Document:

Exhibit 10.1

 

 

	Activist Investing LLC	Custodian Ventures LLC
	1185 Avenue of the Americas, 3rd Floor	3445 Lawrence Avenue
	New York, New York 10036	Oceanside, New York 11572

 

DAVID ELLIOT LAZAR

1185 Avenue of the Americas, 3rd Floor

New York, New York 10036

 

 

November 30, 2020

 

 

DPW Holdings, Inc.

201 Shipyard Way, Suite E

Newport Beach, CA 92663

Attn.: Milton C. Ault III, Chief Executive Officer

 

		Re:	Shares of Common Stock of Universal Security Instruments, Inc.

 

Dear Sir:

 

This letter is being delivered in connection
with the purchase from Activist Investing LLC, Custodian Ventures LLC, and David Elliot Lazar (collectively, the “Seller”)
by DPW Holdings, Inc. (the “Purchaser”) of the Seller’s collective 228,967 shares of common stock, par value
$0.01 (the “Securities”), of Universal Security Instruments, Inc. (the “Company”) at a purchase
price of $3.10 per share.

 

1.       Subject
to the terms and conditions of this letter agreement, at the Closing (as defined below) Seller will sell, assign, transfer and
convey to Purchaser, and Purchaser will purchase, the Securities for an aggregate purchase price of $709,797.70 (the “Purchase
Price”). The purchase and sale of the Securities shall take place remotely via the exchange of documents and signatures,
as soon as the shares are ready to be DWAC’d over to the buyer, but no later than 30 business days from the signing of this
agreement. (which time and place are designated as the “Closing”). At the Closing, Seller shall initiate the electronic
delivery of the Securities to Purchaser to the account listed on Exhibit A attached hereto and Purchaser will deliver the
Purchase Price to Seller by wire transfer of immediately available funds to the bank account listed on Exhibit A attached
hereto.

 

    	 	 	 

    	 

    

 

2.       Seller
hereby represents and warrants to Purchaser as of the date hereof and as of the Closing as follows (it being understood and agreed
that since the term “Seller” is used to describe three persons, the following representations and warranties are made
jointly and severally as among the persons comprising the “Seller”): (i) Seller has all requisite power and authority
to execute and deliver this letter agreement and to consummate the transactions described herein, (ii) the execution and delivery
by Seller of this letter agreement and the performance by Seller of its obligations hereunder have been duly authorized by all
requisite action on the part of Seller and no other proceedings on the part of Seller are necessary to authorize the execution
and delivery of this letter agreement and the consummation of the transactions contemplated hereby, (iii) this letter agreement
has been duly executed and delivered by Seller and assuming due authorization, execution and delivery of this letter agreement
by Purchaser constitutes a valid and legally binding obligation of Seller, enforceable against Seller in accordance with its terms
except (x) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws
of general application relating to or affecting the enforcement of creditors’ rights generally, or (y) as limited by
laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, (iv) Seller owns, beneficially
and/or of record, the Securities and has good and marketable title to the Securities, free and clear of any and all covenants,
conditions, restrictions, voting trust arrangements, proxies, liens, charges, encumbrances, options and adverse claims or rights
whatsoever (“Liens”), except for restrictions on transfer arising under applicable federal and state securities laws,
(v) at the Closing, Seller will deliver to Purchaser good and valid title to the Securities, free and clear of all Liens, except
for restrictions on transfer arising under applicable federal and state securities laws, (vi) no suit, action or other proceeding
is pending or, to the knowledge of the Seller, threatened before any governmental authority seeking to restrain the Seller or
prohibit the Seller’s entry into this letter agreement or prohibit the Closing, and (vii) the execution and delivery of
this letter agreement and the performance by Seller of its obligations hereunder will not (x) other than with respect to Mr. Lazar, violate
or breach any provision of Seller’s organizational or governing documents, (y) violate or breach any statute, law,
rule, regulation or order by which Seller or any of its properties may be bound or (z) breach, or result in a default under,
any contract to which Seller is a party or by which Seller or any of its properties may be bound.

 

