Document:

Exhibit 10.16

 

Certain
confidential information contained in this document, marked by brackets and asterisk, has been omitted pursuant to Item 601(b)(10)(iv)
of Regulation S-K, because it (i) is not material and (ii) would be competitively harmful if publicly disclosed

 

Media
and Marketing Services Agreement

 

This
MEDIA AND MARKETING SERVICES AGREEMENT (“Agreement”) is made and entered into as of September 30, 2020 (the
“Effective Date”) by and between G MEDICAL INNOVATIONS HOLDINGS LTD., a Cayman Islands exempted company (“Company”),
and GRS, LLC, a Delaware limited liability company (“GRS”). GRS and Company may each be referred to herein
as a “Party” and, collectively, as the “Parties.”

 

WHEREAS,
Company is in the business of developing, marketing, selling and distributing the Company Consumer Products (as defined below);

 

WHEREAS,
GRS has expertise in advising companies in the development and implementation of direct response media campaigns, including
radio and television direct response commercials, to promote various products and services, and in the purchasing of media time
in connection with the foregoing; and

 

WHEREAS,
Company desires to receive from GRS, and GRS desires to provide to Company, certain media purchasing, production, advertising
and marketing services in connection with the advertising and marketing of Company Consumer Products, in the United States (the
“Territory”), on the terms and conditions set forth herein.

 

NOW
THEREFORE, in consideration of the foregoing premises and the respective agreements, covenants, representations, warranties
and conditions herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties, intending to be legally bound, hereby agree as follows:

 

1. Products;
Services; Responsibilities of Parties.

 

1.1
 GRS Services. During the Term (as defined below), GRS shall provide the following
services (collectively, “GRS Services”) in connection with the advertising and marketing of Company Consumer
Products in the Territory:

 

(i)
Manage and purchase media time on Company’s behalf for airing of television, radio, social media and Internet advertising
of Company Consumer Products and any other Company consumer service, in each case as reasonably determined by GRS in consultation
with Company, and in accordance with the terms of this Agreement, including the budget requirements set forth in Section 2.1
below (collectively with the services set forth in Section 1.1(ii) and 1.1(iii), the “Media Campaign”).
GRS may collect or retain a standard media commission on all media booked by GRS on behalf of Company, not to exceed [**]%.

 

(ii)
Subject to Section 1.3(iv) below, create, develop and/or produce (or cause a third party reasonably acceptable to Company
to create, develop, and/or produce) (a) television, social media and radio commercials, and (b) other creative content that are
pre-approved by Company for use in the Media Campaign (collectively, “Content”), in connection with the advertisement,
marketing, and promotion of Company Consumer Products. Content shall be delivered to Company by GRS for Company’s review
and approval in accordance with a schedule mutually agreed to by both Parties.

 

     

     

    

 

(iii) Report
to Company on a weekly basis (or as otherwise agreed by the Parties) information which is reasonably available to GRS regarding
media purchased or committed to be purchased pursuant to Section 1.1(i) during the prior week in reasonable detail, including
the dollar amounts committed to in such purchases, which media is to be aired, the dates the media is scheduled to be aired and
where the media is scheduled to be aired, and provide such other reports as mutually agreed to by the Parties.

 

(iv) Meet
with Company regularly to discuss Company initiatives and priorities in the Territory.

 

(v) Provide
such other production, advertisement and marketing services as agreed to by the Parties in writing from time to time during the
Term.

 

As
used in this Agreement, “Company Consumer Products” means all products developed by Company and Affiliates (as defined
below) or on the Company’s behalf, including, without limitation, the Prizma mobile medical monitor.

 

		1.2	Company’s
                                         Responsibilities. During the Term, Company shall:

 

(i) In
addition to the issuance of the Warrant (defined in Section 3 below), Company shall:

 

(a) Pay
to GRS in cash or cash equivalents, in consideration of the GRS Services, the following amounts:

 

i. A
monthly marketing fee in an amount equal to [**] USD ($[**]) (the “Monthly Retainer”). [**] USD ($[**]) of
the Monthly Retainer shall be due in advance on or prior to the first of each month. The remaining [**] USD ($[**]) of the Monthly
Retainer shall be deferred until completion of the Company’s planned NASDAQ Initial Public Offering (the “IPO”),
at which time as such deferred amounts shall become immediately due and payable. Commencing with the month after an IPO is completed,
the entire Monthly Retainer shall be due in advance on or prior to the first of each month.

 

ii. A
commission (the “Commission”) equal to [**] Percent ([**]%) of gross revenues actually collected by, or credited
to, the Company or its Affiliates (if any), from the sale of Company Consumer Products in the Territory during the Term, excluding
revenue generated from or in connection with the Company’s Independent Diagnostic Testing Facility (collectively, “Gross
Revenue”), due in arrears within ten (10) days following the end of an applicable month. In the event that in any month
Company shall be required to pay GRS a Commission in excess of $[**], then the full Monthly Retainer amount shall be waived for
such month, and any amounts previously paid for the Monthly Retainer in such month shall be credited against the amount of the
Commission which is due.

 

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(b) At
such time as Company shall be required to pay GRS the Commission, Company shall provide GRS a report of its calculation of Gross
Revenue and the Commission for the applicable month (each, a “Commission Statement”). Company will maintain
books and records relevant to the determination of Gross Revenue hereunder for a period of no less than two (2) years following
the expiration or termination of this Agreement. Upon GRS’s written request within twelve (12) months after receipt of a
Commission Statement, Company agrees to provide reasonable supporting documentation concerning such Commission Statement or Commission
Statements within thirty (30) days of such written request. Further, Company will permit GRS, or an independent Certified Public
Accountant designated by GRS, to make an examination, at GRS’s expense (except as provided below), of the books and records
applicable to such Commission Statement(s) and/or the calculation of the Gross Revenue within eighteen (18) months after receipt
of a Commission Statement, which examination may take place upon thirty days advance written notice to Company, at Company’s
office (or such other place as designated by Company) during reasonable business hours and not more than one (1) time every twelve
months. The examination may relate only to the calculation of the Commission payable to GRS during the relevant period. In the
event that an examination uncovers an underpayment to GRS of 3% or more annually, Company shall be responsible for all reasonable
fees of GRS of such examination. GRS’s audit rights pursuant to this Section 2.5 shall survive the termination of this Agreement
for two (2) years following the effective date of termination.

 

(c) Reimburse
GRS for reasonable expenses incurred in connection with GRS’s performance of the GRS Services under this Agreement, provided
that monthly expenses exceeding $2,000 in the aggregate and any single expense in excess of $500 shall be subject to Company’s
pre-approval in writing.

 

(ii) Company
shall pre-pay GRS for development, preproduction, production, post-production, media time and other related expenses incurred
in connection with the Content as set forth in each Approved Creative Budget (as defined below) and pursuant to Sections
1.3(iv) and 2 below, respectively. It is the Parties’
intention that at no time will GRS guarantee, finance, or otherwise be obligated to pre-pay any of Company’s media or production
spends (i.e., Company will pay GRS in advance for all third-party production and media related expenses/costs as set forth
in Sections 1.3(iv) and 2 below, respectively).

 

(iii) License
to GRS the right to use Company Marks (as defined below) in accordance with the terms and conditions of Section 7.3 below
solely in connection with GRS’s provision of the GRS Services.

 

(iv) Deliver
to GRS, or grant access to GRS or its representatives to review and copy, via an internet-based interface and/or other format
mutually acceptable to the Parties, reasonably detailed periodic reports (in such time periods as mutually agreed to by the Parties,
but in no event less than weekly) which set forth all information reasonably requested by GRS in order to evaluate the success
of any particular media and/or Content which is included in the Media Campaign (“Media Report”), and which
reflect the cumulative gross sales of Company Consumer Products in the Territory during the Term (“Sales Report”).
The Parties acknowledge that GRS’s ability to perform the GRS Services in a timely and effective manner is contingent upon
GRS’s timely receipt of the Media Report and such unique visitor and viewer data, conversion detail and ongoing optimization
efforts which are reasonably available to Company.

 

(v) Be
responsible for all aspects of running the day-to-day business of Company in connection with the advertisement, marketing and
provision of Company Consumer Products (other than those aspects covered by the GRS Services), including managing and operating
all inbound call centers, product fulfillment, customer services, and all other aspects of the day to day operations of Company’s
business.

 

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(vi) Promptly
notify the GRS Representative (as such term is hereinafter defined) of any inquiries or notices received by Company or any of
its employees, agents or representatives from any governmental entity or agency, state attorney general or governmental investigative
body, or of any notices of actual third party suits or claims, relating to or relevant and material to the Media Campaign, the
GRS Services or Company Consumer Products, and deliver a copy of any written correspondence relating thereto, or a summary of
any oral inquiry or notice, to the GRS Representative no later than five (5) business days following Company’s receipt of
such correspondence or inquiry.

 

		1.3	Other
                                         Provisions Affecting GRS Services.

 

(i) GRS
shall designate one (1) representative reasonably acceptable to Company who shall serve as the primary point of contact for Company
in dealing with GRS in matters referring or relating to the GRS Services (the “GRS Representative”). The GRS
Representative shall be available to Company during GRS’s normal business hours. The GRS Representative shall be Boris Shimanovsky
(“Shimanovsky”). So long as Shimanovsky is employed by GRS or any of its Affiliates (as such term is hereinafter
defined) and subject to the reasonable professional availability of Shimanovsky, GRS shall cause Shimanovsky to provide creative
advisory services to Company in connection with the provision of the GRS Services.

 

(ii) Company
shall designate one (1) representative reasonably acceptable to GRS who shall serve as the primary point of contact for GRS in
dealing with Company in matters referring or relating to the GRS Services (“Company Representative”). The Company
Representative shall be responsible for delivering all consents or approvals by authorized Company officers and making all requests
on behalf of Company. The initial Company Representative shall be Yacov Geva.

 

(iii) GRS
shall manage the day-to-day creation, development and production of the Content; provided, however, that Company shall have final
approval over all Content, as well as any third parties to be engaged by GRS to perform the GRS Services.

