Document:

EXHIBIT 10.1

 

Equity Distribution Agreement

June 23, 2022

Raymond James & Associates, Inc.

880 Carillon Parkway

St. Petersburg, Florida 33716

Ladies and Gentlemen:

Empire Petroleum Corporation, a Delaware corporation
(the “Company”), confirms its agreement (this “Agreement”) with Raymond James &
Associates, Inc. (“Raymond James” or “Agent”), as follows:

1.               
Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms
and subject to the conditions set forth herein, it may issue and sell through Raymond James, acting as agent, up to $50,000,000 aggregate
gross proceeds of shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the
“Common Stock”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance
with the limitations set forth in this Section 1 on the number of Shares issued and sold under this Agreement shall be the sole responsibility
of the Company and Raymond James shall have no obligation in connection with such compliance. The issuance and sale of Shares through
Raymond James will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by
the Securities and Exchange Commission (the “Commission”), although nothing in this Agreement shall be construed
as requiring the Company to use the Registration Statement to offer, sell or issue the Shares. The Company agrees that Raymond James shall
be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise agreed in a separate written
agreement containing the terms and conditions of such sale.

The Company has filed, in accordance with the
provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities
Act”), with the Commission a registration statement on Form S-3 (File No. 333-260570), including a base prospectus, relating
to certain securities, including the Shares to be issued from time to time by the Company, and which incorporates by reference documents
that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder (collectively, the “Exchange Act”). The Company has prepared a prospectus
supplement specifically relating to the Shares (the “Prospectus Supplement”) to the base prospectus included
as part of such registration statement. The Company will furnish to Raymond James, for use by Raymond James, copies of the base prospectus
included as part of such registration statement, as amended, as supplemented by the Prospectus Supplement, relating to the Shares. Except
where the context otherwise requires, such registration statement when it became effective, including all documents filed as part thereof
or incorporated by reference therein, and including any information contained in or incorporated by reference in a Prospectus (as defined
below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration
statement pursuant to Rule 430B under the Securities Act, is herein called the “Registration Statement.” The
base prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented
by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company
with the Commission pursuant to Rule 424(b) under the Securities Act, together with any issuer free writing prospectus (as defined below)
that relates to the Shares, is called the “Prospectus.” As used herein, “issuer free writing prospectus”
has the meaning set forth in Rule 433 under the Securities Act, and “free writing prospectus” has the meaning
set forth in Rule 405 under the Securities Act. Any reference herein to financial statements and schedules and other information that
is “contained,” “included” or “stated” in the Registration Statement or the Prospectus (and all other
references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that
is incorporated by reference in the Registration Statement or the Prospectus, as the case may be. Any reference herein to the Registration
Statement, the Prospectus or any amendment or supplement to any of the foregoing, shall be deemed to include the copy filed with the Commission
pursuant to the Commission’s Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”).

 

    	 

    	 

    

2.               
 Placements. Each time that the Company wishes to issue and sell Shares hereunder (each, a “Placement”),
it will notify Raymond James by email notice (or other method mutually agreed to in writing by the parties) containing the parameters
in accordance with which it desires the Shares to be sold, which shall at a minimum include the number of Shares to be issued (the “Placement
Shares”), the time period during which sales are requested to be made, any limitation on the number of Shares that may be
sold in any one Trading Day (as defined in Section 3 below) and any minimum price below which sales may not be made (a “Placement
Notice”), a form of which containing such minimum sales parameters necessary is attached hereto as Schedule 1. The
Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 2 attached hereto (with a copy to
each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from Raymond
James set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The Placement Notice shall be effective upon receipt
and prompt confirmation by Raymond James unless and until (i) in accordance with the notice requirements set forth in Section 4, Raymond
James declines to accept the terms contained therein for any reason, in its sole discretion, and Raymond James provides notice thereof
to the Company within one business day, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice
requirements set forth in Section 4, the Company suspends, cancels or terminates the Placement Notice, (iv) the Company issues a subsequent
Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under
the provisions of Section 13.

The amount of compensation to be paid by the
Company to Raymond James in connection with the sale of the Placement Shares shall be 3.0% of the gross proceeds from the sales of the
Placement Shares sold pursuant to this Agreement. Under no circumstances shall the Company cause or request the offer or sale of any Placement
Shares at a price lower than the minimum price authorized from time to time by the Company’s board of directors or duly authorized
committee thereof, and notified to Raymond James in writing, nor shall the Company cause or request the offer or sale of any Placement
Shares in a number or with an aggregate gross or net sales price in excess of the number or aggregate gross or net sales price, as the
case may be, authorized from time to time to be issued and sold under this Agreement, in each case by the Company’s board of directors
or duly authorized committee thereof, or in a number in excess of the number of Shares approved for listing on The NYSE American (the
“Exchange”), or in excess of the number or amount of Shares available for issuance on the Registration Statement. It
is expressly acknowledged and agreed that neither the Company nor Raymond James will have any obligation whatsoever with respect to a
Placement or any Placement Shares unless and until the Company delivers a Placement Notice to Raymond James, receipt of which is promptly
confirmed by Raymond James, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of
this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

3.                Sale
of Placement Shares by Raymond James. Subject to the terms and conditions herein set forth, upon the Company’s issuance of
a Placement Notice to Raymond James, receipt of which is promptly confirmed by Raymond James, and unless the sale of the Placement
Shares described therein has been declined, suspended, canceled or otherwise terminated in accordance with the terms of this
Agreement, Raymond James, for the period specified in the Placement Notice, will use its commercially reasonable efforts
consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of
the Exchange, to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement
Notice. Raymond James will provide written confirmation to the Company no later than the opening of the Trading Day (as defined
below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of
Placement Shares sold on such day, the prices at which such Placement Shares were sold, the gross proceeds from such sales, the
compensation payable by the Company to Raymond James pursuant to Section 2 with respect to such sales, and the Net Proceeds (as
defined below) payable to the Company, with an itemization of the deductions made by Raymond James (as set forth in Section 5(a))
from the gross proceeds that it receives from such sales. Unless otherwise set forth in the Placement Notice, Raymond James may sell
Placement Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the
Securities Act, including without limitation sales made directly on the Exchange, on any other existing trading market for the
Common Stock or to or through a market maker. Subject to the terms of the Placement Notice, Raymond James may also sell Placement
Shares in privately negotiated transactions. The Company acknowledges and agrees that (i) there can be no assurance that Raymond
James will be successful in selling Placement Shares, and (ii) Raymond James will incur no liability or obligation to the Company or
any other person or entity if it does not sell Placement Shares for any reason other than a failure by Raymond James to use its
commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required
under this Section 3. For the purposes hereof, “Trading Day” means any day on which the Common Stock is
traded on the Exchange.

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4.               
Suspension of Sales.

a)               
The Company or Raymond James may, upon notice to the other party in writing (including by email correspondence to each of the individuals
of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom
the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable email correspondence to each of the
individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares; provided however, that such suspension
shall not affect or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of
such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made
to one of the individuals named on Schedule 2, as such Schedule may be amended from time to time.

b)               
Notwithstanding any other provision of this Agreement, the Company shall not offer or sell, or request the offer or sale of, any
of the Placement Shares and, by notice to Raymond James in writing (including by email correspondence to each of the individuals of Raymond
James set forth on Schedule 2 if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice
is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable email correspondence to each of the individuals
of Raymond James set forth on Schedule 2), shall cancel any instructions for the offer or sale of any of the Placement Shares, and upon
delivery of such notice, receipt of which is promptly confirmed by Raymond James, Raymond James shall not offer or sell any of the Placement
Shares during any period in which the Company is in possession of such material non-public information and as provided in such notice.

5.               
Settlement.

a)               
Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the
date on which such sales are made (each, a “Settlement Date”). The amount of proceeds to be delivered to the
Company on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal
to the aggregate sales price received by Raymond James for the sale of such Placement Shares, after deduction for (i) Raymond James’
compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii) any other amounts due and payable by the Company
to Raymond James hereunder pursuant to Section 7(h) (Expenses) hereof, and (iii) any transaction fees imposed in respect of such sales
by any governmental or self-regulatory organization having jurisdiction over the Company (each, a “Governmental Entity”
and collectively, the “Governmental Entities”).

b)               
Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent
to, electronically transfer the Placement Shares being sold by crediting Raymond James’s or its designee’s account (provided
Raymond James shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company
through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties
hereto which in all cases shall be freely tradeable, transferable, registered shares in good deliverable form. On each Settlement Date,
Raymond James will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement
Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares
on a Settlement Date, in addition to and in no way limiting the rights and obligations set forth in Section 10(a) (Indemnification and
Contribution) below, it will hold Raymond James harmless against any loss, claim, damage, or expense (including reasonable legal fees
and expenses), as actually and reasonably incurred, arising out of or in connection with such default by the Company, and notwithstanding
any such default by the Company, will pay to Raymond James the commission, discount, or other compensation to which it would otherwise
have been entitled absent such default.

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c)               
 No Other Agent. The Company agrees that any offer to sell Shares, any solicitation of an offer to buy Shares, or any sales
of Shares shall only be effected by or through only Raymond James and the Company shall in no event offer or sell Shares on the same day
through any other agent or broker.

6.               
Representations, Warranties of the Company. The Company represents and warrants to, and agrees with Raymond James as of
each Applicable Time (as defined in Section 22(a)), as follows:

a)               
Compliance with Registration Requirements. The Registration Statement has been declared effective by the Commission under
the Securities Act. No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such
purpose or pursuant to Section 8A of the Securities Act have been instituted or are pending or, to the knowledge of the Company, are threatened
by the Commission. The Company meets all applicable requirements for use of Form S-3 under the Securities Act.

The Prospectus when filed complied in all material
respects with the Securities Act, and (except as may be permitted by Regulation S-T under the Securities Act) each preliminary prospectus
and the Prospectus delivered to Raymond James for use in connection with the offering of the Shares was identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR. The Registration Statement and any post-effective amendment thereto,
at the time it became effective and each deemed effective date with respect to Raymond James pursuant to Rule 430B(f)(2) of the Securities
Act and at each Settlement Date, complied and will comply in all material respects with the Securities Act and did not and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time they were
filed with the Commission under the Exchange Act, complied in all material respects with the requirements of the Exchange Act. The Prospectus
(including any Prospectus wrapper), as amended or supplemented, as of its date and at all subsequent times, including each Representation
Date (as defined in Section 7(n)), did not and will not contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations
and warranties set forth in the three immediately preceding sentences do not apply to statements in or omissions from the Registration
Statement or any post-effective amendment thereto, the Prospectus or any amendments or supplements thereto, made in reliance upon and
in conformity with information relating to Raymond James furnished to the Company in writing by Raymond James expressly for use therein,
it being understood and agreed that the only such information furnished by Raymond James to the Company consists of the information described
in Section 10(b) below. There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits
to the Registration Statement which have not been described or filed as required.

