Document:

Exhibit 10.2

 

THIS SECURITIES PURCHASE AGREEMENT (THIS
“AGREEMENT”) RELATES TO AN OFFER AND SALE OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS
(AS DEFINED HEREIN) PURSUANT TO REGULATION S (AS DEFINED HEREIN) UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”).

 

NONE OF THE SECURITIES TO WHICH THIS
SECURITIES PURCHASE AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS
SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN)
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE SECURITIES ACT, 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 EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

FORM OF SECURITIES PURCHASE AGREEMENT

 

THIS AGREEMENT, dated
as of January 22, 2020, is entered into by and between Bat Group, Inc., a Delaware corporation (“Company”),
and [   ], its successors and/or assigns (“Purchaser”).

 

A. Company and Purchaser
are executing and delivering this Agreement pursuant to the exemption from securities registration afforded by the Securities Act,
Regulation S promulgated thereunder by the United States Securities and Exchange Commission (the “SEC”).

 

B. Purchaser desires
to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Convertible Promissory
Note, in the form attached hereto as Exhibit A, in the aggregate principal amount of US$[   ] (the “Note”),
convertible into shares of common stock, $0.001 par value per share, of Company (“Common Stock”), upon the terms
and subject to the limitations and conditions set forth in such Note, and a Warrant (the “Warrant”), in the
form attached hereto as Exhibit B, to purchase [   ] shares of Common Stock, upon the terms and subject to
the limitations and conditions set forth in such Warrant.

 

C. This Agreement,
the Note, the Warrant and all other certificates, documents, agreements, resolutions, and instruments delivered to any party under
or in connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the
“Transaction Documents.”

 

D. For purposes of
this Agreement: “Conversion Shares” means all shares of Common Stock issuable upon conversion of all or any
portion of the Note; “Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants;
and “Securities” means the Note, the Warrant, the Conversion Shares and the Warrant Shares.

 

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NOW, THEREFORE,
in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Company and Purchaser hereby agree as follows:

 

1. Purchase and Sale of Securities.

 

1.1. Purchase
of Securities.

 

Company shall issue
and sell to Purchaser and Purchaser shall purchase from Company the Note and the Warrant. In consideration thereof, Purchaser shall
pay the Purchase Price (as defined below) to the Company.

 

1.2. Form
of Payment.

 

On the Closing Date
(as defined below), Purchaser shall pay the Purchase Price to the Company via wire transfer of immediately available funds against
delivery of the Note.

 

1.3. Closing
Date.

 

Subject to the satisfaction
(or written waiver) of the conditions set forth in Section 5 and Section 6 below, the closing of the transactions
contemplated by this Agreement (the “Closing”) shall be 10:00 a.m., New York time, on the first (1st) Business
Day on which the conditions to the Closing set forth in Sections 5 and 6 below are satisfied or waived (or such other date as is
mutually agreed to by the Company and each Buyer) the offices of Hunter Taubman Fischer & Li in New York, New York.

 

1.4. Collateral
for the Note.

 

The Note shall not
be secured.

 

1.5. Purchase
Price.

 

The “Purchase
Price” shall be US$[   ].

 

2. Purchaser’s
Representations and Warranties.

 

Purchaser represents
and warrants to Company that as of the date hereof and as of the Closing Date:

 

2.1 Organization.
If the Purchaser is a company, it shall be duly incorporated or formed, validly existing and in good standing under the laws of
the jurisdiction of its formation, with full right, or similar power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out his, her or its obligations hereunder and thereunder.

 

2.2 Authority.
Purchaser has the requisite power and authority to enter into and perform this Agreement and to purchase Securities being sold
to it hereunder. The execution, delivery and performance of this Agreement by Purchaser and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate, partnership or limited liability company
action, and no further consent or authorization of Purchaser or its Board of Directors, stockholders, partners, members, or managers,
as the case may be, is required. This Agreement has been duly authorized, executed and delivered by Purchaser and constitutes,
or shall constitute when executed and delivered, a valid and binding obligation of Purchaser enforceable against Purchaser in accordance
with the terms hereof.

 

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2.3 Purchase
Entirely for Own Account. This Agreement is made with Purchaser in reliance upon Purchaser’s representation to Company,
which by Purchaser’s execution of this Agreement, Purchaser hereby confirms. Securities to be acquired by Purchaser will
be acquired for investment for Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution
of any part thereof, and Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Agreement, Purchaser further represents that Purchaser does not presently have any contract, undertaking,
agreement or arrangement with any individual, corporation, partnership, limited liability company, joint venture, trust or other
entity (“Person”) to sell, transfer or grant participations to any Person, with respect to any of the Purchaser’s
Securities.

 

2.4 Experience
of Purchaser. Purchaser, either alone or together with its representatives, has such knowledge, sophistication, and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in Securities,
and has so evaluated the merits and risks of such investment.

 

2.5 Ability
to Bear Risk. Purchaser understands and agrees that the purchase of Securities is a high risk investment and that Purchaser
is able to afford and bear an investment in a speculative venture having the risks and objectives of Company, including a risk
of total loss of such investment. Purchaser must bear the substantial economic risks of the investment in Securities indefinitely
because Securities may not 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(s) is available.

 

2.6 Disclosure
of Information. Purchaser has been given access to full and complete information regarding Company and has utilized such access
to Purchaser’s satisfaction for the purpose of obtaining such information regarding Company as Purchaser has reasonably requested.
In particular, Purchaser: (i) has received and thoroughly read and evaluated all the disclosures contained in this Agreement; and
(ii) has been given a reasonable opportunity to review such documents as Purchaser has requested and to ask questions of, and to
receive answers from, representatives of Company concerning Securities and the business and affairs of Company and to obtain any
additional information concerning Company’s business to the extent reasonably available so as to understand more fully the
nature of this investment and to verify the accuracy of the information supplied. Purchaser is satisfied that he, she or it has
received adequate information with respect to all matters which he, she or it considers material to its decision to make this investment.

 

2.7 Restricted
Securities. Purchaser understands that Securities have not been, and will not be, registered under the Securities Act, by reason
of a specific exemption from the registration provisions of the Securities Act, which depends upon, among other things, the bona
fide nature of the investment intent and the accuracy of Purchaser’s representations as expressed herein. Purchaser understands
that Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant
to these laws, Purchaser must hold Securities indefinitely unless they are registered with the SEC and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. Except as otherwise provided herein, Purchaser
acknowledges that Company has no obligation to register or qualify Securities. Purchaser further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the
time and manner of sale, the holding period of Securities, or requirements relating to Company that are outside of Purchaser’s
control, and which Company is under no obligation, and may not be able, to satisfy.

 

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2.8       Use
of Proceeds. Purchaser acknowledges the Company may use the net proceeds from the transaction contemplated by this Agreement
in the planned commodity business and for working capital and other purposes as approved by the board of directors of the Company.

 

2.9 Trading
Restrictions. Purchaser has been independently advised as to the restrictions with respect to trading Securities and with respect
to the resale restrictions imposed by applicable securities laws, hereby confirms that no representation has been made to him,
her or it by or on behalf of Company with respect thereto, hereby acknowledges the risks relating to an investment therein and
of the fact that he, she or it may not be able to resell Securities except in accordance with limited exemptions under applicable
securities legislation and regulatory policy until expiry of the applicable restriction period and compliance with the other requirements
of applicable law, that Purchaser (or others for whom he, she or it is contracting hereunder) is solely responsible to find out
what these restrictions are and that Purchaser is solely responsible (and not Company) for compliance with applicable resale restrictions
and that Purchaser is aware that he, she or it may not be able to resell Securities except in accordance with limited exemptions
under applicable securities laws, and he, she or it agrees that any certificates representing Securities may bear a legend indicating
that the resale of such securities is restricted.

 

2.10 Holding
Periods. Purchaser is solely responsible (and not Company) for compliance with all applicable hold periods and resale restrictions
to which Securities are subject.

