Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

证券购买协议

 

This SECURITIES PURCHASE
AGREEMENT (the “Agreement”) is dated as of February 23, 2022 by and among Takung Art Co., Ltd, a Delaware corporation,
(the “Company”), and individuals listed in Exhibit B hereto and each affixes its signature on the signature
page of this Agreement (each, a “Purchaser”; collectively, the “Purchasers”).

 

本证券购买协议(“本协议”或“协议”)于2022年2月23日,Takung Art Co., Ltd,一家特拉华州注册公司(“公司”),和附录B下所列的且在此合同签名页上签署的个人(“购买人”)之间合意签订。

 

RECITALS

前言

 

WHEREAS, the Company and
the Purchasers are executing and delivering this Agreement in accordance with and in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”) and/or Regulation S (“Regulation
S”) as promulgated under the Securities Act;

 

鉴于,根据美国证监会在修订的1933年证券法(“证券法”)的基础上制定的规则S(“规则S”),和/或证券法条文4(a)(2)下的豁免规定,公司和购买人在此签署和交换本协议;

 

WHEREAS,
the Company is offering up to an aggregate of 11,952,190 units (the “Units”), each unit consisting of one share
of its common stock, par value US$0.001 per share, (the “Share”) and Warrant (the “Warrant”) to
purchase three Shares, in the form attached hereto as Exhibit A, at price of $2.51 per Unit to the Purchasers listed
in Exhibit B;

 

鉴于,公司在此要向购买人出售其公司合计 11,952,190 证券单位 (以下简称“证券单位”),每证券单位含普通股股票,票面价值每股0.001美元(“普通股”),以及可购买三股普通股的认股权证(“权证”),每证券单位的购买价格为2.51美元,购买人名单在附表B当中;

 

WHEREAS, the Purchasers,
listed in Exhibit B, severally but not jointly enters into this Agreement and makes representations and warranties hereunder;

 

鉴于,附录B下的各购买人独立地而非联合地签署此合约,并作出合约下的各陈述和保证;

 

WHEREAS,
the Purchaser is a “non-US person” as defined in Regulation S, acquiring the Units solely for its own account for
the purpose of investment;

 

鉴于,购买人是符合规则S下定义的“非美国主体”,购买上述证券单位仅为购买人的个人投资目的;

 

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

 

鉴于此,公司和购买人认同双方经仔细考虑和双方合意,在此就以下内容表示同意:

 

    	 	1	 

     

    

 

ARTICLE I

第一条

 

Purchase
and Sale of the Units

证券单位的购买和销售

 

Section 1.1          Purchase
Price and Closing.

 

第1.1节         购买价格和交割。

 

(a)            Subject
to the terms and conditions hereof, the Company agrees to issue and sell to each Purchaser and, in consideration of and in express reliance
upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchasers agree to purchase for $2.51
per Unit, such number of Units for an aggregate price listed on the
signature page hereto (the “Purchase Price”).

 

在以下条款和前提下,根据本协议的说明、保证、约定和条款规定,公司同意向购买人发行并出售证券单位,购买人同意以2.51美元每证券单位的价格购买,购买证券单位数及其总价列明在本协议附载的签字页中(“购买价格”)

 

(b)            Subject
to all conditions to closing being satisfied or waived, the closing of the purchase
and sale of the Units (the “Closing”) shall take place at the offices of Hunter Taubman Fischer & Li LLC,
the Company’s legal counsel, on the day when all closing conditions are satisfied or waived (the “Closing Date”).

 

在交割的所有条件被满足或豁免的前提下,证券单位的买卖在所有条件都已满足或已取得豁免的当日时(“交割日”)在公司的律师翰博文律师事务所的办公室进行交割(“交割”)。

 

(c)            Subject
to the terms and conditions of this Agreement, at the Closing the Company shall deliver or cause to be delivered
to the Purchaser (i) a certificate for such number of Shares, (ii) a Warrant to purchase such number of Shares and (iii) any
other documents required to be delivered pursuant to this Agreement. At the time of the Closing, the Purchaser shall have delivered its
Purchase Price by wire transfer pursuant to the wire information contained in this Agreement or by check.

 

根据本协议的规定,在交割时公司应向购买人送达或使他人向购买人送达
(i) 写有购买人名字的普通股股权证书,(ii) 一份可购买特定数量普通股的期权,以及(iii)其他任何根据本条款应送达的文件。在交割时,购买人应根据交本协议的汇款信息向公司汇入其购买资金,或以支票的方式支付。

 

    	 	2	 

     

    

 

ARTICLE II

第二条

Representations and Warranties

保证和承诺

 

Section 2.1          Representations
and Warranties of the Company and its Subsidiaries. The Company hereby represents and warrants to the Purchaser on behalf of itself,
its Subsidiaries (as hereinafter defined), as of the date hereof (except as set forth on the Schedule of Exceptions attached hereto with
each numbered Schedule corresponding to the section number herein), as follows:

 

第2.1节          公司和其子公司的陈述和保证。公司在此代表其本身以及其子公司,就以下事项(但与本小段标号相对应的披露中的事项除外)作出陈述和保证:

 

(a)            Organization,
Good Standing and Power. The Company is a corporation or other entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of its jurisdiction of incorporation or organization (as applicable) and respectively, has the requisite
corporate power to own, lease and operate its properties and assets and to conduct its business as it is now being conducted. Except
as set forth on Schedule 2.1(a), the Company and each of its Subsidiaries is duly qualified to do business and is in good standing
in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary except
for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so qualified will not have a Material Adverse Effect
(as defined in Section 2.1(g) hereof).

 

组织、合法持续性和权力。公司是在其管辖区内依法成立的,有效存续的经济实体,各自都有必需的公司权力来持有、出租和操作其财产和资产,并进行合法的商业运作。除非披露表2.1(a) 有不同的规定,公司以及其每一个子公司在其每个有商业行为和资产的管辖区内有合法资格进行经营并有良好的经营持续性,除了一些管辖,如果公司不能在这些区域内有合法资格经营也不会对公司的产生重大不良影响。

 

(b)            Corporate
Power; Authority and Enforcement. The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement, and to issue and sell the Units in accordance with the terms
hereof. The execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby and thereby have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of
the Company or its Board of Directors or stockholders is required. This Agreement constitutes, or shall constitute when executed and
delivered, a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservator ship, receiver
ship or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable
principles of general application.

 

公司权力;授权和执行。公司有必须的公司权力和授权来签订和履行本协议下的义务。公司有必须的权力和授权按照本协议的规定来发行和出售证券单位。公司对交易文件的签署、送达和履行和完成在此由所有必要的公司行为合法有效授权,不需要再由公司或董事会或股东会进一步的同意或授权。每一个交易文件在签署和送达时包括且应包括对于公司有效和有约束力的执行义务,除非适用的破产、解散、重组、延期偿付、清算、委托管理或其他有关的法律或其他衡平法原则会限制债权人的权利和补救。

 

(c) Capitalization. The
authorized capital stock of the Company and the shares thereof currently issued and outstanding as of November 19, 2021 is set forth
in the Company’s Form 10-Q Quarterly Report for the period ended September 30, 2021 (the “Form 10-Q”)
and, except as set forth on Schedule 2.1(c) hereto, is the authorized and issued and outstanding capital stock of the Company
as at the date hereof.

 

股本。在公司2021年9月30日截止的季度报表10-Q中披露,
于2021年11月19日公司授权的股本和发行的流通的股票,除本协议批露表2.1(c)之外,都已合法授权和发行。所有发行的流通的普通股都已获合法有效授权。除非交易文件或披露表2.1(c)有其他规定:

 

(i) no Common Stock
are entitled to preemptive, conversion or other rights and there are no outstanding options, warrants, scrip, rights to subscribe to,
call or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of
the Company;

 

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不存在有优先配股权、转换权或其他权利的普通股;不存在流通的期权、认购权、承诺购买权、或转换成公司股本的任何股份的其他权利;

 

(ii)  there are no contracts,
commitments, understandings, or arrangements by which the Company is or may become bound to issue additional shares of capital stock
of the Company or options, securities or rights convertible into shares of capital stock of the Company;

 

不存在公司为一方当事人或受其约束的合同、承诺、备忘录或安排,公司需要因此而发行额外股本股份或发行期权、证券或转换股而获得公司的股本股份;

 

(iii) the Company is
not a party to any agreement granting registration or anti-dilution rights to any person with respect to any of its equity or debt securities;

 

公司没有在任何协议中同意对任何股权证券或债权证券给予登记注册权和反稀释权;

 

(iv) the Company is
not a party to, and it has no knowledge of, any agreement restricting the voting or transfer of any shares of the capital stock of the
Company.

 

公司没有在任何协议中同意或承诺对公司股本的任何股份的投票权和股份转让进行限制;

 

(v)The offer and sale of
all capital stock, convertible securities, rights, warrants, or options of the Company issued prior to the Closing complied with all
applicable Federal and state securities laws, except where non-compliance would not have a Material Adverse
Effect. The Company has furnished or made available to the Purchaser true and correct copies of the M&A. Except as restricted
under applicable federal, state, local or foreign laws and regulations, the Articles, this Agreement, or as set forth on Schedule
2.1 (c), no written or oral contract, instrument, agreement, commitment, obligation, plan or arrangement of the Company shall limit
the payment of dividends on the Company’s Preferred Shares, or its Common Stocks.

 

公司在本次交易交割结算前发行的所有股本股票、可转证券、权益、期权的买卖都符合适用的联邦和州证券法的规定,除非这些违反不会对公司有重大不利影响。公司向购买人提供了真实正确的公司章程复印件。除了适用的联邦、州、当地、国外法律和规则,公司成立协议,本交易文件以及披露表2.1
(c)中的限制外,不存在任何书面或口头的合同、工具、协议、承诺、义务、计划或安排限制公司就其发行的普通股或优先股分配股息。

 

(d)            Issuance
of Units. The Units to be issued at the Closing have been duly authorized by all necessary corporate
action and the Shares underlying the Warrants, when paid for or issued in accordance with the terms hereof, shall be validly issued and
outstanding, fully paid and non-assessable.

