Document:

Exhibit 10.3

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of December 13, 2021, between Hudson Capital, Inc., a British Virgin Islands
company (the “Company”), and ATW Opportunities Master Fund L.P. (the “Purchaser”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act,
the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company
as more fully described in this Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

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

 

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

 

“Beneficial
Ownership Limitation” shall have the meaning ascribed to such term in Section 2.1.

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Company
Counsel” means Sichenzia Ross Ference LLP.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(o).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Merger”
means the Company’s proposed business combination with Hudson Capital Merger Sub I, Inc. and Freight App, Inc. (formerly known
as “FreightHub, Inc.”, a Delaware company pursuant to the merger agreement, dated as of October 10, 2020, as it may be amended
from time to time.

 

“Ordinary
Shares” means the ordinary shares of the Company, par value $0.005 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Per
Warrant Purchase Price” equals $2.00, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Ordinary Shares that occur after the date of this Agreement, but prior to the Closing Date.

 

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

 

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

 

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“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.6.

 

“Registration
Statement” means the Company’s Registration Statement on Form F-3 filed with the Securities and Exchange Commission and
declared effective on September 19, 2019.

 

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

 

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

 

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

 

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

 

“Securities”
means the Warrants and the Warrant Shares.

 

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

 

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

 

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

 

“Subsidiary”
means any subsidiary of the Company set forth, discussed or disclosed in the SEC Reports, and shall, where applicable, also include any
direct or indirect subsidiary of the Company formed or acquired after the date hereof.

 

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

 

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

 

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“Transaction
Documents” means this Agreement, the Warrants and any other documents or agreements executed in connection with the transactions
contemplated hereunder.

 

“Transfer
Agent” means Transhare Corporation, the current transfer agent of the Company, with a mailing address of Bayside Center 1,
17755 US Highway 19 N., Suite 140, Clearwater, Florida and a facsimile number of (727) 269-5616, and any successor transfer agent of
the Company.

 

“Warrants”
means the prefunded Ordinary Shares Purchase warrants delivered to the Purchaser at Closing in accordance with Section 2.2(a) substantially
in the form in Exhibit A hereto.

 

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

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Securities
Purchase; Closing.

 

On
the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees
to purchase 431,000 Warrants for an aggregate purchase price of $862,000;

 

On
or before the Closing Date, the Company and Purchaser shall deliver to the other the Closing Deliverables as set forth in Sections 2.2(a)
and 2.2(b) below, respectively. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall
occur at the offices of Company Counsel or such other location as the parties shall mutually agree.

 

2.2 Closing
Deliverables.

 

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

 

(i) this
Agreement duly executed by the Company together with the Company’s wire instructions and executed by the Chief Executive Officer
or Chief Financial Officer;

 

(ii) a
Warrant registered in the name of the Purchaser to purchase up to the number of Ordinary Shares set forth in the Purchase signature page
hereto;

 

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(iii) a
certificate, in form provided to the Company, executed by an officer of the Company and dated as of such Closing Date, as to (i) the
resolutions as adopted by the Company’s Board of Directors in a form reasonably acceptable to Purchaser, (ii) the memorandum and
articles of association of the Company (of which a certified version shall be attached to such certificate) and (iii) the Company’s
bylaws (which shall be attached to such certificate, each as in effect at such Closing;

 

(iv) a
Certificate of the Chief Executive Officer and Chief Financial Officer certifying that all of the conditions to Closing have been satisfied;
and

 

(v) the
Prospectus Supplement and evidence that the Securities have been approved for listing on the Trading Market.

 

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

 

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

 

(ii)  the
Purchaser’s Subscription Amount.

 

2.3 Closing Conditions.

 

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

 

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

 

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

 

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

 

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

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of
a specific date therein) with the exception of the representations in Section 3.1(f) which must be true and correct in all respects;

 

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

 

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

 

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

 

(v) there
shall be adequate shares registered and not previously issued under the Registration Statement to permit the issuance of the Warrants
and the Warrant Shares; the Registration Statement shall be effective, no stop order shall have been instituted or contemplated and the
prospectus supplement shall have been filed with the Commission; and

 

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

 

ARTICLE III.