 

2.11 Regulation
S Exemption. Purchaser acknowledges and agrees that none of Securities have been registered under the Securities Act, or under
any state securities or “blue sky” laws of any state of the United States, and are being offered only in a transaction
not involving any public offering within the meaning of the Securities Act, and, unless so registered, may not be offered or sold
in the United States or to U.S. Persons (as defined herein), except pursuant to an effective registration statement under the Securities
Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act,
and in each case only in accordance with applicable state and provincial securities laws. Purchaser understands that Securities
are being offered and sold to him, her or it in reliance on an exemption from the registration requirements of United States federal
and state securities laws under Regulation S promulgated under the Securities Act and that Company is relying upon the truth and
accuracy of the representations, warranties, agreements, acknowledgments and understandings of Purchaser set forth herein in order
to determine the applicability of such exemptions and the suitability of Purchaser to acquire Securities. In this regard, Purchaser
represents, warrants and agrees that:

 

(a) Purchaser
is not a U.S. Person and is not an affiliate (as defined in Rule 501(b) under the Securities Act) of Company and is not acquiring
Securities for the account or benefit of a U.S. Person. A “U.S. Person” means any one of the following:

 

		(A)	any natural person resident in the United States of
America;

 

		(B)	any partnership, limited liability company, corporation
or other entity organized or incorporated under the laws of the United States of America;

 

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		(C)	any estate of which any executor or administrator
is a U.S. Person;

 

		(D)	any trust of which any trustee is a U.S. Person;

 

		(E)	any agency or branch of a foreign entity located in
the United States of America;

 

		(F)	any non-discretionary account or similar account (other
than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;

 

		(G)	any discretionary account or similar account (other
than an estate or trust) held by a dealer or other fiduciary organized, incorporated or (if an individual) resident in the United
States of America; and

 

		(H)	any partnership, company, corporation or other entity
if:

 

		(1)	organized or incorporated under the laws of any foreign
jurisdiction; and

 

		(2)	formed by a U.S. person principally for the purpose
of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited
Purchasers (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts.

 

(b) At
the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement,
Purchaser was outside of the United States.

 

(c) Purchaser
realizes that the basis for the exemption may not be present if, notwithstanding such representations, Purchaser has in mind merely
acquiring Securities for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not
rise. Purchaser does not have any such intention.

 

(d) Purchaser
will not, during the period commencing on the date of issuance of Securities and ending on the first anniversary of such date,
or such shorter period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”),
offer, sell, pledge or otherwise transfer Securities in the United States, or to a U.S. Person for the account or for the benefit
of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S.

 

(e) Purchaser
will, after expiration of the Restricted Period, offer, sell, pledge or otherwise transfer Securities only pursuant to registration
under the Securities Act or an available exemption therefrom and, in accordance with all applicable state and foreign securities
laws.

 

(f) Purchaser
was not in the United States engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling
of or any hedging transaction with respect to Securities, including without limitation, any put, call or other option transaction,
option writing or equity swap.

 

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(g) Neither
Purchaser nor or any person acting on his, her or its behalf has engaged, nor will engage, in any directed selling efforts to a
U.S. Person with respect to Securities and Purchaser and any person acting on his, her or its behalf have complied and will comply
with the “offering restrictions” requirements of Regulation S under the Securities Act.

 

(h) The
transactions contemplated by this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S.
Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

(i) Neither
Purchaser nor any person acting on his, her or its behalf has undertaken or carried out any activity for the purpose of, or that
could reasonably be expected to have the effect of, conditioning the market in the United States, its territories or possessions,
for any of Securities. Purchaser agrees not to cause any advertisement of Securities to be published in any newspaper or periodical
or posted in any public place and not to issue any circular relating to Securities, except such advertisements that include the
statements required by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only
in compliance with any local applicable securities laws.

 

2.12 No
Advertisements or Direct Selling Effort. Purchaser is not receiving Securities as a result of or subsequent to any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio
or via the Internet, or presented at any seminar or meeting. Purchaser has not acquired Securities as a result of, and will not
engage in, any “directed selling efforts” (as defined in Regulation S) in the United States in respect of any of Securities
which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning
the market in the United States for the resale of any of Securities; provided, however, that Purchaser may sell or otherwise dispose
of any of Securities pursuant to registration of any of Securities pursuant to the Securities Act and any applicable state securities
laws or under an exemption from such registration requirements and as otherwise provided herein.

 

2.13 Legend.
Purchaser acknowledges and agrees that Securities shall bear a restricted legend (the “Legend”), in the form
and substance as set forth in Section 7 hereof, disclosing the prohibition on the offer, sale, pledge or transfer of Securities,
except (i) pursuant to an effective registration statement filed under the Securities Act, (ii) in accordance with the applicable
provisions of Regulation S, promulgated under the Securities Act, (iii) pursuant to an exemption from registration provided by
Rule 144 under the Securities Act (if available), and (iv) pursuant to any other exemption from the registration requirements of
the Securities Act or for estate planning purposes (subject to any escrow restrictions).

 

2.14 Economic
Considerations. Purchaser is not relying on Company, or its affiliates or agents with respect to economic considerations involved
in this investment. Purchaser has relied solely on his, her or its own advisors.

 

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2.15 Compliance
with Laws. Any resale of Securities during the “distribution compliance period” as defined in Rule 902(f) to Regulation
S shall only be made in compliance with exemptions from registration afforded by Regulation S. Further, any such sale of Securities
in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction. Purchaser
will not offer to sell or sell Securities in any jurisdiction unless Purchaser obtains all required consents, if any.

 

2.16 General.
Purchaser understands that Securities are being offered and sold in reliance on a transactional exemption from the registration
requirements of federal and state securities laws and Company is relying upon the truth and accuracy of the representations, warranties,
agreements, acknowledgments and understandings of Purchaser set forth herein in order to determine the applicability of such exemptions
and the suitability of Purchaser to acquire Securities.

 

3. Company’s
Representations and Warranties.

 

3.1 Company
represents and warrants to Purchaser that as of the date hereof and as of the Closing Date: (i) Company is a corporation duly organized,
validly existing and in good standing under the laws of its state of incorporation and has the requisite corporate power to own
its properties and to carry on its business as now being conducted; (ii) Company is duly qualified as a foreign corporation to
do business and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it makes
such qualification necessary; (iii) each of the Transaction Documents and the transactions contemplated hereby and thereby, have
been duly and validly authorized by Company and all necessary actions have been taken; (iv) this Agreement, the Note, and the other
Transaction Documents have been duly executed and delivered by Company and constitute the valid and binding obligations of Company
enforceable in accordance with their terms; (v) the execution and delivery of the Transaction Documents by Company, the issuance
of Securities in accordance with the terms hereof, and the consummation by Company of the other transactions contemplated by the
Transaction Documents do not and will not conflict with or result in a breach by Company of any of the terms or provisions of,
or constitute a default under (a) Company’s formation documents or bylaws, each as currently in effect, (b) any indenture,
mortgage, deed of trust, or other material agreement or instrument to which Company is a party or by which it or any of its properties
or assets are bound, including, without limitation, any listing agreement for Common Stock, or (c) any existing applicable law,
rule, or regulation or any applicable decree, judgment, or order of any court, United States federal, state or foreign regulatory
body, administrative agency, or other governmental body having jurisdiction over Company or any of Company’s properties or
assets; (vi) no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory
organization, or stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for
the issuance of the Securities to Purchaser or the entering into of the Transaction Documents; (vii) none of Company’s filings
with the SEC contained, at the time they were filed, any untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they
were made, not misleading; (viii) in the twelve (12) months preceding the date hereof, Company has filed all reports, schedules,
forms, statements and other documents required to be filed by Company with the SEC under the Securities Exchange Act of 1934, as
amended (the “1934 Act”) on a timely basis or has received a valid extension of such time of filing and has
filed any such report, schedule, form, statement or other document prior to the expiration of any such extension; (ix) there is
no action, suit, proceeding, inquiry or investigation before or by any court, public board or body pending or, to the knowledge
of Company, threatened against or affecting Company before or by any governmental authority or non-governmental department, commission,
board, bureau, agency or instrumentality or any other person, wherein an unfavorable decision, ruling or finding would have a material
adverse effect on Company or which would adversely affect the validity or enforceability of, or the authority or ability of Company
to perform its obligations under, any of the Transaction Documents; (x) Company has not consummated any financing transaction that
has not been disclosed in a periodic filing or current report with the SEC under the 1934 Act; (xi) Company is not, nor has it
been at any time in the previous twelve (12) months, a “Shell Company,” as such type of “issuer” is described
in Rule 144(i)(1) under the Securities Act; (xii) with respect to any commissions, placement agent or finder’s fees or similar
payments that will or would become due and owing by Company to any person or entity as a result of this Agreement or the transactions
contemplated hereby (“Broker Fees”), any such Broker Fees will be made in full compliance with all applicable
laws and regulations and only to a person or entity that is a registered investment adviser or registered broker-dealer; (xiii)
Purchaser shall have no obligation with respect to any Broker Fees or with respect to any claims made by or on behalf of other
persons for fees of a type contemplated in this subsection that may be due in connection with the transactions contemplated hereby
and Company shall indemnify and hold harmless each of Purchaser, Purchaser’s employees, officers, directors, stockholders,
members, managers, agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including
the costs of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed Broker Fees; (xiv) when
issued, the Conversion Shares will be duly authorized, validly issued, fully paid for and non-assessable, free and clear of all
liens, claims, charges and encumbrances; (xv) neither Purchaser nor any of its officers, directors, stockholders, members, managers,
employees, agents or representatives has made any representations or warranties to Company or any of its officers, directors, employees,
agents or representatives except as expressly set forth in the Transaction Documents and, in making its decision to enter into
the transactions contemplated by the Transaction Documents, Company is not relying on any representation, warranty, covenant or
promise of Purchaser or its officers, directors, members, managers, employees, agents or representatives other than as set forth
in the Transaction Documents; and (xvi) Company acknowledges that the State of New York has a reasonable relationship and sufficient
contacts to the transactions contemplated by the Transaction Documents and any dispute that may arise related thereto such that
the laws and venue of the State of New York, as set forth more specifically in Section 8.2 below, shall be applicable to
the Transaction Documents and the transactions contemplated therein.

