder’s Affiliates, and any Persons acting as a group together with the Holder or
any of the Holder’s Affiliates) 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 shall include
the number of shares of Common Stock issuable upon conversion of this Note with respect to which such determination is being made, but
shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount
of this Note beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of Borrower subject to a limitation on conversion or exercise analogous to the limitation contained herein
(including, without limitation, any other Notes or the Warrants) beneficially owned by the Holder or any of its Affiliates. Except as
set forth in the preceding sentence, for purposes of this Section 4(d), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section
4(d) applies, the determination of whether this Note is convertible (in relation to other securities owned by the Holder together with
any Affiliates) and of which principal amount of this Note is convertible shall be in the sole discretion of the Holder, and the submission
of a Notice of Conversion shall be deemed to be the Holder’s determination of whether this Note may be converted (in relation to
other securities owned by the Holder together with any Affiliates) and which principal amount of this Note is convertible, in each case
subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to
Borrower each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this
paragraph and Borrower 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 4(d), in determining the number of outstanding shares of Common Stock,
the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) Borrower’s
most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by Borrower,
or (iii) a more recent written notice by Borrower or Borrower’s transfer agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, Borrower shall within two Trading Days 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 Borrower, including this Note, by the Holder or its Affiliates
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 conversion of this Note held by the Holder. The Holder may decrease the Beneficial Ownership Limitation at any time
and the Holder, upon not less than 61 days’ prior notice to Borrower, may increase the Beneficial Ownership Limitation provisions
of this Section 4(d), 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 conversion of this Note held by the
Holder and the Beneficial Ownership Limitation provisions of this Section 4(d) shall continue to apply. Any such increase will not be
effective until the 61st day after such notice is delivered to Borrower. The Beneficial Ownership Limitation provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d)
to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation
contained herein 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 Note.

 

    	8

    	 

    

 

Section
5. Certain Adjustments.

 

a)
Stock Dividends and Stock Splits. If Borrower, at any time while this Note is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents (which,
for avoidance of doubt, shall not include any shares of Common Stock issued by Borrower upon conversion of the Notes), (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding
shares of Common Stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the Common Stock,
any shares of capital stock of Borrower, then the Fixed Conversion Price shall be multiplied by a fraction of which the numerator shall
be the number of shares of Common Stock (excluding any treasury shares of Borrower) outstanding immediately before such event, and of
which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant
to this Section 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)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time Borrower grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held
the number of shares of Common Stock acquirable upon complete conversion of this Note (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of
Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for
the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)
Pro Rata Distributions. During such time as this Note is outstanding, if Borrower shall declare or make any dividend whether or
not permitted, or makes any other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock,
by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Note, then, in each such case, the Holder shall be entitled
to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of this Note (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation
in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent)
and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    	9

    	 

    

 

d)
Fundamental Transaction. If, at any time while this Note is outstanding, (i) Borrower, directly or indirectly, in one or more
related transactions effects any merger or consolidation of Borrower with or into another Person, (ii) Borrower, 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 Borrower
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) Borrower,
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, (v) Borrower, 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 or scheme of arrangement)
with another Person whereby such other Person 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 conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have
been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation
in Section 4(d) on the conversion of this Note), the number of shares of Common Stock of the successor or acquiring corporation or of
Borrower, 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 Note is convertible immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 4(d) on the conversion of this Note). For purposes
of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction,
and Borrower shall apportion the Conversion 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 conversion of this Note following such Fundamental Transaction. Borrower shall cause any successor entity in a Fundamental
Transaction in which Borrower is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of Borrower under this Note and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions
of this Section 5(a) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Note, deliver to the
Holder in exchange for this Note a security of the Successor Entity evidenced by a written instrument substantially similar in form and
substance to this Note which is convertible 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 conversion of this Note (without regard to any limitations
on the conversion of this Note) prior to such Fundamental Transaction, and with a conversion price which applies the conversion 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 conversion price
being for the purpose of protecting the economic value of this Note immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. 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 Note and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of Borrower and shall assume all of the obligations of Borrower under this Note and the other
Transaction Documents with the same effect as if such Successor Entity had been named as Borrower herein.