The Company is not an “ineligible issuer”
in connection with the offering of the Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus
that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission
in accordance with the requirements of the Securities Act. Each free writing prospectus that the Company has filed, or is required to
file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies
or will comply in all material respects with the requirements of Rule 433 under the Securities Act including timely filing with the Commission
or retention where required and legending, and each such free writing prospectus, as of its issue date and as of each Applicable Time,
did not, does not and will not include any information that conflicted, conflicts with or will conflict with the information contained
in the Registration Statement or the Prospectus, including any document incorporated by reference therein, that has not been superseded
or modified. Except for the free writing prospectuses, if any, identified in Schedule 3 hereto furnished to Raymond James before first
use, the Company has not used or referred to, and will not, without Raymond James’ prior consent, use or refer to, any free writing
prospectus.

b)               
Offering Materials Furnished to Raymond James. The Company has delivered to Raymond James a complete copy of the Registration
Statement, each amendment thereto and each opinion, consent and certificate of experts filed as a part thereof, and conformed copies of
the Registration Statement, each amendment thereto (without exhibits) and the Prospectus, as amended or supplemented, and any freewriting
prospectus reviewed and consented to in writing by Raymond James, in such quantities and at such places as Raymond James has reasonably
requested.

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c)               
 Distribution of Offering Material By the Company. The Company has not distributed and will not distribute, prior to the
completion of Raymond James’ sale of all of the Placement Shares pursuant to this Agreement, any offering material in connection
with the offering and sale of the Shares other than the Prospectus, any free writing prospectus reviewed and consented to in writing by
Raymond James or the Registration Statement.

d)               
The Agreement. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement
of, the Company, enforceable against the Company in accordance with its terms, except as rights to indemnification and contribution hereunder
may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles regardless of whether
considered in a proceeding in equity or at law.

e)               
Authorization of the Shares. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and,
when issued and delivered by the Company and paid for in accordance with this Agreement, will be validly issued, fully paid and nonassessable,
and the issuance and sale of the Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe
for or purchase the Shares.

f)                
No Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have
any equity or debt securities registered for sale under the Registration Statement (except as otherwise already included in the Registration
Statement) or included in the offering contemplated by this Agreement.

g)               
No Material Adverse Change. Except as otherwise disclosed in the Registration Statement and the Prospectus, subsequent to
the respective dates as of which information is given in the Registration Statement and the Prospectus: (i) there has been no material
adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial
or otherwise, or in the properties, business, results of operations or prospects, whether or not arising from transactions in the ordinary
course of business, of the Company and its subsidiaries, considered as one entity (any such change is called a “Material Adverse
Change”); (ii) the Company and its subsidiaries, considered as one entity, have not incurred any material liability or obligation,
indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the
ordinary course of business; and (iii) there has been no dividend or other distribution of any kind declared, paid or made by the Company
(other than regular quarterly cash dividends) or, except for dividends paid to the Company or other subsidiaries, any of its subsidiaries
on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of capital stock.

h)               
Independent Accountants. Moss Adams LLP and HoganTaylor LLP, who have each expressed their opinion with respect to the financial
statements (which term as used in this Agreement includes the related notes thereto) of the Company and its subsidiaries incorporated
by reference in the Registration Statement and the Prospectus are independent registered public accounting firms with respect to the Company
as required by the Securities Act and the Exchange Act and the applicable published rules and regulations thereunder.

i)                 Preparation
of the Financial Statements. The financial statements of the Company and its subsidiaries included and incorporated by reference
in the Registration Statement and the Prospectus present fairly in all material respects the consolidated financial position of the
Company and its subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods
specified. Such financial statements have been prepared in conformity with GAAP (as defined in Section 22(b)), except as may be
expressly stated in the related notes thereto. No other financial statements or supporting schedules of the Company and its
subsidiaries are required to be included or incorporated by reference in the Registration Statement or the Prospectus. All
disclosures contained in the Prospectus and the Registration Statement regarding “non-GAAP financial measures” (as such
term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of
Regulation S-K under the Securities Act, to the extent applicable. No person who has been suspended or barred from being associated
with a registered public accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the
PCAOB, has participated in or otherwise aided the preparation of, or audited, the financial statements, supporting schedules or
other financial data of the Company and its subsidiaries incorporated by reference in the Registration Statement and the Prospectus
(it being agreed that the foregoing representation is made only to the Company’s actual knowledge without independent
investigation with respect to any person who is not a director, officer or employee of the Company or any of its subsidiaries).
The interactive data in eXtensible Business Reporting Language (“XBRL”) incorporated by reference in
the Registration Statement and the Prospectus fairly presents the required information called for in all material respects and has
been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

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j)                
Company’s Accounting System. Except as otherwise disclosed in the Registration Statement and the Prospectus, the Company
and each of its 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 authorization; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive
data in XBRL incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in
all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto.

k)               
Incorporation and Good Standing of the Company and its Subsidiaries. Each of the Company and its subsidiaries has been duly
incorporated or organized, as the case may be, and is validly existing as a corporation, partnership, limited liability company or trust,
as applicable, in good standing under the laws of the jurisdiction of its incorporation or organization and has the power and authority
(corporate or other) to own, lease and operate its properties and to conduct its business as described in the Prospectus and, in the case
of the Company, to enter into and perform its obligations under this Agreement. Each of the Company and each subsidiary is duly qualified
as a foreign corporation, partnership, limited liability company or trust, as applicable, to transact business and is in good standing
in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure to be so qualified and in good standing would not, individually or in the aggregate, result in a
Material Adverse Change. All of the issued and outstanding capital stock or other equity or ownership interests of each subsidiary have
been duly authorized and validly issued, are fully paid and nonassessable and, except as set forth in the Prospectus, are owned by the
Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse claim.
The Company does not own or control, directly or indirectly, any corporation, association or other entity other than (i) Empire North
Dakota LLC, Empire ND Acquisition LLC, Empire New Mexico, LLC, Empire Texas LLC, Empire Texas GP LLC, Pardus
Oil & Gas Operating, LP, Empire Texas Operating LLC and Empire Louisiana LLC and (ii) such other entities which, when such
omitted entities are considered in the aggregate as a single subsidiary, would not constitute a “significant subsidiary” within
the meaning of Rule 1-02(w) of Regulation S-X under the Exchange Act (“Regulation S-X”).

l)                
Capitalization and Other Capital Stock Matters. The authorized, issued and outstanding capital stock of the Company is as
set forth in the Prospectus (other than for subsequent issuances, if any, described in the Prospectus or pursuant to employee benefit
plans described in the Prospectus or upon the exercise of outstanding options or vesting of restricted stock units, in each case described
in the Prospectus, and other than Shares sold pursuant to this Agreement prior to the filing of the Company’s next annual report
on Form 10-K or quarterly report on Form 10-Q). The Shares conform in all material respects to the description thereof contained in the
Prospectus. All of the issued and outstanding Shares have been duly authorized and validly issued and are fully paid and nonassessable.
None of the outstanding Shares was issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe
for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first
refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock
of the Company or any of its subsidiaries other than those disclosed in the Prospectus and other than for subsequent issuances, if any,
pursuant to the employee benefit plans that are described in the Prospectus. The description of the Company’s stock option, stock
bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Prospectus accurately
and fairly presents in all material respects the information required to be shown with respect to such plans, arrangements, options and
rights.

m)              Exchange
Listing. The Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and have been approved for listing on
the Exchange, subject to notice of issuance. The Company has taken no action designed to, or that would be reasonably expected to
have the effect of, terminating the registration of the Shares under the Exchange Act or delisting the Shares from the Exchange, nor
has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or
listing.

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n)               
Non-Contravention of Laws and Existing Instruments; No Further Authorizations or Approvals Required. Neither the Company
nor any of its subsidiaries is (i) in breach or violation of (A) its charter or bylaws, partnership agreement or operating agreement or
similar organizational document, as applicable, (B) any applicable federal, state, local or foreign law, regulation or rule, except as
would not, individually or in the aggregate, result in a Material Adverse Change, or (C) any applicable rule or regulation of any self-regulatory
organization or other non-governmental regulatory authority (including, without limitation, the rules and regulations of the Exchange)
or (ii) in default in any material respect (“Default”) under any indenture, mortgage, loan or credit agreement,
note, contract, franchise, lease or other instrument to which the Company or any of its subsidiaries is a party or by which it or any
of them may be bound (including, without limitation, any credit agreement, indenture, pledge agreement, security agreement or other instrument
or agreement evidencing, guaranteeing or securing indebtedness of the Company or any of its subsidiaries), or to which any of the property
or assets of the Company or any of its subsidiaries is subject (each, an “Existing Instrument”), except in the
case of clauses (i)(C) and (ii) above, for such breaches, violations or Defaults as would not, individually or in the aggregate, result
in a Material Adverse Change. The Company’s execution, delivery and performance of this Agreement, consummation of the transactions
contemplated hereby and by the Prospectus and the issuance and sale of the Shares (i) will not conflict with or constitute a breach of,
or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge
or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, or require the consent of any other
party to, any Existing Instrument and (ii) will not result in any violation of any federal, state, local or foreign law, regulation or
rule, administrative or court decree or any rule or regulation of any self-regulatory organization or other non-governmental regulatory
authority (including, without limitation, the rules and regulations of the Exchange) applicable to the Company or any subsidiary, except
for those conflicts, breaches, defaults, Debt Repayment Triggering Events or violations that would not, individually or in the aggregate,
result in a Material Adverse Change.

No consent, approval, authorization or other
order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company’s
execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus,
except such as have been obtained or made by the Company and are in full force and effect under the Securities Act, applicable state securities
or blue sky laws and from the Exchange. As used herein, a “Debt Repayment Triggering Event” means any event
or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence
of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all
or a portion of such indebtedness by the Company or any of its subsidiaries.

o)               
No Material Actions or Proceedings. There are no legal or governmental actions, suits or proceedings pending or, to the
Company’s knowledge, threatened (i) against the Company or any of its subsidiaries, (ii) which have as the subject thereof any officer
or director of, or property owned or leased by, the Company or any of its subsidiaries or (iii) relating to environmental or discrimination
matters, where in any such case (A) there is a reasonable possibility that such action, suit or proceeding might be determined adversely
to the Company, such subsidiary or such officer or director, or (B) any such action, suit or proceeding, if so determined adversely, would
reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by
this Agreement. No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the Company’s
knowledge, is threatened or imminent, which would reasonably be expected to result in a Material Adverse Change.

p)                Intellectual
Property Rights. The Company and its subsidiaries own or possess sufficient trademarks, trade names, patent rights, copyrights,
domain names, licenses, approvals, trade secrets and other similar rights (collectively, “Intellectual Property
Rights”) reasonably necessary to conduct their businesses as now conducted. Neither the Company nor any of its
subsidiaries has received any notice of infringement or conflict with asserted Intellectual Property Rights of others. None of the
technology employed by the Company or any of its subsidiaries has been obtained or is being used by the Company or any of its
subsidiaries in violation of any contractual obligation binding on the Company or any of its subsidiaries or any of its or its
subsidiaries’ officers, directors or employees or otherwise in violation of the rights of any persons, except for such
violations that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.