 

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3.2 Assuming
the accuracy of the representations and warranties of Purchaser contained in Section 2 hereof, the offer, issue, and sale
of the Notes and the Conversion Shares are and will be exempt from the registration and prospectus delivery requirements of the
Securities Act and have been registered or qualified (or are exempt from registration and qualification) under the registration,
permit, or qualification requirements of all applicable state securities laws.

 

4. [INTENTIONALLY DELETED].

 

5. Conditions to Company’s Obligation
to Sell.

 

The obligation of Company
hereunder to issue and sell the Securities to Purchaser at the Closing is subject to the satisfaction, on or before the Closing
Date, of each of the following conditions:

 

5.1. Purchaser shall
have executed this Agreement and delivered the same to Company.

 

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5.2. Purchaser shall
have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

5.3. The representations
and warranties of the Purchaser in this Agreement shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time, except for representations and warranties that are expressly made as of a particular
date, which shall be true and correct in all material respects as of such date.

 

5.4. The Purchaser shall
have performed, satisfied and complied in all respects with all covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by such Purchaser at or prior to the Closing.

 

5.5. Company shall receive
from NASDAQ the approval of the application for the listing of the Shares.

 

5.6. The Company shall
receive from its stockholders the approval of the issuance of the Shares as required under Nasdaq Rule 5635(d).

 

6. Conditions to
Purchaser’s Obligation to Purchase.

 

The obligation of Purchaser
hereunder to purchase the Securities at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the
following conditions, provided that these conditions are for Purchaser’s sole benefit and may be waived by Purchaser at any
time in its sole discretion:

 

6.1. Company shall have
executed this Agreement, the Note and the Warrant and delivered the same to Purchaser.

 

6.2. Company shall have
delivered to Purchaser fully executed copies of all other Transaction Documents required to be executed by Company herein or therein.

 

6.3. Each of the representations
and warranties of the Company in this Agreement shall be true and correct in all respects as of the date when made and as of the
Closing Date as though made at that time, except for representations and warranties that are expressly made as of a particular
date, which shall be true and correct in all respects as of such date.

 

6.4. Company shall have
performed, satisfied and complied in all respects with all covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Company at or prior to the Closing.

 

7. Legends

 

Each certificates representing
Securities shall be endorsed with the following legends, in addition to any other legend required to be placed thereon by applicable
federal or state securities laws:

 

“THESE SECURITIES ARE BEING
OFFERED TO PURCHASERS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE
SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

 

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“TRANSFER OF THESE SECURITIES
IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION
UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE SECURITIES ACT.”

 

8. Miscellaneous.

 

The provisions set
forth in this Section 8 shall apply to this Agreement, as well as all other Transaction Documents as if these terms were
fully set forth therein; provided, however, that in the event there is a conflict between any provision set forth in this
Section 8 and any provision in any other Transaction Document, the provision in such other Transaction Document shall govern.

 

8.1. Specific Enforcement.

 

Company and Purchaser
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 or cure breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law
or equity.

 

8.2. Governing Law;
Venue.

 

Each of Company and
Purchaser (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting in the Southern District
of New York and the courts of the State of New York located in New York county for the purposes of any suit, action or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby or thereby and (ii) hereby waives, and agrees
not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court,
that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is
improper. Each of Company and Purchaser 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 Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing in Sections 8.1 and 8.2 shall affect or limit any right to serve process in any other manner permitted
by law. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Company hereby appoints Hunter Taubman
Fischer & Li LLC, with offices at 1450 Broadway, 26th Floor, New York, NY 10018 as its agent for service of process in New
York. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

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8.3. Counterparts.

 

Each Transaction Document
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute
one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of a Transaction
Document (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

8.4. Headings.

 

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

 

8.5. Severability.

 

In the event that any
provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall
be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute or rule
of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability
of any other provision hereof.

 

8.6. Entire Agreement.

 

This Agreement, together
with the other Transaction Documents, contains the entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither Company nor Purchaser makes any representation, warranty,
covenant or undertaking with respect to such matters. For the avoidance of doubt, all prior term sheets or other documents between
Company and Purchaser, or any affiliate thereof, related to the transactions contemplated by the Transaction Documents (collectively,
“Prior Agreements”), that may have been entered into between Company and Purchaser, or any affiliate thereof,
are hereby null and void and deemed to be replaced in their entirety by the Transaction Documents. To the extent there is a conflict
between any term set forth in any Prior Agreement and the term(s) of the Transaction Documents, the Transaction Documents shall
govern.

 

8.7. Amendments.

 

No provision of this
Agreement may be waived or amended other than by an instrument in writing signed by both parties hereto.

 

8.8. Notices.

 

Any notice required
or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively given on the
earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor or by email to an executive
officer, or by facsimile (with successful transmission confirmation), (ii) the earlier of the date delivered or the third Trading
Day after deposit, postage prepaid, in the United States Postal Service by certified mail, or (iii) the earlier of the date delivered
or the third Trading Day after mailing by express courier, with delivery costs and fees prepaid, in each case, addressed to each
of the other parties thereunto entitled at the following addresses (or at such other addresses as such party may designate by five
(5) calendar days’ advance written notice similarly given to each of the other parties hereto):

 

If to Company:

 

Bat Group, Inc.

Attn: Renmei Ouyang,
CEO

Room 104, No. 33 Section
D,

No. 6 Middle Xierqi Road,

Haidian District, Beijing,
China

 

    11

     

    

 

If to Purchaser:

 

[   ]

Attn: [   ]

[   ]

[   ]

 

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

 

Hunter Taubman Fischer & Li
LLC

Attn: Joan Wu

1450 Broadway, 26th
Floor

New York, New York 10018

 

8.9. Successors and
Assigns.

 

This Agreement or any
of the severable rights and obligations inuring to the benefit of or to be performed by Purchaser hereunder may be assigned by
Purchaser to a third party, including its affiliates, in whole or in part, without the need to obtain Company’s consent thereto.
Company may not assign its rights or obligations under this Agreement or delegate its duties hereunder without the prior written
consent of Purchaser.

 

8.10. Survival.

 

The representations
and warranties of Company and the agreements and covenants set forth in this Agreement shall survive the Closing hereunder notwithstanding
any due diligence investigation conducted by or on behalf of Purchaser. Company agrees to indemnify and hold harmless Purchaser
and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a result of or related to any breach
or alleged breach by Company of any of its representations, warranties and covenants set forth in this Agreement or any of its
covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

8.11. Further Assurances.

 

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

 

    12

     

    

 

8.12. Purchaser’s
Rights and Remedies Cumulative.

 

All rights, remedies,
and powers conferred in this Agreement and the Transaction Documents are cumulative and not exclusive of any other rights or remedies,
and shall be in addition to every other right, power, and remedy that Purchaser may have, whether specifically granted in this
Agreement or any other Transaction Document, or existing at law, in equity, or by statute, and any and all such rights and remedies
may be exercised from time to time and as often and in such order as Purchaser may deem expedient.

 

8.13. Waiver.

 

No waiver of any provision
of this Agreement shall be effective unless it is in the form of a writing signed by the party granting the waiver. No waiver of
any provision or consent to any prohibited action shall constitute a waiver of any other provision or consent to any other prohibited
action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide
a waiver or consent in the future except to the extent specifically set forth in writing.

 

8.14. Waiver
of Jury Trial.

 

EACH PARTY TO THIS
AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED
BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE,
LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S
RIGHT TO DEMAND TRIAL BY JURY.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    13

     

    

 

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

 

SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of Note:	 	US$[   ]
	 	 	 
	Purchase Price:	 	US$[   ]

 

	 	PURCHASER:
	 	 
	 	[   ]
	 	 
	 	By: [   ]
	 	 
	 	 

 

	 	COMPANY:
	 	 
	 	Bat Group, Inc.
	 	 