3.       Seller
acknowledges that Purchaser (a) now possesses and may hereafter possess certain non-public information concerning the Company and
its affiliates and/or the Securities (the “Non-Public Information”) that may or may not be known by Seller which may
constitute material information with respect to the foregoing, and (b) is relying on this letter agreement and would not enter
into a transaction to purchase the Securities from Seller absent this letter agreement.  Seller agrees to sell the Seller’s
Securities to Purchaser notwithstanding that it is aware that such Non-Public Information exists and that Purchaser may not have
disclosed all Non-Public Information to it.  Seller acknowledges that it is a sophisticated seller with respect to the
purchase and sale of securities such as the Securities and that Purchaser has no obligations to Seller to disclose such Non-Public
Information and that if the Non-Public Information were fully disclosed to Seller, the Non-Public Information could foreseeably
affect Seller’s willingness to enter into this letter agreement and the price that Seller would be willing to accept to sell
the Securities. Moreover, such Non-Public Information may indicate that the value of the Securities is substantially lower or higher
than the Purchase Price. Additionally, Seller acknowledges that it has adequate information concerning the Securities, and the
business and financial condition of the Company and its affiliates, to make an informed decision regarding the sale of the Securities,
and has independently and without reliance upon Purchaser, and based upon such information as the Seller has deemed appropriate,
made its own analysis and decision to sell the Securities to Purchaser. Seller is experienced, sophisticated and knowledgeable
in the trading of securities and other instruments of private and public companies and understands the disadvantage to which it
may be subject on account of any disparity of the access to, and possession of, such Non-Public Information between Seller and
Purchaser. Seller has conducted an independent evaluation of the Securities to determine whether to enter into this letter agreement
and, notwithstanding the absence of access by Seller to the Non-Public Information known by Purchaser, Seller is desirous of entering
into this letter agreement and consummating the transactions contemplated hereby. Seller, because of, among other things, its business
and financial experience, is capable of evaluating the merits and risks of the transactions contemplated by this letter agreement
and of protecting its own interests in connection with this letter agreement.

 

    	 	 	 

    	 

    

 

4.       Purchaser
hereby represents and warrants to Seller as of the date hereof and as of the Closing as follows: (i) Purchaser is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) Purchaser has all requisite
power and authority to execute and deliver this letter agreement and to consummate the transactions described herein, (iii) the
execution and delivery by Purchaser of this letter agreement and the performance by Purchaser of its obligations hereunder have
been duly authorized by all requisite action on the part of Purchaser and no other proceedings on the part of Purchaser are necessary
to authorize the execution and delivery of this letter agreement and the consummation of the transactions contemplated hereby,
(iv) this letter agreement has been duly executed and delivered by Purchaser and assuming due authorization, execution and delivery
of this letter agreement by Seller constitutes a valid and legally binding obligation of Purchaser, enforceable against Purchaser
in accordance with its terms except (x) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally,
or (y) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies,
and (v) the execution and delivery of this letter agreement and the performance by Purchaser of its obligations hereunder will
not (x) violate or breach any provision of Purchaser’s organizational or governing documents, (y) violate or breach
any statute, law, rule, regulation or order by which Purchaser or any of its properties may be bound or (z) breach, or result
in a default under, any contract to which Purchaser is a party or by which Purchaser or any of its properties may be bound.

 

5.       Purchaser
acknowledges that Seller (a) now possesses and may hereafter possess Non-Public Information that may or may not be known by Purchaser
which may constitute material information with respect to the foregoing, and (b) is relying on this letter agreement and would
not enter into a transaction to sell the Securities to Purchaser absent this letter agreement.  Purchaser agrees to purchase
the Seller’s Securities from Seller notwithstanding that it is aware that such Non-Public Information exists and that Seller
may not have disclosed all Non-Public Information to it.  Purchaser acknowledges that it is a sophisticated purchaser
with respect to the purchase and sale of securities such as the Securities and that Seller has no obligations to Purchaser to disclose
such Non-Public Information and that if the Non-Public Information were fully disclosed to Purchaser, the Non-Public Information
could foreseeably affect Purchaser’s willingness to enter into this letter agreement and the price that Purchaser would be
willing to pay to purchase the Securities. Moreover, such Non-Public Information may indicate that the value of the Securities
is substantially lower or higher than the Purchase Price. Additionally, Purchaser acknowledges that it has adequate information
concerning the Securities, and the business and financial condition of the Company and its affiliates, to make an informed decision
regarding the purchase of the Securities, and has independently and without reliance upon Seller, and based upon such information
as the Purchaser has deemed appropriate, made its own analysis and decision to purchase the Securities from Seller. Purchaser is
experienced, sophisticated and knowledgeable in the trading of securities and other instruments of private and public companies
and understands the disadvantage to which it may be subject on account of any disparity of the access to, and possession of, such
Non-Public Information between Purchaser and Seller. Purchaser has conducted an independent evaluation of the Securities to determine
whether to enter into this letter agreement and, notwithstanding the absence of access by Purchaser to the Non-Public Information
known by Seller, Purchaser is desirous of entering into this letter agreement and consummating the transactions contemplated hereby.
Purchaser, because of, among other things, its business and financial experience, is capable of evaluating the merits and risks
of the transactions contemplated by this letter agreement and of protecting its own interests in connection with this letter agreement.