 

证券单位的发行。本交易结算时应发行的证券单位已经必要的公司行为授权。与期权相对应的普通股在支付对价和发行时应符合本交易文件的要求,经必要的公司行为授权,有效发行和流通。

 

(e)            Intentionally
Omitted

 

    	 	4	 

     

    

 

(f)            Commission
Documents, Financial Statements. Except as set forth in Schedule 2.1 (f), the Company has filed all reports, schedules, forms, statements
and other documents required to be filed by it with the U.S. Securities and Exchange Commission (the “Commission” or “SEC”)
pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including
the Form 10-Q and other material filed pursuant to Section 13(a) or 15(d) of
the Exchange Act (all of the foregoing including filings incorporated by reference therein being referred to herein as the “Commission
Documents”). The Company has not provided to the Purchaser any material non-public information or other information which,
according to applicable law, rule or regulation, was required to have been disclosed publicly by the Company but which has not been
so disclosed, other than (i) with respect to the transactions contemplated by this Agreement, or (ii) pursuant to a non-disclosure
or confidentiality agreement signed by the Purchaser. At the time of the respective filings, the Form 10-K’s and the Form 10-Q’s
complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated
thereunder and other federal, state and local laws, rules and regulations applicable to such documents. As of their respective filing
dates, none of the Form 10-K’s or Form 10-Q’s contained any untrue statement of a material fact; and none omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the Commission Documents comply as to
form in all material respects with applicable accounting requirements and the published rules and regulations of the Commission
or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved
(except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited
interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all
material respects the consolidated financial position of the Company as of the dates thereof and the results of operations and cash flows
for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

证监会文件、财务报表。根据修订后的1934年证券交易法(“交易法”)的要求,除了披露表2.1(f)中列明的项目,公司向证监会申报了所有的报告、批露表、表格、说明书和其他文件,包括根据交易法第13(a) 或15(d) 节申报的材料(所有上述申报材料在本协议中统称为“证监会文件”)。根据相关适用法的规定,公司没有向购买人批露任何应当首先向公众批露而未批露的内部信息,但不包括(i) 与本协议中的交易相关的信息,或(ii) 根据购买人签署的不公开或内部保密协议而批露的信息。在每一次申报时,表格10K和表格10Q都符合交易法的要求和证监会的规则以及其他联邦、州和当地的适用的法律、法规和规则。在每一次申报时,表格10K或表格10Q都没有对重大事实的不实陈述,也没有遗漏重大事实或必要的信息,进行误导。证监会文件中包含的公司财务报表都符合当关的会计规则要求,证监会的相关公告规则和其他适用的法规和规则。这些财务报表都符合美国一般会计准则的要求,并在一定时期内保持数据一致(除非(i) 
财务报表或记录中作不同的说明,
 或(ii) 在未经审计的内部财务报表的情况下,报表可能不包含脚注或进行简化或为概要性报表),并真实反映该季度内的公司合并财务情况,经营状况和该季度结束时的现金流(但在未审计的财务报表的情况下,应以正常年度结束时的调整数据为准)。

 

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(g)            No
Material Adverse Effect. As of September 30, 2021 till the date of this Agreement, the Company
has not experienced or suffered any Material Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect”
shall mean (i) any material adverse effect upon the assets, properties, financial condition, business or prospects of the Company,
and its Subsidiaries, when taken as a consolidated whole, and/or (ii) any condition, circumstance, or situation that would prohibit
or otherwise materially interfere with the ability of the Company to perform any of its material covenants, agreements and obligations
under this Agreement.

 

无重大负面影响。自从2021年9月30日至本协议签订之日截止,公司和子公司没有任何重大负面影响。出于本协议的目的,
“重大负面影响”应指(i)任何公司以及在合并报表的情况下的子公司的经营、运作、财产或财务有任何重大负面影响的事件,和/或(ii)只要在任何条件、情况下会从任何重大方面阻止或重大干涉公司履行本协议下的任何重大承诺、协议和义务。

 

(h)            No
Undisclosed Liabilities. Other than as disclosed in the Company’s Commission Documents or
on Schedule 2.1(h), to the knowledge of the Company, neither the Company, nor the Subsidiaries have any liabilities, obligations,
claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those
incurred in the ordinary course of the Company’s and the Subsidiaries’ respective businesses and which, individually or in
the aggregate, do not or would not have a Material Adverse Effect.

 

无未披露的义务。除了公司的证监会文件和披露表2.1(h)所列的事项外,公司和其子公司没有任何未披露的义务、责任、诉讼或损失(不论是可清算的或不可清算的,有担保的或未担保的,全部的或计息的;附随的或其他),但公司和子公司在日常经营中产生的义务、责任、诉讼或损失,如果对于公司或子公司无重大负面影响,不应计入未披露的义务之内。

 

(i)            No
Undisclosed Events or Circumstances. To the Company’s knowledge, no event or circumstance has occurred or exists with respect
to the Company, the Subsidiaries or their respective businesses, properties, operations or financial condition, which, under applicable
law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced
or disclosed.

 

无未披露事件或情况。在公司知道的范围内,不存在根据适用的法律、规则或法规,应进行公共披露或公告而未披露公告的关于公司、子公司、其经营、财产、运作或财务的事件和情况。

 

(j)            Title
to Assets. Except where non-compliance would not have a Material Adverse Effect, each of the
Company and the Subsidiaries has good and marketable title to (i) all properties and assets purportedly owned or used by them as
reflected in the Financial Statements, (ii) all properties and assets necessary for the conduct of their business as currently conducted,
and (iii) all of the real and personal property reflected in the Financial Statements free and clear of any Lien. All leases are
valid and subsisting and in full force and effect.

 

资产所有权。除非不会对公司造成重大不利影响,公司和每个子公司对以下资产有合法有市场价值的所有权(i)所有计入财务报表的其所有和使用的资产和财产,(ii) 目前经营所必需的资产和财产,以及
(iii) 所有没有担保质权的计入财务报表的不动产和个人财产。

 

    	 	6	 

     

    

 

(k)            Actions
Pending. There is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding or any other proceeding
pending or, to the knowledge of the Company, threatened against or involving the Company which questions
the validity of this Agreement or the transactions contemplated hereby or thereby or any action taken or to be taken pursuant hereto
or thereto. Except where the same would not have a Material Adverse Effect, there is no action, suit, claim, investigation, arbitration,
alternate dispute resolution proceeding or any other proceeding pending or, to the knowledge of the Company, threatened against or involving
the Company involving any of their respective properties or assets. To the knowledge of the Company, there are no outstanding orders,
judgments, injunctions, awards or decrees of any court, arbitrator or governmental or regulatory body against the Company, the
Subsidiaries or any of their respective executive officers or directors in their capacities as such.

 

未决诉讼。在公司知道的范围内,不存在任何未决的和任何在其他程序中诉讼、索赔、调查、仲裁、争议,针对或涉及公司或任何中国经营实体,会质疑本协议或本交易或相关交易行为的有效性;除非不会对公司公司造成重大不利影响,也没有任何涉及公司、子公司、中国经营实体的各自的财产或资产的相关程序。在公司知道的范围内,不存在任何待执行的判决、判令、禁止令、法庭决定、仲裁决定或政府或监管主体对公司或其各自的行政管理人员或董事的行政令。

 

(l)            Compliance
with Law. The Company and the Subsidiaries have all material franchises, permits, licenses, consents and other governmental or regulatory
authorizations and approvals necessary for the conduct of their respective business as now being conducted by it unless the failure to
possess such franchises, permits, licenses, consents and other governmental or regulatory authorizations and approvals, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

符合法律规定。公司和子公司拥有其进行各自经营所必须的连锁权、许可权、证书、同意或其他政府或监管机构授权和同意,除非公司和子公司不可能合理预期到没有该连锁权、许可权、证书、同意或其他政府或监管机构授权和同意会对公司经营造成重大负面影响。

 

(m)            No
Violation. The business of the Company and the Subsidiaries is not being conducted in violation of any Federal, state, local or foreign
governmental laws, or rules, regulations and ordinances of any of any governmental entity, except for possible violations which singularly
or in the aggregate could not reasonably be expected to have a Material Adverse Effect. The Company is not required under Federal, state,
local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with,
any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement, or issue
and sell the Shares in accordance with the terms hereof or thereof (other than (x) any consent, authorization or order that has
been obtained as of the date hereof, (y) any filing or registration that has been made as of the date hereof or (z) any filings
which may be required to be made by the Company with the Commission or state securities administrators subsequent to the Closing.)

 

无违法行为。公司和子公司的经营没有违反任何联邦、州、当地或外国政府的法律或规则、法律、政府实体的政令,除非公司或子公司不能合理预期到该违反会造成重大负面影响。根据联邦、州、当地或外国法、法规或规则的规定,公司不需获得任何同意、授权或命令,或向任何法庭或政府机构申报或注册来执行、送达或履行本交易文件下的义务,(不包括
(x) 已获得的任何同意、授权、或命令,(y) 已进行的申报或登记,或(z) 在交割结算后必须向证监会或州证券管理机构进行的任何申报。)

 

    	 	7	 

     

    

 

(n)            No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated herein and therein do not and will not (i) violate any provision of the Company’s Certificate or Bylaws, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond,
license, lease agreement, instrument or obligation to which the Company is a party or by which it or its properties or assets are bound,
(iii) create or impose a lien, mortgage, security interest, pledge, charge or encumbrance (collectively, “Lien”)
of any nature on any property of the Company under any agreement or any commitment to which the Company is a party or by which the Company
is bound or by which any of its respective properties or assets are bound, or (iv) result in a violation of any federal, state,
local or foreign statute, rule, regulation, order, judgment or decree (including Federal and state securities laws and regulations) applicable
to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries are bound or affected,
provided, however, that, excluded from the foregoing in all cases are such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect.

 

无冲突。公司签署、送达和履行交易文件以及交易内容,没有也不会(i)违反公司的成立协议或章程的任何条款,(ii) 与公司为一方当事人或财产受约束的任何存在的和承诺的合同、保证、契约、债券、租赁合同、融资工具相冲突或会给予他人任何终止、修改、取消上述法律文件的权利,(iii) 在公司在一方当事人或财产受约束的任何协议或承诺中使公司本身或公司的任何财产上创造或附加留置权、抵押权
 、保证金权益、质押权、其他费用或财产负担(统称“留置权”),或(iv) 违反任何公司或其任何子公司适用的或其任何资产、不动产受影响或约束的联邦、州、当地或外国法律、规则、法规、法令、判决或命令(包括联邦和州的证券法规);但如果上述的冲突、终止、修改、取消、违反不会对公司产生重大负面影响,则不应包括在内。

 

(o)            Certain
Fees. Except as set forth on Schedule 2.1(o) hereto, no brokers fees, finders fees or financial advisory fees or commissions
will be payable by the Company with respect to the transactions contemplated by this Agreement.