	 	 	 
	 	By:	 
	 	 	Renmei Ouyang 
	 	 	Chief Executive Officer and Chairwoman 

 

[Signature Page to Securities Purchase
Agreement]

 

    14

     

    

 

Exhibit
A

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR 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. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FORM OF UNSECURED CONVERTIBLE PROMISSORY
NOTE

 

	Issuance Date: January 22, 2020	 	Original Principal Amount: U.S. $[  ]

 

FOR VALUE RECEIVED,
Bat Group, Inc., a Delaware corporation (“Borrower”), promises to pay to [ ], or its successors or assigns (“Holder”),
the amount set forth above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to conversion or
otherwise) (the “Principal”) and any interest, fees, charges, and late fees accrued hereunder on the date that
is twelve (12) months after the Issuance Date (the “Maturity Date”) in accordance with the terms set forth herein
and to pay interest on the Outstanding Balance at the rate of seven and a half percent (7.5%) per annum from the Issuance Date
until the same is paid in full. This Note is issued pursuant to that certain Securities Purchase Agreement dated January 22, 2020,
as the same may be amended from time to time, by and among Borrower and the purchasers signatory thereto (the “Purchase
Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated
herein by this reference.

 

1. Payment; Prepayment.

 

		1.1.Payment.	

 

All payments owing
hereunder shall be in lawful money of the United States of America or Conversion Shares (as defined below), as provided for herein,
and delivered to Holder at the address or bank account furnished to Borrower for that purpose. All payments shall be applied first
to (a) costs of collection, if any, then to (b) fees and charges, if any, then to (c) accrued and unpaid interest, and thereafter,
to (d) principal.

 

		1.2.Prepayment.	

 

Notwithstanding the
foregoing, so long as Borrower has not received a Holder Conversion Notice (as defined below) from Holder where the applicable
Conversion Shares have not yet been delivered, then Borrower shall have the right to prepay all or any portion of the Outstanding
Balance. If Borrower exercises its right to prepay this Note, Borrower shall make payment to Holder of an amount in cash equal
to 107.5% multiplied by the portion of Outstanding Balance Borrower elects to prepay.

 

    A-1

     

    

 

3. Holder Optional
Conversion.

 

3.1. Holder Conversions.

 

Holder has the right
at any time 30 days after the Issuance Date until the Outstanding Balance has been paid in full, at its election, to convert (“Holder
Conversion”) all or any part of the Outstanding Balance into shares (each instance of conversion is referred herein as
“Conversion Shares”) of fully paid and non-assessable common stock, $0.001 par value per share (“Common
Stock”), of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being
converted (the “Conversion Amount”) divided by the Holder Conversion Price (as defined below). Conversion notices
in the form attached hereto as Exhibit A (each, a “Holder Conversion Notice”) may be effectively delivered
to Borrower by any method of Holder’s choice (including but not limited to facsimile, email, mail, overnight courier, or
personal delivery), and all Holder Conversions shall be cashless and not require further payment from Holder. Borrower shall deliver
the Conversion Shares from any Holder Conversion to Holder in accordance with Section 9 below.

 

3.2. Holder Conversion
Price.

 

Subject to adjustment
as set forth in this Note, the price at which Holder has the right to convert all or any portion of the Outstanding Balance into
Common Stock is $1.50 per share of Common Stock (the “Holder Conversion Price”).

  

3.3. Conversion Procedure.

 

In connection with any conversion pursuant to Section 3.1, as soon as reasonably practicable following the receipt of a Holder Conversion Notice, Holder shall surrender to the Company this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby Holder agrees to indemnify the Company from any loss incurred by it in connection with such loss or destruction of this Note).

 

Promptly following such surrender of the Note to the Company, (A) the Company shall update its transfer agent to record the number of Conversion Shares to which Holder shall be entitled upon such conversion, issued as fully paid to Holder and deliver to Holder a certified true copy of such updated shareholder list, (B) the Company shall issue and deliver to Holder a certificate or certificates for the Conversion Shares, and a check payable to Holder for any cash amounts payable as described in Section 4(c)(iii).

 

No fractional shares or securities shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Holder upon the conversion of this Note, the Company shall pay to Holder an amount equal to the product obtained by multiplying the applicable Conversion Price in such conversion, by the fraction of a share or such other security not issued pursuant to the previous sentence.

 

3.4. Reservation
of Shares Issuable Upon Conversion. 

 

The Company shall at
all times reserve and keep available out of its authorized but unissued Common Stock solely for the purpose of effecting the conversion
of this Note such number of Common Stock as shall from time to time be sufficient to effect the conversion of the Note; and if
at any time the number of authorized but unissued Common Stock shall not be sufficient to effect the conversion of the entire outstanding
Principal Amount of this Note, without limitation of such other remedies as shall be available to the holder of this Note, Company
will use its reasonable best efforts to take such corporate action as may, in the opinion of counsel, be necessary to increase
its authorized but unissued Common Stock to such number of shares as shall be sufficient for such purposes.

 

    A-2

     

    

 

4. Defaults, Remedies,
and Adjustments.

 

4.1. Defaults.

 

The
following are events of default under this Note (each, an “Event of Default”): (a) Borrower fails to pay any
principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) Borrower fails to deliver any Conversion
Shares in accordance with the terms hereof; (c) a receiver, trustee or other similar official shall be appointed over Borrower
or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or
discharged within sixty (60) days; (d) Borrower becomes insolvent or generally fails to pay, or admits in writing its inability
to pay, its debts as they become due, subject to applicable grace periods, if any; (e) Borrower makes a general assignment for
the benefit of creditors; (f) Borrower files a petition for relief under any bankruptcy, insolvency or similar law (domestic or
foreign); (g) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (h) Borrower or any pledgor, trustor,
or guarantor of this Note defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement of
Borrower or such pledgor, trustor, or guarantor contained herein or in any other Transaction Document (as defined in the Purchase
Agreement); (i) any representation, warranty or other statement made or furnished by or on behalf of Borrower or any pledgor, trustor,
or guarantor of this Note to Holder herein, in any Transaction Document, or otherwise in connection with the issuance of this Note
is false, incorrect, incomplete or misleading in any material respect when made or furnished; (j) Borrower fails to maintain the
Share Reserve (as defined in the Purchase Agreement) as required under the Purchase Agreement; (k) any money judgment, writ or
similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets for more
than $500,000 , and shall
remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise consented to by Holder; (l) Borrower
fails to maintain its DWAC Eligibility; (m) Borrower, any affiliate of Borrower, or any pledgor, trustor, or guarantor of this
Note breaches any covenant or other term or condition contained in any Other Agreements; (n) the Common Stock fails to be listed
or quoted for trading on any of (o) NYSE, (ii) NASDAQ, (iii) OTCQX, or (iv) OTCQB; or (p) trading in Company’s Common Stock
is suspended.

 

4.2. Remedies.

 

At
any time and from time to time after Holder becomes aware of the occurrence of any Event of Default, Holder may accelerate this
Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory
Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default, Holder may, at its
option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation set forth below) via
written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance shall be increased
as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the Outstanding Balance
shall not be immediately due and payable unless so declared by Holder (for the avoidance of doubt, if Holder elects to apply the
Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately due and payable
at any time and no such election by Holder shall be deemed to be a waiver of its right to declare the Outstanding Balance immediately
due and payable as set forth herein unless otherwise agreed to by Holder in writing). Notwithstanding the foregoing, upon the occurrence
of any Event of Default described in clauses (d), (e), (f), (g) or (h) of Section 4.1, the Outstanding Balance as of the date of
acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default Amount, without any written
notice required by Holder. At any time following the occurrence of any Event of Default, upon written notice given by Holder to
Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred at an
interest rate equal to the lesser of 22 %
per annum or the maximum rate permitted under applicable law (“Default Interest”). For the avoidance of doubt,
Holder may continue making Holder Conversions (as defined below) at any time following an Event of Default until such time as the
Outstanding Balance is paid in full. In connection with acceleration described herein, Holder need not provide, and Borrower hereby
waives, any presentment, demand, protest or other notice of any kind, and 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 Holder shall have all rights
as a holder of the Note until such time, if any, until Holder receives full payment pursuant to this Section 4.2. No such rescission
or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing herein shall limit Holder’s
right to pursue any other remedies available to it 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 Conversion Shares upon Conversion of the Note
as required pursuant to the terms hereof.

 

    A-3

     

    

 

4.3. Certain Adjustments.

 

4.3.1. Stock Dividends
and Splits

 

If the Company, at
any time while this Note is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares
of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance
of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of this Note), (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares
of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of
capital stock of the Company, then in each case the Holder Conversion Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number
of shares issuable upon conversion of this Note shall be proportionately adjusted such that the aggregate Holder Conversion Price
of this Note shall remain unchanged. Any adjustment made pursuant to this Section 4.3.1 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.