 

    	10

    	 

    

 

e)
Calculations. All calculations under this Section 5 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 5, 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 any treasury shares of Borrower) issued and outstanding.

 

f)
Notice to the Holder.

 

i.
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, Borrower
shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

ii.
Notice to Allow Conversion by Holder. If (A) Borrower shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) Borrower shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) Borrower
shall authorize the granting to all holders of the Common Stock of 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 Borrower shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which Borrower is a party, any sale or transfer of all or substantially all of the
assets of Borrower, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property or
(E) Borrower shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of Borrower, then, in
each case, Borrower shall cause to be filed at each office or agency maintained for the purpose of conversion of this Note, and shall
cause to be delivered to the Holder at its last address as it shall appear upon the Note Register, at least twenty (20) calendar days
prior to the applicable record or effective date hereinafter specified, a notice 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 hereunder constitutes,
or contains, material, non-public information regarding Borrower or any of the Subsidiaries, Borrower shall simultaneously file such
notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to convert this Note during the
20-day period commencing on the date of such notice through the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

    	11

    	 

    

 

Section
6. Negative Covenants. As long as any principal amount of this Note remains outstanding, Borrower shall not, and shall not
permit any of the Subsidiaries to, directly or indirectly:

 

a)
enter into any transaction pursuant to Section 3(a)(10) of the Securities Act;

 

b)
amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
and adversely affects any rights of the Holder, provided, however, that Borrower may amend its articles of incorporation to increase
the number of common shares authorized provided all such additional shares of common stock are reserved solely for issuance to the Holders,
or to create a class or series of preferred stock so long as the class or series has no conversion or dividend rights, or any liquidation
preference;

 

c)
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock
or Common Stock Equivalents other than as to the Conversion Shares or Warrant Shares as permitted or required under the Transaction Documents;

 

d)
declare or make any dividend or other distribution of its assets or rights to acquire its assets to holders of shares of Common Stock,
preferred stock, or any other equity security by way of return of capital or otherwise including, without limitation, any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme
of arrangement or other similar transaction;

 

d)
enter into any transaction with any Affiliate of Borrower which would be required to be disclosed in any public filing with the Commission,
unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of
Borrower (even if less than a quorum otherwise required for board approval); or

 

e)
enter into any agreement with respect to any of the foregoing.

 

Section
7. Events of Default.

 

a)
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and
whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of
any court, or any order, rule or regulation of any administrative or governmental body):

 

i.
any default in the payment of (A) the principal or interest amount of this Note or (B) liquidated damages and other amounts owing to
a Holder on any Note, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or by acceleration
or otherwise) which default, solely in the case of a default under clause (B) above, is not cured within 3 Trading Days after Borrower
has become or should have become aware of such default;

 

    	12

    	 

    

 

ii.
Borrower shall fail to observe or perform any other covenant or agreement contained in the Notes (other than a breach by Borrower of
its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in clause (ix) below) which
failure is not cured, if possible to cure, within the earlier to occur of (A) five (5) Trading Days after written notice of such failure
sent by the Holder or by any Other Holder to Borrower and (B) ten (10) Trading Days after Borrower has become or should have become aware
of such failure;

 

iii.
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall
occur under (A) any of the Transaction Documents other than the Notes, including but not limited to failure to strictly comply with the
provisions of the Transaction Documents, or (B) any other material agreement, lease, document or instrument to which Borrower or any
Subsidiary is obligated (and not covered by clause (vi) below), which, in the case of subsection (B), would reasonably be expected to
have a Material Adverse Effect;

 

iv.
any representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto or
any other report, financial statement or certificate made or delivered to the Holder or any Other Holder shall be untrue or incorrect
in any material respect as of the date when made or deemed made;

 

v.
Borrower or any Subsidiary shall be subject to a Bankruptcy Event;

 

vi.
Borrower or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any
indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater
than $100,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable;

 

vii.
Borrower shall be a party to any Change of Control Transaction or Fundamental Transaction;

 

viii.
Borrower shall fail for any reason to deliver certificates to a Holder prior to the fifth (5th) Trading Day after a Conversion
Date pursuant to Section 4(c) or Borrower shall provide at any time notice to the Holder, including by way of public announcement, of
Borrower’s intention to not honor requests for conversions of any Notes in accordance with the terms hereof;