 

    	 	 	 

    	 

    

 

6.       Seller
does for itself and its successors and/or assigns, hereby irrevocably forever release, discharge and waive any and all claims,
rights, causes of action, suits, obligations, debts, demands, liabilities, controversies, costs, expenses, fees, or damages of
any kind (including, but not limited to, any and all claims alleging violations of federal or state securities laws, common-law
fraud or deceit, breach of fiduciary duty, negligence or otherwise), whether directly, derivatively, representatively or in any
other capacity, against the Purchaser or any of its affiliates, including, without limitation, any and all of its present and/or
past directors, officers, members, partners, employees, fiduciaries, agents or accounts under management, and their respective
successors and assigns (collectively, the “Purchaser Released Parties”), arising on or prior to the date hereof,
which are based upon, arise from or in any way relate to or involve, directly or indirectly, Purchaser’s failure to disclose
all or any portion of the Non-Public Information known by it to Seller in connection with the transfer of the Securities by Seller
to Purchaser. Seller also agrees that it shall not institute or maintain any cause of action, suit, complaint or other proceeding
against any of the Purchaser Released Parties as a result of such Purchaser Released Parties’ failure to disclose fully such
Non-Public Information to Seller or otherwise in connection with this letter agreement.

 

7.       Purchaser
does for itself and its respective successors and/or assigns, hereby irrevocably forever releases, discharges and waives any and
all claims, rights, causes of action, suits, obligations, debts, demands, liabilities, controversies, costs, expenses, fees, or
damages of any kind (including, but not limited to, any and all claims alleging violations of federal or state securities laws,
common-law fraud or deceit, breach of fiduciary duty, negligence or otherwise), whether directly, derivatively, representatively
or in any other capacity, against the Seller or any of its respective affiliates, including, without limitation, any and all of
their present and/or past directors, officers, members, partners, employees, fiduciaries, agents or accounts under management,
and their respective successors and assigns (collectively, the “Seller Released Parties”), arising on or prior
to the date hereof, which are based upon, arise from or in any way relate to or involve, directly or indirectly, Seller’s
failure to disclose all or any portion of the Non-Public Information known by it to Purchaser in connection with the transfer of
the Securities by Seller to Purchaser.  Purchaser also agrees that it shall not institute or maintain any cause of action,
suit, complaint or other proceeding against any of the Seller Released Parties as a result of such Seller Released Parties’
failure to disclose fully such Non-Public Information to Purchaser or otherwise in connection with this letter agreement.

 

    	 	 	 

    	 

    

 

8.       Each
of Seller and Purchaser agrees that this letter agreement, including, without limitation, the representations, warranties, agreements,
waivers, releases, acceptances and acknowledgments contained herein, shall be binding upon and inure to the benefit of Purchaser
and Seller and their respective successors and assigns, and shall survive the execution and delivery of this letter agreement and
the consummation of the sale of Seller’s Securities to Purchaser.  

 

9.       This
letter agreement constitutes the entire agreement between the parties, supersedes any prior agreements and understandings, written
or oral, between the parties with respect to the subject matter of the agreement, and contains the only representations or warranties
on which the parties are entitled to rely.

 

10.      This
letter agreement may be executed in counterparts. 

 

11.      This
letter agreement shall be construed in accordance with the laws of the State of New York and the parties agree to and accept the
exclusive jurisdiction of the courts of appropriate jurisdiction sitting in the Borough of Manhattan, City of New York, New York
with respect to any action relating to this letter agreement. The parties hereto agree that irreparable damage would occur if any
provision of this letter agreement were not performed in accordance with the terms hereof and that the parties shall be entitled
to an injunction or injunctions to prevent breaches or threatened breaches of this letter agreement or to enforce specifically
the performance of the terms and provisions hereof in any federal court located in the State of New York or any New York state
court, in addition to any other remedy to which they are entitled at law or in equity.

 

Please indicate your acknowledgment and
agreement to the foregoing by signing below where indicated.

 

SELLER:

 

	Activist Investing LLC	 
	 	 
	By:	/s/ David Elliot Lazar	 
	 	Name:	David Elliot Lazar	 
	 	Title:	Chief Executive Officer	 

 

	Custodian Ventures LLC	 
	 	 
	By:	
        /s/ David Elliot Lazar
	 
	 	Name:	David Elliot Lazar	 
	 	Title:	Chief Executive Officer	 

 

	/s/ David Elliot Lazar	 
	David Elliot Lazar	 

 

    	 	 	 

    	 

    

 

ACKNOWLEDGED AND AGREED

AS OF THE DATE FIRST WRITTEN ABOVE:

 

PURCHASER:

 

	DPW Holdings, Inc.	 
	 	 
	By:	/s/ Milton C. Ault III	 
	 	Name:	Milton C. Ault III	 
	 	Title:	Chief Executive OfficerExhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

Healthcare Integrated Technologies Inc.