 

4.3.3. Pro
Rata Distributions

 

During such time as
this Note is outstanding, if the Company shall declare or make any dividend or 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
conversion of this Note (without regard to any limitations on conversion hereof) 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.

 

    A-4

     

    

 

4.3.4. Fundamental
Transaction

 

If, at any time while
this Note is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of this Note, the Holder
shall have the right to receive, for each Holder Conversion Share that would have been issuable upon such conversion immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
3.3 on the conversion of this Note), the number of shares of Common Stock of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Note is exercisable
immediately prior to such Fundamental Transaction. For purposes of any such conversion, the determination of the Holder Conversion
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Holder 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. 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 the Company and shall assume all of the obligations of the Company under this
Note and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    A-5

     

    

 

4.3.5. Calculations

 

All calculations under
this Section 4 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
4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of
shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

 4.3.6. Notice to Holder

 

Whenever the Holder
Conversion Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly deliver to the Holder by facsimile
or email a notice setting forth the Holder Conversion Price after such adjustment and any resulting adjustment to the number of
Conversion Shares and setting forth a brief statement of the facts requiring such adjustment.

 

If (A) the Company
shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders
of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights,
(D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of
the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or
(E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or
email address as it shall appear upon the Note Register of the Company, at least 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
in this Note constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to convert this Note during the period commencing on the date of such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.

 

5. Unconditional
Obligation; No Offset.

 

Borrower acknowledges
that this Note is an unconditional, valid, binding and enforceable obligation of Borrower not subject to offset, deduction or counterclaim
of any kind. Borrower hereby waives any rights of offset it now has or may have hereafter against Holder, its successors and assigns,
and agrees to make the payments or Conversions called for herein in accordance with the terms of this Note.

 

    A-6

     

    

 

6. Waiver.

 

No waiver of any provision
of this Note shall be effective unless it is in the form of a writing signed by the party granting the waiver. No waiver of any
provision or consent to any prohibited action shall constitute a waiver of any other provision or consent to any other prohibited
action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide
a waiver or consent in the future except to the extent specifically set forth in writing.

 

7. Method of Conversion
Share Delivery.

 

7.1 On or before the
close of business on the fifth (5th) Trading Day following the date of delivery of a Holder Conversion Notice, as applicable (the
“Delivery Date”), in the event the Conversion Shares have been registered in a registration statement or exempted
from registration pursuant to Rule 144 under the Securities Act of 1933, as amended (“Rule 144”), Borrower shall,
provided it is DWAC Eligible at such time, deliver or cause its transfer agent to deliver the applicable Conversion Shares electronically
via DWAC to the account designated by Holder in the applicable Holder Conversion Notice and a check payable to Investor for any
cash amounts payable as per the Section 7.3. If Borrower is not DWAC Eligible, it shall deliver to Holder or its broker (as designated
in the Holder Conversion Notice), via reputable overnight courier, a certificate representing the number of shares of Common Stock
equal to the number of Conversion Shares to which Holder shall be entitled, registered in the name of Holder or its designee. For
the avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless Holder or
its broker, as applicable, has actually received the certificate representing the applicable Conversion Shares no later than the
close of business on the relevant Delivery Date pursuant to the terms set forth above.

 

7.2 In the event the
Conversion Shares are not registered in a registration statement or exempted from registration pursuant to Rule 144, by the Conversion
Date, the Company shall (A) update its transfer agent to record the number of Conversion Shares to which Holder shall be entitled
upon such conversion, issued as fully paid to Holder and deliver to Holder a certified true copy of such updated shareholder list,
(B) the Company shall issue and deliver to Holder a certificate or certificates for the Conversion Shares, and a check payable
to Investor for any cash amounts payable as per the Section 7.3.

 

7.3 No fractional shares
or securities shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor upon
the conversion of this Note, the Company shall pay to Investor an amount equal to the product obtained by multiplying the applicable
Conversion Price in such conversion, by the fraction of a share or such other security not issued pursuant to the previous sentence.

 

8. Conversion Delays.

 

If Borrower fails to
deliver Conversion Shares in accordance with the timeframe stated in Section 7, Holder may at any time prior to receiving the applicable
Conversion Shares rescind in whole or in part such Conversion, with a corresponding increase to the Outstanding Balance (any returned
amount will tack back to the Issuance Date for purposes of determining the holding period under Rule 144).

 

    A-7

     

    

 

9. Governing Law;
Venue.

 

This Note shall be
construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance
of this Note shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of New York. The provisions set forth in the Purchase Agreement to determine the proper
venue for any disputes are incorporated herein by this reference.

 

10. Cancellation.

 

After repayment or
conversion of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically be deemed canceled, and
shall not be reissued.

 

11. Amendments.

 

The prior written consent
of both parties hereto shall be required for any change or amendment to this Note.

 

12. Assignments.

 

Borrower may not assign
this Note without the prior written consent of Holder. This Note and any shares of Common Stock issued upon conversion of this
Note may be offered, sold, assigned or transferred by Holder without the consent of Borrower, provided, however,
that any transfer of this Note may be effected only pursuant to the Purchase Agreement and by surrender of this Note to the Company
and reissuance of a new note to the transferee.

 

13. Notices.

 

Whenever notice is
required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance with the subsection
of the Purchase Agreement titled “Notices.”

 

14. Liquidated Damages.

 

Holder and Borrower
agree that in the event Borrower fails to comply with any of the terms or provisions of this Note, Holder’s damages would
be uncertain and difficult (if not impossible) to accurately estimate because of the parties’ inability to predict future
interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Holder and Borrower agree
that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not penalties but instead are
intended by the parties to be, and shall be deemed, liquidated damages (under Holder’s and Borrower’s expectations
that any such liquidated damages will tack back to the Issuance Date for purposes of determining the holding period under Rule
144).

 

15. Severability.

 

If any part of this
Note is construed to be in violation of any law, such part shall be modified to achieve the objective of Borrower and Holder to
the fullest extent permitted by law and the balance of this Note shall remain in full force and effect.

  

[Remainder of page intentionally left
blank; signature page follows]

 

    A-8

     

    

 

IN WITNESS WHEREOF, Borrower has caused
this Note to be duly executed as of the Issuance Date.

 

	 	BORROWER:
	 	 
	 	Bat Group, Inc.
	 	 	 
	 	By:	
	 	 	
        Name: Renmei Ouyang

        Title: Chief Executive Officer

 

 

 

[Signature Page to Convertible Promissory
Note]

 

    A-9

     

    

 

ATTACHMENT 1

 

DEFINITIONS 

 

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

 

A1. “Approved
Stock Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to
the date hereof pursuant to which shares of Common Stock and standard options to purchase Common Stock may be issued to any employee,
officer or director for services provided to the Company in their capacity as such.

 

A2. “Bloomberg”
means Bloomberg L.P. (or if that service is not then reporting the relevant information regarding the Common Stock, a comparable
reporting service of national reputation selected by Holder and reasonably satisfactory to Borrower).

 

A3. “Closing
Bid Price” and “Closing Trade Price” means the last closing bid price and last closing trade price,
respectively, for the Common Stock on its principal market, as reported by Bloomberg, or, if its principal market begins to operate
on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the
last bid price or last trade price, respectively, of the Common Stock prior to 4:00:00 p.m., New York time, as reported by Bloomberg,
or, if its principal market is not the principal securities exchange or trading market for the Common Stock, the last closing bid
price or last trade price, respectively, of the Common Stock on the principal securities exchange or trading market where the Common
Stock is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade
price, respectively, of the Common Stock in the over-the-counter market on the electronic bulletin board for the Common Stock as
reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for the Common Stock by Bloomberg,
the average of the bid prices, or the ask prices, respectively, of any market makers for the Common Stock as reported by OTC Markets
Group, Inc., and any successor thereto. If the Closing Bid Price or the Closing Trade Price cannot be calculated for the Common
Stock on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Trade Price (as the case may be)
of the Common Stock on such date shall be the fair market value as mutually determined by Holder and Borrower. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such
period.

 

A4. “Conversion”
means a Holder Conversion under Section 3.

 

 

A5. “Conversion
Share Value” means the product of the number of Conversion Shares deliverable pursuant to any Conversion Notice multiplied
by the Closing Trade Price of the Common Stock on the Delivery Date for such Conversion.

 

A6. “Default
Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred by 10% and
then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default occurred, with the
sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event of Default occurred.

 

A7. “DTC”
means the Depository Trust Company or any successor thereto.