 

特定费用。除了披露表2.1(o)所列的项目外,公司不需要根据本协议支付与本交易有关的中介费用、佣金费用或融资顾问费用或提成。

 

(p)            Disclosure.
Except as set forth in Schedule 2.1(p), neither this Agreement nor the Schedules hereto nor any other documents, certificates
or instruments furnished to the Purchaser by or on behalf of the Company or the Subsidiaries in connection with the transactions contemplated
by this Agreement contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
made herein or therein, taken as a whole and in the light of the circumstances under which they were made herein or therein, not false
or misleading.

 

批露。除了批露表2.1(p)规定之外,公司或其子公司向购买人提供的与本交易有关的本协议、批露表、或其他文件、证明或工具证书没有关于重大事实的不实陈述或遗漏重大事实,没有错误或误导性陈述。

 

    	 	8	 

     

    

 

(q)            Intellectual
Property. Each of the Company and the Subsidiaries owns or has the lawful right to use all patents, trademarks, domain names (whether
or not registered) and any patentable improvements or copyrightable derivative works thereof, websites and intellectual property rights
relating thereto, service marks, trade names, copyrights, licenses and authorizations, and all rights with respect to the foregoing,
which are necessary for the conduct of their respective business as now conducted without any conflict with the rights of others, except
where the failure to so own or possess would not have a Material Adverse Effect.

 

知识产权。公司和每个子公司对其各自进行经营所必需的全部专利、商标、知名品牌(不论是否注册)和任何其他可以申请专利的技术创新或衍生著作权、网站或其他知识产权、服务标识、商号、著作权、执照和授权拥有所有权或合法使用权,且不与他人的权利相冲突,但不包括那些即使不拥有也不会对公司产生重大不利影响的知识产权。

 

(r)             Books
and Record Internal Accounting Controls. Except as may have otherwise been disclosed in the Form 10-Ks or the Form 10-Qs,
the books and records of the Company and the Subsidiaries accurately reflect in all material respects the information relating to the
business of the Company and the Subsidiaries, the location and collection of their assets, and the nature of all transactions giving
rise to the obligations or accounts receivable of the Company, or the Subsidiaries. Except as disclosed in
the Company’s Commission Documents or on Schedule 2.1(r), the Company and the Subsidiaries maintain a system of internal
accounting controls sufficient, in the judgment of the Company, to provide reasonable assurance that (i) transactions are executed
in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate actions are taken with respect to any differences.

 

会计账目内部控制。除了在表格10K或表格10Q中作不同批露外,公司和子公司的会计账目准确体现了与公司和子公司经营有关的重大信息、资产的地点和保管、所有使公司和子公司承担义务或产生可记账收入的交易。除了在公司的证监会文件中或批露表2.1(r)中的披露外,公司和子公司保持一个内部会计控制系统,根据公司的判断,该系统充分的提供以下合理保证:(i) 交易经公司管理层一般或特别授权,(ii) 交易的记账符合一般会计准则的要求,且维持了资产的可记录性,(iii) 资产的使用只有经管理层的一般或特别授权,(iv) 对现有资产和可入账资产按合理的差距进行了比较且针对该差别采取了合理的行动。

 

(s)            Material
Agreements. Any and all written or oral contracts, instruments, agreements, commitments, obligations, plans or arrangements, the
Company and the Subsidiaries is a party to, that a copy of which would be required to be filed with the Commission as an exhibit to a
registration statement on Form S-1 (collectively, the “Material Agreements”) if the Company were registering
securities under the Securities Act has previously been publicly filed with the Commission in the Commission Documents. Each of the Company
and the Subsidiaries has in all material respects performed all the obligations required to be performed by them to date under the foregoing
agreements, have received no notice of default and are not in default under any Material Agreement now in effect the result of which
would cause a Material Adverse Effect.

 

重大合同。如果公司或其任何子公司之前曾根据证券法向证交会申报登记证券,在申报登记表S—1中附有或披露过公司作为一方当事人的书面或口头的合同、融资工具、协议、承诺、义务、计划或安排(统称“重大合同”),那么,公司或其子公司已经履行了生效合同下的义务,没有接到违约的通知,也没有会导致对公司经营有重大不利影响的重大违约行为。

 

    	 	9	 

     

    

 

(t)            Transactions
with Affiliates. Except as set forth in the Financial Statements or in the Commission Documents, there are no loans, leases, agreements,
contracts, royalty agreements, management contracts or arrangements or other continuing transactions between (a) the Company on
the one hand, and (b) on the other hand, any officer, employee, consultant or director of the Company or any person owning any capital
stock of the Company or any member of the immediate family of such officer, employee, consultant, director or stockholder or any corporation
or other entity controlled by such officer, employee, consultant, director or stockholder, or a member of the immediate family of such
officer, employee, consultant, director or stockholder.

 

与关联人的交易。除了财务报表或证监会文件中说明的之外,没有存在于以下主体之间的贷款、租赁、协议、合同、使用协议、管理合同或安排或其他进行中的交易(a)一方主体为公司,且(b)对方主体为公司的管理人员、员工、顾问或董事,公司的持股人,或者为他们的直接亲属成员,或者任何受管理人员、员工,顾问、董事或他们的直接亲属成员控制的公司或实体。

 

(u)            Private
Placement. Assuming the accuracy of each Purchaser’s representations and warranties set forth in Section 2.2, no registration
under the Securities Act is required for the offer and sale of the Units by the Company to the Purchaser
as contemplated hereby. The issuance and sale of the Units hereunder does not contravene the rules and
regulations of the NYSE American.

 

私募。假设每个购买人在第2.2节中的陈述和保证是准确无误的,根据证券法规定,公司在此协议下拟向购买人提供并出售的证券单位不需要注册。本协议下发行和销售的证券单位不违反纽约证券交易所美国有限责任公司交易所的规则和规定。

 

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

 

投资公司。在1940年投资公司法案定义下,公司现在不是投资公司或投资公司的关联方,在收到证券单位的支付后也不会成为投资公司或投资公司的关联方。公司应以一种使其不会成为需要注册的投资公司的方式经营业务。

 

(w)            Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that SEC is contemplating
terminating such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding the date
hereof, received notice from NYSE American on which the common stock is or has been listed or quoted to the effect that the Company
is not in compliance with the listing or maintenance requirements of such trading market. Except as set forth in the SEC Reports,
the Company is in compliance with all such listing and maintenance requirements.

 

    	 	10	 

     

    

 

上市及上市维护要求。公司普通股根据交易法第12节(b)款及12节(c)款完成注册。公司未采取任何行为或在其可知晓范围内了解到任何交易法下可能终止普通股注册的行为,且公司未从SEC收到任何表示终止注册的通知。除了在SEC报告中提供的信息,公司在自本协议起前12个月中未从纽约证券交易所美国有限责任公司股票交易市场收到因其普通股所导致的任何针对上市及上市维护要求的不合规通知。除在SEC报告中披露的信息外,公司针对上市及上市维护要求完全合规。

 

For the purpose of the Agreement,
the term “SEC Reports” mean all reports, schedules, forms, statements and other documents required to be filed by the Company
under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the
two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material),
and the foregoing materials, including the exhibits thereto and documents incorporated by reference therein.

 

仅就本协议而言,“SEC报告”指所有报告、列表、表格、陈述及其他公司需要根据证券法和交易法,包括交易法第13节(a)款或15节(b)款,提交的自本协议起前两年的文件(或公司根据法律规定需提交的更短阶段内的相关材料),及本协议提及的材料,包括本协议所附附件及本文援引的文件

 

(x)            No
Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 2.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Units
to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration
of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of the NYSE American
on which any of the securities of the Company are listed or designated.

 

无集成募股。假设2.2节中购买人的陈述和保证是准确无误的,不论公司或是其关联方或代表他们的个人,均未直接或间接提供或出售或唆使对于证券的购买,使本募股中出售的证券单位与公司之前的募股以以下目的进行整合,(i)在证券法下此出售的股票需要进行注册,或(ii)纽约证券交易所美国有限责任公司中任何针对公司上市证券可适用的股东批准票款。

 

(y)            Accountants.
The Company’s accounting firm is WWC, P.C. To the knowledge and belief of the Company, such accounting firm: (i) is a registered
public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements
to be included in the Company’s Annual Report for the fiscal year ended December 31, 2021.

 

会计人员。本公司的会计师事务所为WWC,
P.C.。本公司认为且知晓此会计师事务所(i)是交易法下规定的注册会计师事务所,且(ii)应就公司2021年12月31日截止的财政年度年报中的财务报表提供明示意见。

 

    11 

     

    

 

Section 2.2          Representations
and Warranties of the Purchaser. Each Purchaser, severally but not jointly, hereby makes the following representations and warranties
to the Company as of the date hereof:

 

第2.2节                   购买人的陈述和保证。各购买人,单独地而并非联合地,于此就以下事项作出仅与购买人自身相关的陈述和保证:

 

(a)          No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by such Purchaser of the transactions contemplated
hereby and thereby or relating hereto do not and will not conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of
any agreement, indenture or instrument or obligation to which such Purchaser is a party or by which its properties or assets are bound,
or result in a violation of any law, rule, or regulation, or any order, judgment or decree of any court or governmental agency applicable
to such Purchaser or its properties (except for such conflicts, defaults and violations as would not, individually or in the aggregate,
have a material adverse effect on such Purchaser). Such Purchaser is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations
under this Agreement, provided, that for purposes of the representation made in this sentence, such Purchaser is assuming and relying
upon the accuracy of the relevant representations and agreements of the Company herein.

 

无冲突。购买人签署、送达和履行交易文件以及交易内容,没有也不会在购买人在一方当事人或财产受约束的任何协议或承诺中使购买人本身或其任何财产上创造或附加留置权、抵押权
 、保证金权益、质押权、其他费用或财产负担,或者使购买人违反任何适用购买人或其财产的任何法律、规则、规定、命令或判决或判令,但不会对购买人产生重大负面影响,则不应包括在内。购买人购买普通股,签署、送达和履行本协议和其他交易文件不需要额外授权,但是在本句陈述的范围内,购买人依赖于公司相关陈述的准确性作出以上陈述。

 

(b)         Status
of Purchaser. The Purchaser is a “non-US person” as defined in Regulation S. The Purchaser further makes the representations
and warranties to the Company set forth on Exhibit C. Such Purchaser is not required to be registered as a broker-dealer
under Section 15 of the Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer.

 

购买人资格。购买人应为规则S定义下的
“非美国主体”。购买人作出附件C所列的非美国主体的额外陈述和保证。购买人不需要是证券交易法第15条下的注册的券商,并且也不是券商或券商的关联人。

 

(c)         Reliance
on Exemptions. The Purchaser understands that the Units are being offered and sold to it in reliance upon specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the
Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire
the Units.