 

ix.
any monetary judgment, writ or similar final process shall be entered or filed against Borrower, any subsidiary or any of their respective
property or other assets for more than $100,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or
unstayed for a period of 90 calendar days;

 

    	13

    	 

    

 

x.
any dissolution, liquidation or winding up by Borrower or a material Subsidiary of a substantial portion of their business not assumed
by the Borrower or another Subsidiary;

 

xi.
cessation of material operations by Borrower or by a material Subsidiary if the operations are not assumed by the Borrower or another
Subsidiary;

 

xii.
an event resulting in the Common Stock no longer being listed or quoted on a Trading Market, or notification from a Trading Market that
the Borrower is not in compliance with the conditions for such continued quotation on at least one Trading Market and such non-compliance
continues for twenty (20) days following such notification;

 

xiii.
a Commission or judicial stop trade order or suspension from the Borrower’s Principal Trading Market;

 

xiv.
the Borrower effectuates a reverse split of its Common Stock without ten (10) days prior written notice to the Holder;

 

xv.
a failure by Borrower to notify Holder of any material event of which Borrower is obligated to notify Holder pursuant to the terms of
this Note or any other Transaction Document;

 

xvi.
a default by the Borrower of a material term, covenant, warranty or undertaking of any other agreement to which the Borrower and Holder
are parties, or the occurrence of an event of default under any such other agreement to which Borrower and Holder are parties which is
not cured after any required notice and/or cure period or waived;

 

xvii.
the occurrence of an Event of Default under any Other Note;

 

xviii.
any material provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof)
cease to be valid and binding on or enforceable against the Borrower, or the validity or enforceability thereof shall be contested by
Borrower, or a proceeding shall be commenced by Borrower or any governmental authority having jurisdiction over Borrower or Holder, seeking
to establish the invalidity or unenforceability thereof, or Borrower shall deny in writing that it has any liability or obligation purported
to be created under any Transaction Document;

 

xix.
Borrower does not meet the current public information requirements under Rule 144; or

 

xx.
the Conversion Price falls below the par value of the common stock subject to cure as set forth above.

 

In
the event more than one grace, cure or notice period is applicable to an Event of Default, then the shortest grace, cure or notice period
shall be applicable thereto.

 

    	14

    	 

    

 

b)
Remedies Upon Event of Default, Fundamental Transaction and Change of Control Transaction. If any Event of Default or a Fundamental
Transaction or a Change of Control Transaction occurs, the outstanding principal amount of this Note, liquidated damages and other amounts
owing in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable
in cash at the Mandatory Default Amount. Commencing on the Maturity Date and also five (5) days after the occurrence of any Event of
Default interest on this Note shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under
applicable law. Upon the payment in full of the Mandatory Default Amount, the Holder shall promptly surrender this Note to or as directed
by Borrower. In connection with such acceleration described herein, the Holder need not provide, and Borrower hereby waives, any presentment,
demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and
all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded
and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such
time, if any, as the Holder receives full payment pursuant to this Section 7(b). No such rescission or annulment shall affect any subsequent
Event of Default or impair any right consequent thereon.

 

Section
8. Prepayment. The Borrower shall have the option to prepay this Note amy time after the Issue Date (“Cutoff Date”).
Prior to the Cutoff Date, the Borrower shall have the right, exercisable on not less five (5) Trading Days prior written notice to the
Holder of the Note to prepay the outstanding Note (principal and accrued interest), in full by making a payment to the Holder of an amount
in cash equal to 100%, multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest
on the unpaid principal amount of this Note plus (y) Default Interest, if any. Any notice of prepayment hereunder (an “Optional
Prepayment Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower
is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days from the
date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall
make payment of the applicable prepayment amount to or upon the order of the Holder as specified by the Holder in writing to the Borrower
at least one (1) business day prior to the Optional Prepayment Date. Prior to the Option Prepayment Date the Holder may convert all or
a portion of this Note in accordance with its terms.

 

Section
9. Investor Benefits.

 

In
order to offset any potential risk associated with this Convertible Note, Borrower hereby shall offer the following inducements that
are beneficial to the Holder:

 

	 	●	This
    Convertible Note shall be secured by all the assets of DG Research Inc (dba Amwaste) including but not limited to the all the trucks,
    containers, existing and future customers of the former Amwaste Inc accounting, operating systems, peripheral equipment, etc.
	 	 	 