 

    A-10

     

    

 

A8. “DTC Eligible”
means, with respect to the Common Stock, that such Common Stock is eligible to be deposited in certificate form at the DTC, cleared
and converted into electronic shares by the DTC and held in the name of the clearing firm servicing Holder’s brokerage firm
for the benefit of Holder.

 

A9. “DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer program.

 

A10. “DWAC”
means the DTC’s Deposit/Withdrawal at Custodian system.

 

A11. “DWAC
Eligible” means that (a) Borrower’s Common Stock is eligible at DTC for full services pursuant to DTC’s operational
arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has been approved (without revocation)
by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as an agent in the DTC/FAST Program; (d)
the Conversion Shares are otherwise eligible for delivery via DWAC; (e) Borrower has previously delivered all Conversion Shares
to Holder via DWAC; and (f) Borrower’s transfer agent does not have a policy prohibiting or limiting delivery of the Conversion
Shares via DWAC.

 

A12. “Exempt
Issuance” means the issuance of (a) any shares of Common Stock issued or issuable in connection with any Approved Stock Plan;
provided that issuances of securities pursuant to an Approved Stock Plan shall not be deemed to be Exempt Issuances to the extent
(A) in excess of 800,000 shares of Common Stock and (B) such securities vest prior to earlier of (i) seven (7) months after the
Issue Date, provided that the Company is in compliance with the current public information requirement under Rule 144(c) on such
date and on such date the Company is unaware of any of any facts or circumstances that might prevent the Company from complying
with its current public information requirement set forth in Rule 144(c) in the foreseeable future and (ii) thirty (30) days after
the date when a Registration Statement (as defined in the Purchase Agreement) is effective, covering the resale of all of the
Registrable Securities (as defined in the Registration Rights Agreement), (b) securities issuable upon the conversion, exchange
of, conversion or redemption of, or payment of liquidated or similar damages on, any securities issued hereunder, (c) other securities
exercisable, exchangeable for, convertible into, or redeemable for shares of Common Stock issued and outstanding on the date of
this Note; provided that the terms of such securities are not amended, modified or changed on or after the Subscription Date to
give greater rights to the holders of such securities, including, without limitation, to increase the number of securities underlying
such securities, to decrease the exercise, exchange or conversion price of such securities or to extend the term of securities,
and (d) any shares of Common Stock, issued or issuable in connection with a bona fide strategic transaction approved by the Board
of Directors, or a committee if the Board of Directors, of the Company, the primary purpose of which is not to provide financing
to the Company.

 

A13. “Fundamental
Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving corporation)
any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions,
sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective properties or
assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more
related transactions, allow any other person or entity to make a purchase, tender or exchange offer that is accepted by the holders
of more than 50% of the outstanding shares of voting stock of Borrower (not including any shares of voting stock of Borrower held
by the person or persons making or party to, or associated or affiliated with the persons or entities making or party to, such
purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more
related transactions, consummate a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person or entity whereby such other person
or entity acquires more than 50% of the outstanding shares of voting stock of Borrower (not including any shares of voting stock
of Borrower held by the other persons or entities making or party to, or associated or affiliated with the other persons or entities
making or party to, such stock or share purchase agreement or other business combination), or (v) Borrower or any of its subsidiaries
shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify the Common Stock, other
than an increase in the number of authorized shares of Borrower’s Common Stock, or (b) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder)
is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of
50% of the aggregate ordinary voting power represented by issued and outstanding voting stock of Borrower.

 

    A-11

     

    

 

A14. “Mandatory
Default Amount” means the Outstanding Balance following the application of the Default Effect.

 

A15. “Market
Capitalization” means a number equal to (a) the average VWAP of the Common Stock for the immediately preceding fifteen
(15) Trading Days, multiplied by (b) the aggregate number of outstanding shares of Common Stock as reported on Borrower’s
most recently filed Form 10-Q or Form 10-K.

 

A16. “Other
Agreements” means, collectively, all existing and future agreements and instruments between, among or by Borrower (or
an affiliate), on the one hand, and Holder (or an affiliate), on the other hand.

 

A17. “Outstanding
Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as the case may be, pursuant
to the terms hereof for payment, Conversion, offset, or otherwise, the Transaction Expense Amount, accrued but unpaid interest,
collection and enforcements costs (including attorneys’ fees) incurred by Holder, transfer, stamp, issuance and similar taxes
and fees related to Conversions, and any other fees or charges incurred under this Note.

  

A18. “Trading
Day” means any day on which The NASDAQ Stock Market is open for trading.

 

A19. “VWAP”
means the volume weighted average price of the Common stock on the principal market for a particular Trading Day or set of Trading
Days, as the case may be, as reported by Bloomberg.

 

[Remainder of page intentionally left
blank]

 

    A-12

     

    

 

EXHIBIT A

 

	Bat Group, Inc.	Date:	 

Attn: Renmei Ouyang, CEO

Room 104, No. 33 Section D,

No. 6 Middle Xierqi Road,

Haidian District, Beijing, China

 

LENDER CONVERSION NOTICE

 

The above-captioned Holder hereby gives
notice to Bat Group, Inc., a Delaware corporation (the “Borrower”), pursuant to that certain Convertible Promissory
Note made by Borrower in favor of Holder on February 22, 2020 (the “Note”), that Holder elects to convert the
portion of the Note balance set forth below into fully paid and non-assessable shares of Common Stock of Borrower as of the date
of conversion specified below. Said conversion shall be based on the Holder Conversion Price set forth below. In the event of a
conflict between this Holder Conversion Notice and the Note, the Note shall govern, or, in the alternative, at the election of
Holder in its sole discretion, Holder may provide a new form of Holder Conversion Notice to conform to the Note. Capitalized terms
used in this notice without definition shall have the meanings given to them in the Note.

 

A. Date
of Conversion:

B. Holder
Conversion #:

C. Conversion
Amount:

D. Holder
Conversion Price:

E. Holder
Conversion Shares: (C divided by D)

F. Remaining
Outstanding Balance of Note: *

 

 

* Subject to adjustments for corrections,
defaults, interest and other adjustments permitted by the Transaction Documents (as defined in the Purchase Agreement), the terms
of which shall control in the event of any dispute between the terms of this Holder Conversion Notice and such Transaction Documents.

 

Please transfer the Conversion Shares
electronically (via Book Entry) to the following account:

	 	 
	Account #:	 
	Account Name:	 

 

To the extent the Conversion Shares are
not able to be delivered to Holder electronically via the DWAC system, deliver all such certificated shares to Holder via reputable
overnight courier after receipt of this Holder Conversion Notice (by facsimile transmission or otherwise) to:

  

[Signature Page Follows]

 

    A-13

     

    

 

	Sincerely,	 
	 	 
	Holder:	 
	 	 
	[  ]	 
	 	 	 
	By:	[  ]           	 
	 	 	 	 	 

    A-14

     

    

 

Exhibit
B

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE 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. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

BAT GROUP, INC.

 

Warrant Shares: _______                        Issuance
Date:: January 22, 2020

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Issuance Date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York
City time) on the date that is the five (5) year anniversary of the Issuance Date (the “Termination Date”) but
not thereafter, to subscribe for and purchase from Bat Group, Inc., a Delaware corporation (the “Company”), up to _____1
shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. This Warrant is one of the
warrants to purchase shares of Common Stock issued pursuant to that certain Securities Purchase Agreement (the “Purchase
Agreement”) dated as of January 22, 2020 among the Company and the purchasers signatory thereto, as amended from time to
time.

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Purchase Agreement.

 

Section 2. Exercise.

 

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

 

 

		1	Equal to 100% of shares issuable upon the conversion of the Note.

 

    B-1

     

    

 

(b) Exercise Price. The
exercise price per share of the Common Stock under this Warrant shall be $1.802, subject to adjustment hereunder (the
“Exercise Price”).