1462 Rudder Lane

Knoxville, Tn 37919

 

Ladies and Gentlemen:

 

Subject to the terms and
conditions of this Subscription Agreement (the “Agreement”), undersigned subscriber (hereinafter, the
“Purchaser”) hereby irrevocably subscribes for and agrees to purchase the number of shares of common
stock, par value $0.001 per share (the “Shares”), of Healthcare Integrated Technologies Inc., a Nevada
corporation (the “Company”), on the signature page hereof at a purchase price of $.10 per Share
(the “Purchase Price”).

 

1. Subscription.
Contemporaneously with the execution of this Agreement by the Purchaser, the Purchaser tenders a check or wire transfer in the
amount of the Purchase Price to the Company.

 

2. Acceptance of
Subscription. The Purchaser acknowledges that the Company has the right (in its sole discretion) to accept or reject this
subscription, in whole or in part, for any reason, and that this subscription shall be deemed to be accepted by the Company only
when it is signed on its behalf. The Agreement either will be accepted or rejected, in whole or in part, as promptly as practical
after receipt. Upon rejection of this Agreement for any reason, all items received with this Agreement shall be returned to the
Purchaser without deduction for any fee, commission or expense and without accrued interest with respect to any money received,
and this Agreement shall be deemed to be null and void and of no further force or effect.

 

3. Representations,
Warranties and Covenants of the Purchaser. The Purchaser hereby represents, warrants to, and covenants with the Company
as follows:

 

(a) The Shares offered hereby
are not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws. The Purchaser understands that the offering and sale of the Shares contemplated hereby is intended to be exempt
from registration under the Securities Act, by virtue of Section 4(a)(2) thereof, based, in part, upon the representations, warranties
and agreements of the Purchaser contained in this Agreement.

 

(b) The Purchaser has not
been provided any offering materials in connection with the sale of the Shares other than this Agreement. All documents, records,
and books pertaining to the investment in the Shares been made available for inspection by the Purchaser and the Purchaser’s
attorney, accountant, purchaser representative and/or tax advisor, if any (collectively, the “Advisors”),
if any. The Purchaser and its Advisors, if any, have had a reasonable opportunity to ask questions of and receive answers from
a person or persons acting on behalf of the Company concerning the offering of the Shares and the business, financial condition,
and results of operations of the Company, and all such questions have been answered by representatives of the Company to the full
satisfaction of the Purchaser and its Advisors, if any. In evaluating the suitability of an investment in the Company, the Purchaser
has not relied upon any representation or other information (oral or written) other than as stated herein or as contained in documents
so furnished to the Purchaser or its Advisors, if any, by the Company

 

(c) Neither the Securities
and Exchange Commission (the “SEC”) nor any state securities commission or other regulatory body has
approved the Shares, or passed upon or endorsed the merits of this offering or confirmed the accuracy or determined the adequacy
of this Agreement. Any representation to the contrary is a criminal offense. This Agreement has not been reviewed by any federal,
state or other regulatory authority. The Shares are subject to restrictions on transferability and resale and may not be transferred
or resold except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption
therefrom.

 

    	 

     

    

 

(d) The Purchaser is unaware
of, is in no way relying on, and did not become aware of the offering of the Shares directly or indirectly through or as a result
of, any form of general solicitation or general advertising including, without limitation, any press release, article, notice,
advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television, radio
or the internet (including without limitation, internet “blogs,” bulletin boards, discussion groups or social networking
sites) in connection with the offering and sale of the Shares and is not subscribing for the Shares and did not become aware of
the offering of the Shares through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation
of a subscription by, a person not previously known to the Purchaser in connection with investments in securities generally.

 

(e) The Purchaser is not
aware of any person and has been advised that no person, will receive from the Company any compensation as a broker, finder, adviser
or in any other capacity in connection with the purchase of the Shares.

 

(f) The Purchaser, either
alone or together with its Advisors, if any, has such knowledge and experience in financial, tax, and business matters, and, in
particular, investments in securities, so as to enable him to utilize the information made available to him in connection with
the offering of the Shares, to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed
investment decision with respect thereto.

 

(g) The Purchaser acknowledges
that (i) the Company is not “current” in its reporting obligations with the SEC, and (ii) that the Shares will not
be available for resale under the provisions of Rule 144 of the Securities Act after the requisite holding period set forth in
such rule until such time, if ever, that the Company files all delinquent reports and other information with the SEC and is considered
“current” in its filing obligations. As a result, the Purchaser may be required to hold the Shares indefinitely.

 

(h) The Purchaser is not
relying on the Company or any of its employees or agents with respect to the legal, tax, economic and related considerations of
an investment in the Shares, and the Purchaser has relied on the advice of, or has consulted with, only its own Advisors, if any.