 

(iv) The
Parties shall mutually agree on the applicable budget(s) for the development and production of the Content (each, an “Approved
Creative Budget”), and Company shall be obligated to pre-pay GRS, on a monthly basis, for all production/creative expenses
to be incurred by GRS as set forth in each Approved Creative Budget. No later than thirty (30) days from the Effective Date, the
Parties shall: (A) establish a written Approved Creative Budget for the remainder of calendar year 2020, and (B) agree on a process
for establishing Monthly Media Budgets (defined below) for the remainder of calendar year 2020 and all future years of the Term
pursuant to Section 2.1. Until Company provides its approval to the content and other creative aspects and budget for particular
Content and has advanced to GRS all production/creative expenses to be incurred in connection with such Content, GRS shall have
no obligation to produce, revise, edit and/or otherwise modify, as the case may be, such Content and/or manage and purchase media
time for such Content.

 

2. Media
Placement Costs; Payment Obligations.

 

2.1 Budgeted
Media Placement Costs. Not later than fifteen (15) days prior to the beginning of each month, Company shall deliver to GRS
a budget prepared in good faith in consultation with GRS, and in accordance with Section 1.3(iv), which sets forth the
aggregate minimum and maximum dollar amount that GRS shall expend on media placement (“Media Placement Costs”)
for radio, television and digital/social advertising for the following month (“Monthly Media Budget”). GRS
shall use commercially reasonable efforts to ensure that its agreement with each media seller provides at the minimum that the
media seller shall provide credits or refunds to GRS for any media purchased but not run or any media that is run incorrectly.
GRS shall cause an amount equal to any credits or refunds received by GRS from any media seller to be credited against any amounts
owing by Company to GRS for Media Placement Costs pursuant to Section 2.2 hereof.

 

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2.2 Payment
of Media Costs. Company shall pay GRS in advance for media costs reflected in the Monthly Media Budget at least fourteen (14)
days prior to the air date(s) for the applicable month. GRS shall directly pay all Media Placement Costs to third parties (subject
to reimbursement from Company as provided below). GRS shall deliver to Company monthly invoices which set forth in reasonable
detail the amount of all actual Media Placement Costs paid by GRS to third parties in connection with providing the GRS Services
during such month. Company shall pay all such invoiced amounts within five (5) days after Company’s receipt of GRS’s
invoice. GRS shall cause any pre-paid Media Placement Costs paid by Company for an applicable month but that are not actually
spent by GRS in such month to be credited against any amounts owing by Company to GRS for Media Placement Costs in the following
month, provided that if this Agreement terminates prior to such month, then GRS shall refund such unspent amounts back to Company.
All costs incurred by GRS in connection with third-party talent engagements shall be passed through to Company without markup.

 

3. Issuance
of Warrant. The Parties acknowledge and agree that no later than five days after the Company’s IPO, in consideration
of the services to be provided by GRS herein, Company shall issue to GRS a warrant (in the form of the Warrant attached hereto
as Exhibit A (the “Warrant”) to purchase up to that number of shares of Company’s Common Stock equal
to 5% of the Company’s outstanding Common Stock (calculated on a fully diluted, as converted basis) as of the issuance date
of the Warrant (the “Warrant Shares”). Fifty Percent (50%) of the Warrant (the “Initial Tranche”)
shall vest retroactively upon execution of the Deal Memo entered into between the Parties dated September 18, 2020 (the “Deal
Memo”) and the remaining Fifty Percent (50%) (the “Second Tranche”) shall vest on September 18, 2021,
unless, solely with respect to the Second Tranche, the Agreement has been terminated pursuant to Section 5.2 prior to such date.
The Warrant shall be exercisable for a period of nine (9) years from the date of issuance (including by way of cashless exercise).
The initial traunch of the Warrant shall have an exercise price equal to Five Cents AUD (AUD 0.05) per Warrant Share (subject
to adjustment on the terms and conditions set forth in the Warrant). The second traunch of the Warrant shall have an exercise
price equal to the lessor of a Fifty Percent (50%) discount to the IPO price or a Fifty Percent (50%) discount to the Company’s
share price on the date of vesting. Without limiation to the provisions of Section 6 below, the Initial Tranche shall be subject
to a customary “market stand-off agreement” in connection with the Company’s IPO that contains a lock-up period
identical to the period applicable to non-affilaite shareholders of the Company, but not more than six (6) months from the date
the Company’s IPO. The Company shall cause the Warrant Shares to be included in the Form F-1 registration statement (or
any similar registration statement) that the Company files in connection with the Company’s IPO.

 

4. Exclusivity.
During the Term, GRS shall be the exclusive provider for Company of all direct response television, radio, social media and Internet
media purchasing and production services comprising the GRS Services in the Territory, and Company shall not carry out such services,
directly or indirectly, or obtain such services from any other party in the Territory without the prior written consent of GRS,
which may be withheld by GRS in its sole discretion.

 

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5. Term/Termination;
Breach of Payment Obligations.

 

5.1
 Term. Subject to any termination rights set forth herein, the term (“Term”)
of this Agreement shall commence on the Effective Date and continue for a period of thirty six (36) months thereafter, unless
earlier terminated in accordance with the provisions of this Agreement. Renewal of the Term shall only be effective upon mutual
written agreement by both Parties.

 

5.2 Termination.
This Agreement may be terminated prior to the end of the Term under the following circumstances and as provided elsewhere
herein:

 

(i) by
a Party if the other Party breaches any material provision of this Agreement or defaults in the performance of any material obligation
hereunder, unless such breach or default is cured within thirty (30) days following receipt of written notice thereof from the
non-breaching Party.

(ii) immediately
by either Party upon (a) the discontinuance, dissolution, liquidation and/or winding up of the other Party’s business or
(b) the making, by the other Party, of any general assignment or arrangement for the benefit of creditors; the filing by or against
the other Party of a petition to have it adjudged bankrupt under bankruptcy or insolvency laws, unless such petition shall be
dismissed or discharged within sixty (60) days; the appointment of a trustee or receiver to take possession of all or substantially
all of such Party’s assets, where possession is not restored to the appropriate party within thirty (30) days; or the attachment,
execution or judicial seizure of all or substantially all of the other Party’s assets where attachment, execution or judicial
seizure is not discharged within thirty (30) days.

 

5.3 Effect
of Termination. Upon the expiration or earlier termination of this Agreement as provided in Section 5.2 above:

 

(i)
GRS shall immediately cease purchasing any additional media time on Company’s behalf and take commercially reasonable
and appropriate action to cease all third-party work in connection with the GRS Services.

 

(ii)
 In the event of the termination of this Agreement by GRS pursuant to Sections 5.2(i)
or (ii) above, or by Company for any reason other than as set forth in Sections 5.2(i), or (ii) above, within twelve months from
the Effective Date of this Agreement, Company shall not, for a period of twelve (12) months following the effective date of such
termination, itself or through its Affiliates, directly or indirectly, acquire any television, digital or radio media time, engage
in any paid television, digital or radio advertising (including any shared advertising) or create, develop and/or produce television,
digital or radio commercials, in each case relating to Company Consumer Products (the “Advertising Restriction”),
without the prior written consent of GRS, which GRS may withhold in its sole discretion, unless Company elects to accelerate the
vesting of any Unvested Shares (as defined in the Warrant), in which case Company’s post-Term activities shall not be subject
to the Advertising Restriction. Should Company violate the Advertising Restriction, all Unvested Shares shall automatically vest.

 

(iii) Upon
the applicable Party’s written request, each Party shall return or destroy (with a certificate of destruction to the other
Party, if such other Party so requests) any Confidential Information of the other Party in its possession or control.

 

5.4 Survival.
Sections 1.4, 3, 5.3, 6, 7, 8.2(iv), 8.2(v), 10 through 13, and 15 through 25
shall survive termination or expiration of this Agreement.

 

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6.
 Confidentiality.

 

(i) Each
Party may disclose to the other certain confidential or proprietary information in connection with the performance of this Agreement,
including marketing proposals and plans, creative designs and concepts, trade secrets and know-how, customer lists, software,
business plans, forecasts, financial documents, customer information, and other information which the disclosing Party has designated
as “Confidential,” “Proprietary,” or some similar designation. or which the receiving Party reasonably
should know is otherwise subject to an expectation of privacy, and which when provided hereunder, should be treated as confidential
(collectively, “Confidential Information”). The terms of this Agreement shall be considered Confidential Information.
Each Party shall use the Confidential Information of the other solely to perform this Agreement, and all Confidential Information
shall remain the sole property of the Party disclosing such information. Each Party shall hold the Confidential Information in
strict confidence and shall not make any disclosure of the Confidential Information to anyone without the express written consent
of the other Party, except to employees, consultants, agents, independent contractors or other representatives to whom disclosure
is necessary to the performance of this Agreement and who have executed a confidentiality agreement with confidentiality provisions
equally protective as those set forth herein, or are otherwise bound by a similar duty of confidentiality. Each Party shall use
the same care as it uses to maintain the confidentiality of its Confidential Information of the same or similar nature, which
shall in no event be less than reasonable care and no less than the level of care required by any applicable law. Each Party acknowledges
that the remedy at law for any breach or threatened breach of the provisions of this Section 6 may be inadequate, and that
each Party, in addition to any other remedy available to it, shall be entitled to seek injunctive relief from a court of competent
jurisdiction. Neither Party shall have any obligation under this Agreement with respect to any Confidential Information disclosed
to it which the Party can demonstrate: (a) was already known to it at the time of its receipt hereunder (other than as a result
of prior disclosure by the other Party), (b) is or becomes generally available to the public other than by means of the Party’s
breach of its obligations under this Agreement or a third party’s breach of its confidentiality obligations, (c) is independently
obtained on a non-confidential basis from a third party whose disclosure violates no duty of confidentiality, or (d) is developed
independently by the receiving Party with use or reference of the other Party’s Confidential Information as evidenced by
appropriate records. A Party may disclose Confidential Information pursuant to applicable law or regulation or by operation of
law, provided that such Party will disclose only such information as is legally required, and provided further that the Party
(if the Company – to the extent practicable of permitted under applicable law) shall provide reasonable notice to the other
Party of such requirement and a reasonable opportunity to object to such disclosure. A Party’s obligation to maintain the
confidentiality of Confidential Information shall remain for so long as the information remains Confidential Information of the
other Party.