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q)               
All Necessary Permits, etc. The Company and each subsidiary possess such valid and current certificates, authorizations,
licenses, permits, franchises, privileges, immunities, approvals and other authorizations issued by the appropriate state, local, federal
or foreign regulatory agencies or bodies necessary to conduct their respective businesses (the “Governmental Permits”),
other than those the failure to possess or own has not and would not reasonably be expected to result in a Material Adverse Change. The
Company and its subsidiaries have complied in all respects with the terms and conditions of the Governmental Permits and neither the Company
nor any subsidiary has received any notice of proceedings relating to the revocation or modification of, or non-compliance with,
any such certificate, authorization, license or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling
or finding, would reasonably be expected to result in a Material Adverse Change. All Governmental Permits are in full force and effect.

r)                
Title to Properties. Except as otherwise disclosed in the Registration Statement and the Prospectus, the Company and each
of its subsidiaries has good and valid title to all of the real and personal property and other assets reflected as owned in the financial
statements referred to in Section 6(i) above (or elsewhere in the Prospectus), in each case free and clear of any security interests,
mortgages, liens, encumbrances, adverse claims and other defects, except such as do not have or result in a Material Adverse Change to
the use of such property by the Company or such subsidiary. The real property, improvements, equipment and personal property held under
lease by the Company or any subsidiary are held under valid and enforceable leases, with such exceptions as are not material and do not
materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the
Company or such subsidiary.

s)               
Compliance with the Sarbanes-Oxley Act. The Company and its subsidiaries and to the knowledge of the Company the officers
and directors of the Company and its subsidiaries, in their capacities as such, are, and at the Settlement Date and any Applicable Time
will be, in compliance in all material respects with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
thereunder or implementing the provisions thereof.

t)                
Tax Law Compliance. The Company and its subsidiaries have filed all necessary federal, state and foreign income and franchise
tax returns or has duly obtained extensions of time for the filing thereof (other than certain state or local tax returns, as to which
the failure to file, individually or in the aggregate, would not result in a Material Adverse Change) and, except as otherwise disclosed
in the Registration Statement and the Prospectus, have paid all taxes required to be paid by any of them and, if due and payable, any
related or similar assessment, fine or penalty levied against any of them, except for any such assessment, fine or penalty that is currently
being contested in good faith or that if not paid, would not reasonably be expected to have a Material Adverse Change. The Company has
made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 6(i) above in respect of all
federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company or any of its subsidiaries
has not been finally determined.

u)               
Company Not an “Investment Company”. The Company is not, and will not be, either after receipt of payment for
the Shares or after the application of the proceeds therefrom as described under “Use of Proceeds” in the Prospectus, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

v)                Insurance.
Each of the Company and its subsidiaries are insured with policies from reputable insurers in such amounts and with such deductibles
and covering such risks as is reasonably customary and prudent for the business in which they are engaged. All policies of insurance
and any fidelity or surety bonds insuring the Company or any of its subsidiaries or its business, assets, employees, officers and
directors are in full force and effect. The Company and its subsidiaries are in compliance with the terms of such policies and
instruments in all material respects. There are no claims by the Company or any of its subsidiaries under any such policy or
instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. Neither the
Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for and neither the Company nor any of
its subsidiaries has 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 at a cost that would not be
considered a Material Adverse Change.

    	8 

    	 

    

 

w)             
No Price Stabilization or Manipulation; Compliance with Regulation M. The Common Stock is an “actively traded security”
excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule. Neither the Company
nor any of its subsidiaries has taken, directly or indirectly, any action designed to or that might be reasonably expected to cause or
result in stabilization or manipulation of the price of the Shares to facilitate the sale or resale of the Shares. The Company acknowledges
that Raymond James may engage in passive market making transactions in the Shares on the Exchange in accordance with Regulation M under
the Exchange Act (“Regulation M”). The Company acknowledges and agrees that Raymond James has informed the Company
that Raymond James may, to the extent permitted under the Exchange Act, purchase and sell shares of Common Stock for its own account while
this Agreement is in effect; provided that the Company shall not be deemed to have authorized or consented to any such purchases
or sales by Raymond James.

x)               
Related Party Transactions. There are no business relationships or related-party transactions involving the Company or any
of its subsidiaries or any other person required to be described in the Registration Statement and the Prospectus which have not been
described as required in all material respects. Neither the Company nor any of its subsidiaries has extended or maintained credit, arranged
for the extension of credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer
(or equivalent thereof) of the Company and/or such subsidiary except for such extensions of credit as are permitted by Section 13(k) of
the Exchange Act.

y)               
Statistical and Market-Related Data. The Company believes that, as of the effective date of the Registration Statement,
the statistical, industry and market-related data included in the Registration Statement and the Prospectus is reliable and accurate.

z)               
No Unlawful Contributions or Other Payments. Neither the Company nor any of its subsidiaries nor, to the Company’s
knowledge, any employee or agent of the Company or any subsidiary, has made any contribution or other payment to any official of, or candidate
for, any federal, state or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement
and the Prospectus.

aa)             
Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting. Except as otherwise
disclosed in the Registration Statement and the Prospectus, the Company has established and maintains disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), that complies with the requirements of the Exchange Act and that has
been designed to ensure that information required to be disclosed by the Company, including its consolidated subsidiaries, in reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated
to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company and its subsidiaries
have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange
Act and concluded that such disclosure controls and procedures were effective. Except as disclosed in the Registration Statement or Prospectus,
there are no material weaknesses in the Company’s internal control over financial reporting (whether or not remediated). The Company’s
independent auditors and the Audit Committee of the Board of Directors of the Company have been advised of (i) all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which could adversely affect the Company’s
ability to record, process, summarize and report financial data, and (ii) any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company’s internal control over financial reporting. Since December 31, 2021,
there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company’s internal control over financial reporting.

    	9 

    	 

    

 

bb)             Compliance
with Environmental Laws. Except as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse
Change, (i) neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign law or
regulation relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface
water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to
the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products (collectively, “Hazardous Materials”) or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
“Environmental Laws”), (ii) the Company and its subsidiaries have all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance with their requirements, or (iii) there are no
pending or, to the Company’s knowledge, threatened administrative, regulatory or judicial actions, suits, demands, demand
letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law
against the Company or any of its subsidiaries.

cc)             
ERISA Compliance. The Company and its subsidiaries and any “employee benefit plan” (as defined under the
Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
“ERISA”)) established or maintained by the Company, its subsidiaries or their “ERISA Affiliates”
(as defined below) are in compliance with ERISA, except as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change. “ERISA Affiliate” means, with respect to the Company or a subsidiary, any member
of any group of organizations described in Sections 414(b), (c), (m) or (o) of the Code of which the Company or such subsidiary is a member.
No “reportable event” (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any “employee
pension benefit plan” (as defined under ERISA) established or maintained by the Company, its subsidiaries or any of their ERISA
Affiliates. No “employee pension benefit plan” established or maintained by the Company, its subsidiaries or any of their
ERISA Affiliates, if such “employee pension benefit plan” were terminated, would have any “amount of unfunded benefit
liabilities” (as defined under ERISA). None of the Company, its subsidiaries or any of their ERISA Affiliates has incurred or reasonably
expects to incur any liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “employee pension
benefit plan” or (ii) Sections 412, 4971 or 4975 of the Code or (iii) Section 4980B of the Code as a result of a failure to comply
with such Section. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change,
each “employee pension benefit plan” established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates
that is intended to be qualified under Section 401(a) of the Code is so qualified and, to the Company’s knowledge, nothing has occurred,
whether by action or failure to act, which would cause the loss of such qualification.

dd)            
Brokers. Except as otherwise disclosed in the Registration Statement and the Prospectus, there is no broker, finder or other
party that is entitled to receive from the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions
contemplated by this Agreement.

ee)             
Foreign Corrupt Practices Act. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any
director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is aware of or
has taken any action, directly or indirectly, that has resulted or would result in a violation of the Foreign Corrupt Practices Act of
1977, as amended, and the rules and regulations thereunder in any material respect (the “FCPA”) or any
other applicable anti-bribery law, including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA; and the Company and its subsidiaries and, to the knowledge of the Company, the Company’s affiliates have conducted their respective
businesses in compliance with the FCPA in all material respects.

ff)              
Money Laundering Laws. The operations of the Company and its subsidiaries are, and have been conducted at all times, in
compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder
and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending
or, to the knowledge of the Company, threatened.