 

(i) The Purchaser represents
that the Shares are being purchased for the Purchaser’s own account, for investment purposes only and not with a view for
distribution or resale to others. The Purchaser agrees that the Purchaser will not sell or otherwise transfer the Shares unless
the Shares are registered under the Securities Act or unless in the opinion of counsel satisfactory to the Company an exemption
from such registration is available. The Purchaser understands that the Shares have not been registered under the Securities Act
by reason of a claimed exemption under the provisions of the Securities Act which depends, in part, upon the Purchaser’s
investment intention. In this connection, the Purchaser understands that it is the position of the SEC that the statutory basis
for such exemption would not be present if the Purchaser’s representation merely meant that the Purchaser’s present
intention was to hold such Shares for a short period, such as the capital gains period of tax statutes, for a deferred sale or
for any other fixed period. The Purchaser realizes that the SEC might regard a purchase with an intent inconsistent with the Purchaser’s
representation to the Company, and a sale or disposition thereof, as a deferred sale to which the exemption is not available.

 

(j) The purchase of the Shares
represents a high risk capital investment and the Purchaser is able to afford an investment in a speculative venture having the
risks and objectives of the Company. The Purchaser must bear the substantial economic risks of the investment in the Shares indefinitely
because the Shares may be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act and
applicable state securities laws or an exemption from such registration is available. A legend will be placed on the certificate
representing the Shares to the effect that the Shares have not been registered under the Securities Act or applicable state securities
laws and appropriate notations thereof will be made in the Company’s books. Stop transfer instructions will be placed with
the transfer agent of the Shares.

 

(k) The Purchaser meets the
requirements of at least one of the suitability standards for an “accredited investor” as that term is defined in Regulation
D under the Securities Act. The Purchaser satisfies any special suitability or other applicable requirements of his state of residence
and/or the state in which the transaction by which the Shares are purchased occurs.

 

(l) The Purchaser represents
that the Purchaser has reached the age of 21 and has full power and authority to execute and deliver this Agreement and all other
related agreements or certificates and to carry out the provisions hereof and thereof and the execution and delivery of this Agreement
will not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the Purchaser
is a party or by which he is bound.

 

    	 

     

    

 

(m) Any information which
the Purchaser has heretofore furnished or is furnishing herewith to the Company is complete and accurate and may be relied upon
by the Company in determining the availability of an exemption from registration under Federal and state securities laws in connection
with the offering and sale of the Shares. The Purchaser further represents and warrants that it will notify and supply corrective
information to the Company immediately upon the occurrence of any change therein occurring prior to the Company’s issuance
of the certificates representing the Shares.

 

(n) The Purchaser has significant
prior investment experience, including investments in non-registered securities. The Purchaser has a sufficient net worth to sustain
a loss of its entire investment in the Company in the event such a loss should occur. The Purchaser’s overall commitment
to investments which are not readily marketable is not excessive in view of the Purchaser’s net worth and financial circumstances
and the purchase of the Shares will not cause such commitment to become excessive. The investment is a suitable one for the Purchaser.

 

(o) Within five (5) days
after receipt of a request from the Company, the Purchaser will provide such information and deliver such documents as may reasonably
be necessary to comply with any and all laws and ordinances to which the Company is subject.

 

(p) The Purchaser understands
and agrees that all the certificate representing the Shares will contain the following restrictive legend:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE
SOLD OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO HEALTHCARE INTEGRATED TECHNOLOGIES INC. THAT AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS IS AVAILABLE.

 

(q) The Purchaser should
check the Office of Foreign Assets Control (“OFAC”) website at <http://www.treas.gov/ofac> before making
the following representations. The Purchaser represents that the amounts invested by him in the Company in this offering were
not and are not directly or indirectly derived from activities that contravene federal, state or international laws and regulations,
including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by OFAC prohibit, among
other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities
and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at
<http://www.treas.gov/ofac>. In addition, the programs administered by OFAC (the “OFAC Programs”)
prohibit dealing with individuals1 or entities in certain countries regardless of whether such individuals or entities
appear on the OFAC lists.

 

(r) The Purchaser is not
an individual named on an OFAC list, or a person prohibited under the OFAC Programs. Please be advised that the Company may not
accept any amounts from a prospective investor if such prospective investor cannot make the representations set forth in the preceding
paragraph. The Purchaser agrees to promptly notify the Company should the Purchaser become aware of any change in the information
set forth in these representations. The Purchaser understands and acknowledges that, by law, the Company may be obligated to “freeze
the account” of the Purchaser, either by prohibiting additional subscriptions from the Purchaser, declining any redemption
requests and/or segregating the assets in the account in compliance with governmental regulations. The Purchaser further acknowledges
that the Company may, by written notice to the Purchaser, suspend the redemption rights, if any, of the Purchaser if the Company
reasonably deems it necessary to do so to comply with anti-money laundering regulations applicable to the Company or any of the
Company’s other service providers. These individuals include specially designated nationals, specially designated narcotics
traffickers and other parties subject to OFAC sanctions and embargo programs.