 

(ii)
GRS acknowledges that it may receive certain material non-public information (financial, commercial or other). GRS is aware (and
will so advise its representatives) that securities laws impose restrictions on trading in securities when in possession of such
information. GRS further acknowledges and agrees that using such information and utilizing it to its benefit may cause the Company
to be in violation of applicable securities laws. GRS undertakes that it and/or any of its affiliates, employees, representatives
or anyone on its behalf, shall not, directly or indirectly utilize such information in a way which may be considered ‘inside
trading’ or in any way which may be considered prohibited, restricted misappropriate or otherwise in violation of the securities
laws applicable to the Company.

 

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7.
 Ownership.

 

7.1 GRS
Property. GRS owns all right, title and interest in and to all of the intellectual property, technology, software, databases,
inventions, templates, processes, marketing strategies and techniques, trademarks, service marks and logos, concepts, information,
and materials that are (i) in existence and owned or controlled by GRS or its relevant Affiliate prior to the date of this Agreement,
or (ii) created, developed or acquired at any time thereafter by GRS or its Affiliates without reliance on the Company Property
or (iii) otherwise created, developed or acquired at any time by GRS or its Affiliates and for which the intellectual property
rights, information rights or other available legal protection vest in GRS or such Affiliate by applicable law or contract (the
foregoing in (i)-(iii) individually and collectively, “GRS Property”). GRS Property is GRS’s sole and
exclusive property and shall remain the property of GRS, and GRS shall retain all proprietary, intellectual property, and any
other rights therein. If the parties mutually agree to use GRS trademarks or copyrights, or other intellectual property rights
during the Term of this Agreement other than as contemplated by this Agreement, the Parties will enter into a separate limited
license for such use on terms and conditions acceptable to GRS.

 

7.2 Company
Property. Company owns all right, title and interest in and to all of the intellectual property, technology, software, databases,
inventions, templates, processes, marketing strategies and techniques, trademarks, service marks and logos, information and materials
that are (i) in existence and owned or controlled by Company or its relevant Affiliate prior to the date of this Agreement, or
(ii) created, developed or acquired at any time by Company or its Affiliates, but excluding GRS Property (the foregoing in (i)-(ii)
individually and collectively, “Company Property”). Company Property is Company’s sole and exclusive
property and shall remain the property of Company, and Company shall retain all proprietary, intellectual property and any other
rights therein, subject to the licenses granted herein.

 

7.3 Generic
Information.  Notwithstanding any provision contained herein to the contrary, each Party agrees that neither Party shall
own, and neither Party shall be restricted from using, any generic or general business information, software, processes, formulas,
formulations, manufacturing techniques, procedures, promotions, and other items used, created or developed by either Party or
any of its Affiliates during the term of and in connection with this Agreement to the extent any of the foregoing is in the public
domain (other than as a breach by a Party of its obligations under this Agreement) or are not otherwise subject to any intellectual
property protection under applicable law.

 

7.4
 New Company Property. Except as otherwise set forth in Section 5.3(ii), upon
the termination/expiration of this Agreement, Company and its Affiliates shall have an exclusive, perpetual, irrevocable, non-sublicensable
(except to Affiliates), non-transferable (except to a permitted assignee of Company’s rights under this Agreement), right
to use in any manner and for any purpose whatsoever the specific creative content and advertising and marketing materials (including
any slogans, ideas, plans, proposals, musical themes, marketing concepts, and other creative products), created and delivered
hereunder by GRS exclusively related to Company goods solely in connection with such goods, and all copyright, trademarks and
other intellectual property rights arising from or attaching to any advertising, marketing materials or other original works created
and delivered hereunder by GRS (individually and collectively, the “New Company Property”), subject in all
cases to any restrictions or other terms or conditions which are applicable to the ownership or use of any third party rights
which are included in such New Company Property and Company’s compliance with any terms or conditions relating to the use
of such third party rights. For clarity, New Company Property does not include, and GRS and its Affiliates shall not be precluded
from using, and Company shall have no right to use, the generic (i.e. not specific to Company services/goods) marketing
material templates, formats, processes, techniques, and media in which such New Company Property is embodied or delivered. GRS
agrees to use commercially reasonable efforts to deliver to Company, at its request, all layouts, artwork, engraving, films, tapes,
and other advertising materials comprising New Company Property which GRS shall have developed or made or caused to be developed
or made for Company.

 

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7.5 Limited
License. During the Term of this Agreement, Company grants GRS a non-exclusive, non-transferable (other than in connection
with a permitted assignment of this Agreement or to GRS Affiliates involved in the GRS Services), non-sublicensable, worldwide
royalty-free license to any Company Property provided or made available to GRS or a GRS Affiliate solely for the purpose of fulfilling
GRS’s obligations as set forth in this Agreement. To the extent that GRS creates any derivative works of Company Materials,
the Parties acknowledge and agree that such derivative works (excluding any GRS Property or Generic Materials and subject to Section
7.3) shall be owned by Company, and GRS hereby irrevocably assigns to Company, without additional consideration or restriction,
all worldwide right, title and interest in and to all such derivative works, and agrees that the assignment is effective as soon
as is possible under any applicable law, statue or regulation. It is understood and agreed that Company shall have no right to
use any of the GRS Property or New Company Property during the Term of the Agreement without GRS’s prior written consent.

 

7.6 Third
Party Work Product. GRS agrees that, in the case of any New Company Property created or produced by any person other than
GRS with whom GRS is contracting on behalf of Company under this Agreement, GRS will use commercially reasonable efforts to ensure
that, as between GRS and such person, ownership of all intellectual property rights attaching to such New Company Property is
vested in Company, provided that in cases where ownership of such New Company Property is not obtained despite GRS’s commercially
reasonable efforts, GRS will use commercially reasonable efforts to obtain a perpetual and exclusive right from such person to
use such New Company Property in favor of Company on equivalent terms as those provided in Section 7.4.

 

7.7
 General. All rights not specifically granted herein are reserved. Except as set
forth, each Party hereby acknowledges and agrees that it does not have and shall not acquire, any interest in any other Party’s
intellectual property except as provided in this Agreement and/or as may otherwise be expressly agreed to in writing executed
by both parties. For purposes of this Agreement, “intellectual property” means all intellectual property rights recognized
under any jurisdiction, including patents, copyrights, trademarks, trade names, and trade secrets.

 

7.8 Affiliate.
As used in this Agreement, an “Affiliate” means an individual, corporation, limited liability company, partnership,
trust, or other entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under
common control with, GRS or Company, as the case may be.

 

8.
 Representations, Warranties, and Covenants.

 

8.1 Both
Parties. Each Party represents and warrants to the other Party that: (a) it is duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation or organization; (b) it has full power and authority to execute,
deliver and perform its obligations under this Agreement; and (c) this Agreement is a valid and binding obligation of such Party
and enforceable against such Party in accordance with its terms except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other laws of general application relating to or affecting the enforcement of creditors’
rights generally.

 

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8.2 Company.
Company represents, warrants, covenants, and agrees, as follows:

 

(i)
 it has not entered into any oral or written contract or negotiations with any third
party which would impair the rights granted to GRS under this Agreement, or limit the effectiveness of this Agreement, nor is
it aware of any claims or actions which may limit or impair any of the rights granted to GRS hereunder;

 

(ii)
 all trademarks, logos, copyrights, materials, and work product related to Company or
otherwise used by Company in connection with the Media Campaign (which is not created or provided by GRS under this Agreement)
are owned by, and/or exclusively licensed to Company, and to the Company’s knowledge do not infringe or violate any United
States copyrights, trademarks, trade secrets, patents or other proprietary rights of any kind belonging to any third party or
violate any right of privacy, right to publicity, misappropriate anyone’s name or likeness or contain any defamatory, obscene
or illegal material;

 

(iii)
 it has received all necessary rights, clearances, licenses, and releases from third
parties regarding any materials provided by Company hereunder so that GRS may use such materials, in whole or in part, in connection
with the advertising, marketing and, promotion of Company Consumer Products, and in the publishing, airing and broadcast, as the
case may be, of the Content;

 

(iv)
 the issuance of the Warrant has been duly authorized by all requisite corporate action,
and Company has all requisite corporate power and authority to execute, deliver and perform its obligations under the Warrant;

 

(v) the
execution of this Agreement and the Warrant does not and will not conflict with or result in (A) a violation of any provision
of the charter or bylaws of Company or any law applicable to Company, or (B) a breach of Company’s obligations under, any
agreement, order, judgment or decree to which Company is a party or by which it is bound; and

 

(vi)
  it is now and will continue throughout the Term to be in full compliance with all local,
state, and federal laws, rules, and regulations applicable to its business and the advertising, marketing, and provision of Company
Consumer Products, including those of the Federal Consumer Fraud and Abuse Prevention Act, and the Federal Trade Commission, as
such may be amended from time to time, and any other state or federal regulatory agency that has jurisdiction over Company’s
business activities.

 

8.3 GRS.
GRS represents, warrants, covenants and agrees, as follows:

 

(i)
 it has not entered into any oral or written contract or negotiations with any third
party which would limit the effectiveness of this Agreement, nor is it aware of any claims or actions which may limit the effectiveness
of this Agreement;

 

    10

     

    

 

(ii)
 all trademarks, logos, and copyrights which are included with the GRS Property or GRS
Services (other than those provided by Company), and other related intellectual property rights used in the GRS Property or GRS
Services (other than those provided by Company) will be owned by, and/or exclusively licensed to (except as otherwise disclosed
to Company), GRS and to GRS’s knowledge will not infringe or violate any copyrights, trademarks, trade secrets, patents
or other proprietary rights of any kind belonging to any third party or violate any right of privacy, right to publicity, misappropriate
anyone’s name or likeness or contain any defamatory, obscene or illegal material; and

 

(iii) it
has received (or will receive) and paid for (or will pay for) all necessary rights, clearances, licenses, and releases from third
parties regarding the GRS Services and GRS Property (other than those related to Company Marks) so that GRS and Company may use
such materials in whole or in part, in connection with the advertising, marketing and, promotion of Company Consumer Products,
and in the publishing, airing and broadcast, as the case may be, of the Content.

 

9.
 Insurance.

 

9.1 Current
Insurance. Each Party shall obtain and maintain during the Term the following insurance coverage:

 

(i)
 Commercial General liability insurance with a limit of not less than $5 million per
claim/$5 million annual aggregate.

 

(ii) Errors
and Omissions/Professional Liability, including Media Liability insurance, with a limit of not less than $5 million per claim/$5
million annual aggregate.