    	10 

    	 

    

gg)              Sanctions.
The operations of the Company and its subsidiaries are, and have been conducted at all times, in compliance with applicable economic
and financial sanctions laws maintained by the United States, European Union, United Kingdom, and any other applicable sanctions
authority (“Sanctions”). Neither the Company nor any of its subsidiaries nor, to the knowledge of the
Company, any director, officer, agent, employee, affiliate or person acting on behalf of the Company or any of its subsidiaries is
currently (a) (i) any Person listed in any Sanctions-related list of designated Persons maintained by the U.S. Department of
Treasury’s Office of Foreign Assets Control (“OFAC”) (including the List of Specially Designated
Nationals and Blocked Persons (“SDN List”)), the U.S. Department of State, the U.S. Department of
Commerce, the United Nations Security Council, the European Union and its member states, Her Majesty’s Treasury of the United
Kingdom, or any other relevant sanctions authority; (ii) any Person located, operating, organized or resident in at any time, any
country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the so-called
Donetsk People’s Republic, the so-called Luhansk People’s Republic, and the Crimea regions of Ukraine, Cuba, Iran, North
Korea, and Syria) (a “Sanctioned Jurisdiction”); (iii) any Person owned or controlled by any such Person
or Persons described in clauses (i) or (ii) above (with clauses (a)(i)-(iii) constituting a “Sanctioned
Person”); or (iv) any other Person otherwise targeted by Sanctions applicable to such Agent. Neither the Company nor
any of its subsidiaries shall, nor to the knowledge of the Company shall any director, officer, employee, agent or controlled
Affiliate of the Company, directly or indirectly use the proceeds of this offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity to fund, finance, or facilitate the
activities, business, transaction with, investment in, or any dealing (i) for the benefit of any Sanctioned Person or any Sanctioned
Jurisdiction or (ii) in any manner that would result in the violation of any Sanctions by any Person (including any Person
participating in the offering whether as Agent, lender, borrower, guarantor, underwriter, advisor, investor, agent or
otherwise).

hh)            
Cybersecurity. (A) The Company is not aware of any current (or event or condition that would reasonably be expected to result
in any future) security breach or incident, unauthorized access or disclosure, or other compromise of the Company’s or its subsidiaries’
information technology and computer systems, networks, hardware, software, data and databases used, processed or stored by the Company
or its subsidiaries or on behalf of the Company or its subsidiaries (collectively, “IT Systems and Data”), except
for any such security breach or incident, unauthorized access or disclosure, or other compromise of the Company’s or its subsidiaries’
IT Systems and Data that would not be reasonably expected to, individually or in the aggregate, have a Material Adverse Change and (B)
the Company and its subsidiaries have implemented appropriate controls, policies, procedures and technological safeguards to maintain
and protect the integrity, operation, redundancy and security of their IT Systems and Data to be used in connection with the Company’s
proposed method of operation set forth in the Registration Statement and the Prospectus. To the Company’s knowledge, the Company
and its subsidiaries are presently in material compliance with all applicable laws and regulations, judgments and orders of any court
or arbitrator or governmental or regulatory authority and contractual obligations relating to the privacy and security of IT Systems and
Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except where failure
to be so in compliance would not, individually or in the aggregate, have a Material Adverse Change.

ii)              
Occupational Laws. The Company and each of its subsidiaries (A) is in compliance, in all material respects, with any and
all applicable foreign, federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental
Entities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace
(“Occupational Laws”); (B) has received all material permits, licenses or other approvals required of it under
applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material respects, with
all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim
is pending or, to the Company’s knowledge, threatened against the Company or any of its subsidiaries relating to Occupational Laws,
and the Company does not have knowledge of any facts, circumstances or developments relating to its operations that would reasonably be
expected to form the basis for or give rise to such actions, suits, investigations or proceedings.

jj)              
Oil and Gas Contracts. All contracts, agreements and leases related to any of the oil and gas mining, mineral or leasehold
properties and all contracts, agreements, instruments and leases to which the Company is a party, to the best of the Company’s knowledge,
are valid and effective in accordance with their respective terms, and to the best of the Company’s knowledge, (i) all agreements
included in the oil and gas mining, mineral or leasehold properties in the nature of oil and/or gas purchase agreements, and/or oil and/or
gas sale agreements are in full force and effect, (ii) are valid and legally binding obligations of the parties thereto, (iii) all payments
due thereunder have been made, except for those suspended for reasonable cause in the ordinary course of business; and, (iv) there is
not under any such contract, agreement or lease any existing default known to the Company by any party thereto or any event which, with
notice or lapse of time, or both, would constitute such default, other than in the case of (i), (ii), (iii) and (iv), matters which, in
the aggregate, would result in losses or damages that would result in a Material Adverse Change.

kk)             Natural
Gas Policy Act and Natural Gas Act Compliance. To the best of the Company’s knowledge, all material filings and approvals
under the Natural Gas Policy Act of 1978, as amended, and the Natural Gas Act, as amended, or with the Federal Energy Regulatory
Commission (the "FERC") or required under any rules or regulations adopted by the FERC which are necessary
for the operation of the Company or its subsidiaries’ businesses in the manner in which they are presently being operated have
been made and the terms of the agreements and contractual rights included in the Company or its subsidiaries’ businesses do
not conflict with or contravene any such law, rule or regulation.

    	11 

    	 

    

 

ll)              
Accurate Disclosure. The statements set forth in the Prospectus under the captions “Description of Capital Stock”
insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate summaries of
such legal matters, agreements, documents or proceedings in all material respects and there are no contracts or documents that are required
to be described in the Prospectus or to be filed as exhibits to the Registration Statement that have not been so described or filed as
required. Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to Raymond James or to counsel
for Raymond James shall be deemed a representation and warranty by the Company to Raymond James as to the matters covered thereby. The
Company acknowledges that Raymond James and, for purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the
Company and counsel to Raymond James, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents
to such reliance.

7.               
Covenants of the Company. The Company further covenants and agrees with Raymond James that:

a)               
Registration Statement Amendments; Securities Act Compliance. After the date of this Agreement and during any period in
which a Prospectus relating to any Placement Shares is required to be delivered by Raymond James under the Securities Act (including in
circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company shall (i) promptly advise
Raymond James in writing of the receipt of any comments of, or requests for additional or supplemental information from, the Commission;
(ii) promptly advise Raymond James in writing of the time and date of any filing of any post-effective amendment to the Registration
Statement or any amendment or supplement to any free writing prospectus or the Prospectus; (iii) promptly advise Raymond James in
writing of the time and date that any post-effective amendment to the Registration Statement becomes effective; (iv) promptly advise Raymond
James in writing of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment thereto or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of
any free writing prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Shares
from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or
initiation of any proceedings for any of such purposes or pursuant to Section 8A of the Securities Act; (v) prepare and file with the
Commission, promptly upon Raymond James’ request, any amendments or supplements to the Registration Statement or Prospectus that,
in counsel for Raymond James’ reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement
Shares by Raymond James (provided however, that the failure of Raymond James to make such request shall not relieve the Company
of any obligation or liability hereunder, or affect Raymond James’ right to rely on the representations and warranties made by the
Company in this Agreement); and (vi) furnish to Raymond James at the time of filing thereof a copy of any document that upon filing is
deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR.
If the Commission shall enter any such stop order described in clause (iv) at any time, the Company will use its reasonable efforts to
obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions
of Rule 424(b), Rule 433 and Rule 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any
filings made by the Company under such Rule 424(b) or Rule 433 are made in a timely manner.

b)               
Delivery of Registration Statement and Prospectus. The Company shall furnish to Raymond James and its counsel, without charge,
as many copies as Raymond James may reasonably request of the Registration Statement (including exhibits thereto), the Prospectus (including
all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are
filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the
Securities Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein),
in each case as soon as reasonably practicable, and, at Raymond James’ request, will also furnish copies of the Prospectus to each
exchange or market on which sales of the Placement Shares may be made; provided however that the Company shall not be required
to furnish any document (other than the Prospectus) to Raymond James to the extent such document is available to Raymond James or the
public on EDGAR.

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c)               
 Raymond James’ Review of Proposed Amendments and Supplements. Prior to amending or supplementing the Registration
Statement or the Prospectus, the Company shall furnish to Raymond James for review, a reasonable amount of time prior to the proposed
time of filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall not file or use any such proposed
amendment or supplement without Raymond James’ consent (not to be unreasonably withheld or delayed), and to file with the Commission
within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

d)               
Free Writing Prospectuses. In connection with sales of the Placement Shares, the Company shall furnish to Raymond James
for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each proposed issuer free writing
prospectus or any amendment or supplement thereto to be prepared by or on behalf of, used by, or referred to by the Company and the Company
shall not file, use or refer to any issuer proposed free writing prospectus or any amendment or supplement thereto without Raymond James’
consent (not to be unreasonably withheld or delayed). The Company shall furnish to Raymond James, without charge, as many copies of any
free writing prospectus prepared by or on behalf of, or used by the Company, as Raymond James may reasonably request, except for those
documents available via EDGAR. If at any time when a prospectus is required by the Securities Act (including, without limitation, pursuant
to Rule 173(d)) to be delivered in connection with sales of the Placement Shares there occurred or occurs an event or development as a
result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted or would conflict
with the information contained in the Registration Statement or, when taken together with the Registration Statement, included or would
include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement
such free writing prospectus to eliminate or correct such conflict or so that the statements in such free writing prospectus as so amended
or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances prevailing at such subsequent time, not misleading, as the case may be; provided,
however, that prior to amending or supplementing any such free writing prospectus, the Company shall furnish to Raymond James for
review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented
free writing prospectus and the Company shall not file, use or refer to any such amended or supplemented free writing prospectus without
Raymond James’ consent (not to be unreasonably withheld or delayed).

e)               
Delivery of Prospectus; Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is
required to be delivered by Raymond James under the Securities Act with respect to a pending sale of the Placement Shares (including in
circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will comply in all material
respects with the requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective
due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event shall occur or
condition exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances then existing, not misleading, or if in the opinion of counsel for Raymond James it is otherwise necessary to amend
or supplement the Prospectus to comply with applicable law, including the Securities Act, the Company will promptly notify Raymond James
to suspend the offering of Placement Shares during such period and the Company agrees (subject to Section 7(c) and 7(d)) to promptly prepare,
file with the Commission and furnish at its own expense to Raymond James, amendments or supplements to the Prospectus so that the statements
in the Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances then existing, be misleading or so that the Prospectus,
as amended or supplemented, will comply with applicable law including the Securities Act. Neither Raymond James’ consent to, nor
delivery of, any such amendment or supplement shall constitute a waiver of any of the Company’s obligations under Sections 7(c)
or (d).

f)                 Listing
of Placement Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered by
Raymond James under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such
requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable
efforts to cause the Placement Shares to be listed on the Exchange.