 

 

1 These individuals include specially
designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.

 

    	 

     

    

 

(s) The Purchaser is not
senior foreign political figure2, or any immediate family3 member or close associate4 of a senior
foreign political figure, as such terms are defined in the footnotes below.

 

(t) The Purchaser is not
subject to any “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualifying
Event”), except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3).

 

(u) The
Purchaser acknowledges and agrees that the Common Stock is publicly QUOTED on the otcpINK TIER OF THE OTC MARKETS and that by accepting
the Offering Documents the purchaser agrees with the company to maintain in strict confidence all non-public information, including,
but not limited to, the existence of the offering and any other non-public information regarding the company obtained from the
company. The company has caused these materials to be delivered to the purchaser in reliance upon such agreement AND UPON RULE
100(b)(2)(II) OF REGULATION FD AS PROMULGATED BY THE SEC.

 

The foregoing representations and warranties
are true and accurate as of the date hereof, shall be true and accurate as of the date of delivery of this Agreement and accompanying
documents to the Company and shall survive such delivery. If, in any respect, those representations and warranties shall not be
true and accurate prior to delivery of the payment pursuant to paragraph 1, the undersigned shall immediately give written notice
to the Company specifying which representations and warranties are not true and accurate and the reason therefor. In addition,
the Purchaser agrees to notify the Company immediately in writing if the Purchaser ceases to be an “accredited investor”
within the meaning of Rule 501(a) of Regulation D under the Securities Act. Until the Purchaser provides a notice described in
the preceding two sentences, the Company may rely on the representations, warranties, covenants and agreements contained herein
in connection with any matter related to the Company. Without limiting the generality of the preceding sentence, the Company may
assume that all such representations and warranties are correct in all respects as of the date hereof and may rely on such representations
and warranties in determining whether (i) the Purchaser is suitable as a purchaser of the Shares, (ii) the Shares may be sold to
the Purchaser without first registering the Shares under the Securities Act or any other applicable securities laws, and (iii)
the conditions to the acceptance of subscriptions for Shares have been satisfied.

 

4. Representations,
Warranties and Covenants of the Company. The Company hereby represents, warrants to and covenants with the Purchaser as
follows:

 

(a) The Company is a corporation
duly organized, validly existing and in good standing under the laws of the state of Nevada.

 

(b) The Company has all power
and authority to enter into and perform its obligations under this Agreement and to issue, sell and deliver the Shares. The execution
and delivery of each of the Agreement and the issuance, sale and delivery of the Shares has been duly authorized by all necessary
corporate action. This Agreement has been duly executed and when delivered will constitute upon due execution and delivery, will
constitute, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect relating to or affecting creditors’ rights generally, including the effect of statutory and other laws regarding
fraudulent conveyances and preferential transfers, and except that no representation is made herein regarding the enforceability
of the Company’s obligations to provide indemnification and contribution remedies under the securities laws and subject to
the limitations imposed by general equitable principles (regardless of whether such enforceability is considered in a proceeding
at law or in equity).

 

 

2 A “senior foreign political
figure” is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a
foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign
government owned corporation. In addition, a “senior foreign political figure” includes any corporation, business or
other entity that has been formed by, or for the benefit of, a senior foreign political figure.

 

3 “Immediate family”
of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.

 

4 A “close associate”
of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with
the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international
financial transactions on behalf of the senior foreign political figure.

 

    	 

     

    

 

(c) The Shares will be duly
and validly issued, fully paid and non-assessable, and free from all taxes or liens with respect to the issue thereof and shall
not be subject to preemptive rights, rights of first refusal and/or other similar rights of stockholders of the Company and/or
any other person.

 

5. Indemnification.
The Purchaser acknowledges that the Purchaser understands the meaning and legal consequences of the representations, warranties
and covenants in Section 3 hereof and that the Company has relied upon such representations, warranties and covenants, and
the Purchaser hereby agrees to indemnify and hold harmless the Company and its officers, directors, controlling persons, agents
and employees, from and against any and all losses, damages or liabilities due to or arising out of a breach of any representation,
warranty or covenant made by the Purchaser herein. Notwithstanding the foregoing, however, no representation, warranty, covenant,
acknowledgment or agreement made herein by the Purchaser shall in any manner be deemed to constitute a waiver of any rights granted
to the Purchaser under Federal or state securities laws. All representations, warranties and covenants contained in this Agreement
and the indemnification contained in this Section 5 shall survive the acceptance of this subscription.