 

依赖于豁免。购买人知道在此出售的证券单位是根据美国联邦和州证券法的登记注册要求的豁免出售的,公司依赖于购买人的声明、保证、同意、承认和认知的真实性和准确性,并对其的遵循,以决定这一豁免是否适用于购买人的购买证券单位行为。

 

    12 

     

    

 

(d)          Information.
The Purchaser and its advisors, if any, have had the opportunity to ask questions of management of the Company and its Subsidiaries and
have been furnished with all information relating to the business, finances and operations of the Company and information relating to
the offer and sale of the Units which have been requested by the Purchaser or its advisors. Neither such inquiries nor any other due
diligence investigation conducted by the Purchaser or any of its advisors or representatives shall modify, amend or affect the Purchaser’s
right to rely on the representations and warranties of the Company contained herein. The Purchaser understands that its investment in
the Units involves a significant degree of risk. The Purchaser further represents to the Company that the Purchaser’s decision
to enter into this Agreement has been based solely on the independent evaluation of the Purchaser and its representatives.

 

信息。购买人以及其顾问有机会向公司和子公司的管理层就公司的经营、财务和运作以及与此出售证券单位有关的信息提问。购买人或其顾问所作的调查或尽职调查没有改变公司在此作出的陈述和保证。购买人明白他对证券单位的投资有风险,并确认他的投资是在其对投资进行独自评估的基础上作出的。

 

(e)          Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Units.

 

政府审批。购买人明白美国联邦或州政府或其他行政机构没有审批或推荐出售该证券单位。

 

(f)          Transfer
or Re-sale. The Purchaser understands that the sale or re-sale of the Units has not been and is not being registered under the Securities
Act or any applicable state securities laws, and the Units may not be transferred unless (i) the Units are sold pursuant to an effective
registration statement under the Securities Act, (ii) the Purchaser shall have delivered to the Company an opinion of counsel that
shall be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that the Units to be
sold or transferred may be sold or transferred pursuant to an exemption from such registration, which opinion shall be reasonably acceptable
to the Company, (iii) the Units are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under
the Securities Act (or a successor rule) (“Rule 144”)) of the Purchaser who agrees to sell or otherwise transfer the
Units only in accordance with this Section 2.2(f) and who is a non-US person, (iv) the Units are sold pursuant to Rule 144,
or (v) the Units are sold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”).
Notwithstanding the foregoing or anything else contained herein to the contrary, the Units may be pledged as collateral in connection
with a bona fide margin account or other lending arrangement.

 

转让或再出售。购买人明白此证券单位不得根据证券法或适用的州证券法转让或再出售,除非
(i) 证券单位是在证券法下根据有效的登记申请书出售;(ii)购买人向公司递交合格的法律意见书,说明证券单位出售可以适用证券法下的豁免;(iii)证券是出售或转让给“关联人”(关联人的定义见证券法下144规则
“144规则”),该关联人再次进行出售的受让人是合格投资人;或(v) 证券根据证券法下的规则S进行出售(“规则S”)。尽管有以上规定,证券单位可以质押或借贷。

 

(g)          Legends.
The Purchaser understands that the Units shall bear a restrictive legend in the form as set forth under Section 5.1 of this Agreement.
The Purchaser understands that, until such time the Units may be sold pursuant to Rule 144 or Regulation S without any restriction
as to the number of securities as of a particular date that can then be immediately sold, the Units may bear a restrictive legend in
substantially the form set forth under Section 5.1 (and a stop-transfer order may be placed against transfer of the certificates
evidencing such Units).

 

    13 

     

    

 

限制交易说明。购买人明白证券单位带有此合同第5.1条下所列的交易限制。购买人明白,除非出售根据证券法进行登记,或可以适用144规则或规则S进行出售,证券单位应带有此限制交易说明(并且针对此证券单位的禁止转让令将有可能被颁布)。

 

(h)          Residency.
The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature pages hereto.

 

购买人居住地和受管辖地列于本协议的签字页。

 

(i)           No General Solicitation.
The Purchaser acknowledges that the Units were not offered to such Purchaser by means of any form
of general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (i) any
advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television
or radio, or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of communications.

 

无一般劝诱。购买人承认公司要约出售证券单位没有采取一般或公众劝诱或一般广告或公众广告或销售讲座的方式,包括(i) 任何广告、文章、通知或其他通过报纸、杂志或其他类似媒体登出的信息,或者电视或无线电广播,或(ii)任何通过上述沟通方式邀请购买人参与的讲座或会议。

 

(j)           Rule 144.
Such Purchaser understands that the Units must be held indefinitely unless such Units
are registered under the Securities Act or an exemption from registration is available. Such Purchaser acknowledges that such
Purchaser is familiar with Rule 144 and Rule 144A, of the rules and regulations of the Commission, as amended, promulgated
pursuant to the Securities Act (“Rule 144”), and that such person has been advised that Rule 144 and Rule 144A,
as applicable, permits resales only under certain circumstances. Such Purchaser understands that to the extent that Rule 144 or
Rule 144A is not available, such Purchaser will be unable to sell any Units without either registration
under the Securities Act or the existence of another exemption from such registration requirement.

 

规则144。购买人明白证券单位的持有的时长是不确定的,除非股票经登记注册或登记注册被豁免。购买人承认其熟知规则144和规则144A,
 并被告知根据规则144和规则144A,股票只有在特定的情况下才被允许出售;并且在不能适用规则144和规则144A时,如果证券单位没有登记注册或豁免,就不能出售。

 

(j)           Brokers. Purchaser
does not have any knowledge of any brokerage or finder’s fees or commissions that are or will be payable by the Company to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person or entity with respect to the
transactions contemplated by this Agreement.

 

融资代理。据投资人所知,公司不需要支付任何其他融资代理、金融顾问、发现者、券商、投资银行、银行或其他个人或主体任何与本交易有关的中介费、发理费或佣金。

 

(k)          Acquisition for
Investment. The Purchaser is a “non-US person” as defined in Regulation S, acquiring the Units
solely for the its own account for the purpose of investment and not with a view to or for sale in
connection with a distribution to anyone.

 

    14 

     

    

 

投资目的。购买人是符合规则S下定义的“非美国主体”,购买此合同下的证券单位仅出于其个人的投资目的,不是为了向其他人分销。

 

(l)           Independent
Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase Units pursuant to this Agreement,
and such Purchaser confirms that it has not relied on the advice of any other person’s business and/or legal counsel in making
such decision. Such Purchaser understands that nothing in this Agreement or any other materials presented by or on behalf of the Company
to the Purchaser in connection with the purchase of the Units constitutes legal, tax or investment advice. Such Purchaser has consulted
such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase
of the Units.

 

独立的投资决定。该购买人已根据本协议独立地评估其购买证券单位决定的优缺点,并且该购买人确认在其作出购买证券单位的决定时其并未依赖任何其他的商业和/或法律顾问的意见。该购买人理解本协议,或由公司、公司代表向购买人提交的任何与购买股票有关的材料绝不构成法律,税务或投资方面的建议。针对此购买证券单位的决定,该购买人已经咨询过在其全权决定下认为必要或适当的法律,税务和投资方面的顾问。

 

ARTICLE III

第三条

 

Covenants

约定

 

The Company covenants with
the Purchaser as follows, which covenants are for the benefit of the Purchaser and its permitted assignees (as defined herein).

 

出于购买人和他们的受让人的利益考虑,公司同意以下条款:

 

Section 3.1           Securities
Compliance. The Company shall notify the Commission in accordance with its rules and regulations, of the transactions contemplated
by any of this Agreement, and shall take all other necessary action and proceedings as may be required and permitted by applicable law,
rule and regulation, for the legal and valid issuance of the Units to the Purchaser or subsequent
holders.

 

第3.1节                  符合证券法的规定。公司应根据证券法的规定,向证监会通知申报交易文件,以及根据适用法律、法则和规则的要求,采取所有其他必需的行动和程序来有效合法的发行证券单位。

 

Section 3.2          Confidential
Information. The Purchaser agrees that such Purchaser and its employees, agents and representatives will keep confidential and will
not disclose, divulge or use (other than for purposes of monitoring its investment in the Company) any confidential information which
such Purchaser may obtain from the Company pursuant to financial statements, reports and other materials submitted by the Company to
such Purchaser pursuant to this Agreement, unless such information is known to the public through no fault of such Purchaser or his or
its employees or representatives; provided, however, that a Purchaser may disclose such information (i) to its attorneys, accountants
and other professionals in connection with their representation of such Purchaser in connection with such Purchaser’s investment
in the Company, (ii) to any prospective permitted transferee of the Units, so long as the prospective
transferee agrees to be bound by the provisions of this Section 3.3, or (iii) to any general partner or affiliate of such Purchaser.

 

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第3.2节                  保密信息。购买人同意其对于公司根据本协议和其他交易文件提供给购买人、购买人员工、代理事代理的财务报表、报告或其他材料中的内部信息会保密、不披露、不泄露或使用,除非该内部信息非因购买人的过错而为公众所知悉,但是购买人可以披露以下(i)向购买人的律师、会计和其他专业人士披露其向公司的投资;(ii) 只要未来的证券单位受让人受本协议第3.3条约束,可以向未来受让人披露;或(iii)向购买人的一般合伙人或关联人披露。

 

Section 3.3           Compliance
with Laws. The Company shall comply to comply in all material respects, with all applicable laws, rules, regulations and orders,
except where non-compliance could not reasonably be expected to have a Material Adverse Effect.

 

第3.3节                  符合法律。公司应在重大方面,符合相关的法律、法规、规则和命令的规定,
除非不符合不会对公司造成重大不利影响。

 

Section 3.4           Keeping
of Records and Books of Account. The Company shall keep adequate records and books of account, in which complete entries will be
made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company, and in which, for each fiscal
year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection
with its business shall be made.

 

第3.4节                  记录和会计账册。公司应保存充分的记录和会计账册,与一般会计准则的记录规则相符,反映公司的所有金融交易。

 

Section 3.5           Disclosure
of Material Information. The Company covenants and agrees that neither it nor any other person acting on its or their behalf has
provided or, from and after the filing of the Press Release, will provide any Purchaser or its agents or counsel with any information
that the Company believes constitutes material non-public information (other than with respect to the transactions contemplated by this
Agreement), unless prior thereto such Purchaser shall have executed a specific written agreement regarding the confidentiality and use
of such information. The Company understands and confirms that the Purchaser shall be relying on the foregoing covenants in effecting
transactions in securities of the Company. At the time of the filing of the Press Release, no Purchaser shall be in possession of any
material, nonpublic information received from the Company, any of its subsidiaries or any of its respective officers, directors, employees
or agents, that is not disclosed in the Press Release. The Company shall not disclose the identity of any Purchaser in any filing with
the SEC except as required by the rules and regulations of the SEC thereunder. In the event of a breach of the foregoing covenant
by the Company, , or any of its or their respective officers, directors, employees and agents, in addition to any other remedy provided
herein, a Purchaser may notify the Company, and the Company shall make public disclosure of such material nonpublic information within
two (2) trading days of such notification.