 

(iii) Cyberliability
insurance with a limit of not less than $5 million per claim/$5 million annual aggregate.

 

9.2 Policy
Requirements. The insurance companies providing such insurance required under this Section 9 must have an A.M. Best
rating of A-VII or better and be licensed or authorized to conduct business in all 50 of the United States. Each Party shall name
the other Party as an additional insured on such insurance policies. Each Party shall provide the other Party within ten (10)
business days after the Effective Date evidence of all insurance required hereunder, and thereafter at any time any insurance
policy covered in this Section 9 is renewed, or upon request by a Party, during the Term. The provisions of Section
9 shall not be deemed to limit the liability of a Party hereunder or limit any rights that a Party may have including rights
of indemnity or contribution.

 

10. Indemnification.

 

10.1
 Company. Company shall indemnify, defend and hold harmless GRS, and its members
and Affiliates, and its and their respective members, shareholders, officers, managers, directors, employees, agents, successors,
and assigns, as the case may be, from and against any and all third party losses, damages, injuries, causes of action, claims,
demands, and expenses (including reasonable legal fees and expenses) (the “Losses”), regardless of nature or type
of such third party claim, whether actual or alleged, based upon tort, breach of contract, or other third party claims, if and
to the extent arising out of, resulting from, or related to (i) any act, omission, or default in the performance of obligations
of Company pursuant to this Agreement or breach of any covenant, agreement, representation or warranty by Company under this Agreement;
(ii) Company Excluded Activities (as such term is hereinafter defined); (iii) any materials provided by Company or its employees,
agents or representatives and used by GRS in any of the GRS Property; (iv) infringement of United States proprietary rights or
intellectual property rights of any third party by Company Consumer Products or any other Company consumer service; or (v) any
claims or actions arising or resulting from the marketing, sale, distribution, or use by Company of Company Consumer Products
including claims or actions relating to any governmental or regulatory investigations, inquiries, and actions; except (x) with
respect to (iii) to the extent such third party claim is caused by any use, modification or alteration of materials by or on behalf
of GRS not under the direction or request of Company and/or in a manner not authorized under this Agreement (the “GRS
Excluded Activities”) or (y) if the Losses arise out of, result from, or relate to the gross negligence or intentional
misconduct of GRS.

 

    11

     

    

 

10.2
 GRS. GRS shall indemnify, defend and hold harmless Company and its Affiliates
and its and their respective members, shareholders, officers, managers, directors, employees, agents, successors, and assigns,
as the case may be, from and against Losses, regardless of nature or type of such third party claim, whether actual or alleged,
based upon tort, breach of contract, or other third party claims, if and to the extent arising out of, resulting from, or related
to (i) any act, omission, or default in the performance of the obligations of GRS pursuant to this Agreement or breach of any
covenant, agreement, representation, or warranty by GRS under this Agreement; (ii) the GRS Excluded Activities; or (iii) any materials
created or provided by, for, or on behalf of GRS in providing the GRS Services, including the GRS Property; except with respect
to (iii) to the extent such third party claim is caused by any use, modification or alteration of the GRS Property or GRS Services
by or on behalf of Company in a manner not authorized under this Agreement (the “Company Excluded Activities”);
and except to the extent the Losses arise out of, result from, or relate to the gross negligence or intentional misconduct of
Company.

 

10.3
 Indemnification Procedures. In the event of a claim for indemnification based
on a third-Party claim, the Party seeking indemnification agrees to: (i) promptly notify the indemnifying Party of any matters
in respect of which the indemnity may apply and of which the indemnified Party has knowledge; provided that any failure by the
Party seeking indemnification to provide prompt notice shall not excuse the indemnifying Party of its indemnification obligation
hereunder unless, and solely to the extent that, a court determines that such failure materially prejudices the indemnifying Party’s
ability to defend or settle any such claim; (ii) give the indemnifying Party full opportunity to control the response thereto
and the defense thereof, including any agreement relating to the settlement thereof, provided that the indemnifying Party shall
not settle any such claim or action unless such settlement either (a) includes an unconditional release of the indemnified Party
from all liability on all claims that are the subject matter of such proceeding or (b) is consented to in writing by the indemnified
Party; and (iii) cooperate with the indemnifying Party, at the indemnifying Party’s cost and expense, in the defense or
settlement thereof. The indemnified Party may participate, at its own expense, in such defense and in any settlement discussions
directly or through counsel of its choice on a monitoring, non-controlling basis. In the event the indemnifying Party does not
assume control of the response and defense of a claim pursuant to clause (ii) of this Section 10.3, the indemnified Party
shall have the right to assume control of the defense of such claim at the expense of the indemnifying Party.

 

11. Limitation
of Liability; Waiver of Certain Damages.

 

11.1 LIMITATION
OF LIABILITY. EXCEPT FOR LIABILITY ARISING OUT OF (A) A BREACH OF SECTION 6 ABOVE, OR (B) A PARTY’S WILLFUL MISCONDUCT,
UNDER NO CIRCUMSTANCES SHALL THE LIABILITY OF A PARTY HERETO OR ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE MEMBERS, SHAREHOLDERS,
OFFICERS, MANAGERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, AS THE CASE MAY BE, HEREUNDER EXCEED, IN THE AGGREGATE,
AN AMOUNT EQUAL TO THE MONTHLY FEES ACTUALLY RECEIVED BY GRS DURING THE TWELVE (12) MONTH PERIOD IMMEDIATELY PRECEDING THE MOST
RECENT EVENT GIVING RISE TO THE CLAIM (OR SUCH SHORTER PERIOD IF THE EVENT OCCURS DURING THE FIRST TWELVE (12) MONTHS OF THE TERM).

 

    12

     

    

11.2 WAIVER
OF CERTAIN DAMAGES. EXCEPT FOR LIABILITY ARISING OUT OF (A) A BREACH OF SECTION 6 ABOVE, OR (B) A PARTY’S WILLFUL
MISCONDUCT, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), WARRANTY
OR OTHERWISE, FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES (INCLUDING, WITHOUT LIMITATION,
DAMAGES FOR LOSS OF PROFITS) ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

12. Equitable
Relief. Each of the Parties recognizes, acknowledges, and agrees that any remedy at law for Company’s breach of the
provisions of Sections 4, 5.3(ii), or 6, or for GRS’s breach of Section 6, may be inadequate. Accordingly,
the Parties agree that in the event of any such breach or threatened breach, the other Party will have available, in addition
to any other right or remedy otherwise available, the right to seek preliminary and permanent injunctive relief and other equitable
relief to prevent or curtail any such breach or threatened breach and to specific performance of any covenant contained herein,
in order that the breach or threatened breach of such provisions may be effectively restrained. Each Party further agrees that
it will not assert as a claim or disclose in any action or proceeding to enforce any provision of Sections 4, 5.3(ii), or
6 that the other Party has or had an adequate remedy at law. No specification in this Section 12 of a specific legal
or equitable remedy shall be construed as a waiver or prohibition against the pursuit of other legal or equitable remedies in
the event of a breach or threatened breach of Sections 4, 5.3(ii), or 6.

 

13. Complete
Agreement; Amendment. This Agreement (i) shall become effective only upon execution by both Parties, (ii) is, together with
the Exhibits attached hereto, the entire agreement between the Parties regarding the subject matter hereof, and (iii) supersedes
all prior and contemporaneous oral and written understandings and agreements pertaining thereto, including the Deal Memo. No amendment
hereto shall be effective unless in writing and executed by the Parties’ authorized representatives.

 

14.
 Assignments. Neither Party shall have the right to assign this Agreement or any
rights or obligations hereunder, in whole or in part, without the prior written consent of the other Party; provided that either
Party may assign its rights and obligations hereunder by operation of law in a merger or pursuant to a share exchange involving
the transfer of more than fifty percent (50%) of the outstanding voting power of such Party or in connection with the sale of
all or substantially all of such Party’s assets.

 

15. Notice.
Any notice, request, payment, or other communication under this Agreement shall be in writing and shall be given or made by physical
delivery, confirmed facsimile, overnight carrier (e.g., Federal Express) or by U.S. mail, registered or certified mail
(postage prepaid, return receipt requested, as applicable) addressed to the appropriate Party. All such notices shall be addressed
as follows (provided that a Party’s inadvertent failure to comply with the provisions of this Section 15 shall not
be deemed a material breach of this Agreement):

 

	If to GRS:	GRS, LLC	 	 
	 	c/o Guthy-Renker Ventures, LLC	 	 
	 	100 North
Pacific Coast Highway, 19th Floor

	 	 
	 	El Segundo, CA 90245	 	 
	 	Fax:  310-581-3443	 	 
	 	Attention: Boris Shimanovsky	 	 

 

    13

     

    

 

	With
    a copy to:	Guthy-Renker
    Ventures, LLC	 	 
	 	100
    North Pacific Coast Highway, 19th Floor	 	 
	 	El
    Segundo, CA 90245	 	 
	 	Fax:  310-581-3443	 	 
	 	Attention:
    General Counsel	 	 
	 	 	 	 
	If
    to Company:	G
    Medical Innovations Holdings LTD.	and
    to:	 
	 	5
    Oppenheimer St.	1500
    S Lake Side	 
	 	Rehovot
    7670105, Israel	Bannockburn,
                                         IL 60015

	 

 

16.
 Applicable Law. This Agreement shall be governed by and construed under the laws
of the State of California, without giving effect to its conflict of laws principles.

 

17. Dispute
Resolution. Except as otherwise provided in this Agreement (including Section 12), Company and GRS will attempt in
good faith to resolve through negotiation any dispute, claim or controversy arising out of or relating to this Agreement. Either
Party may initiate negotiations of any dispute by providing written notice to the other Party, setting forth the subject of the
dispute. The recipient of such notice will respond in writing within ten (10) calendar days with a statement of its position on
and recommended solution to the dispute. If the dispute is not resolved by this exchange of correspondence, then representatives
of each Party with full settlement authority will meet at a mutually agreeable time and place within thirty (30) calendar days
of the date of the initial notice in order to exchange relevant information and perspectives, and to attempt to resolve the dispute.
If the dispute is not resolved by these negotiations, the matter will be submitted for mediation administered by the JAMS Arbitration
and Mediation Services (“JAMS”) unless otherwise agreed to by the Parties in writing. The Parties shall share
any fees or expenses of the mediator. If the matter is not resolved through mediation, then the Parties shall be free to avail
themselves of any and all legal remedies; provided that any legal action brought under this Agreement shall be brought in the
state or Federal courts located in the Los Angeles County, California. The prevailing Party in any such action shall be entitled
to reimbursement of reasonable attorneys’ fees and costs.