 

6. Irrevocability;
Binding Effect. The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable by the Purchaser,
except as required by applicable law, and that this Agreement shall survive the death or disability of the Purchaser and shall
be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives,
and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser hereunder shall be joint and
several and the agreements, representations, warranties, and acknowledgments herein shall be deemed to be made by and be binding
upon each such person and such person’s heirs, executors, administrators, successors, legal representatives, and permitted
assigns.

 

7. Modification.
Neither this Agreement nor any provision hereof shall be waived, modified, changed, discharged or terminated except by an instrument
in writing signed by the party against whom any waiver, modification, change, discharge or termination is sought.

 

8. Notices.
All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to have been duly made
when delivered, or mailed by registered or certified mail, return receipt requested:

 

(a) If to the Purchaser,
to the address set forth on the signature page of this Agreement, or at such other address as the Purchaser may hereafter have
advised the Company by written notification.

 

(b) If to the Company, to
the address set forth on the first page of this Agreement, or at such other address as the Company may hereafter have advised the
Purchaser by written notification.

 

9. Survival of Representations
and Warranties. Each party hereto covenants and agrees that the representations and warranties of such party contained
in this Agreement shall survive the Closing.

 

10. Entire Agreement.
This Agreement contains the entire agreement of the parties with respect to the matters set forth herein and supersede all prior
oral or written agreements and understandings, if any, relating to the subject matter hereof.

 

11. Assignability.
This Agreement is not transferable or assignable by the undersigned or any successor thereto.

 

    	 

     

    

 

12. Governing Law;
Venue; Waiver Of Jury Trial, Etc. This Agreement shall be governed by and construed solely and exclusively under and pursuant
to the laws of the State of Nevada as applied to agreements among Nevada residents entered into and to be performed entirely within
Nevada. Each of the parties hereto expressly and irrevocably (1) agree that any legal suit, action or proceeding arising out of
or relating to this Agreement will be instituted exclusively in the United States District Court for the Eastern District of Tennessee,
(2) waive any objection they may have now or hereafter to the venue of any such suit, action or proceeding, and (3) consent to
the in personam jurisdiction of the United States District Court for the Eastern District of Tennessee in any such suit, action
or proceeding. Each of the parties hereto further agrees to accept and acknowledge service of any and all process which may be
served in any such suit, action or proceeding in the United States District Court for the Eastern District of Tennessee and agree
that service of process upon it mailed by certified mail to its address will be deemed in every respect effective service of process
upon it, in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. THE PARTY
PREVAILING THEREIN SHALL BE ENTITLED TO PAYMENT FROM THE OTHER PARTY HERETO OF ALL OF ITS REASONABLE COUNSEL FEES AND DISBURSEMENTS.

 

13. Further Assurances.
Each party hereto shall do and perform or cause to be done and performed all such further acts and shall execute and deliver all
such other agreements, certificates, instruments and documents as any other party hereto reasonably may request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

14. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which
shall constitute one and the same document. In the event that any signature (including a financing signature page) is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “pdf” signature page were an original thereof.

 

15. Use of Pronouns
and Defined Terms. All pronouns and any variations thereof used herein shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the person or persons referred to may require. All terms not otherwise defined herein
shall have the same meaning as in the Offering Documents.

 

16. Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 

     

     

IN WITNESS WHEREOF,
the undersigned has executed this Agreement on the date his signature has been subscribed and sworn to below.

 

 

	No. of Shares: 	 	 	Purchase Price: $ 
	 	 	 	 
	 	 	 	(No. of Shares x $.10 per Share)

 

	The Shares are to be issued in 	 	 
	(check one box):	 	Print Name of Purchaser
	 	 	 	 
	[  ]	individual name	 	 
	 	 	 	Print Name of Joint Purchaser (if applicable)
	[  ]	joint tenants with rights of survivorship	 	 
	 	 	 	 
	[  ]	tenants in entirety	 	Signature of Purchaser
	 	 	 	 
	[  ]	corporation (an officer must sign)	 	 
	 	 	 	Signature of Joint Purchaser
	[  ]	partnership (all general partners must sign)	 	 
	 	 	 	 
	[  ]	Trust	 	 
	 	 	 	 
	[  ]	limited liability company	 	 
	 	 	 	Print Name of Trust, Corporation, Partnership, LLC or other Institutional Purchaser

 

	email address:	 	 	 	 
	 	 	 	 	 
	fax number:	 	 	 	 
	 	 	 	By:	           
	Subscriber(s) address:	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	Taxpayer ID No.: 	 	 	Name of natural person with voting and dispositive control over the Shares being subscribed for

 

Accepted as of this _____________ day of__________________________________,
2020

 

HEALTHCARE INTEGRATED TECHNOLOGIES INC.