 

第3.5节                  重大信息披露。公司承诺并同意,在公告之前或之后,除了与本交易有关的信息之外,公司或任何公司代表人没有向购买人或其代理或顾问披露任何重大内部信息,除非购买人在此之前签署了一份关于保密和使用该内部信息的特别书面协议。公司确认购买人会依赖上述承诺进行交易。在公告发表之明,购买人不应拥有任何从公司、管理人员、董事、员工、代理处获得的没有在公告中披露的重大内部信息。

 

    16 

     

    

 

Section 3.6            No
Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has
constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

 

第3.6节                  无操纵价格。公司不会直接或间接采取任何行动,意图或导致,或构成或合理预期会构成对公司证券价格的稳定和操纵。

 

Section 3.7            Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the offer or sale of the securities in a manner that would require
the registration under the Securities Act of the sale of the securities or that would be integrated with the offer or sale of the securities
for purposes of the rules and regulations of the NYSE American such that it would require shareholder approval prior to
the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

第3.7节                   集成。公司不应出售、提供出售或唆使购买公司任何证券,或针对公司任何证券的进行交涉(依据证券法第2节定义),从而使此证券与证券法下所规定的方式注册的其他提供出售或出售的证券向整合,或与相关交易进行交割前需根据纽约证券交易所美国有限责任公司要求需要由股东批准的证券向整合,除非此交易在交割前已获得股东批准。

 

Section 3.8            Use
of Proceeds. The Company shall use the net proceeds from the sale of the Units hereunder for
working capital and general corporate purposes and shall not use such proceeds: (a) for the redemption of any Common Stocks or Common
Stocks Equivalents, or (b) in violation of FCPA or OFAC regulations.

 

第3.8节                   所得款项用途。公司应将本协议下出售证券单位的所得款项用于运营和公司日常支出,且不得将所得款项用于(a)赎回公司任何普通股或普通股等价物或(b)违反海外反腐败法或美国财政部海外资产控制法规。

 

For the purpose of this Agreement,
the term “Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder
thereof to acquire at any time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant
or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, shares of Common Stock.

 

仅就本协议而言,“普通股等价物”指公司或公司子公司任何授权持有人在任何时候可获得普通股的证券,包括但不限于,任何外债、优先股、权利、期权、权证或其他可以在任何时候可转换、可实行或可交换或使持有人在任何时候获得普通股的票据。

 

Section 3.9            Reporting
Status. Until the date on which the Purchasers shall have sold all of the Units (the “Reporting
Period”), the Company shall timely file all reports required to be filed with the SEC pursuant to the Exchange Act, and the Company
shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and
regulations thereunder would no longer require or otherwise permit such termination.

 

第3.9节                   报告状态。截止购买人将其证券单位全部出售的当天(“报告期限”)为止,公司应适时的相SEC提交交易法案下要求的所有文件并不应终止其在交易法下需提交相关报告的发行人身份,即便交易法或其他法律法规无此规定或对于其发行人身份的终止已被批准。

 

    17 

     

    

 

Section 3.10         Shareholder
Approval. The Company will use commercially reasonable best efforts to have this Agreement, all exhibits and schedules thereto and
hereto, and any other documents or agreements executed in connection with the transactions contemplated hereunder (the “Transaction
Documents”) approved by the Company’s shareholders in accordance with NYSE American’s listing requirements. Concurrently
with seeking approval for the Transaction Documents, the Company will seek approval for an additional transaction or series of transactions
with such terms and conditions as mutually agreed between the Company and the Purchasers.

 

第3.10节股东批准。公司应尽合理商业努力使此协议、所附附件及披露表,以及其他任何与本协议下所拟交易相关的已执行的文件及协议(“交易文件”)根据纽约证券交易所美国有限责任公司持续上市要求交由公司股东进行批准。在寻求批准交易文件的同时,公司将以公司及购买人合意的条款及条件就新的交易或系列交易寻求股东批准。

 

ARTICLE IV

第四条

 

CONDITIONS

条件

 

Section 4.1            Conditions
Precedent to the Obligation of the Company to Sell the Units. The obligation hereunder of the
Company to issue and sell the Units is subject to the satisfaction or waiver, at or before the Closing,
of each of the conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company
at any time in its sole discretion.

 

第4.1节                   公司出售股票的义务的前提条件。在此协议下,公司仅在以下各条件在交割时或交割之前被满足或被放弃时,才承担发行并向购买人出售证券单位的义务。此等条件是基于公司的利益,公司可随时依据自己的决定选择放弃此等条件。

 

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

 

购买人的陈述与保证的准确性。此协议中购买人的陈述与保证以在各个重大方面都应真实并且准确,此真实性和准确性是针对协议签署时和交割日来衡量,但是若陈述和保证中明示说明了产生日期,则按照此日期来衡量。

 

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

 

购买人的履行。在交割时或交割之前,购买人应在各方面履行,达到并符合购买人应履行,达到或符合此协议所必需的要求,合同和条件。

 

(c)          No Injunction.
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated
by this Agreement.

 

    18 

     

    

 

无强制令。任何有管辖权的法院或政府机构不得制定,通过,颁布或支持任何禁止此协议中所述交易发生的法条,规则,规章,可执行命令,法令,判决或强制令。

 

(d)          Delivery of Purchase
Price. The Purchase Price for the Units shall have been delivered to the Company.

 

购买价格的告知。证券单位购买价格应已支付给公司。

 

(e)          Delivery of this
Agreement. This Agreement shall have been duly executed and delivered by the Purchaser to the Company.

 

合同的签署。购买人应签署此合同并递交至公司。

 

(f)      Receipt
of NYSE American LLC’s Approval. The Company shall receive from NYSE American LLC the approval of the supplemental listing application for the Units.

 

收到纽约证券交易所美国有限责任公司的批准。公司应从纽约证券交易所美国有限责任公司收到对交易增发证券单位申请的批准。

 

Section 4.2             Conditions
Precedent to the Obligation of the Purchaser to Purchase the Units. The obligation hereunder
of the Purchaser to acquire and pay for the Units offered in Offering is subject to the satisfaction
or waiver, at or before the Closing, of each of the conditions set forth below. These conditions are for the Purchaser’s sole benefit
and may be waived by such Purchaser at any time in its sole discretion.

 

第4.2节                   购买人购买股票的义务的前提条件。在此协议下,购买人仅在以下各个条件在交割时或交割之前被满足或被放弃时,才承担购买证券单位并支付的义务。此等条件是基于购买人的利益,并且购买人可随时自行决定选择放弃此等条件。

 

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

 

公司的陈述与保证的准确性。此协议中公司的陈述与保证在各个重大方面都应真实并且准确,此真实性和准确性是针对协议签署时和交割日来判定,但是若陈述和保证中明示说明了做出日期,则按照此日期来判定。

 

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

 

公司的履行。在交割时或交割之前,公司应在各方面履行,满足并符合所有公司履行,满足或符合此协议所必需的合意,合同和条件。

 

(c)         No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

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无强制令。任何有管辖权的法院或政府机构不得制定,通过,颁布或支持任何禁止此协议中所述交易发生的法条,规则,规章,可执行命令,法令,判决或强制令。

 

(d)          No
Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any governmental authority shall have been commenced,
and no investigation by any governmental authority shall have been threatened, against the Company, or any of the officers, directors
or affiliates of the Company seeking to restrain, prevent or change the transactions contemplated by this Agreement, or seeking damages
in connection with such transactions.

 

无诉讼程序或诉讼。不得在任何仲裁员或任何政府机构提起任何诉讼,案件或诉讼程序;任何政府机构不得针对公司,或公司的任何管理人员,董事会成员或附属机构发起调查,试图限制,禁止或改变此协议所述的交易或要去与此类交易有关的损害赔偿。

 

(e)         Certificates.
The Company shall have executed and delivered to each Purchaser a shareholder statement for the Shares being acquired by such Purchaser
and a Warrant immediately after the Closing to such address set forth next to each Purchaser with respect to the Closing.

 

证书。公司应当在交割后立即签署并向每位购买人所购买的普通股与期权送达一份股东声明。送达地址依交割时购买人的地址为准。

 

(f)           Resolutions.
The Board of Directors of the Company shall have adopted resolution consistent with Section 2.1(b) hereof in a form reasonably
acceptable to such Purchaser (the “Resolution”).

 

决议。公司董事会应采纳与此协议中第2.1节(b)相一致的,在形式上可被此购买人合理的接受的决议(
“决议”)。

 

(g)           Material
Adverse Effect. No Material Adverse Effect shall have occurred at or before the Closing Date.

 

重大负面影响。在交割日或交割日之前不得产生重大负面影响。

 

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ARTICLE V

第五条

 

Stock Certificate Legend

股权证书上的说明

 

Section 5.1           Legend.
Each of the Shares underlying the Units shall be stamped or otherwise imprinted with a legend substantially
in the following form (in addition to any legend required by applicable state securities or “blue sky” laws):

 

第5.1节                  限制交易说明。每份证券单位中相应的普通股股权证书都应盖印或刻印有与下段文字基本相同的限制交易说明(此受限说明是对任何相关的州证券法或“蓝天”法下的限制交易说明的补充):

 

THESE SECURITIES REPRESENTED BY THIS CERTIFICATE
(THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THE SECURITIES WERE ISSUED IN A TRANSACTION EXEMPT FROM THE REGISTRATION REDISTRICTIREMENTS OF THE SECURITIES ACT PURSUANT TO REGULATION
S PROMULGATED UNDER IT. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE UNITED STATES UNLESS REGISTERED
UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION
OF SUCH SECURITIES UNDER THE SECURITIES ACT IS NOT REDISTRICTIRED. FURTHER, HEDGING TRANSACTIONS WITH REGARD TO THE SECURITIES MAY NOT
BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

此证书代表的证券(“证券”)尚未依照1933年的证券法及其修改案(“证券法”)的要求登记。此证券根据证券法下的S规则发行而豁免登记。不得在美国境内出售,转让或进行其他处理,除非已依照证券法进行登记,或者公司已收到法律顾问出具的意见书,提出依照证券法的条款此证券的登记不是必须的。另外,除非符合证券法的要求,不允许对此证券进行对冲交易。

 

ARTICLE VI

第六条

 

Indemnification

补偿

 

Section 6.1     General
Indemnity. The Company agrees to indemnify and hold harmless the Purchaser (and their respective directors, officers, managers, partners,
members, shareholders, affiliates, agents, successors and assigns) from and against any and all losses, liabilities, deficiencies, costs,
damages and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements) incurred by the Purchaser
as a result of any inaccuracy in or breach of the representations, warranties or covenants made by the Company herein. The Purchaser,
severally but not jointly, agrees to indemnify and hold harmless the Company and its directors, officers, affiliates, agents, successors
and assigns from and against any and all losses, liabilities, deficiencies, costs, damages and expenses (including, without limitation,
reasonable attorneys’ fees, charges and disbursements) incurred by the Company as a result of any inaccuracy in or breach of the
representations, warranties or covenants made by such Purchaser herein. The maximum aggregate liability of the Purchaser pursuant to its
indemnification obligations under this Article VI shall not exceed the portion of the Purchase Price paid by the Purchaser hereunder.
In no event shall any “Indemnified Party” (as defined below) be entitled to recover consequential or punitive damages resulting
from a breach or violation of this Agreement.