 

18.
 Interpretation. Titles of the Sections hereof are for reference only and are
not a part of nor to be used in construction of the terms and conditions this Agreement. For all purposes of and under this Agreement,
(a) the words “include” and “including” shall be deemed to be immediately followed by the word “without
limitation”, and (b) except as otherwise set forth herein, references to “dollars” or “$” shall
be to U.S. dollars.

 

19.
 Severability. If any provision of this Agreement shall be judicially determined
to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

20.
 Independent; No Joint Venture. GRS and Company agree that the relationship between
them is that of independent contractors, and not as joint venturers or partners. This Agreement is not intended to create any
joint venture or partnership arrangement between the Parties. Each Party shall be responsible for the timely payment of all taxes
and all withholdings, deductions, and payments required by law with respect to its own operations.

 

    14

     

    

 

21.
 Disclaimers; No Warranties. GRS and its Affiliates make no express or implied
warranties, guarantees, or guarantees of success with respect to the GRS Services. TO THE MAXIMUM EXTENT PERMITTED BY LAW, GRS
AND ITS AFFILIATES DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

 

22. Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all such counterparts
taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature page to this Agreement
by electronic delivery in PDF format shall be as effective as delivery of a manually executed counterpart of this Agreement and
shall be sufficient to bind the Parties to the terms and conditions of this Agreement.

 

23. Further
Assurances. Each Party shall execute and deliver, or cause to be executed and delivered, such additional or supplemental certificates,
instruments, and documents, and take such other action as reasonably may be required to more effectively carry out the intention
of the Parties and facilitate the performance of this Agreement.

 

24. Public
Announcement. Except as required by applicable law, neither Party shall issue any press release or public announcement relating
to the subject matter or terms of this Agreement or any other transaction documents entered into in connection herewith or disclose
that the Parties have entered into a business relationship relating to the transactions contemplated hereby without the prior
written consent of the other Party. The Parties hereto shall use commercially reasonable efforts to develop a joint communications
plan with respect to the subject matter of this Agreement and each Party shall use its commercially reasonable efforts to ensure
that all press releases and other public statements with respect to the subject matter of this Agreement shall be consistent with
such joint communications plan.

25
 Approvals. To the extent a Party makes any written request of the other Party
to approve or consent to any actions under this Agreement which require approval hereunder, the Party receiving such request agrees
to respond in writing to such request within five (5) business days. Failure of a Party to timely respond shall be deemed an approval
of such request.

 

26. Waiver.
No failure to exercise and no delay in exercising on the part of either of the Parties, any right, power, or privilege under this
Agreement shall operate as a waiver of it, nor shall any single or partial exercise of any other right, power, or privilege preclude
any other or further exercise of it or the exercise of any other right, power or privilege.

 

[Remainder
of page intentionally left blank]

 

    15

     

    

 

IN
WITNESS WHEREOF, the Parties’ respective authorized representatives have signed this Media and Marketing Services Agreement
to be effective as of the Effective Date.

 

	 	GRS, LLC, 
	 	a Delaware limited liability company
	 	 	 	 
	 	By: 	/s/ Boris Shimanovsky
	 	 	Name: 	Boris Shimanovsky
	 	 	Title:	President
	 	 	 
	 	G Medical Innovations Holdings LTD.
	 	Cayman Islands exempted company 
	 	 
	 	By: 	/s/ Yacov Geva
	 	 	Name:  	Yacov Geva
	 	 	Title: 	Chief Executive Officer

 

    16

     

    

 

EXHIBIT
A

 

Form
of Warrant

 

See
attached

 

    17

     

    

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND
UNTIL REGISTERED UNDER THE SECURITIES ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE
OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

G
MEDICAL INNOVATIONS HOLDINGS LTD.

 

COMMON
STOCK WARRANT

 

	Company: 	G MEDICAL INNOVATIONS HOLDINGS LTD., a Cayman Islands exempted company (the “Company”)
	 	 
	Number of Shares: 	____________ (the “Shares”)
	 	 
	Type/Series of Stock: 	Common stock of the Company (“Common Stock”)1
	 	 
	Vesting:	_______ Shares2
shall be fully vested upon the Issue Date (the “Initial Tranche”), and an additional _______ Shares3
shall vest as of September 18, 2021 (the “Second Tranche”).
	 	 
	Warrant Price: 	The Initial Tranche of the Warrant (the “Warrant”) shall have an exercise price equal to Five Cents AUD (AUD $0.05) per Share (subject to adjustment on the terms and conditions set forth herein).  The Second Tranche of the Warrant shall have an exercise price equal to the lessor of a Fifty Percent (50%) discount to the Company’s planned NASDAQ Initial Public Offering price or a Fifty Percent (50%) discount to the Company’s share price on the date of vesting.
	 	 
	Issue Date: 	_______________
	 	 
	Expiration Date: 	Nine years from the Issue Date. See also Section 5.1(b).
	 	 
	Media and Marketing 	 
	Services Agreement:	This Warrant is issued in connection with that certain Media and Marketing Services Agreement of even date herewith between GRS, LLC (“GRS”) and the Company (as the same may be amended, modified, supplemented or restated, the “Agreement”).

 

 

		1	Number of shares to equal 5% of the Company’s outstanding
Common Stock (calculated on a fully diluted, as converted basis).

		2	To equal 50% of the Shares.

		3	To equal 50% of the Shares.

 

    18

     

    

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, GRS (together with any successor or permitted assignee or transferee
of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number
of fully paid and non-assessable shares (the “Shares”) of Common Stock (the “Class”) of
the Company at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject
to the provisions and upon the terms and conditions set forth in this Warrant.

 

This
Warrant may be exercised as to the Shares which have vested as set forth above (“Vested Shares”). Any Shares
which remain unvested (“Unvested Shares”) as of the expiration or earlier termination of the Agreement and
do not automatically vest upon such date in accordance with the terms and conditions of the Agreement shall be void thereafter.

 

Section
1. EXERCISE.

 

1.1 Method
of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the
Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto
as Appendix I and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2,
a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the
Company for the aggregate Warrant Price for the Vested Shares being purchased.

 

1.2 Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in
Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares
equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall
issue to Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X
= Y(A-B)/A

 

where:

 

		X
                                         =	the
                                         number of Shares to be issued to Holder;

 

		Y
                                         =	the
                                         number of Vested Shares with respect to which this Warrant is being exercised (inclusive
                                         of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

 

		A
                                         =	the
                                         fair market value (as determined pursuant to Section 1.3 below) of one Share; and

 

		B
                                         =	the
                                         Warrant Price (as adjusted to the date of such calculation).

 

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1.3 Fair
Market Value. If the Company’s Common Stock is then traded or quoted on a United States national securities exchange,
inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share
shall be the VWAP (as defined below) of the Common Stock on the Trading Day (as defined below) immediately before the date on
which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is
not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its
reasonable good faith judgment.

 

1.4 Certain
Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the following meanings:

 

(a) “Board
of Directors” means the board of directors of the Company.

 

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

 

(c) “Trading
Day” means a day on which the principal Trading Market is open for trading.

 

(d) “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, or (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.

 

1.5 Delivery
of Certificate and New Warrant. As promptly as reasonably practicable after the date Holder exercises this Warrant in the
manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued
to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor
representing the Shares not so acquired.

 

1.6 Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in
form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.

 

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1.7 Treatment
of Warrant Upon Acquisition of Company.

 

(a) Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving:
(i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any
merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively
to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their
capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization;
or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the
Company’s then-total outstanding combined voting power.

 

(b) Treatment
of Warrant at Acquisition. In the event of an Acquisition, either (i) Holder shall exercise this Warrant pursuant to
Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation
of the Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the
consummation of such Acquisition. In the event the Holder does not notify the Company in writing as to whether it intends to exercise
the Warrant prior to and contingent upon the consummation of the Acquisition then if, immediately prior to the Acquisition, the
fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3
above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as
of such date to be exercised pursuant to Section 1.2 above as to all Vested Shares for which it shall not previously have
been exercised, and the Company shall promptly notify Holder of the number of Shares (or such other securities) issued upon such
exercise to Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the
Warrant as the date thereof.

 

(c) Notice.
The Company shall provide Holder with written notice of any proposed Acquisition (together with such reasonable information
as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Acquisition giving
rise to such notice), which is to be delivered to Holder not less than seven Business Days prior to the closing of the proposed
Acquisition.

 

Section
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1 Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in Common Stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share
acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which
Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the
Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number
of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If
the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares,
the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

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2.2 Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified,
exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then
from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities
that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further
adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

 

2.3 No
Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the
Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the
then-effective Warrant Price.

 

2.4 Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class, and/or number of Shares, the Company, at the Company’s
expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or
number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder
with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and
number of Shares in effect upon the date of such adjustment.

 

Section
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1 Representations
and Warranties. The Company represents and warrants to, and agrees with, Holder as follows:

 

(a) The
initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which the Company
most recently sold shares of its capital stock in an arms-length equity financing transaction in which at least $1,000,000 of
capital stock was sold.

 

(b) All
Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares,
shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances
except for restrictions on transfer provided for herein or under applicable federal and state securities laws or restrictions
under any Agreement among the Company and Holder. The Company covenants that it shall at all times cause to be reserved and kept
available out of its authorized and unissued capital stock such number of shares of the Class, Common Stock and other securities
as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into Common Stock or such
other securities. The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the necessary certificates for Shares upon the exercise
of this Warrant in the manner set forth in Section 1.1 or 1.2 above.

 

    22

     

    

 

Section
4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The
Holder represents and warrants to the Company as follows:

 

4.1 Purchase
for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Securities Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares.

 

4.2 Disclosure
of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and
to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3 Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience
in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and
its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers,
directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and
financial circumstances of such persons.

 

4.4 Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities
Act by virtue of being an entity, all of whose equity owners are “accredited investors” within the meaning of Regulation
D promulgated under the Securities Act.