    	13 

    	 

    

 

g)               
Earnings Statement. As soon as practicable, but in any event no later than 15 months after the effective date of the Registration
Statement (as such date is defined in Rule 158(c) under the Securities Act), the Company will make generally available to its security
holders an earnings statement (which need not be audited) complying with Section 11(a) of the Securities Act and the rules and regulations
of the Commission thereunder.

h)               
Expenses. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations
hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance
and delivery of the Placement Shares (including all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer
agent of the Placement Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the
Placement Shares to Raymond James; (iv) all fees and expenses of the Company’s counsel, independent public or certified public accountants
and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution
of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Prospectus,
any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company, and all amendments and supplements thereto,
and this Agreement; (vi) all filing fees, attorneys’ fees and expenses incurred by the Company or Raymond James in connection with
qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Placement Shares
for offer and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by Raymond
James, preparing and printing a “Blue Sky Survey” or memorandum and a “Canadian wrapper,” and any supplements
thereto, advising Raymond James of such qualifications, registrations and exemptions; (vii) the filing fees incident to, and the reasonable
fees and expenses of counsel for Raymond James in connection with, the review by Financial Industry Regulatory Authority, Inc. (“FINRA”),
if any, and approval of Raymond James’s participation in the offering and distribution of the Placement Shares; (viii) the fees
and expenses associated with including the Placement Shares on the Exchange; (ix) all other fees, costs and expenses of the nature referred
to in Item 14 of Part II of the Registration Statement; and (x) the Company shall reimburse Raymond James for all of its reasonable
out of pocket expenses, including the reasonable fees and disbursements of counsel to Raymond James, in connection with the transactions
contemplated by this Agreement (the “Expenses”); provided that the Company will not be obligated to reimburse
Raymond James any Expenses pursuant to this Section 7(h)(x), in excess of $150,000 in the aggregate.

i)                
Use of Proceeds. The Company will apply the net proceeds from the sale of the Shares to be sold by it hereunder in accordance
with the statements under the caption “Use of Proceeds” in the Prospectus.

j)                
Notice of Other Sales. During the pendency of any Placement Notice given hereunder, the Company shall provide Raymond James
written notice as promptly as reasonably practicable before it offers to sell, contracts to sell, sells, grants any option to sell or
otherwise disposes of any shares of Common Stock (other than Placement Shares offered pursuant to the provisions of the Agreement)
or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided,
that such notice shall not be required in connection with (i) the issuance, grant or sale of Common Stock, options to purchase Common
Stock or Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option, stock bonus or other
stock or compensatory plan or arrangement described in the Prospectus, (ii) the issuance of securities in connection with an acquisition,
merger or sale or purchase of assets described in the Prospectus or (iii) the issuance or sale of Common Stock pursuant to any dividend
reinvestment plan that the Company may adopt from time to time provided the implementation of such is disclosed to Raymond James in advance.

k)               
Change of Circumstances. The Company will, at any time during the pendency of a Placement Notice, advise Raymond James as
promptly as reasonably practicable after it shall have received notice or obtained knowledge thereof, of any information or fact that
would alter or affect in any material respect any opinion, certificate, letter or other document provided to Raymond James pursuant to
this Agreement.

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l)                 Due
Diligence Cooperation. The Company will cooperate with any commercially reasonable due diligence review conducted by Raymond
James, or its agents and counsel, in connection with the transactions contemplated hereby, including, without limitation, providing
information and making available documents and senior officers, upon reasonable notice during regular business hours and at the
Company’s principal offices, as Raymond James may reasonably request (i) on or prior to the date that the first Shares are
sold pursuant to the terms of this Agreement and (ii) prior to each Representation Date. The Company will make available its
appropriate officers and cause such officers to participate in a call with Raymond James and its counsel prior to each
Representation Date (including, without limitation, the availability of the chief financial officer to respond to questions
regarding the business and financial condition of the Company) and otherwise as Raymond James may reasonably request; such call
shall be for the purpose of updating the Agent’s due diligence review of the Company in connection with the transactions
contemplated hereby. The obligations set forth in the preceding sentence of this Section 7(l) shall be suspended following delivery
of written notice to Raymond James specifying that the Company does not intend to sell Shares under this Agreement until notice to
the contrary is provided (such time period, a “Suspension Period”). Following delivery of notice to
Raymond James that the Company intends to recommence sales of Shares under this Agreement, the provisions of this Section 7(l) shall
once again be operative.

m)             
Required Filings Relating to Placement of Placement Shares. The Company agrees that on or prior to such dates as the Securities
Act shall require, the Company will (i) file and disclose in a prospectus supplement with the Commission under the applicable paragraph
of Rule 424(b) under the Securities Act or (ii) disclose in its annual reports on Form 10-K, quarterly reports on Form 10-Q or current
reports on Form 8-K, as applicable, the number of Shares sold through Raymond James under the Agreement, the Net Proceeds to the
Company, the compensation paid by the Company with respect to sales of Shares pursuant to the Agreement during the relevant period and
any other information regarding the Placement Shares that the Company reasonably believes is required to comply with the Securities Act.
The Company agrees to deliver such number of copies of each such prospectus supplement (if any) to each exchange or market on which such
sales were effected as may be required by the rules or regulations of such exchange or market.

n)               
Representation Dates; Certificate. On or prior to the date that the first Shares are sold pursuant to the terms of this
Agreement and (A) each time the Company (i) files the Prospectus relating to the Placement Shares or amends or supplements the Registration
Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed in accordance with Section 7(m)
of this Agreement) by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference
into the Registration Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form 10-K
under the Exchange Act; (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files a report on Form
8-K containing amended financial information (other than an earnings release, to “furnish” information pursuant to Items
2.02 or 7.01 of Form 8-K, and other than a report on Form 8-K containing financial information of a tenant of the Company or its subsidiaries)
under the Exchange Act and (B) (i) upon recommencement of sales after a suspension in accordance with Section 4 hereof or (ii) upon delivery
of a notice to Raymond James that the Company intends to recommence sales after a Suspension Period in accordance with Section 7(l) hereof
and as reasonably requested (each date of filing of one or more of the documents referred to in clauses (A)(i) through (iv) and any date
of recommencement after a suspension referred to in clause (B)(i) and (B)(ii) shall be a “Representation Date”);
the Company shall furnish Raymond James with a certificate, in the form attached hereto as Exhibit 7(n) within three (3) Exchange Trading
Days of any Representation Date if requested by Raymond James. The requirement to provide a certificate under this Section 7(n) is hereby
waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the
earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a
Representation Date) and the next occurring Representation Date; provided however, that such waiver shall not apply for any Representation
Date on which the Company files its annual report on Form 10-K; provided, further, however, that the obligation of the
Company under this Section 7(n) shall be deferred during any Suspension Period and shall recommence upon the termination of such Suspension
Period. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when
the Company relied on such waiver and did not provide Raymond with a certificate under this Section 7(n), then before the Company delivers
the Placement Notice or Raymond James sells any Placement Shares, the Company shall provide Raymond James with a certificate, in the form
attached hereto as Exhibit 7(n), dated the date of the Placement Notice.

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o)                Legal
Opinion of Counsel for the Company. On or prior to the date that the first Shares are sold pursuant to the terms of this
Agreement and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a
certificate in the form attached hereto as Exhibit 7(n) for which no waiver is applicable, the Company shall cause to be furnished
to Raymond James the written opinion of Porter Hedges LLP or other counsel satisfactory to Raymond James, in form and substance
satisfactory to Raymond James and its counsel, dated the date that the opinion is required to be delivered, substantially similar to
the forms attached hereto as Exhibit 7(o)(1), modified, as necessary, to relate to the Registration Statement and the Prospectus as
then amended or supplemented; provided however, that in lieu of such opinions for subsequent Representation Dates, counsel
may furnish Raymond James with a letter (a “Reliance Letter”) to the effect that Raymond James may rely on
a prior opinion delivered under this Section 7(o) to the same extent as if it were dated the date of such letter (except that
statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented at such Representation Date). The obligation of the Company under this Section 7(o) shall be deferred during any
Suspension Period and shall recommence upon the termination of such Suspension Period.

p)               
Comfort Letters. Within five (5) Trading Days of the date that the first Shares are sold pursuant to the terms of this Agreement
and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
in the form attached hereto as Exhibit 7(n) for which no waiver is applicable, the Company shall cause (a) each of Moss Adams LLP and
HoganTaylor LLP, independent public or certified public accountants for the Company, to furnish Raymond James a letter dated the date
the letter is delivered and addressed to Raymond James, in form and substance satisfactory to Raymond James, (i) containing statements
and information of the type ordinarily included in accountants’ “comfort letters” to underwriters, delivered according
to Accounting Standards Update No. 634 (or any successor bulletin), with respect to the audited and unaudited financial statements and
certain financial information of the Company and its subsidiaries contained in the Registration Statement, the Prospectus, and each free
writing prospectus, if any, and, with respect to each letter dated the date hereof only, the Prospectus, and (ii) confirming that they
are (A) independent public or certified public accountants as required by the Securities Act and the Exchange Act and the applicable published
rules and regulations thereunder (the “Comfort Letters”, the first such letters, the “Initial Comfort
Letters”) and (b) Moss Adams LLP and HoganTaylor LLP to update the Initial Comfort Letters with any information that would
have been included in the Initial Comfort Letters had they been given on such date and modified as necessary to relate to the Registration
Statement and the Prospectus, as amended and supplemented to the date of such letters. The obligations of the Company under this Section
7(p) shall be deferred during any Suspension Period and shall recommence upon the termination of such Suspension Period.

q)               
Securities Act and Exchange Act. The Company will use its commercially reasonable efforts to comply with all requirements
imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance
of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus, including the filing of
any and all documents required to be filed with the Commission pursuant to Section 13, 14 or 15 of the Exchange Act in the manner and
within the time periods required by the Exchange Act.

r)                
No Offer to Sell. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance
in writing by the Company and Raymond James in its capacity as principal or agent hereunder, neither Raymond James nor the Company (including
its agents and representatives, other than Raymond James in its capacity as such) will, directly or indirectly, use, authorize, approve
or refer to any free writing prospectus relating to the Shares to be sold by Raymond James as principal or agent hereunder.

s)               
Filing of Free Writing Prospectuses.  The Company shall not take any action that would result in Raymond James or
the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus
prepared by or on behalf of Raymond James that Raymond James otherwise would not have been required to file thereunder.

t)                
Blue Sky Compliance. The Company shall cooperate with Raymond James and counsel for Raymond James to qualify or register
the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial
securities laws of those jurisdictions designated by Raymond James, shall comply with such laws and shall continue such qualifications,
registrations and exemptions in effect so long as required for the distribution of the Shares. The Company shall not be required to qualify
as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction

    	16 

    	 

    

where it is not presently qualified or where it would be subject
to taxation as a foreign corporation. The Company will advise Raymond James promptly of the suspension of the qualification or registration
of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any
proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption,
the Company shall use its reasonable efforts to obtain the withdrawal thereof at the earliest possible moment.

u)               
Transfer Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.

v)               
Company to Provide Copy of the Prospectus in Form That May be Downloaded from the Internet. The Company shall cause to be
prepared and delivered, at its expense, within one business day from the effective date of this Agreement, to Raymond James an “electronic
Prospectus” to be used by Raymond James in connection with the offering and sale of the Shares. As used herein, the term “electronic
Prospectus” means a form of the Prospectus, and any amendment or supplement thereto, that meets each of the following conditions:
(i) it shall be encoded in an electronic format, satisfactory to Raymond James that may be transmitted electronically by Raymond James
to offerees and purchasers of the Shares; (ii) it shall disclose the same information as the paper Prospectus, except to the extent that
graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the
electronic Prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii)
it shall be in or convertible into a paper format or an electronic format, satisfactory to Raymond James, that will allow investors to
store and have continuously ready access to the Prospectus at any future time, without charge to investors (other than any fee charged
for subscription to the Internet as a whole and for on-line time).

w)             
Future Reports to Raymond James. For so long as the delivery of a prospectus is required in connection with the offer and
sale of the Shares, the Company will furnish to Raymond James at 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Corporate
Counsel; ECM Division: (i) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 10-K,
Quarterly Report on Form 10-Q, Current Report on Form 8-K or other report filed by the Company with the Commission, FINRA or
any securities exchange; and (ii) as soon as available, copies of any report or communication of the Company mailed generally to holders
of its capital stock; provided that, in each case, the Company will be deemed to have furnished the foregoing documents as required by
this Section to the extent they are filed with the Commission and publicly accessible on EDGAR.

x)               
Renewal of Registration Statement. The date of this Agreement is not more than three years subsequent to the initial effective
date of the Registration Statement (the “Renewal Date”). If, immediately prior to the Renewal Date, this Agreement
has not terminated and a prospectus is required to be delivered or made available by Raymond James under the Securities Act or the Exchange
Act in connection with the sale of Shares, the Company will, prior to the Renewal Date, file, if it has not already done so, a new
shelf registration statement or, if applicable, an automatic shelf registration statement relating to such Shares, and, if such registration
statement is not an automatic shelf registration statement, will use its commercially efforts to cause such registration statement to
be declared effective within 180 days after the Renewal Date, and will take all other reasonable actions necessary or appropriate to permit
the public offer and sale of such Shares to continue as contemplated in the expired registration statement relating to such Securities.
References herein to the “Registration Statement” shall include such new shelf registration statement or automatic shelf registration
statement, as the case may be.