 

	By: 	         	 
	Scott M. Boruff, Chief Executive Officer	 

 

    	 

     

     

Annex 1

 

“Bad Actor” Disqualification

Rules 506(d)(1) and (2) of the Securities
Act of 1933

 

(d) “Bad Actor” disqualification.
(1) No exemption under this section shall be available for a sale of securities if the issuer; any predecessor of the issuer; any
affiliated issuer; any director, executive officer, other officer participating in the Offering, general partner or managing member
of the issuer; any beneficial owner of 20% or more of the issuer’s outstanding voting equity securities, calculated on the
basis of voting power; any promoter connected with the issuer in any capacity at the time of such sale; any investment manager
of an issuer that is a pooled investment fund; any person that has been or will be paid (directly or indirectly) remuneration for
solicitation of purchasers in connection with such sale of securities; any general partner or managing member of any such investment
manager or solicitor; or any director, executive officer or other officer participating in the Offering of any such investment
manager or solicitor or general partner or managing member of such investment manager or solicitor:

 

(i) Has been convicted,
within ten years before such sale (or five years, in the case of issuers, their predecessors and affiliated issuers), of any felony
or misdemeanor:

 

	 	(A)	In connection with the purchase or sale of any security;
	 	 	 
	 	(B)	Involving the making of any false filing with the Commission; or
	 	 	 
	 	(C)	Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

(ii) Is subject to any
order, judgment or decree of any court of competent jurisdiction, entered within five years before such sale, that, at the time
of such sale, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:

 

	 	(A)	In connection with the purchase or sale of any security;
	 	 	 
	 	(B)	Involving the making of any false filing with the Commission; or
	 	 	 
	 	(C)	Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

(iii) Is subject to a final
order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises
or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing
like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union
Administration that:

 

	 	(A)	At the time of such sale, bars the person from:

 

	 	(1)	Association with an entity regulated by such commission, authority, agency, or officer;
	 	 	 
	 	(2)	Engaging in the business of securities, insurance or banking; or
	 	 	 
	 	(3)	Engaging in savings association or credit union activities; or

 

	 	(B)	Constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within ten years before such sale;

 

(iv) Is subject to an order
of the Commission entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (15 U.S.C. 78 o (b)
or 78 o -4(c)) or section 203(e) or (f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(e) or (f)) that, at the
time of such sale:

 

    	 

     

    

 

	 	(A)	Suspends or revokes such person’s registration as a broker, dealer, municipal securities dealer or investment adviser;
	 	 	 
	 	(B)	Places limitations on the activities, functions or operations of such person; or
	 	 	 
	 	(C)	Bars such person from being associated with any entity or from participating in the Offering of any penny stock;

 

(v) Is subject to any order
of the Commission entered within five years before such sale that, at the time of such sale, orders the person to cease and desist
from committing or causing a violation or future violation of:

 

	 	(A)	Any scienter-based anti-fraud provision of the federal securities laws, including without limitation section 17(a)(1) of the Securities Act of 1933 (15 U.S.C. 77q(a)(1)), section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, section 15(c)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78 o (c)(1)) and section 206(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-6(1)), or any other rule or regulation thereunder; or
	 	 	 
	 	(B)	Section 5 of the Securities Act of 1933 (15 U.S.C. 77e).

 

(vi) Is suspended or expelled
from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered
national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable
principles of trade;

 

(vii) Has filed (as a registrant
or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering statement filed with
the Commission that, within five years before such sale, was the subject of a refusal order, stop order, or order suspending the
Regulation A exemption, or is, at the time of such sale, the subject of an investigation or proceeding to determine whether a stop
order or suspension order should be issued; or

 

(viii) Is subject to a
United States Postal Service false representation order entered within five years before such sale, or is, at the time of such
sale, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal
Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

 

(2) Paragraph (d)(1) of this section shall
not apply:

 

(i) With respect to any
conviction, order, judgment, decree, suspension, expulsion or bar that occurred or was issued before September 23, 2013;

 

(ii) Upon a showing of
good cause and without prejudice to any other action by the Commission, if the Commission determines that it is not necessary under
the circumstances that an exemption be denied;

 

(iii) If, before the relevant
sale, the court or regulatory authority that entered the relevant order, judgment or decree advises in writing (whether contained
in the relevant judgment, order or decree or separately to the Commission or its staff) that disqualification under paragraph (d)(1)
of this section should not arise as a consequence of such order, judgment or decree; or

 

(iv) If the issuer establishes
that it did not know and, in the exercise of reasonable care, could not have known that a disqualification existed under paragraph
(d)(1) of this section.

 

(3) For purposes of paragraph (d)(1) of this
section, events relating to any affiliated issuer that occurred before the affiliation arose will be not considered disqualifying
if the affiliated entity is not:

 

(i) In control of the issuer;
or

 

(ii) Under common control
with the issuer by a third party that was in control of the affiliated entity at the time of such events.

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