 

4.5 The
Securities Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered
under the Securities Act or under the securities or laws of any state of the United States, and have been and will be offered
and sold in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature
of Holder’s investment intent as expressed herein, and further that this Warrant may not be exercised absent registration
of the underlying Shares under the Securities Act and applicable state securities laws unless an exemption from such registration
requirements is available. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely
as “Restricted Securities” (as such term is defined in Rule 144 under the Securities Act) unless subsequently registered
under the Securities Act and qualified under applicable state securities laws, or unless exemption from such registration and
qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Securities Act.

 

    23

     

    

 

4.6 No
Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

 

Section
5. MISCELLANEOUS.

 

5.1 Term
and Automatic Conversion Upon Expiration.

 

(a) Term.
Subject to the provisions of Section 1.7 above, this Warrant is exercisable in whole or in part at any time and from time
to time on or before 6:00 PM, Eastern Time, on the Expiration Date and shall be void thereafter.

 

(b) Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other
security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant
Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant
to Section 1.2 above as to all Vested Shares (or such other securities) for which it shall not previously have been exercised,
and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued
upon such exercise to Holder.

 

5.2 Legends.
The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with
a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND
UNTIL REGISTERED UNDER THE SECURITIES ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE
OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN
THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE
OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.

 

    24

     

    

 

5.3 Transfer
Restrictions.

 

(a) Before
any proposed sale, pledge, or transfer of any of this Warrant or any Shares issuable upon exercise of this Warrant (the Warrant
and the Shares Issuable upon Exercise of the Warrant shall be collectively referred to herein as “Restricted Securities”),
unless there is in effect a registration statement under the Securities Act covering the proposed transaction, Holder shall give
notice to the Company of Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the
manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company,
shall be accompanied at Holder’s expense by either (i) a written opinion of legal counsel of recognized standing who shall,
and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed
transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC
to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in
a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory
to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected
without registration under the Securities Act, whereupon Holder shall be entitled to sell, pledge, or transfer the securities
in accordance with the terms of the notice given by Holder to the Company. The Company will not require such a legal opinion or
“no action” letter (i) in any transaction in compliance with SEC Rule 144, if available, or (ii) in any transaction
in which Holder distributes the Warrant or Shares to an Affiliate of such Holder for no consideration. Each certificate evidencing
the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144,
the appropriate restrictive legend(s) set forth above to the extent applicable.

 

(b) The
Restricted Securities may not be transferred or assigned in whole or in part to any person or entity who is a competitor of the
Company, as determined in good faith by the Company’s Board of Directors.

 

5.4 Notices.
All notices and other communications hereunder from the Company to Holder, or vice versa, shall be deemed delivered and effective
(i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is
confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier
service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may
be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.4. All
notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a
transfer or otherwise:

 

GRS
LLC

c/o
Guthy-Renker LLC

100
North Sepulveda Boulevard, 19th Floor

El
Segundo, CA 90245

Fax:
310-581-3443

Attention:
Business Affairs

 

    25

     

    

 

With
a copy to:

 

Guthy-Renker
LLC

100
North Sepulveda Boulevard, 19th Floor

El
Segundo, CA 90245

Fax:
310-581-3443

Attention:
General Counsel

Email:
SBlackman@guthy-renker.com

 

Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

G
Medical Innovations Holdings LTD.

[________]

[________]

Attn:Yacov
Geva

Fax:

Email:

 

5.5 Waiver.
This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance
and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such
change, waiver, discharge or termination is sought.

 

5.6 Attorney’s
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

5.7 Counterparts;
Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one
and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an
original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.8 Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving
effect to its principles regarding conflicts of law.

 

5.9 Headings.
The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision
of this Warrant.

 

[Remainder
of page left blank intentionally]

[Signature
page follows]

 

    26

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

	“COMPANY”	 
	 	 	 
	G
    MEDICAL INNOVATIONS HOLDINGS LTD.	 
	 	 	 
	By:	                              	 
	Name: 	 	 
		(Print)	 
	Title:	 	 
	 	 	 
	“HOLDER”	 
	 	 	 
	GRS
    LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
		(Print)	 
	Title:	 	 

 

    27

     

    

 

APPENDIX
I

 

NOTICE
OF EXERCISE

 

1. The
undersigned Holder hereby exercises its right purchase ___________ shares of the Common Stock of G Medical Innovations Holdings
LTD. (the “Company”) in accordance with the attached Warrant, and tenders payment of the aggregate Warrant
Price for such shares as follows:

 

[   
]     check in the amount of $________ payable to order of the Company enclosed herewith

 

[   

]     Wire transfer of immediately available funds to the Company’s account

 

[   

]     Cashless Exercise pursuant to Section 1.2 of the Warrant

 

[   

]     Other [Describe] __________________________________________

 

2. Please
issue a certificate or certificates representing the Shares in the name specified below:

 

___________________________________________

            Holder’s Name

 

___________________________________________

 

___________________________________________

            (Address)

 

3. By
its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section
4 of the Warrant to Purchase Stock as of the date hereof.

 

HOLDER:

 

_________________________

 

By:_________________________

 

Name:________________________

 

Title:_________________________

 

(Date):_______________________

 

 

28Exhibit 10.20

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of December [__], 2020, between G Medical Innovations
Holdings Ltd., a Cayman Islands corporation (the “Company”), and each purchaser identified on the signature
pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell
to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company
as more fully described in this Agreement.

 

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

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Debentures (as defined herein), and (b) the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.7.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

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

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, a
legal holiday in the State of Israel, or any day on which banking institutions in the State of New York or the State of Israel
are authorized or required by law or other governmental action to close; provided, however, that, for calculating Business Days
any action to be taken by the Company hereunder, Friday after 1:00 p.m. (Tel Aviv time) shall not be considered a Business Day;
provided, further, for purposes of delivering any Notices of Conversions or Notices of Exercise and the calculation of delivery
requirements thereafter, Friday shall be deemed a Business Day.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

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

 

“Company
Counsel” means Sullivan & Worcester LLP, with offices located at 1633 Broadway, New York, NY 10019.

 

“Conversion
Price” shall have the meaning ascribed to such term in the Debentures.

 

“Conversion
Shares” shall have the meaning ascribed to such term in the Debentures.

 

     

     

    

 

“Debentures”
means the 10% Convertible Debentures due, subject to the terms therein, six (6) months from their date of issuance, issued by
the Company to the Purchasers hereunder, in the form of Exhibit A attached hereto.

 

“Disclosure
Schedules” shall have the meaning ascribed to such term in Section 3.1.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed
between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York
City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

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

 

“Exempt
Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers, directors or service providers
of the Company pursuant to any stock or option plan in existence as of the date hereof, (b) Ordinary Shares upon the exercise
or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible
into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended
since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such
securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule
144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith
during the prohibition period in Section 4.13(a) herein, and provided that any such issuance shall only be to a Person (or to
the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the
investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities, and (d) the Company’s Initial Public
Offering.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“IFRS”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(bb).

 

“Initial
Public Offering” shall mean the Company’s proposed initial public offering of an as-yet-undetermined number of
securities of the Company in the United States.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

    2

     

    

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

“Ordinary
Share(s)” means the ordinary shares of the Company, par value $0.018 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed.

 

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

 

“Participation
Maximum” shall have the meaning ascribed to such term in Section 4.12(a).

 

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

 

“Pre-Notice”
shall have the meaning ascribed to such term in Section 4.12(b).

 

“Pro
Rata Portion” shall have the meaning ascribed to such term in Section 4.12(e).

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.10.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Required
Minimum” means, as of any date, the maximum aggregate number of Ordinary Shares then issued or potentially issuable
in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon exercise in full of all Warrants
or conversion in full of all Debentures (including Underlying Shares issuable as payment of interest on the Debentures), ignoring
any conversion or exercise limits set forth therein.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Securities”
means the Debentures, the Warrants, the Warrant Shares and the Underlying Shares.

 

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

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Debentures and Warrants purchased hereunder
as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription
Amount,” in United States dollars and in immediately available funds.

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.12(a).

 

    3

     

    

 

“Subsequent
Financing Notice” shall have the meaning ascribed to such term in Section 4.12(b).

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

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

 

“Transaction
Documents” means this Agreement and the Debentures and all exhibits and schedules thereto and hereto and any other documents
or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, and any successor transfer agent of the
Company.

 

“Underlying
Shares” means the Warrant Shares and Ordinary Shares issued and issuable pursuant to the terms of the Debenture, including
without limitation, Ordinary Shares issued and issuable in lieu of the cash payment of interest on the Debentures in accordance
with the terms of the Debentures, in each case without respect to any limitation or restriction on the conversion of the Debentures
or the exercise of the Warrants.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.13(b).

 

“Warrants”
means, collectively, the Warrant to Purchase Ordinary Shares delivered to the Purchasers at the Closings, which Warrants shall
be exercisable immediately and have a term of exercise equal to five years, in the form of Exhibit B attached hereto.

 

“Warrant
Shares” means the ADSs issuable upon exercise of the Warrants.

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with
the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally
and not jointly, agree to purchase, up to an aggregate of $350,000 of Debentures with a principal amount equal to such Purchaser’s
Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and Warrants as determined pursuant
to Section 2.2(a), it being understood that, and as more fully described below, each Purchaser shall indicate on its signature
page the aggregate Subscription Amount to be purchased hereunder by such Purchaser. Each Purchaser shall deliver to the Company,
via wire transfer, immediately available funds equal to its Subscription Amount and the Company shall deliver to each Purchaser
its respective Debentures and Warrants as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver
the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth
in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree.

 

2.1
Deliveries.

 

(a)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)
this Agreement duly executed by the Company;

 

    4

     

    

 

(ii)
a Debenture with a principal amount equal to such Purchaser’s Subscription Amount, registered in the name of such Purchaser;

 

(iv)
a Warrant registered in the name of such Purchaser to purchase up to a number of Ordinary Shares equal to 398,332, with an exercise
price equal to the per share price of the Company’s Ordinary Shares in its next equity financing of at least $5,000,000,
including without limitation, an initial public offering (“Next Equity Financing”), subject to adjustments
therein (the “Exercise Price”). If the Next Equity Financing does not occur prior to June 30, 2022, the Exercise
Price shall be $0.05; and

 

(iii)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed
by the Chief Executive Officer or Chief Financial Officer;

 

(b)
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, as applicable, the following:

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
such Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company.