8.               
Covenant of Raymond James. Raymond James covenants with the Company not to take any action that would result in the Company
being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on
behalf of Raymond James that otherwise would not be required to be filed by the Company thereunder, but for the action of Raymond James.

9.                Conditions
to Raymond James’s Obligations. The obligations of Raymond James hereunder with respect to a Placement will be subject to
the continuing accuracy of the representations and warranties on the part of the Company set forth in Section 6 hereof, to the
timely performance by the Company of its covenants and other obligations hereunder, to the completion by Raymond James of a due
diligence review satisfactory to Raymond James in its reasonable judgment, and to the continuing satisfaction (or waiver by Raymond
James in its sole discretion) each of the following additional conditions:

    	17 

    	 

    

 

a)               
Registration Statement Effective. The Registration Statement shall be effective and shall be available for (i) all sales
of Placement Shares issued pursuant to all prior Placement Notices and (ii) the sale of all Placement Shares contemplated to be issued
by any Placement Notice.

b)               
No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale
in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (ii) receipt by the Company or any of its subsidiaries
of any request for additional information from the Commission or any other Governmental Entity during the period of effectiveness of the
Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement
or the Prospectus; and (iii) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus
or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires
the making of any changes in the Registration Statement, related Prospectus or such documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

c)               
No Misstatement or Material Omission. The Registration Statement and Prospectus, and any amendment or supplement thereto,
shall not contain any untrue statement of a material fact, or omit to state a material fact that is required to be stated therein or is
necessary to make the statements therein not misleading.

d)               
Material Changes. Except as contemplated in the Registration Statement and the Prospectus, there shall not have occurred
(i) any Material Adverse Change in the judgment of Raymond James and (ii) any downgrading, nor shall any notice have been given of any
intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change,
in the rating accorded any securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating
organization” as such term is defined in Section 3(a)(62) of the Exchange Act.

e)               
Company Counsel Legal Opinion. Raymond James shall have received the opinions of Porter Hedges LLP and, if applicable, such
other counsel to the Company, in each case as required to be delivered pursuant to Section 7(o) on or before the date on which such delivery
of such opinion is required pursuant to Section 7(o).

f)                
Opinion of Counsel for the Agent. On or prior to the date that the first Shares are sold pursuant to the terms of this Agreement
and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
in the form attached hereto as Exhibit 9(f) for which no waiver is applicable, Raymond James shall have received from Mayer Brown LLP,
or such other counsel for Raymond James, such opinion or opinions, dated the date that the opinion is required to be delivered, with respect
to such matters as Raymond James may require, and the Company shall have furnished to such counsel such documents as they request for
the purpose of enabling them to pass upon such matters; provided however, that the obligation of Mayer Brown LLP under this Section
9(f) shall be deferred during any Suspension Period and shall recommence upon the termination of such Suspension Period.

g)               
Comfort Letters. Raymond James shall have received the Comfort Letters required to be delivered pursuant to Section 7(p)
on or before the date on which such delivery of such letters is required pursuant to Section 7(p).

h)               
Representation Certificate. Raymond James shall have received the certificate required to be delivered pursuant to Section
7(n) on or before the date on which delivery of such certificate is required pursuant to Section 7(n).

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i)                
 No Stop Order; No Objection from FINRA. No stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose or pursuant to Section
8A of the Securities Act shall have been instituted or, to the Company’s knowledge, threatened by the Commission, and FINRA shall
have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

j)                
No Suspension. Trading in the Shares shall not have been suspended on the Exchange.

k)               
Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(n), Raymond
James and counsel for Raymond James shall have received such information, documents and opinions as they may reasonably request for the
purposes of enabling them to pass upon the issuance and sale of the Shares as contemplated herein, or in order to evidence the accuracy
of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained; and all proceedings
taken by the Company in connection with the issuance and sale of the Shares as contemplated herein and in connection with the other transactions
contemplated by this Agreement shall be satisfactory in form and substance to Raymond James and counsel for Raymond James.

l)                
Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities Act to have been
filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such
filing by Rule 424.

m)             
Approval for Listing. Either (i) the Placement Shares shall either have been approved for listing on the Exchange, subject
only to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares on the Exchange at,
or prior to, the issuance of any Placement Notice.

n)               
Actively-Traded Security. The Common Stock shall be an “actively-traded security” exempted from the requirements
of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.

o)               
No Termination Event. There shall not have occurred any event that would permit Raymond James to terminate this Agreement
pursuant to Section 13.

10.            
Indemnification.

a)                Indemnification
of Raymond James. Subject to the limitations in this paragraph below, the Company agrees to indemnify and hold harmless Raymond
James, its officers, directors, employees and agents, and each person, if any, who controls Raymond James within the meaning of the
Securities Act or the Exchange Act against any loss, claim, damage, liability or expense (a “Loss” or
“Losses”), as incurred, to which Raymond James or such officer, director, employee, agent or controlling
person may become subject, under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or at
common law or otherwise (including in settlement of any litigation, subject to Section 10(d) below), insofar as such Loss (or
actions in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, or any amendment thereto, including any information deemed to
be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged
untrue statement of a material fact contained in the Prospectus or any free writing prospectus that the Company has used, referred
to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement
thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; and to reimburse Raymond James and each such officer,
director, employee, agent or controlling person for any and all expenses (including reasonable costs of investigation and the fees
and disbursements of counsel chosen by Raymond James) as such expenses are reasonably incurred by Raymond James or such officer,
director, employee, agent or controlling person in connection with investigating, defending, settling, compromising or paying any
such Loss or action; provided, however, that the foregoing indemnity agreement shall not apply to any Loss to the
extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with written information furnished to the Company by or on behalf of Raymond James
expressly for use in the Registration Statement, any such free writing prospectus or the Prospectus (or any amendment or supplement
thereto), it being understood and agreed that the only such information furnished by Raymond James to the Company consists of the
information described in subsection (b) below. The indemnity agreement set forth in this Section 10(a) shall be in addition to any
liabilities that the Company may otherwise have.

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b)               
Indemnification of the Company, its Directors and Officers. Raymond James agrees to indemnify and hold harmless the Company,
each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act, against any Loss, as incurred, to which the Company, or any such director, officer
or controlling person may become subject, under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation,
or at common law or otherwise (including in settlement of any litigation, subject to Section 10(d) below), insofar as such Loss (or actions
in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant
to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact
contained in the Prospectus or any free writing prospectus that the Company has used, referred to or filed, or is required to file, pursuant
to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom
of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, in reliance upon and in conformity with written information furnished to the Company by or on behalf of Raymond James expressly
for use therein; and to reimburse the Company, or any such director, officer or controlling person for any and all expenses (including
reasonable costs of investigation and the fees and disbursements of counsel chosen by the Company) as such expenses are reasonably incurred
by the Company, or any such director, officer or controlling person in connection with investigating, defending, settling, compromising
or paying any such Loss or action. The Company hereby acknowledges that the only such information that Raymond James has furnished
to the Company expressly for use in the Registration Statement, the Prospectus, any free writing prospectus that the Company has filed,
or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto) are the
statements set forth in the tenth paragraph under the caption “Plan of Distribution” in the Prospectus Supplement dated June
22, 2022 relating to the offering of the Shares. The indemnity agreement set forth in this Section 10(b) shall be in addition to
any liabilities that Raymond James may otherwise have.

c)               
Notifications and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 10
of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying
party under this Section 10, notify the indemnifying party in writing of the commencement thereof, but the omission so to notify the indemnifying
party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity
agreement contained in this Section 10 or to the extent it is not prejudiced as a proximate result of such failure. In case any such action
is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the
indemnifying party will be entitled to participate in, and, to the extent that it shall elect, jointly with all other indemnifying parties
similarly notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified
party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however,
if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting
the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate
counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or
parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election so to
assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such
indemnified party under this Section 10 for any legal or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding
sentence (it being understood, however, that the

    	20 

    	 

    

indemnifying party shall not be liable for the fees and expenses
of more than one separate counsel (together with local counsel), representing the indemnified parties who are parties to such action),
which counsel (together with any local counsel) for the indemnified parties shall be selected by Raymond James (in the case of counsel
for the indemnified parties referred to in Section 10(a) above) or by the Company (in the case of counsel for the indemnified parties
referred to in Section 10(b) above), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party
to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party
has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party, in each of which
cases the fees and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred. Any interim
reimbursement payments contemplated by Section 10(a) or Section 10(b) that are not made to the indemnified party within 30 days of a request
for reimbursement shall bear interest compounded daily at a rate determined on the basis of the base lending rate announced from time
to time by The Wall Street Journal from the date of such request.

d)               
Settlements. The indemnifying party under this Section 10 shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there shall be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or
judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or
consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is
or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise
or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such
action, suit or proceeding and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party.