 

(c) Cashless Exercise.
If at any time after the six-month anniversary of the Issuance Date, there is no effective registration statement registering,
or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the
Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of
Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant
to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

 

		2	The Exercise Price shall be the close price on the date prior to the date of this Warrant.

 

    B-2

     

    

 

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

 

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

 

If Warrant Shares are
issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant
Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary
to this Section 2(c). Without limiting the cashless exercise provision set forth in this Section 2(c), the liquidated damages provision
in Section 2(d)(i) or the buy-in provision in Section 2(d)(iv), there is no circumstance that would require the Company to net-cash
settle this Warrant.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

    B-3

     

    

 

(d) Mandatory Exercise.
If at any time from and after the date hereof, the closing price of the Company’s Common Stock on the Trading Market equals
or exceeds $3.00 per share (which amount may be adjusted for certain capital events, such as stock splits, as described herein)
for twenty (20) consecutive Trading Days (the “Mandatory Exercise Measuring Period”), then the Company shall have the
right to require the Holder to exercise all or any portion of this Warrant still unexercised for a cash exercise, as designated
in the Mandatory Exercise Notice on the Mandatory Exercise Date (each as defined below) into fully paid, validly issued and nonassessable
shares of Common Stock in accordance with Section 2 hereof at the Exercise Price as of the Mandatory Exercise Date (as defined
below) (a “Mandatory Exercise”). The Company may exercise its right to require exercise under this Section 2 by delivering
within not more than five (5) Trading Days following the end of such Mandatory Exercise Measuring Period a written notice thereof
by electronic mail to the Holder (the “Mandatory Exercise Notice” and the date that the Holder received such notice
is referred to as the “Mandatory Exercise Notice Date”). The Mandatory Exercise Notice shall be irrevocable. The Mandatory
Exercise Notice shall state (I) the Trading Day on which the Mandatory Exercise shall occur, which shall be the second (2nd) Trading
Day following the Mandatory Exercise Notice Date (the “Mandatory Exercise Date”) and (II) the aggregate number of Warrants
which the Company has elected to be subject to such Mandatory Exercise from the Holder (the “Mandatory Exercise Amount”)
pursuant to this Section 2. If the Warrants have not been exercised by the Mandatory Exercise Date, the Warrants shall be cancelled.
Notwithstanding the forgoing, the Company may only exercise its rights pursuant to this Section 2(d) if the Warrant Shares (i)
have been registered by the Company on an effective registration statement registering the resale of the Warrant Shares, or (ii)
can be sold pursuant to Rule 144 without current public information requirements or manner of sale restrictions. This Section 2(d)
shall be subject to the following requirements that (i) the Company’s Common Stock and Warrant Shares will continue trading
on the Trading Market with the Company’s belief, in good faith, that trading of the Company’s Common Stock and the
Warrant Shares on the Trading Market will continue uninterrupted for the foreseeable future, (ii) the Warrant Shares may be resold
pursuant to registration statement or exempted from registration pursuant to Rule 144, (iii) the applicable Holder is not in possession
of any information provided by the Company, any of its Subsidiaries, or any of the Company’s officers, directors, employees,
agents or Affiliates, that constitutes, or may constitute, material non-public information, and (iv) for each Trading Day in a
period of twenty (20) consecutive Trading Days prior to the applicable date in question, the daily trading volume for the Company’s
Common Stock on the Trading Market exceeds 300,000 shares (subject to adjustment for forward and reverse stock splits and the like)
per Trading Day.

 

(e) Mechanics of Exercise.

 

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

 

    B-4

     

    

 

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

 

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

 

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

 

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

 

    B-5

     

    

 

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

 

Section 3. Certain
Adjustments.

 

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

 

(b) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or 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 Warrant, 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 Warrant (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, that, 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).

 

    B-6

     

    

 

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

 

    B-7

     

    

 

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

 

(e) Notice to Holder.

 

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

 

(ii) Notice to Allow
Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company
shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital
stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or
winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to
the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
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 in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    B-8

     

    

 

Section 4. Transfer
of Warrant.

 

(a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

 

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

 

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

 

(d) Transfer Restrictions.
If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant
shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable
state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee
of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

    B-9

     

    

 

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

 

Section 5. Miscellaneous.

 

(a) No Rights as Stockholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of
the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

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

 

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

 

(d) Authorized Shares.

 

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

 

    B-10

     

    

 

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

 

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

 

(e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

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

 

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

 

(h) Notices. Any
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

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

 

    B-11

     

    

 

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

 

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

 

(l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

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

 

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

 

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

 

(Signature Page Follows)

 

    B-12

     

    

 

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

 

	 	BAT GROUP, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    B-13

     

    

 

NOTICE OF EXERCISE

 

To: BAT GROUP, INC.

 

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

 

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

 

		☐	in lawful money of the United States; or

 

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

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

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

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: _____________________________________________________________________

 

Signature of Authorized Signatory of Investing Entity: _______________________________________________

 

Name of Authorized Signatory: _________________________________________________________________

 

Title of Authorized Signatory: __________________________________________________________________

 

Date: _____________________________________________________________________________________

 

    B-14

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: _____________________	 	 
	 	 	 
	Holder’s Address: ______________________	 	 

 

 

B-15Exhibit 10.3

 

Warehousing Agreement

 

Contract Number: NC-191213-56

 

Party A: Shenzhen Huamucheng Trading Co., Ltd.

 

Party B: Foshan Nanchu Storage Warehouse Management
Limited

 

Under the principle of mutual benefit of both
parties by overall negotiation, Party A and B have agreed to follow the following terms for Party A to take delivery of the wares
which store in the warehouses of Party B:

 

	 	I.	The agreement only applies to Party A or its designated persons to take delivery of the wares from Party B’s warehouses by effective delivery and stock-out documents.

 

	 	II.	When Party A or its designated persons take delivery of the wares from Party B’s warehouse, they must provide written delivery notices. The delivery notice is the effective proof for Party A to take delivery of its wares or for stock-out purpose. The format of delivery notice is in attachment 2.

 

	 	III.	The effective delivery notice provided by Party A to Party B must include the effective company seal of Party A and the signature of the designated person by Party A. The designated person who can sign the delivery notice of Party A is Debo Zeng, with the signing specimen__________________________, the contact number is ___________; b. Miao Ye, with the signing specimen__________________________, the contact number is ___________; c. ___________, with the signing specimen__________________________, the contact number is_________________________;

 

Either_____ signature of the above
designated persons is effective (if it is a blank here, then either one of the signatures is effective.)

 

The effective specimen of the company
seal of Party A is:

 

	 	 	 

 

Either_____ company seal of the above is effective (if
it is a blank here, then either one of the seals is effective.)

 

	 	IV.	The facsimiles of the delivery notices and the faxes from Party A’s fax number will have the same effectiveness as the original notices, after the confirmation by phone calls between Party A’s designated persons and Party B. ( the contact numbers of Party B: Order: ___________; Order Fax: ___________; Enquiry of Stock-in: ___________; Customer Enquiry: ___________; Settlement: ___________; Futures storage: ___________)

 

		V.	All the delay and economic losses since: Party A doesn’t follow the terms of this agreement
to take delivery or the documents for take delivery are not timely, not completed or not compiled with the wares etc., will be
Party A’s responsibility to undertake.

 

		VI.	The fees of wares storage will be based on Party B’s charging standard, and all the fees are
included in attachment 1. Both parties agree to settle the payment by following ways: Batch settlement. Batch settlement means
to settle the take delivery payment immediately once the take delivery is occurred according to the quantities. Party A should
settle all the related payments to Party B before the take delivery is finished. If the payment of Party A is defaulted, there
will be a daily 0.05% fee as the default penalty, otherwise Party B has the right to settle the payment through legal approach.
If there is a third party to settle the fees by Party A’s designation, Party A should bear the joint and several liability
to Party B if the third party is defaulted. Party B will provide invoices for the settlement. The invoice is VAT ordinary invoice.
If Party B needs to issue VAT invoice to Party A, Party A should provide General Taxpayer Certificate to Party B. If Party A needs
to change VAT invoice to VAT ordinary invoice, a written document should be sent to inform Party B. Party B won’t change
the issued invoices.

 

		VII.	If there is a dispute over the weight of the wares, Party A should inform Party B to solve the dispute
before the wares are taken out of the warehouse. Party A must not open the wares, if does so, all the responsibilities should be
taken by Party A.

 

     

     

    

 

		VIII.	In order to provide more accurate, effective and safer service to Party A, Party B has developed a
customer service information management system (EP). Party A can use this online system to start stock-in, transfer, stock-out,
enquiry on stock and operating records etc. Party A can apply to use this system and sign the operation agreement for this system
with Party B.

 

		IX.	Both parties agree: in order to protect the legal rights of each other, ensure the pureness and fairness
of the business, and prevent commercial corruption, the parties will sign an Agreement on Probity Cooperation as attachment 3.

 

	 	X.	Attachment 1 <The payment standard of Foshan Nanchu Storage Management Co., Ltd.>, attachment 2 <Sample of Delivery Notice>, and attachment 3 <Agreement on Probity Cooperation> are inseparable documents to this agreement and will be executed by both parties.

 

	 	XI.	Disputes in the performance of this agreement shall be resolved through negotiation between the parties. If the negotiation fails, either party can bring a lawsuit to the court where the agreement was signed.

 

	 	XII.	The effective of this agreement is from the signed date to December 31, 2020. The agreement will extend one year automatically since the maturity date if both parties have no objections; if any objection arises, the party should inform the other to terminate the agreement by 30 days in advance.