 

第6.1节     常规补偿。公司同意补偿购买人(及其各自的董事会成员,高级职员,管理层人员,合伙人,成员,股东,附属机构,代理人,继承人和子实体)并保证其免受任何及所有的损失,责任,短缺,费用,损害赔偿和花销(包括但不限于,合理的律师费),以上所有损失都由购买人承担的,因公司做出的保证,陈述和协议中的不准确或违反了其中条款而产生。购买人同意分别但不连带的补偿公司及其董事会成员,附属机构,代理人,继承者和子实体,并使其免受任何及所有的损失,责任,短缺,费用,损害赔偿和花销(包括但不限于,合理的律师费),以上所有损失是由公司承担的,因购买人做出的保证,陈述和协议中的不准确或违反了其中条款而产生。购买人依此第6.1条中所述补偿而承担的最大的总责任不得超过此购买人所支付的购买价格。任何“受补偿方”
(定义见下)不得享有因违反此协议而引起的间接损害赔偿或惩罚性损害赔偿。

 

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Section 6.2     Indemnification
Procedure. Any party entitled to indemnification under this Article VI (an “Indemnified Party”) will give
written notice to the indemnifying party of any matters giving rise to a claim for indemnification; provided, that the failure
of any party entitled to indemnification hereunder to give notice as provided herein shall not relieve the indemnifying party of its obligations
under this Article VI except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In
case any action, proceeding or claim is brought against an Indemnified Party in respect of which indemnification is sought hereunder,
the indemnifying party shall be entitled to participate in and, unless in the reasonable judgment of the Indemnified Party a conflict
of interest between it and the indemnifying party may exist with respect of such action, proceeding or claim, to assume the defense thereof
with counsel reasonably satisfactory to the Indemnified Party. In the event that the indemnifying party advises an Indemnified Party that
it will contest such a claim for indemnification hereunder, or fails, within thirty (30) days of receipt of any indemnification notice
to notify, in writing, such person of its election to defend, settle or compromise, at its sole cost and expense, any action, proceeding
or claim (or discontinues its defense at any time after it commences such defense), then the Indemnified Party may, at its option, defend,
settle or otherwise compromise or pay such action or claim. In any event, unless and until the indemnifying party elects in writing to
assume and does so assume the defense of any such claim, proceeding or action, the Indemnified Party’s costs and expenses arising
out of the defense, settlement or compromise of any such action, claim or proceeding shall be losses subject to indemnification hereunder.
The Indemnified Party shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action
or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party which relates to such action or claim. The indemnifying party shall keep the Indemnified Party fully apprised at all times as to
the status of the defense or any settlement negotiations with respect thereto. If the indemnifying party elects to defend any such action
or claim, then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice at its sole cost and
expense. The indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected without its prior written
consent, provided, however, that the indemnifying party shall be liable for any settlement if the indemnifying party is
advised of the settlement but fails to respond to the settlement within thirty (30) days of receipt of such notification. Notwithstanding
anything in this Article VI to the contrary, the indemnifying party shall not, without the Indemnified Party’s prior written
consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation on
the Indemnified Party or which does not include, as an unconditional term thereof, the giving by the claimant or the plaintiff to the
Indemnified Party of a release from all liability in respect of such claim. The indemnification required by this Article VI shall
be made by periodic payments of the amount thereof during the course of investigation or defense, as and when bills are received or expense,
loss, damage or liability is incurred, so long as the Indemnified Party irrevocably agrees to refund such moneys if it is ultimately determined
by a court of competent jurisdiction that such party was not entitled to indemnification. The indemnity agreements contained herein shall
be in addition to (a) any cause of action or similar rights of the Indemnified Party against the indemnifying party or others, and
(b) any liabilities the indemnifying party may be subject to pursuant to the law.

 

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第6.2节     补偿程序。任何依据此第六条有权享有补偿的当事方(“受补偿方”)应就任何因此补偿而引出的诉讼请求向补偿方发出书面通知;前提是,若受补偿方未能发出此通知,补偿方仍需承担其在此第六条下的补偿责任,除非此不作为会对补偿方产生不公正结果。在就此补偿而向受补偿方提出的任何诉讼,诉讼程序或诉讼请求中,补偿方应有权参与其中并与法律顾问一起提出受补偿方合理的觉得满意的抗辩,除非依据受补偿方的合理的判断,存在利益冲突,并且补偿方很可能在此诉讼,诉讼程序或诉讼请求中胜出。若补偿方告知受补偿方其将应诉,或在收到任何关于补偿的通知后的三十(30)天内未能书面通知受补偿方其将选择自费应诉,调解或折中方式(或在应诉后的任何时候停止抗辩),则受补偿方可自由选择应诉,调解或其它折中方法,或支付此诉讼或诉讼请求的费用。在任何情况下,除非补偿方书面选择并确已开始抗辩,因此抗辩,调节或折中方式而产生的受补偿方的费用和花销应为可依此条款补偿的款项。受补偿方应就此诉讼或诉讼请求的协商或抗辩与补偿方全力合作,并向补偿方提供受
 补偿方可合理获取的与此诉讼或诉讼请求相关的所有信息。补偿方应将抗辩或任何调解协商的进展情况及时通知受补偿方。若补偿方选择应诉此诉讼或诉讼请求,则受补偿方应有权自费与法律顾问参与到此抗辩中。补偿方不因任何未获其书面同意便生效的调解而承担责任,但是,若已将调解告知补偿方,但补偿方未能在收到此通知的三十(30)天内回应,则补偿方应对此调解承担责任。除非与此第六条规定相冲突,若未得到受补偿方的事先书面同意,补偿方不得同意调解或采用折中方式或同意任何要求受补偿方承担任何将来义务的判决或者不包含要求起诉方或原告免除所有受补偿方与此诉讼请求相关的所有责任这一无条件条款的判决。只要受补偿方同意(此同意为不可撤回)若适格法律管辖区的法院最终判定此当事方无权获得补偿,受补偿方将退还此所有补偿,则在调查或抗辩过程中收到的账单的款项,或在此期间产生的花销,损失,损害赔偿或责任的补偿应分期支付。此补偿协议是以下权利的补充(a)受补偿方针对补偿方所享有的任何诉因,及(b)任何补偿方可能依法承担的责任。

 

ARTICLE VII

第七条

 

Miscellaneous

其他条款

 

Section 7.1     Fees
and Expenses. Except as otherwise set forth in this Agreement, each party shall pay the fees and expenses of its advisors, counsel,
accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement.

 

第7.1节     费用和花销。除此协议所述,各当事方应自行支付其顾问,会计师和其他专家的费用和花销,以及所有其他与协商,准备,执行,送达和履行此协议有关的花销。

 

Section 7.2     Specific
Enforcement, Consent to Jurisdiction.

 

第7.2节     特别履行,同意接受司法管辖。

 

(a) The Company and the
Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms
and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law or equity.

 

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公司和购买人承认并同意一旦发生无法补救的损失,不得要求此协议的特别履行。双方也就此同意各方都有权要求强制令以阻止或消除此协议的违约情况,并要求执行此协议中的具体条款,此救济是对任何依据法律或衡平法可适用的救济的补充。

 

(b)            Each
of the Company and the Purchaser (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting in
the Southern District of New York and the courts of the State of New York located in New York county for the purposes of any suit, action
or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby or thereby and (ii) hereby waives,
and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such
court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is
improper. Each of the Company and the Purchaser consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing in this Section 7.2 shall affect or limit any right to serve process in any other manner permitted by law. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing
a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. The Company hereby appoints Hunter Taubman Fischer & Li LLC, with
offices at 48 Wall Street, Suite 1100, New York, NY 10005 as its agent for service of process in New York. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

公司和购买人(i)就所有因此协议或其所述的交易而产生的诉讼或诉讼程序,接受位于纽约州南区的美国巡回法院以及位于纽约郡的纽约州法院的管辖,此接受不可撤回,并且(ii)放弃并同意不在任何诉讼或诉讼程序中提出任何关于不受此等法院属人管辖,或诉讼在不方便法院提起,或案件审判地不合适的诉讼请求。公司和购买人同意在此类诉讼中送达服务可通过使用挂号信或第二日送达服务(需有送达的证明)将依此协议所需的通知复印件送达至有效的地址,并同意此类送达是良好有效的法律文书送达和通知。第7.2节不得影响或限制任何其他法律允许的送达方式。各当事方就此放弃对个人送达法律文书的要求,同意以邮寄作为法律文书送达方式,并同意此类送达是良好有效的法律文书送达和通知。公司就此指定翰博文律师事务所(位于48
Wall Street, Suite 1100, New York, NY 10005)为文书送达的代理人。此条款不得限制任何其他法律所允许的有关法律文书送达的权利。

 

Section 7.3     Entire
Agreement; Amendment. This Agreement contains the entire understanding and agreement of the parties with respect to the matters covered
hereby and, except as specifically set forth herein, neither the Company nor any of the Purchaser makes any representations, warranty,
covenant or undertaking with respect to such matters and they supersede all prior understandings and agreements with respect to said subject
matter, all of which are merged herein. No provision of this Agreement may be waived or amended other than by a written instrument signed
by the Company and the Purchaser, and no provision hereof may be waived other than by a written instrument signed by the party against
whom enforcement of any such waiver is sought.