11.            
Contribution. If the indemnification provided for in Section 10 is for any reason held to be unavailable to or otherwise
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein,
then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result
of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and Raymond James, on the other hand, from the offering of the Shares pursuant to this
Agreement or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand,
and Raymond James, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities
or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and
Raymond James, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the
same respective proportions as the total net proceeds from the offering of the Shares pursuant to this Agreement (before deducting expenses)
received by the Company, and the total compensation received by Raymond James. The relative fault of the Company, on the one hand,
and Raymond James, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company,
on the one hand, or Raymond James, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

The amount paid or payable by a party as a result
of the Losses referred to above shall be deemed to include, subject to the limitations set forth in Section 10(c), any legal or other
fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set
forth in Section 10(c) with respect to notice of commencement of any action shall apply if a claim for contribution is to be made
under this Section 11; provided, however, that no additional notice shall be required with respect to any action for which notice
has been given under Section 10(c) for purposes of indemnification.

The Company and Raymond James agree that it
would not be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method
of allocation which does not take account of the equitable considerations referred to in this Section 11. Notwithstanding the provisions
of this Section 11, Raymond James shall not be required to contribute any amount in excess of the compensation received by it in connection
with the Placement Shares distributed by it to the public. No person guilty of fraudulent

    	21 

    	 

    

misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section
11, each officer, employee and agent of Raymond James and each person, if any, who controls Raymond James within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as Raymond James, and each director of the Company, each officer of
the Company who signed the Registration Statement, and each person, if any, who controls the Company with the meaning of the Securities
Act and the Exchange Act shall have the same rights to contribution as the Company.

12.            
Representations and Indemnities to Survive Delivery. The respective indemnities, contribution and reimbursement agreements,
representations and warranties of the Company and of Raymond James set forth in this Agreement will remain in full force and effect, regardless
of any investigation made by or on behalf of Raymond James or the Company or any of its or their respective officers or directors or any
controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for
the Placement Shares sold hereunder and any termination of this Agreement.

13.            
Termination of this Agreement.

a)               
Raymond James shall have the right, by giving notice as hereinafter specified at any time, to terminate its obligations pursuant
to a Placement Notice if (i) trading in the Company’s Common Stock shall have been suspended or limited by the Commission or by
the Exchange, or trading in securities generally on either the Nasdaq Stock Market or the New York Stock Exchange shall have been suspended
or materially limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges by the Commission
or FINRA; (ii) a general banking moratorium shall have been declared by any of federal or New York authorities; or (iii) there shall have
occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any material change in the
United States or international financial markets, or any substantial change or development involving a prospective substantial change
in the United States’ or international political, financial or economic conditions, as in the judgment of Raymond James is material
and adverse and makes it impracticable or inadvisable to market the Placement Shares in the manner and on the terms described in the Prospectus
or to enforce contracts for the sale of securities; (iv) in the judgment of Raymond James there shall have occurred any Material Adverse
Change; or (v) the Company or any of its subsidiaries shall have sustained a loss by strike, fire, flood, earthquake, accident or other
calamity of such character as in the judgment of Raymond James may interfere materially with the conduct of the business and operations
of the Company and any of its subsidiaries taken as a whole, regardless of whether or not such loss shall have been insured. Any termination
pursuant to this Section 13(a) shall be without liability on the part of (a) the Company to Raymond James, except that the Company
shall be obligated to reimburse the expenses of Raymond James pursuant to Sections 7(h) hereof, (b) Raymond James to the Company, or (c)
of any party hereto to any other party except that the provisions of Section 10 and Section 11 shall at all times be effective and shall
survive such termination.

b)               
The Company shall have the right to terminate this Agreement in its sole discretion at any time after the date of this Agreement.
Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(h), Section 10,
Section 11, Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding such termination.

c)               
Raymond James shall have the right to terminate this Agreement in its sole discretion at any time after the date of this Agreement.
Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(h), Section 10,
Section 11, Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding such termination.

d)               
Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically terminate upon the issuance and sale
of all of the Shares through Raymond James on the terms and subject to the conditions set forth herein; provided that the provisions
of Section 7(h), Section 10, Section 11, Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding such termination.

e)                This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 13(a), (b), (c), or (d) above or otherwise by
mutual agreement of the parties; provided however, that any such termination by mutual agreement shall in all cases be deemed
to provide that Section 7(h), Section 10, Section 11, Section 18 and Section 19 shall remain in full force and effect.

    	22 

    	 

    

 

f)                
Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided however,
that such termination shall not be effective until the close of business on the date of receipt of such notice by Raymond James or the
Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement
Shares shall settle in accordance with the provisions of this Agreement.

14.            
Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed
to the parties hereto as follows:

If to Raymond James:

Raymond James & Associates, Inc.

880 Carillon Parkway

St. Petersburg, Florida 33716

E-mail: GEIBLegal@raymondjames.com

Attn: Corporate Counsel; ECM Division

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

Mayer Brown LLP

1221 Avenue of the Americas

New York, New York 10020-1001

E-mail: apinedo@mayerbrown.com

Attention: Anna T. Pinedo

If to the Company:

Empire Petroleum Corporation

2200 S. Utica Place, Suite 150

Tulsa, Oklahoma 74114

E-mail: mike@empirepetrocorp.com

Attention: Michael. R. Morrisett

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

Porter Hedges LLP

1000 Main, 36th Floor

Houston, TX 77002

E-mail: kpoli@porterhedges.com

Attention: Kevin J. Poli

Any party hereto may change the address for
receipt of communications by giving written notice to the others. Each such notice or other communication shall be deemed given (i) when
delivered personally or by verifiable electronic transmission on or before 4:30 p.m., Eastern Time, on a Business Day (as defined below),
or, if such day is not a Business Day on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized
overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return
receipt requested, postage prepaid). For purposes of this Agreement, “Business Day” shall mean any day on which
the Exchange and commercial banks in the City of New York are open for business.

 

    	23 

    	 

    

 

15.             Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and Raymond James and their respective
successors, permitted assigns and the affiliates, controlling persons, officers, directors, employees and agents referred to in
Section 10 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and
permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under
this Agreement without the prior written consent of the other party; provided however, that Raymond James may assign its
rights and obligations hereunder to an affiliate of Raymond James without obtaining the Company’s consent.

16.            
Adjustments for Stock Splits. The parties acknowledge and agree that all stock-related numbers contained in this Agreement
shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares.

17.            
Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto and not declined by Raymond James) constitutes the entire agreement of the parties to this Agreement and
supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein
(express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal
or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder
of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.

18.            
Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed in such state. Any legal suit, action or proceeding arising
out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States
of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located in
the Borough of Manhattan in the City of New York (collectively, the “Specified Courts”), and each party irrevocably
submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court,
as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons,
notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or
other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of
any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim
in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.

19.            
Waiver of Jury Trial. The Company and Raymond James each hereby irrevocably waives any right it may have to a trial by jury
in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.

20.            
Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

a)               
Raymond James has been retained solely to act as agent in connection with the sale of the Shares and that no fiduciary, advisory
or agency relationship between the Company and Raymond James has been created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether Raymond James has advised or is advising the Company on other matters;

b)               
Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement;

c)                the
Company has been advised that Raymond James and its affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that Raymond James has no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and

    	24 

    	 

    

 

d)               
the Company waives, to the fullest extent permitted by law, any claims it may have against Raymond James, for breach of fiduciary
duty or alleged breach of fiduciary duty and agrees that Raymond James shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
stockholders, partners, employees or creditors of the Company.

21.            
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be
made by electronic transmission.

22.            
Recognition of the U.S. Special Resolutions Regime.

a)               
In the event that Raymond James is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution
Regime (as defined below), the transfer from Raymond James of this Agreement, and any interest and obligation in or under this Agreement,
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and
any such interest and obligation, were governed by the laws of the United States or a state of the United States.

b)               
In the event Raymond James is a Covered Entity or a BHC Act Affiliate (as defined below) of Raymond James becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against
Raymond James are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section 22: (A) “BHC
Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12
U.S.C. § 1841(k); (B) “Covered Entity” means any of the following: (i) a “covered entity” as the term is
defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) “Default Right” has the meaning assigned to that term in, and
shall be interpreted in accordance with, 12 C.F.R. § 252.81, 47.2 or 382.1, as applicable; and (D) “U.S. Special Resolution
Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

23.            
Definitions. As used in this Agreement, the following terms have the respective meanings set forth below:

a)               
“Applicable Time” means the date of this Agreement, each Representation Date, the date on which a Placement
Notice is given, any date on which Placement Shares are sold hereunder and each Settlement Date, or such other time as agreed to by the
Company and Raymond James.

b)               
“GAAP” means United States generally accepted accounting principles, consistently applied.

Each of the parties hereto acknowledges that
it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof,
including, without limitation, the indemnification provisions of Section 10 and the contribution provisions of Section 11, and is fully
informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Sections 10 and 11 hereto
fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and its business in order to
assure that adequate disclosure has been made in the Registration Statement, each free writing prospectus and the Prospectus (and any
amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

 

[Signature Pages Follow]

 

    	25 

    	 

    

If the foregoing correctly sets forth the understanding
between the Company and Raymond James, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute
a binding agreement between the Company and Raymond James.

 

	 	Very truly yours,
	 	 
	 	EMPIRE PETROLEUM CORPORATION
	 	 
	 	 
	 	By:  	/s/ Michael R. Morrisett
	 	Name: Michael R. Morrisett 
	 	Title:  President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

 

 

	 	ACCEPTED as of the date first-above written:
	 	 
	 	RAYMOND JAMES & ASSOCIATES, INC.
	 	 
	 	 
	 	By:  	/s/ Jeffrey Fordham
	 	Name:      Jeffrey Fordham
	 	Title:        Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	

    	 

    

SCHEDULE 1

FORM OF PLACEMENT NOTICE

From: [  ]

Cc: [  ]

To: [  ]

Subject: Controlled Equity Offering — Placement Notice

Gentlemen:

Pursuant to the terms and subject to the conditions contained in
the Equity Distribution Agreement between Empire Petroleum Corporation (the “Company”) and Raymond James &
Associates, Inc. (“Raymond James”), dated June [●], 2022 (the “Agreement”),
I hereby request on behalf of the Company that Raymond James sell up to [●] shares of the Company’s common stock, par
value $0.001 per share, at a minimum market price of $[●] per share, during the time period beginning [month, day, time] and ending
[month, day, time]. The foregoing sales shall be made on The NYSE American or as otherwise agreed to in writing by the Company and Raymond
James.