 

	 	XIII.	This agreement is in duplicate. The fax facsimile and the original have the same legal effect. Signed by the representatives of both parties, stamped with the company seal or special agreement seal to take effect.

 

	Party A: Shenzhen Huamucheng Trading Co., Ltd.	Party B: Foshan Nanchu Storage Management Co., Ltd. 
	Address:	Address: No. 166, Foluo Highway, Chancheng District, Foshan City
	Representative: /s/ Shenzhen Huamucheng Trading Co., Ltd.	Representative: /s/ Foshan Nanchu Storage Management Co., Ltd.
	Principal agent: 	Principal agent: 

 

Chancheng Distrct, Foshan City

January 22, 2020

 

    2

     

    

 

Attachment 1

 

The payment standard of Foshan Nanchu Storage
Management Co., Ltd.

 

	Storage Kind	 	 
	Outdoor Storage 	Indoor Storage 
	(yuan/Ton per day)	(yuan/Ton per day)
	Aluminum ingot, Aluminum block, Aluminum alloy, Zinc ingot	0.4	0.5
	Aluminum rod	0.5	/
	Electrolytic copper, Copper rod	0.5	0.6
	Lead ingot, Zinc alloy	/	0.5
	Tin ingot, Electrolytic nickel	/	1
	Other fees:	Railway wagon apply: 5RMB/Ton	Train handling charges: 20RMB/Ton
	Container loading fee: add 5RMB/Ton	Special vehicle loading fee: add 5RMB/Ton 
	Transfer fee: 3RMB/Ton 	Small Scale: 5RMB/Ton; Large Scale: 2RMB/Ton
	Packing fee: Lead zinc 30RMB/Ton	Aluminum:35RMB/Ton; Electrolytic copper:20RMB/Ton
	Any other fees, Party B has the right to set up standard;	 
	The fees for Futures will apply the standards by Shanghai Futures Exchange	 

 

Confirmation of the above fees, sign and
seal by:

 

 

Party A: Shenzhen Huamucheng Trading Co., Ltd.

 

Representative: /s/ Guotao Deng

 

 

    3

     

    

 

Attachment 2

Sample of Delivery Notice

 

To Foshan Nanchu Storage Management Co., Ltd.:

Our company now designates _________________________________________to
take delivery of the wares.

 

	Name of wares	Trademark	Specification	Container No.	Quantity	Note
	Cases	Weight
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Weight in words:

 

	
        Note Bar	
        Name of who take delivery:

        ID card Number:

        Vehicle Number:

        Contact
        person: 

        Contact Number:

 

Signing Specimen:

 

_________________________________________

 

Date: ______________________________________

 

    4

     

    

 

Attachment 3

Agreement on Probity Cooperation

 

Party A: Shenzhen Huamucheng Trading Co., Ltd. 

 

Party B: Foshan Nanchu Storage Management Co.,
Ltd.

 

In
order to regulate the business exchange activities between the two parties, establish an honest and trustworthy business cooperation
relationship, promote integrity and maintain the legitimate rights and interests of both parties, after
mutual discussion, Party A and B have agreed to the following terms related to the probity cooperation during the business exchange
activities: 

 

		1.	Common rights and obligations of both parties:

 

		a.	Strict compliance with relevant national laws, regulations and related policies.

 

		b.	Strictly implement the contracts, agreements and commitments determined by
both parties, and consciously perform the contract.

 

		c.	The business activities of both parties shall adhere to the principles of openness,
fairness, integrity, and transparency (except as otherwise provided in trade secrets and contract documents), and shall not harm
national and collective interests.

 

		d.	Establish a sound integrity system, conduct integrity education, publish reporting
telephones, supervise and seriously investigate and punish violations of laws and disciplines.

 

		e.	If find that the other party has violated the integrity policy in the business
activities, one must promptly ask the other party to correct it and report to the other party’s discipline inspection and
supervision agency.

 

		f.	If find that the other party has seriously violated the obligations of this
agreement, one has the right to report it to the disciplinary inspection and supervisory department of the unit where it is located
or the superior department in charge and suggest treatment and request notification of the results.

 

		2.	Party A’s obligations:

 

		a.	Party A shall not give or receive money, gifts and securities to Party B and
its staff for any reason.

 

		b.	Party A shall not in any name reimburse Party B and its staff for any expenses
that should be paid by Party B’s units or individuals and vice versa.

 

		c.	Party A shall not, for any reason, arrange for Party B staff or participate
in high-consumption invitations and entertainment activities arranged by Party B and its staff

 

		d.	Party A shall not provide for Party B and its staff to purchase or receive
communications, transportation and office supplies from Party B and its staff that are not related to business cooperation.

 

		e.	Party A shall not facilitate the work arrangements for Party B staff and their
spouses, children or other relatives, private activities such as further studies, travel and overseas travel, and Party A and its
staff shall not receive the above facilities from Party B and its staff.

 

		f.	During the business transactions between Party A and Party B, there must not
be any acts that violate the principle of good faith, such as fraud, subprime payment, and false settlement.

 

		g.	Party A shall not pay Party B's staff directly or indirectly all relevant costs
that shall be paid to Party B.

 

		h.	Once Party A or its staff finds that Party B staff members have violated the
integrity agreement, such as asking for gifts, eating, drinking, red envelopes, etc., Party A or its staff are obliged to report
to Party B immediately, and the hotline is 0757-88015016. Party B promises to keep all information of the reporters confidential.

 

		i.	Party A shall pay all relevant expenses to the company account designated by
Party B. All acts of Party A or its staff to pay cash to Party B ’s staff shall not be regarded as payment of any expenses
to Party B, and all liabilities arising therefrom shall be borne by Party A.

 

    5

     

    

 

		j.	Party A and its staff must not engage in other activities that violate laws,
administrative regulations and related policies.

 

		3.	Party B’s obligations:

 

		a.	Party B and its staff shall not solicit or accept money, gifts and securities,
magnetic card gifts and other items from Party A in any form, and shall not require Party A to reimburse any expenses that shall
be paid by Party B and its staff. Party B and its staff shall not provide Party A with the above-mentioned money and items in any
form, or reimburse the expenses that shall be borne by party A and its staff.

 

		b.	The staff of Party B shall not directly or indirectly request or accept all
relevant expenses that shall be paid to Party B.

 

		c.	Party B staff shall not participate in the high-consumption banquets and entertainment
activities arranged by Party A, and shall not accept communications, transportation, and office supplies provided by Party A that
are not related to the business contract; The staff of Party B shall not arrange the above-mentioned activities or provide the
above-mentioned items for Party A.

 

		d.	Party B and its staff shall not request or accept Party A for housing decoration,
wedding and funeral activities, work arrangements for spouses, children and other relatives, as well as for personal activities
such as going abroad and traveling, and providing convenience; Party B and its staff shall not provide the above facilities to
Party A and its staff.

 

		e.	Party B and its staff must not engage in other activities that violate laws,
administrative regulations and related policies.

 

		4.	Breach of the agreement

 

		a.	If Party A and its staff violate Articles 1 and 2 of this agreement, Party
A shall, in accordance with the management authority and in accordance with relevant regulations, give Party discipline, political
discipline or organization to deal with it. If a crime is suspected, it shall be transferred to the judicial authority for legal
liability, and Party A shall pay liquidated damages according to 10% of the total amount settled in the business contract to Party
B. If the liquidated damages are not enough to cover the actual loss of Party B, the amount of the liquidated damages should be
equal to the actual amount of loss.

 

		b.	If Party B and its staff violate Articles 1 and 3 of this Agreement, Party
B shall, in accordance with the administrative authority and in accordance with relevant regulations, give the party discipline,
political discipline or organization to deal with it. If a crime is suspected, it shall be transferred to judicial authorities
for legal responsibility.

 

		5.	This agreement is an integral part of all business contracts signed by the
two parties and has the same legal effect as the business contract. This agreement shall be supervised and implemented by the disciplinary
inspection and supervision authorities of both parties.

 

		6.	This agreement is in duplicate, one for each party.

 

		7.	This agreement takes effect on the date of signing and stamping by both parties.

 

	Party A: Shenzhen Huamucheng Trading Co., Ltd. 	Party B: Foshan Nanchu Storage Management Co., Ltd.
	Legal Representative:	Legal Representative: 
	Principal agent: /s/ Shenzhen Huamucheng Trading Co., Ltd. 	Principal agent: /s/ Foshan Nanchu Storage Management Co., Ltd.
	Address:	Address: No. 166, Foluo Highway, Chancheng District, Foshan City
	Hotline:	Hotline: 0757-88015016

 

 

6

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