 

    24 

     

    

 

第7.3节     合同的完整性;修正。此协议中包含了合同各方对此协议的相关事项的完整理解和合意,除非此协议中明确指明,公司或购买人没有对此协议中所述事项做出其他任何陈述,保证,协议或承诺;针对所述事项的所有先前的理解和合意都合并到此协议中,并被此协议所取代。若无公司和购买人的书面同意,此协议的任何条款不得被取消或修改。

 

Section 7.4     Notices.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under or by reason
of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing and shall be deemed
to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day of such delivery
(as evidenced by the receipt of the personal delivery service), (ii) if mailed certified or registered mail return receipt requested,
two (2) business days after being mailed, (iii) if delivered by overnight courier (with all charges having been prepaid), on
the business day of such delivery (as evidenced by the receipt of the overnight courier service of recognized standing), or (iv) if
delivered by facsimile transmission, on the business day of such delivery if sent by 6:00 p.m. in the time zone of the recipient,
or if sent after that time, on the next succeeding business day (as evidenced by the printed confirmation of delivery generated by the
sending party’s telecopier machine). If any notice, demand, consent, request, instruction or other communication cannot be delivered
because of a changed address of which no notice was given (in accordance with this Section 7.4), or the refusal to accept same, the
notice, demand, consent, request, instruction or other communication shall be deemed received on the second business day the notice is
sent (as evidenced by a sworn affidavit of the sender). All such notices, demands, consents, requests, instructions and other communications
will be sent to the following addresses or facsimile numbers as applicable:

 

第7.4节     通知。所有通知,要求,同意,请求,指示和其他因此协议需要或允许的交流或与此协议中的交易相关的交流应以书面形式出现,在以下情况中,应被视为已送达并由预期的接收者收取:(i)若人力递送,则是递送的工作日(以人力递送服务的收据为证),(ii)若由要求回执的挂号信邮寄,则为邮寄后的两(2)个工作日,(iii)若使用第二日送达的快递服务(预付所有费用),则为递送的工作日(以具有一定公信力的第二日送达服务的收据为证),或(iv)若通过传真,且在收信人当地时间下午六点前发出的,为传真当天,若在其他时间,则为下一个工作日(以发送方传真机器打印的确认发送的通知为证)。若任何通知,要求,同意,请求,指示和其他交流因地址改变且未事前通知(须符合第7.4节要求),或者拒绝接收,则此通知,要求,同意,请求,指示和其他交流应视为在通知发出的第二个工作受到(以发送方的宣誓书为证)。所有此类通知,要求,同意,请求,指示和其他交流应递送至以下地址或传真号
 码:

 

If to the Company:

若至公司:

 

Takung Art Co., Ltd

Room 709 Tower 2, Admiralty
Centre,

18 Harcourt Road, Admiralty,

Hong Kong K3 999077

with copies (which shall
not constitute notice) to:

同时复印件(不构成通知)寄至:

 

Hunter Taubman Fischer &
Li LLC

48 Wall Street, Suite 1100

New York, NY 10005

Attn: Joan Wu, Esq.

Email: jwu@htflawyers.com

 

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If to Purchasers:

如至购买人:

 

The addresses listed on Exhibit B

在附件B中列明的地址

 

Any party hereto may from
time to time change its address for notices by giving at least ten (10) days written notice of such changed address to the other
party hereto.

 

任何当事方可时常更改通知所用的地址,但需提前十(10)天以书面形式告知另一方。

 

Section 7.5     Waivers.
No waiver by any party of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be
a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof, nor shall any delay or omission
of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

 

第7.5节
豁免。任何一方关于对某一条款,条件或要求违约的豁免不能视为未来或对其他条款,条件或要求的豁免。

 

Section 7.6     Headings.
The section headings contained in this Agreement (including, without limitation, section headings and headings in the exhibits and schedules)
are inserted for reference purposes only and shall not affect in any way the meaning, construction or interpretation of this Agreement.
Any reference to the masculine, feminine, or neuter gender shall be a reference to such other gender as is appropriate. References to
the singular shall include the plural and vice versa.

 

第7.6节     编号。此协议中的编号(包括但不限于各节编号以及附表和清单中的编号)仅是出于引用方便的考虑,不影响此协议的释义,解释或理解。任何分性别或不分性别的指代都应包括所有性别的指代。任何单数名词包应包括其相对应的复数名词,反之亦然。

 

Section 7.7     Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Purchaser,
as applicable, provided, however, that, subject to federal and state securities laws, a Purchaser may assign its rights
and delegate its duties hereunder in whole or in part to an affiliate or to a third party acquiring all or substantially all of its Units
in a private transaction without the prior written consent of the Company or the other Purchaser, after notice duly given by such Purchaser
to the Company provided, that no such assignment or obligation shall affect the obligations of such Purchaser hereunder and that
such assignee agrees in writing to be bound, with respect to the transferred securities, by the provisions hereof that apply to the Purchaser.
The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of
the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

 

    26 

     

    

 

第7.7节     继承者和子实体。若未获得公司和购买人的事前书面同意,各当事方公司不得转让本协议;但是,依据联邦和州的证券法或交易文件所述,在未获得公司或其他购买人的事前书面同意下,但此购买人告知公司之后,购买人可向附属机构或在非公开交易中收购了其全部或基本全部证券单位的第三方转让其全部或部分权利及义务;但是,此权利或义务的转让会影响此购买人在协议下的义务,此受转让者书面同意就被转让的证券以及接受此协议中适用于此购买人的条款的约束力。此协议的条款对允许的各继承者和子实体具有约束力。除在此协议中明示之外,此协议的条款,明示或暗含的,都不赋予除协议中的当事方及其各自的继承者和子实体任何权利,救济,义务或责任。

 

Section 7.8     Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York. This Agreement
shall be interpreted or construed with any presumption against the party causing this Agreement to be drafted.

 

第7.8节     适用法律。此协议应根据纽约州的州内法执行和解释。此协议适用“对起草人不利”的原则。

 

Section 7.9     Survival.
The representations and warranties of the Company and the Purchaser shall survive the execution and delivery hereof and the Closing hereunder
for a period of three (3) years following the Closing Date.

 

第7.9节     存续。公司和购买人的保证与陈述在此协议签署和送达后继续有效,有效期为交割日之后的三年。

 

Section 7.10     Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all
of which taken together shall constitute one and the same Agreement and shall become effective when counterparts have been signed by each
party and delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart. In the event
that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing
(or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original
thereof.

 

第7.10节     副本。此协议可在多个副本上签署,每一份副本都可视为原件,所有副本都可视为同一协议并且在各方签署并送达本协议另一方时生效,当事方无需签署每一份副本。若签名是通过传真发送,此传真签名对签署方的约束力与将此传真签名视为原件的约束力相同

 

Section 7.11     Severability.
The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one
or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision
of this Agreement and such provision shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part
of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent
possible.

 

第7.11节     可分割性。此协议中的条款具有可分割性,若具有适格管辖权的法院判定此协议和交易文件中的任意条款无效,不合法或不可执行,其他条款的效力不受影响,并且在解释此有效条款时,应将无效的条款视为不存在,以便有效条款能在最大程度上被执行。

 

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Section 7.12     Individual
Capacity. Each Purchaser enters into this Agreement on its own capacity, and not as a group with other Purchasers. Each Purchaser,
severally but not jointly, makes representations and warranties contained under this Agreement.

 

第7.12节     个人名义。各购买人是以其个人名义签署此合同,而非与其他购买人为一个团体。各购买人,独立地而非联合地,作出此合约下包含的陈述和保证。

 

Section 7.13     Termination.
This Agreement may be terminated prior to Closing by mutual written agreement of the Purchaser and the Company.

 

第7.13节     终止。此协议可在交割前由购买人和公司双方书面同意终止。

 

Section 7.14. Language.
The Agreement is in both English and Chinese, which both have binding effects. If there is any conflict between the English and Chinese
language, English language prevails.

 

第7.14节     语言。本协议含有英文和中文,英文和中文都有约束力。如两个语言版本有冲突,以英文版本为准。

 

[Remainder of Page Intentionally Left
Blank; Signature Pages Follow]

[余页故意留空;下页为签名页]

 

    28 

     

    

 

[Signature Page of the Company]

 

[公司的签字页]

 

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

 

在此各方确认和签署。

 

	The Company:

 公司	 	
    TAKUNG ART CO., LTD

 

	 	By:	 
	 	 	 
	 	 	
    Name: Kuantao Wang

    Title: Co-Chief Executive Officer

 

    29 

     

    

 

购买人签字页

 

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

 

购买人在此确认和同意协议的条款,并有效签署该协议。

 

The
Purchaser:

 

购买人:

 

	By:	 	 

签字

 

	Name:	 	 

名称

 

Number
of Units Purchased (购买的证券单位数): _______ _____________

 

Total
Purchase Price(购买价格): ($2.51 x
购买证券单位数)
 $

 ___________

 

Address and Contacts of Purchaser

购买人的地址和联系方式

 

_________________________________

_________________________________

_________________________________

_________________________________

_________________________________

 

Telephone(电话):

 

Fax(传真):

 

Email(电子邮箱):

 

    30 

     

    

 

 

Exhibit A

附录A

WARRANT

认股权证

 

    	 	31	 

    	 		

    

 

Exhibit B

附录B

List
of Purchasers

购买人的名单

 

	
    No.

    编码
	
    Units

    证券单位
	
    Name

    姓名
	
    Address

    地址

	1	 	 	 
	2	 	 	 
	3	 	 	 
	4	 	 	 
	5	 	 	 
	 	Total: 	11,952,190  Units

 

    	 	32	 

    	 		

    

 

EXHIBIT C

附录C

 

 

 

NON U.S. PERSON REPRESENTATIONS

非美国主体声明

 

The Purchaser
indicating that it is not a U.S. person, severally and not jointly, further represents and warrants to the Company as follows:

 

购买者表明其不是美国人,分别地并非联合地,进一步向公司声明和保证如下:

 

		1.	At the time of (a) the offer by the Company and (b) the acceptance of the offer by such person
or entity, of the Units, such person or entity was outside the United States.

 

在(a) 公司提出证券单位的要约时,及
(b) 此人或企业接受要约时,此人或企业在美国境外。

 

		2.	Such person or entity is acquiring the Units for such Shareholder’s
own account, for investment and not for distribution or resale to others and is not purchasing the Units
for the account or benefit of any U.S. person, or with a view towards distribution to any U.S. person, in violation of the registration
requirements of the Securities Act.