 

2.2
Closing Conditions.

 

(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed; and

 

(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

    5

     

    

 

(v)
from the date hereof to the Closing Date, trading in the Ordinary Shares shall not have been suspended by the Commission or the
Company’s principal Trading Market and, at any time prior to the Closing Date, trading in securities generally as reported
by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose
trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the
United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the
Securities at the Closing.

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules
shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained
in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties
to each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens,
and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other
references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and, if applicable under the laws of the jurisdiction in which they are formed, in good standing under the laws
of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties
and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default
of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter
documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or
reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or
otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii),
a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting
or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)
Authorization; Enforcement.

 

(i)
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this
Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it
of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the
terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

    6

     

    

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the
Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, to the Company’s knowledge, conflict with or result in a violation of any law,
rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the
Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or
asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)
Filings, Consents and Approvals. Except as set forth on Schedule 3.1(e), the Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company
of the Transaction Documents, other than the filing of Form D with the Commission and such filings as are required to be made
under applicable state securities laws (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company other than restrictions on transfer provided for in the Transaction Documents. The Underlying Shares, when issued in accordance
with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens
imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved
from its duly authorized capital stock a number of Ordinary Shares for issuance of the Underlying Shares at least equal to the
Required Minimum on the date hereof.

 

(g)
Capitalization. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g). No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g) and as a result of the purchase and sale of
the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any
Person any right to subscribe for or acquire, any Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments,
understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares
or Ordinary Share Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the
Company or any Subsidiary to issue Ordinary Shares or other securities to any Person (other than the Purchasers). There are no
outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion,
exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There
are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities
laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for
or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required
for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements
with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between
or among any of the Company’s stockholders.

 

    7

     

    

 

(h)
Financial Statements. The financial statements of the Company have been prepared in accordance with International Financial
Reporting Standard principles applied on a consistent basis during the periods involved (“IFRS”), except as
may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may
not contain all footnotes required by IFRS, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements,
except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development that has had or that could
reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or
otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to IFRS, (iii)
the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of
cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its
capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant
to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment
of information.

 

(j)
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge
of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by
any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably
be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws
or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company.

 

(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its
Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such
Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company
and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement
or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and
its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    8

     

    

 

(l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)
Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws
relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land
surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such
permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

(n)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as currently
conducted, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect
(“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating
to the revocation or modification of any Material Permit.

 

(o)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned
by them and good and marketable title in all personal property owned by them that is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such
property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries
and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with IFRS and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under
lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company
and the Subsidiaries are in compliance in all material respects.

 

(p)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as currently conducted
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual
Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2)
years from the date of this Agreement, except as would not reasonably be expected to have a Material Adverse Effect. Neither the
Company nor any Subsidiary has received, since the date of the latest audited financial statements of the Company, a written notice
of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person,
except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all
such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality
and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

    9

     

    

 

(q)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription
Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost.

 

(r)
Transactions with Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary
is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from providing for the borrowing of money from or lending of money to, or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which
any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member
or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered,
(ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements
under any stock option plan of the Company.

 

(s)
Internal Accounting Controls. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient
to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific
authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

(t)
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiaries
to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect
to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees
or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be
due in connection with the transactions contemplated by the Transaction Documents.

 

(u)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers
as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the
Trading Market.

 

(v)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

    10

     

    

 

(w)
Registration Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the
Securities Act of any securities of the Company or any Subsidiaries.

 

(x)
Reserved.

 

(y)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar
charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result
of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(z)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information.
The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in
securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company
and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules
to this Agreement, is true and correct in all material respects and does not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(aa)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would
require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(bb)
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the
receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small
capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account
the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements
and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would
receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend
to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable
on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will
file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the
Closing Date. Schedule 3.1(bb) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the
Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness”
means (x) any liabilities for borrowed money or amounts owed by the Company in excess of $100,000 (other than trade accounts payable
incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of
indebtedness of others to third parties, whether or not the same are or should be reflected in the Company’s consolidated
balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $100,000
due under leases required to be capitalized in accordance with IFRS. Neither the Company nor any Subsidiary is in default with
respect to any Indebtedness.

 

    11

     

    

 

(cc)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of
the Company or of any Subsidiary know of no basis for any such claim.

 

(dd)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of
the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only
to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(ee)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material
respect any provision of FCPA.

 

(ff)
Accountants. The Company’s accounting firm is set forth on Schedule 3.1(ff) of the Disclosure Schedules.

 

(gg)
Seniority. As of the Closing Date, except as set forth on Schedule 3.1(gg), no Indebtedness or other claim against
the Company is senior to the Debentures in right of payment, whether with respect to interest or upon liquidation or dissolution,
or otherwise, other than indebtedness secured by purchase money security interests (which is senior only as to underlying assets
covered thereby) and capital lease obligations (which is senior only as to the property covered thereby).

 

(hh)
No Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the
Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s
ability to perform any of its obligations under any of the Transaction Documents.

 

(ii)
Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the
transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction
Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities.
The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other
Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company
and its representatives.

 

    12

     

    

 

(jj)
Reserved.

 

(kk)
Reserved.

 

(ll)
Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i)
in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair
market value of the Ordinary Shares on the date such stock option would be considered granted under IFRS and applicable law. No
stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and
there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate
the grant of stock options with, the release or other public announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects.

 

(mm)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(nn)
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(oo)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(pp)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

(qq)
No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under
the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for
a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any
Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure
obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(rr)
Other Covered Persons. The Company is not aware of any person (other than any Issuer Covered Person) that has been or will
be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

 

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(ss)
Notice of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i)
any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become
a Disqualification Event relating to any Issuer Covered Person.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein,
in which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against
it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)
Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons
to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on
each date on which it exercises any Warrants or converts any Debentures it will be an “accredited investor” as defined
in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(d)
Experience of Such Purchaser. Such 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 the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
General Solicitation. Such Purchaser is not, to such Purchaser’s knowledge, purchasing the Securities as a result
of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or
similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other
general solicitation or general advertisement.

 

(f)
Independent Investigation. Such Purchaser (i) has conducted to its satisfaction an independent investigation of the financial
condition, results of operations, assets, liabilities, properties and operations of the Company and its Subsidiaries and has received
from the Company in all material respects, all materials requested and required by it and sufficient for it to make the informed
decision to enter into this Agreement and the other Transaction Documents and (ii) has been given the opportunity to ask questions
regarding the Company and its Subsidiaries and received answers to such questions.

 

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(g)
Financing. Such Purchaser has sufficient available funds to pay the respective Subscription Amount.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Transfer Restrictions.

 

(a)
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of
Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser
or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to
the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance
of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration
of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing
to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the
following form:

 

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

 

The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a
registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such
Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be
subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required
in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the
Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request
in connection with a pledge or transfer of the Securities.

 

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(c)
Certificates evidencing the Underlying Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof):
(i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following
any sale of such Underlying Shares pursuant to Rule 144 (assuming cashless exercise of the Warrants), (iii) if such Underlying
Shares are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants or (iv) if such legend is not required
under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff
of the Commission). If all or any portion of a Debenture is converted or Warrant is exercised at a time when there is an effective
registration statement to cover the resale of the Underlying Shares, or if such Underlying Shares may be sold under Rule 144 without
volume limitations and current information requirements are met at such time or if such legend is not otherwise required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission) then such Underlying Shares shall be issued free of all legends. The Company agrees that following such time as such
legend is no longer required under this Section 4.1(c), it will, no later than the earlier of (i) two (2) Trading Days and (ii)
the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser
to the Company or the Transfer Agent of a certificate representing Underlying Shares, as applicable, issued with a restrictive
legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate
representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records
or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates
for Underlying Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting
the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. 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 Ordinary Shares as in effect on the date of delivery of
a certificate representing Underlying Shares, as applicable, issued with a restrictive legend.

 

(d)
Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any
Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery
requirements, or an exemption therefrom, and acknowledges that the removal of the restrictive legend from certificates representing
Securities as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

4.2
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in
a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated
with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require
shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing
of such subsequent transaction.

 

4.3
Conversion and Exercise Procedures. Each of the form of Notice of Exercise included in the Warrants and the form of Notice
of Conversion included in the Debentures set forth the totality of the procedures required of the Purchasers in order to exercise
the Warrants or convert the Debentures. Without limiting the preceding sentences, no ink-original Notice of Exercise or Notice
of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise or Notice of Conversion form be required in order to exercise the Warrants or convert the Debentures. No additional
legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants or convert their
Debentures. The Company shall honor exercises of the Warrants and conversions of the Debentures and shall deliver Underlying Shares
in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.4
Securities Laws Disclosure; Publicity. The Company and each Purchaser shall consult with each other in issuing any other
press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any
such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any
press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company,
which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing
party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the
foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing
with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a)
as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b)
to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers
with prior notice of such disclosure permitted under this clause (b).

 

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4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, which shall be disclosed pursuant to Section 4.6, the Company covenants and agrees that neither it, nor
any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes,
or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have
consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent,
the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of
its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any
of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis
of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that
any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding
the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting
transactions in securities of the Company.

 

4.7
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from
the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of
any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business
and prior practices), (b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents, (c) for the settlement of any
outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each
Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations,
warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action
instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of
the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties
or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder
or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is
finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against
any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly
notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing
reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser
Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the
Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there
is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the
position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more
than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement
by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed;
or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s
breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in
the other Transaction Documents. The indemnification required by this Section 4.10 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others
and any liabilities the Company may be subject to pursuant to law.

 

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4.9
Participation in Future Financing.

 

(a)
From the date hereof until the six month anniversary of the Closing Date, upon any issuance by the Company or any of its Subsidiaries
of Ordinary Shares or Ordinary Share Equivalents for cash consideration, Indebtedness or a combination of units thereof (a “Subsequent
Financing”), each Purchaser shall have the right to participate in up to an amount of the Subsequent Financing equal
to 50% of the Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price provided
for in the Subsequent Financing.

 

(b)
Notice.