	 	●	Borrower
    shall issue 2,000,000 shares of DGWR restricted common stock, the Borrower shall bear all costs associated with issuing the restricted
    shares, and the Borrower shall include these shares in a future registration statement.

 

    	15

    	 

    

 

Section
10. Miscellaneous.

 

Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt
requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery,
telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written
notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated
below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on
the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: (i) if to Borrower, to: Deep Green
Waste & Recycling, Inc., 13110 NE 177th Place, Suite 293, Woodinville, WA 98072 Attn: President and CEO, email: ceo@deepgreenwaste.com,
and (ii) if to the Holder, to: the address, email address and fax number indicated on the front page of this Note.

 

a)
Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Borrower,
which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note at
the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of Borrower. This Note
ranks pari passu with all other Notes now or hereafter issued under the terms set forth herein.

 

b)
Lost or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, Borrower shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note,
a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss,
theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to Borrower.

 

c)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed
by and construed and enforced in accordance with the internal laws of the State of Washington, without regard to the principles of conflict
of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers,
shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the County of King (the “Washington
Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Washington Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), 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 such Washington Courts, or such Washington Courts are
improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof 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 Note 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 applicable law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the
transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Note, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding. This Note shall be deemed an unconditional
obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against Borrower
by summary proceeding pursuant to Washington Civil Procedure Law and Rules or any similar rule or statute in the jurisdiction where enforcement
is sought. For purposes of such rule or statute, any other document or agreement to which Holder and Borrower are parties or which Borrower
delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Borrower’s obligations
to Holder are deemed a part of this Note, whether or not such other document or agreement was delivered together herewith or was executed
apart from this Note.

 

    	16

    	 

    

 

d)
Waiver. Any waiver by Borrower or the Holder of a breach of any provision of this Note shall not operate as or be construed to
be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of Borrower or the
Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion.
Any waiver by Borrower or the Holder must be in writing.

 

e)
Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect,
and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and
circumstances.

 

f)
Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing
usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or
forgive Borrower from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and Borrower (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution
of every such as though no such law has been enacted.

 

g)
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

h)
Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed
to limit or affect any of the provisions hereof.

 

i)
Amendment. Unless otherwise provided for hereunder, this Note may not be modified or amended or the provisions hereof waived without
the written consent of Borrower and the Holder.

 

j)
Facsimile Signature. In the event that the Borrower’s signature is delivered by facsimile transmission, PDF, electronic
signature or other similar electronic means, such signature shall create a valid and binding obligation of the Borrower with the same
force and effect as if such signature page were an original thereof.

 

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

 

(Signature
Pages Follow)

 

    	17

    	 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by an authorized officer as of the Date written above.

 

	 	DEEP
    GREEN WASTE & RECYCLING, INC.
	 	 	 
	 	By:	 /s/Lloyd
    Spencer
	 	Name:	Lloyd
    Spencer
	 	Title:	Chief
    Executive Officer

 

    	18

    	 

    

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the Convertible Note due June 9, 2021 of Deep Green Waste & Recycling, Inc.,
a Wyoming corporation (the “Company”), into shares of common stock (the “Common Stock”), of
Borrower according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of
a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith
such certificates and opinions as reasonably requested by Borrower in accordance therewith. No fee will be charged to the holder for
any conversion, except for such transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to Borrower that its ownership of the Common Stock
does not exceed the amounts specified under Section 4 of this Note, as determined in accordance with Section 13(d) of the Exchange Act.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer
of the aforesaid shares of Common Stock.

 

Conversion
calculations:

 

Date
to Effect Conversion: ____________________________

 

Principal
Amount of Note to be Converted: $__________________

 

Additional
Interest to be Converted: $_______________

 

Number
of shares of Common Stock to be issued: ______________

 

Signature:
_________________________________________

 

Name:
____________________________________________

 

Address
for Delivery of Common Stock Certificates: __________

 

_____________________________________________________

 

_____________________________________________________

 

Or

 

DWAC
Instructions: _________________________________

 

Broker
No:_____________

 

Account
No: _______________

 

    	19

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