	 	EMPIRE PETROLEUM CORPORATION
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	

    	 

    

SCHEDULE 2

 

 

 

 

 

 

 

 

 

 

 

 

    	

    	 

    

SCHEDULE 3

FREE WRITING PROSPECTUS

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	

    	 

    

Exhibit 7(n)

OFFICERS’ CERTIFICATE

Pursuant to Section 7(n) of the Equity Distribution
Agreement between Empire Petroleum Corporation, a Delaware corporation (“Company”), and Raymond James &
Associates, Inc., dated June 22, 2022 (the “Agreement”), each of the undersigned, Michael R. Morrisett, the
duly qualified and elected President of the Company, and Thomas Pritchard, the duly qualified and elected Chief Executive Officer of the
Company, hereby certifies solely in his and her capacity and on behalf of the Company, that to the best of his and her knowledge:

i.       The
representations and warranties of the Company in Section 6 of the Agreement (A) to the extent such representations and warranties are
subject to qualifications and exceptions contained therein relating to materiality or result in a Material Adverse Change, are true and
correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those
representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the
extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects
as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date
hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such
date; and

ii.       The
Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Agreement
at or prior to the date hereof.

	 	By:	 
	 	Name:	Michael R. Morrisett
	 	Title:	President
	 	 

                                                                   

	 	By:	 
	 	Name:	Thomas Pritchard
	 	Title:	Chief Executive Officer
	 

                                                                   
	 
	Date:	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

    	

    	 

    

Exhibit 7(o)(1)

Form of Legal Opinion of Porter Hedges
LLPExhibit 4.1

 

Underwriters’ Warrant Agreement

 

THE REGISTERED HOLDER OF THIS
PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE LATER OF THE EFFECTIVE DATE (DEFINED BELOW) OR THE COMMENCEMENT OF
SALES OF THE OFFERING TO WHICH THIS PURCHASE WARRANT RELATES TO ANYONE OTHER THAN (I) ____________OR AN UNDERWRITER OR A SELECTED DEALER
IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF ____________OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT
EXERCISABLE PRIOR TO DECEMBER 17, 2022.

 

VOID AFTER 5:00 P.M., EASTERN
TIME, JUNE 17, 2027.  

 

WARRANT TO PURCHASE COMMON SHARES

LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.

 

Warrant Shares: ____________

Initial Exercise Date: December 17, 2022

 

THIS WARRANT TO PURCHASE
COMMON SHARES (the “Warrant”) certifies that, for value received, ____________or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
December 17, 2022 (the “Initial Exercise Date”)1 and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior
to at 5:00 p.m. (New York time) on June 17, 20272 (the “Termination Date”), but not thereafter, to subscribe
for and purchase from Lytus Technologies Holdings PTV. LTD., a British Virgin Islands corporation (the “Company”),
up to ____________ common shares, par value $0.01 per share (the “Common Shares”), of the Company (the “Warrant
Shares”), as subject to adjustment hereunder. The purchase price of one Warrant Share under this Warrant shall be equal to
the Exercise Price, as defined in Section 2(b).

 

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

 

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

 

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

 

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

 

“Effective Date”
means the effective date of the registration statement on Form F-1 (File No. 333-254943), including any related prospectus or prospectuses,
for the registration of the Company’s Common Shares and the Warrant Shares under the Securities Act, that the Company has filed
with the Commission.

 

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

 

 

1 Six months from
the Closing Date

2 Four and one-half
years from Initial Exercise Date

 

     

     

    

 

“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.

 

“Rule 144”
means Rule 144 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 Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

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

 

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

 

“Underwriting Agreement”
means the underwriting agreement, dated June 14, 2022, by and between the Company and Spartan Capital Securities, LLC, as representative
of the underwriters set forth therein.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares then listed or
quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date)
on the Trading Market on which the Common Shares 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 a Common Share for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if Common Shares is not
then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Shares 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 Common Share so reported, or (d) in all other cases, the fair market value of the Common Shares as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

Section 2. Exercise.

 

a. Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise
Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile
copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date of exercise
as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire
transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company
for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares
purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

    2

     

    

 

b. Exercise
Price. The exercise price per share of the Common Shares under this Warrant shall be $5.943, subject to adjustment
hereunder (the “Exercise Price”).

 

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

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1)
both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant
to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of
Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading
Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such
Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the
close of “regular trading hours” on such Trading Day;

 

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

 

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

 

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

 

d. Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its transfer
agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through DWAC if the Company is then a participant in such system and either (A) there is an effective registration statement permitting
the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by
the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by
the Holder prior to the Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading
Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). If
the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company,
any legal opinions or other documentation required by it to deliver such Warrant Shares without legend (subject to receipt by the Company
of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the
Company prior to the Warrant Share Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the
Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable
to the issuance of unlegended Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale
pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised,
with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder,
if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the second (2nd) Trading Day following the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day
(increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading
Day after the second Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
such exercise.

 

 

3 125% of the public
offering price per Common Share in the offering.

 

    3

     

    

 

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

 

iii. Rescission
Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the
Holder shall be required to return any Warrant Shares or Common Shares subject to any such rescinded exercise notice concurrently with
the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s
right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such
restored right).

 

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

 

    4

     

    

 

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

 

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

 

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

 

viii. Signature.
This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise
this Purchase Warrant. Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Purchase Warrant. No
additional legal opinion, other information or instructions shall be required of the Holder to exercise this Purchase Warrant. The Company
shall honor exercises of this Purchase Warrant and shall deliver Shares underlying this Purchase Warrant in accordance with the terms,
conditions and time periods set forth herein.

 

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

 

    5

     

    

 

Section 3. Certain
Adjustments.

 

a. Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on shares of its Common Shares or any other equity or equity equivalent securities payable in Common Shares
(which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides
outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common
Shares into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Shares any shares of capital shares
of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common
Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the
purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any subsidiary thereof,
as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Shares or Common Shares equivalents, at an effective
price per share less than the Exercise Price then in effect.

 

b.  [RESERVED]

 

c. Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Shares equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any
class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue
or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result
in the Holder exceeding the Beneficial Ownership Limitation).

 

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

 

    6

     

    

 

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

 

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

 

    7

     

    

 

g. Notice
to Holder.

 

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

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall
authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital shares
of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification
of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
the assets of the Company, or any compulsory share exchange whereby the Common Shares is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be mailed a notice to the Holder at its last address as it shall appear upon the Warrant
Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, stating (x)
the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record
shall be entitled to exchange their shares of the Common Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Report on Form 6-K or 8-K, as applicable. The Holder shall remain entitled to exercise
this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except
as may otherwise be expressly set forth herein.

 

Section 4. Transfer
of Warrant.

 

a Transferability.
Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result
in the effective economic disposition of the securities by any person for a period of 180 days immediately following the Effective Date
or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:

 

 i. by operation of
law or by reason of reorganization of the Company;

 

 ii. to any FINRA member
firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up
restriction in this Section 4(a) for the remainder of the time period;

 

 iii. if the aggregate
amount of securities of the Company held by the Holder or related person do not exceed one percent (1%) of the securities being offered;

 

 iv. that is beneficially
owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs
investments by the fund, and participating members in the aggregate do not own more than ten percent (10%) of the equity in the fund;
or

 

 v. the exercise or
conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder
of the time period.

 

    8

     

    

 

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

 

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

 

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

 

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

 

Section 5. Registration
Rights.

 

a. Demand
Registration.

 

i. Grant of Right. The
Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Warrants and/or the underlying
Warrant Shares, agrees to register on Form F-3 (if available) or Form F-1 (if Form F-3 is not available), on one occasion, all or any
portion of the Warrant Shares underlying the Warrants (collectively, the “Registrable Securities”). On such occasion,
the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt
of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject
to compliance with review by the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice
if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant
to Section 5(b) hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or
(ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered
by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration
may be made at any time beginning on the Initial Exercise Date. The Company covenants and agrees to give written notice of its receipt
of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within ten (10)
days after the date of the receipt of any such Demand Notice.

 

    9

     

    

 

ii. Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 5(a)(i),
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its best efforts to cause the filing required
herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by
the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in
which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit to
general service of process in such State or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital
shares of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section 5(a)(i)
to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities
covered by such registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the
prospectuses provided by the Company to sell the Warrant Shares covered by such registration statement, and will immediately cease to
use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material
misstatement or omission. Notwithstanding the provisions of this Section 5(a)(ii), the Holder shall be entitled to a demand registration
under this Section 5(a)(ii) on only one (1) occasion and such demand registration right shall terminate on the fifth (5th)
anniversary of the Effective Date or commencement of sales of the offering pursuant to which this Warrant is being issued in accordance
with FINRA Rule 5110(f)(2)(G)(iv).

 

b. “Piggy-Back”
Registration.

 

i. Grant of Right.
In addition to the demand right of registration described in Section 5(a) hereof, the Holder shall have the right, for a period of no
more than five years from the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Registrable Securities as
part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a)
promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection
with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable
discretion, impose a limitation on the number of Common Shares which may be included in the Registration Statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be
obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the
Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to
be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has
first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration
Statement or are not entitled to pro rata inclusion with the Registrable Securities. 

 

ii. Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5(b)(i) hereof, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date
of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed
by the Company during the two (2) year period following the Initial Exercise Date until such time as all of the Registrable Securities
have been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for
herein by giving written notice within five (5) days of the receipt of the Company’s notice of its intention to file a registration
statement. Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 5(b)(ii); provided, however, that such registration rights shall terminate on the fifth (5th) anniversary
of the date of the Underwriting Agreement in accordance with FINRA Rule 5110(f)(2)(G)(v).

 

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c. General
Terms.

 

i. Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities
Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the
provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 7(a) of the Underwriting Agreement.
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become
subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or
their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in Section 7(a) of the Underwriting Agreement.

 

ii. Exercise
of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants prior to or
after the initial filing of any registration statement or the effectiveness thereof.

 

iii. Documents
Delivered to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting the correspondence
and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company,
its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement
and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA.
Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with
its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably
request.

 

 iv. Intentionally
Omitted.

 

v. Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a
completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

vi. Damages.
Should the registration or the effectiveness thereof required by Sections 5(a) or 5(b) hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.

 

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Section 6. Miscellaneous.

 

a. No
Rights as Shareholder until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

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

 

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

 

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

 

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

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

    13

     

    

 

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

 

	 	LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.
	 	 	 
	 	By:	                          
	 	 	Name:
	 	 	Title:  

 

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NOTICE OF EXERCISE

 

TO: LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.

 

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

 

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

 

		☐	in lawful money of the United States; or

 

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

 

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

 

The Warrant Shares shall be delivered to the following
DWAC Account Number or by physical delivery of a certificate to:

 

[________________________]

[________________________]

[________________________]

 

(4) Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended

 

[SIGNATURE OF HOLDER]

 

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

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ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [ ] all of or [ ] shares of
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

whose address is

 

.

 

Dated:  ,

 

Holder’s Signature:  

 

Holder’s Address:  

 

NOTE: The signature to this Assignment Form must correspond with the
name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of corporations and
those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

 

16

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