 

(i)
Non-Registered Offerings. At least five (5) Trading Days prior to the execution of a document governing the Subsequent
Financing for which a registration statement is not filed prior to such Financing, the Company shall deliver to each Purchase
a written notice (“Pre-Notice”), which Pre-Notice shall notify each Purchase of its intention to effect a Subsequent
Financing and which shall ask the Purchaser if it wants to review such information (such additional notice, a “Subsequent
Financing Notice”). The Purchaser shall have the right, exercisable within three (3) Trading Days after its receipt
of the Pre-Notice, to notify the Company whether it wishes to review such information. Upon the written request of the Purchaser,
and only upon a request by such Purchaser, the Company shall promptly, but no later than one (1) Trading Day after receipt of
such request, deliver the Subsequent Financing Notice to the Purchaser, which shall describe in reasonable detail the proposed
terms of such Subsequent Financing. The Purchaser shall notify the Company by 5:30 p.m. (New York City time) on the third (3rd)
Trading Day after its receipt of the Subsequent Financing Notice of its willingness to participate in the Subsequent Financing
on the terms described in the Subsequent Financing Notice. The Pre-Notice requirements set forth under this Section shall not
apply when a Designee serves on the Board of Directors immediately prior to the Subsequent Financing, under which circumstance
only a Subsequent Financing Notice shall be given to the Designee at least three (3) Trading Days prior to the closing of the
Subsequent Financing.

 

(ii)
Registered Offerings. In the event of a Subsequent Offering for which the Company files a registration statement, the Company
shall provide each Purchaser or its Designees with a written notice of such filing within three (3) Trading Days of such filing
and, if the registration statement does not include certain material aspects relating to the Subsequent Financing, a Subsequent
Financing Notice describing such aspects in reasonable detail, including the proposed terms of such Subsequent Financing, the
amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is
proposed to be effected and shall include a term sheet or similar document relating thereto as an attachment. If, after the delivery
of the Subsequent Financing Notice, the terms of such Subsequent Financing change or complete terms of such Subsequent Financing
were not filed with the registration statement, the Company shall provide each Purchaser or its Designees an additional notice
(“Additional Subsequent Notice”) when the terms for such financing are agreed upon by the Company. The Purchaser
shall notify the Company by 5:30 p.m. (New York City time) on the third (3rd) Trading Day after its receipt of the Subsequent
Financing Notice or the Additional Subsequent Notice of its willingness to participate in the Subsequent Financing on the terms
described in the Subsequent Financing Notice or the Additional Subsequent Notice. In the event that the terms of the Subsequent
Financing were not known or changed on the effectiveness date of the Registration Statement, each Purchaser shall have at least
four (4) hours, in lieu of three (3) Trading Days, upon receiving such Additional Subsequent Notice to exercise its right to participate.

 

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(iii)
If the Company receives no such notice from a Purchaser as of the applicable purchaser notice deadline set forth under this Section,
such Purchaser shall be deemed to have notified the Company that it does not elect to participate.

 

(c)
If by the applicable purchaser notice deadline, notifications by the Purchasers of their willingness to participate in the Subsequent
Financing (or to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing,
then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in
the Subsequent Financing Notice.

 

(d)
If by the applicable purchaser notice deadline, the Company receives responses to a Subsequent Financing Notice from Purchasers
seeking to purchase more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase
its Pro Rata Portion (as defined below) of the Participation Maximum. “Pro Rata Portion” means the ratio of
(x) the Subscription Amount of Securities purchased on Closing Date by a Purchaser participating under this Section 4.9 and (y)
the sum of the aggregate Subscription Amounts of Securities purchased on such Closing Date by all Purchasers participating under
this Section 4.9.

 

(e)
The Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right
of participation set forth above in this Section 4.9, if the Subsequent Financing subject to the initial Subsequent Financing
Notice or Additional Subsequent Financing Notice is not consummated for any reason on the terms set forth in such Subsequent Financing
Notice or Additional Subsequent Financing Notice as applicable, within thirty (30) Trading Days after the date of the initial
Subsequent Financing Notice or Additional Subsequent Financing Notice, as applicable.

 

(f)
The Company and each Purchaser agree that if any Purchaser elects to participate in the Subsequent Financing, the transaction
documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is
intended to, exclude one or more of the Purchasers from participating in a Subsequent Financing, including, but not limited to,
provisions whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Securities purchased
hereunder or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in
connection with, this Agreement, without the prior written consent of such Purchaser.

 

(g)
Notwithstanding anything to the contrary in this Section 4.9 and unless otherwise agreed to by such Purchaser, the Company shall
either confirm in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or
shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such
that such Purchaser will not be in possession of any material, non-public information, by the tenth (10th) Business
Day following delivery of the Subsequent Financing Notice. If by such tenth (10th) Business Day, no public disclosure
regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such
transaction has been received by such Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall
not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries.

 

(h)
Notwithstanding the foregoing, this Section 4.9 shall not apply in respect of an Exempt Issuance.

 

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4.10
Subsequent Equity Sales.

 

(a)
From the date hereof until the Debenture is no longer outstanding, neither the Company nor any Subsidiary shall issue, enter into
any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents.

 

(b)
From the date hereof until the Debenture is no longer outstanding, the Company shall be prohibited from effecting or entering
into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share Equivalents
(or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means
a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or
exercisable for, or include the right to receive, additional Ordinary Shares and/or Ordinary Shares either (A) at a conversion
price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations
for the Ordinary Shares and/or Ordinary Shares at any time after the initial issuance of such debt or equity securities or (B)
with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of
such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business
of the Company or the market for the Ordinary Shares, (ii) enters into, or effects a transaction under, any agreement, including,
but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price or (iii) grants
any anti-dilution protection to investors in any holders of Common Stock or Common Stock Equivalents. Any Purchaser shall be entitled
to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right
to collect damages.

 

(c)
Notwithstanding the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance, except that no Variable Rate
Transaction shall be an Exempt Issuance.

 

4.11
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the
same consideration is also offered to all of the parties to such Transaction Documents. Further, the Company shall not make any
payment of principal or interest on the Debentures in amounts which are disproportionate to the respective principal amounts outstanding
on the Debentures at any applicable time. For clarification purposes, this provision constitutes a separate right granted to each
Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers
as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase,
disposition or voting of Securities or otherwise.

 

4.12
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall
reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers
at the Closings under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide
evidence of such actions promptly upon request of any Purchaser.

 

4.13
Additional Purchase Right.

 

(a)
From the date hereof until the until the six month anniversary of the Closing Date, each Purchaser may, in its sole determination,
elect to purchase, severally and not jointly with the other Purchasers, additional debentures with a principal aggregate amount
of up to $150,000 (such debentures, the “Additional Debentures”) and warrants to purchase 170,713 Ordinary
Shares with an exercise price equal to the Exercise Price (such warrants, the “Additional Warrants,” and together
with the Additional Debentures, the “Additional Securities”), on a pro rata basis. The right to receive the
Additional Securities, pursuant to this Section 4.13, shall be referred to herein as the “Purchaser Additional Rights”).

 

(b)
Any Additional Right exercised by a Purchaser shall close within 5 Trading Days of a duly delivered exercise notice by the exercising
Purchaser. Any additional investment in the Additional Securities shall be on terms, conditions and conversion prices identical
to those set forth in the Transaction Documents, mutatis mutandis. In order to effectuate a purchase and sale of the Additional
Securities, the Company and the Purchasers shall enter into a securities purchase agreement identical to this Agreement (with
the exception of section 4.10(a) and this section 4.13, both of which shall be omitted), mutatis mutandis, and shall include
updated disclosure schedules and such Additional Securities shall be subject to the other Transaction Documents. Any Purchaser
may assign its Purchaser Additional Rights to any Affiliate of such Purchaser or to any other Purchaser.

 

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ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof,
provided, however, that no such termination will affect the right of any party to sue for any breach by any other
party (or parties).

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer
Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection
with the delivery of any Securities to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral
or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment as set forth on the signature
pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c)
the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and
communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to
any Transaction Document 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 6-K.

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the
Debentures based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely
impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations
of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent
of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser
and holder of Securities and the Company.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

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5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in Section 4.10 and this Section 5.8.

 

5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action
or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such 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 contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence
an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.10, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such Action or Proceeding.

 

5.10
Survival. The representations and warranties contained herein shall survive the Closings and the delivery of the Securities.

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

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5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however,
that, in the case of a rescission of a conversion of a Debenture or exercise of a Warrant, the applicable Purchaser shall be required
to return any Ordinary Shares and/or Ordinary Shares subject to any such rescinded conversion or exercise notice concurrently
with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such
Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

5.14
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Securities.

 

5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

 

5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now
or at any time hereafter in force, in connection with any Action or Proceeding that may be brought by any Purchaser in order to
enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction
Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments
in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”),
and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated
with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed
such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction
Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum
contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date
thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess
of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction Documents,
such excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the
Company, the manner of handling such excess to be at such Purchaser’s election.

 

    23

     

    

 

5.18
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience
only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent
any of the Purchasers and only represents Alpha. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It
is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the
Purchasers.

 

5.19
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.

 

5.20
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and Ordinary Shares and/or Ordinary Shares in any Transaction Document
shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the Ordinary Shares that occur after the date of this Agreement.

 

5.21
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature
Pages Follow)

 

    24

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	G
    Medical Innovations Holdings Ltd.	 	Address for Notice:
	 	 	 
	By:	 	 	Email:
	 	Name:	 	 	Fax:
	 	Title:	 	 	
	 	 	 
	 	 	 
	With a copy to (which shall not
    constitute notice):	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    25

     

    

 

[PURCHASER
SIGNATURE PAGES TO SFET SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	Name of Purchaser:	 	 	 

 

	Signature of Authorized Signatory of Purchaser:	 	 	 

 

	Name of Authorized Signatory:	 	 	 

 

	Title of Authorized Signatory:	 	 	 

 

	Email Address of Authorized Signatory:	 	 	 

 

	Facsimile Number of Authorized Signatory:	 	 	 

 

	Address for Notice to Purchaser:	 	 	 

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

Subscription
Amount: $_____________

 

Warrant
Shares: _____________

 

EIN
Number: _____________

 

 

[SIGNATURE
PAGES CONTINUE]

 

    26

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