 

此人或企业购买证券单位是为其自身投资用途,而并非为了分发或销售给他人,且购买证券单位并非为了任何美国人的利益,或打算违反证券法的注册要求分发给任何美国人。

 

		3.	Such person or entity will make all subsequent offers and sales of the Units
either (x) outside of the United States in compliance with Regulation S; (y) pursuant to a registration under the Securities
Act; or (z) pursuant to an available exemption from registration under the Securities Act. Specifically, such person or entity will
not resell the Units to any U.S. person or within the United States prior to the expiration of a period
commencing on the Closing Date and ending on the date that is six months thereafter (the “Distribution Compliance Period”),
except pursuant to registration under the Securities Act or an exemption from registration under the Securities Act.

 

此人或企业购买和出售证券单位会(x)根据规则S在美国境外进行;(y) 根据证券法下的登记注册书;或(z) 根据证券法可以适用豁免。特别是,从交割结算日开始后
6个月内(“分销特定期限”),此人或企业不得向任何美国个体出售或在美国境内出售,除非是根据证券法下的登记注册申请书或登记豁免进行出售。

 

		4.	Such person or entity has no present plan or intention to sell the Units
in the United States or to a U.S. person at any predetermined time, has made no predetermined arrangements to sell the Units
and is not acting as a Distributor of such securities.

 

此人或企业目前没有任何计划或准备在任何预定的期限内在美国境内或向美国人出售证券单位,也没有任何预定的安排出售证券单位或作为证券的分销商。

 

		5.	Neither such person or entity, its Affiliates nor any Person acting on behalf of such person or entity,
has entered into, has the intention of entering into, or will enter into any put option, short position or other similar instrument or
position in the U.S. with respect to the Units at any time after the Closing Date through the Distribution
Compliance Period except in compliance with the Securities Act.

 

此人或企业,关联人或任何代表人,没有签订或有意图在分销特定期限内在美国签订或会签订关于证券单位的任何卖方期权、短线持有或任何类似的工具或持有。

 

    	 	33	 

    	 		

    

 

		6.	Such person or entity consents to the placement of a legend on any certificate or other document evidencing
the Units substantially in the form set forth in Section 5.1.

 

此人或企业同意在任何证券单位证书或其他证券单位证明文件上根据第5.1条的格式印上限制交易。

 

		7.	Such person or entity is not acquiring the Units in a transaction
(or an element of a series of transactions) that is part of any plan or scheme to evade the registration provisions of the Securities
Act.

 

此人或企业目前没有购买任何规避证券法登记条款的交易计划或设计中的股票。

 

		8.	Such person or entity has sufficient knowledge and experience in finance, securities, investments and
other business matters to be able to protect such person’s or entity’s interests in connection with the transactions contemplated
by this Agreement.

 

此人或企业有充分的金融、证券、投资和其他商业知识和经验来保护本交易中自己的利益。

 

		9.	Such person or entity has consulted, to the extent that it has deemed necessary, with its tax, legal,
accounting and financial advisors concerning its investment in the Units.

 

此人或企业在其认为必要的范围内就投资购买证券单位咨询了其税收、法律、会计和融资顾问。

 

		10.	Such person or entity understands the various risks of an investment in the Units
and can afford to bear such risks for an indefinite period of time, including, without limitation, the risk of losing its entire investment
in the Units.

 

此人或企业明白作此投资的各种风险并且有能力在不确定的时间内承担这些风险,包括但不限于,完全损失掉其在证券单位中的投资。

 

		11.	Such person or entity has had access to the Company’s publicly filed reports with the SEC and has
been furnished during the course of the transactions contemplated by this Agreement with all other public information regarding the Company
that such person or entity has requested and all such public information is sufficient for such person or entity to evaluate the risks
of investing in the Units.

 

此人或企业有途径获得公司向证监会申报的所有报表,而且在交易的过程中在其要求的前提下公司提供了其他公共信息,所有这些公共信息对于该人或企业评估投资风险是充分的。

 

		12.	Such person or entity has been afforded the opportunity to ask questions of and receive answers concerning
the Company and the terms and conditions of the issuance of the Units.

 

此人或企业有机会就公司和投资证券单位发行的条件和规定提问和获得解答。

 

    	 	34	 

    	 		

    

 

		13.	Such person or entity is not relying on any representations and warranties concerning the Company made
by the Company or any officer, employee or agent of the Company, other than those contained in this Agreement.

 

此人或企业没有依赖公司或任何管理人员、员工或代理在本协议之外所做的关于公司的任何陈述和保证。

 

		14.	Such person or entity will not sell or otherwise transfer the Units
unless either (A) the transfer of such securities is registered under the Securities Act or (B) an exemption from registration
of such securities is available.

 

此人或企业不会出售或转让证券单位,除非(A) 这些股票的转让已依据证券法登记注册或(B)可以适用登记注册豁免。

 

		15.	Such person or entity represents that the address furnished on its signature page to this Agreement
is the principal residence if he is an individual or its principal business address if it is a corporation or other entity.

 

此人或企业在签字页提供的地址是其主要住所地(如其为个人)或主要营业地(如其为公司或其他实体)。

 

		16.	Such person or entity understands and acknowledges that the Units
have not been recommended by any federal or state securities commission or regulatory authority, that the foregoing authorities have not
confirmed the accuracy or determined the adequacy of any information concerning the Company that has been supplied to such person or entity
and that any representation to the contrary is a criminal offense.

 

此人或企业了解并认同投资证券单位没有经任何联邦或州的证监会或监管机构推荐,以下机构也没有确认或决定过提供给此人或企业的公司的信息的准确性;与此相反的情况将构成刑事犯罪。

 

    	 	35	 

    	 		

    

 

Schedules

to Securities Purchase Agreement

 

    	 	36Exhibit 10.2

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH
THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

TAKUNG ART CO., LTD

 

	Warrant Shares: 3,585,657	Issuance Date: February [   ], 2022

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [_____________] or its assigns (the
 “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set
forth, at any time on or after August [   ], 2022 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New
York City time) on August [   ], 2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase
from Takung Art Co., Ltd, a Delaware corporation (the “Company”), up to three shares (as subject to adjustment hereunder,
the “Warrant Shares”) of Common Stock. This Warrant is part of units (“Units”), each Unit consisting of
one share of Common Stock, par value $0.001, (the “Common Stocks”) and Warrant to purchase three shares of Common Stock issued
pursuant to that certain Securities Purchase Agreement (the “Purchase Agreement”) dated as of February 23, 2022 among
the Company and the purchasers signatory thereto, as amended from time to time.

 

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

 

Section 2.               Exercise.

 

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

 

     

     

    

 

(b)            Exercise
Price. The exercise price of the Common Stock under this Warrant shall be $3.1375, subject to adjustment hereunder (the “Exercise
Price”).

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

(d)            [Reserved]

 

(e)            Mechanics
of Exercise.

 

     

     

    

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

Section 3.                Certain
Adjustments.

 

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

 

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

 

     

     

    

 

(c)            Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 3(a) above, the number of
Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

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

 

(e)            Notice
to Holder.

 

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

 

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

 

     

     

    

 

Section 4.                Transfer
of Warrant.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

Section 5.               Miscellaneous.

 

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

 

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

 

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

 

(d)           Authorized
Shares.

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

(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.

 

Section 6.               Certain
Definitions.

 

(a)            “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale in accordance with Section 3) of Common Stocks that could result in a decrease in the net consideration
received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights,
cash adjustment or other similar rights).

 

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

 

(c)            “Convertible
Securities” means any shares or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Common
Stocks.

 

     

     

    

 

(d)            “Excluded
Securities” means (i) Common Stocks or standard options to purchase Common Stocks issued to directors, officers, employees
or advisers of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Share Plan (as defined
above), provided that (A) all such issuances (taking into account the Common Stocks issuable upon exercise of such options) after
the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed more than 10% of the Common Stocks issued and
outstanding immediately prior to the Subscription Date and (B) the exercise price of any such options is not lowered, none of such
options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise
materially changed in any manner that adversely affects any of the Buyers; (ii) Common Stocks issued upon the conversion or exercise
of Convertible Securities (other than standard options to purchase Common Stocks issued pursuant to an Approved Share Plan that are covered
by clause (i) above) issued prior to the Subscription Date, provided that the conversion price of any such Convertible Securities
(other than standard options to purchase Common Stocks issued pursuant to an Approved Share Plan that are covered by clause (i) above)
is not lowered, none of such Convertible Securities (other than standard options to purchase Common Stocks issued pursuant to an Approved
Share Plan that are covered by clause (i) above) are amended to increase the number of shares issuable thereunder and none of the
terms or conditions of any such Convertible Securities (other than standard options to purchase Common Stocks issued pursuant to an Approved
Share Plan that are covered by clause (i) above) are otherwise materially changed in any manner that adversely affects any of the
Buyers; (iii) the Common Stocks issuable upon exercise of the Registered Warrants; provided, that the terms of the Registered Warrants
are not amended, modified or changed on or after the Subscription Date (other than antidilution adjustments pursuant to the terms thereof
in effect as of the Subscription Date) and (iv) any restricted Common Stocks issued or issuable in connection with any bona fide
strategic or commercial alliances, acquisitions, mergers, licensing arrangements, and strategic partnerships, provided, that (x) the
primary purpose of such issuance is not to raise capital as reasonably determined, and (y) the purchaser or acquirer or recipient
of the securities in such issuance solely consists of either (A) the actual participants in such strategic or commercial alliance,
strategic or commercial licensing arrangement or strategic or commercial partnership, (B) the actual owners of such assets or securities
acquired in such acquisition or merger or (C) the shareholders, partners, employees, consultants, officers, directors or members
of the foregoing Persons, in each case, which is, itself or through its subsidiaries, an operating company or an owner of an asset, in
a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment
of funds, and (z) the number or amount of securities issued to such Persons by the Company shall not be disproportionate to each
such Person’s actual participation in (or fair market value of the contribution to) such strategic or commercial alliance or strategic
or commercial partnership or ownership of such assets or securities to be acquired by the Company, as applicable.

 

(e)            “Options”
means any rights, warrants or options to subscribe for or purchase Common Stocks or Convertible Securities.

 

     

     

    

 

(f)             “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

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

 

(Signature Page Follows)

 

     

     

    

 

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.

 

		TAKUNG ART CO., LTD
	 	 
	 	 
	 	By:	 
	 	 	Name:	Kuangtao Wang
	 	 	Title:	Co-Chief Executive Officer

 

     

     

    

 

NOTICE OF EXERCISE

 

To: Takung Art Co., Ltd

 

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

 

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

 

 ̈
in lawful money of the United States; or

 

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

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

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

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:___________________________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:_____________________________________________________

 

Name of Authorized Signatory:_______________________________________________________________________

 

Title of Authorized Signatory:________________________________________________________________________

 

Date:___________________________________________________________________________________________

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

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

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