REPRESENTATIONS AND
WARRANTIES

 

3.1 Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchaser as of the date
hereof and as of the Closing Date:

 

(a) Subsidiaries.
All of the direct and indirect Subsidiaries of the Company are set forth in the SEC Reports. The Company owns, directly or indirectly,
all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding
shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights
to subscribe for or purchase securities.

 

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

 

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

 

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

 

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(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in
connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required
pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) application(s) to
each applicable Trading Market for the listing of the Ordinary Shares and Warrant Shares for trading thereon in the time and manner required
thereby and (iv) such filings as are required to be made under applicable state securities laws (collectively, the “Required
Approvals”).

 

(f) Issuance
of the Securities. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be duly authorized, validly
issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Warrants are duly authorized and free and
clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum number of Ordinary
Shares issuable pursuant to the Warrants. The Company understands and acknowledges that the number of Warrant Shares will increase in
certain circumstances. The Company further acknowledges that its obligation to issue the Warrant Shares upon exercise of the Warrants
in accordance with this Agreement and the Warrants is absolute and unconditional, regardless of the dilutive effect that such issuance
may have on the ownership interests of other stockholders of the Company.

 

The Warrants
and the Warrant Shares will be registered pursuant to the Company’s Registration Statement on Form F-3 which has been declared
effective by the Securities and Exchange Commission.

 

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(g) Capitalization.
The authorized capital stock of the Company consists of an unlimited number of Ordinary Shares, of which, 7,036,146 are issued and outstanding
and 650,000 shares are reserved for issuance pursuant to securities exercisable or exchangeable for, or convertible into, Ordinary Shares.
The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act. No Person has any
right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. Except as a result of the purchase and sale of the Securities, there are no outstanding options, warrants,
scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary
Shares or Share Equivalents. The issuance and sale of the Securities will not obligate the Company to issue Ordinary Shares or other
securities to any Person (other than the Purchaser) and will not result in a right of any holder of Company securities to adjust the
exercise, conversion, exchange or reset price under any of such securities. There are no outstanding securities or instruments of the
Company or any Subsidiary that contain any mandatory redemption or similar provisions, and there are no contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary.
The Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have
been issued in compliance with all foreign, federal and state securities laws. Other than the Required Approvals, no further approval
or authorization of any stockholder, lender, the Board of Directors or others is required for the issuance and sale of the Warrants and
the Warrant Shares. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h) SEC Reports;
Financial Statements. The Company has filed 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) thereof, 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) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement,
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of
such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the
SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none
of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis
during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.
There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries and an unconsolidated or other
off balance sheet entity that is required to be disclosed by the Company in its Exchange Act filings and is not so disclosed or that
otherwise could be reasonably likely to have a Material Adverse Effect.

 

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(i) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within
the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has been no event,
occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company
has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements
pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the
Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or
made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to
any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before
the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this
Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur
or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or
financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation
is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

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

 

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

 

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

 

(m) [Reserved]

 

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

 

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(o) Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the
Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by
the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain
internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that is effective 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 or any other criteria applicable
to such statements, and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established and maintained
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and
designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it
files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of
the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic annual report under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic annual report under
the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on
their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial
reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably
likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

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

 

(q) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Warrants, 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.

 

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

 

(s) Listing
and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and, except as set
forth on Schedule 3.1 hereto, 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 Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission
is contemplating terminating such registration. Except as set forth on Schedule 3.1 hereto, the Company has not in the 12 months preceding
the date hereof received notice from any Trading Market on which Ordinary Shares are or have 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 on Schedule
3.1 hereto, the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with
all such listing and maintenance requirements. The Ordinary Shares are currently eligible for electronic transfer through the Depository
Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer. The issuance and sale of the Warrants hereunder
does not contravene the rules and regulations of the Trading Market.

 

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(t) Application
of Takeover Protections. No control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s memorandum or articles of association (or similar charter
documents) or the laws of the British Virgin Islands that is or could become applicable to the Purchaser as a result of the Purchaser
and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchaser’s ownership of the Securities, is applicable to
the Company.

 

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

 

(v) Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company
of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount
that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent
liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as
now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of
the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the
current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after
taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when
such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature
(taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any
facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization
laws of any jurisdiction within one year from the Closing Date. For the purposes of this Agreement, “Indebtedness”
means (x) any liabilities for borrowed money or amounts owed in excess of $100,000 (other than trade accounts payable incurred in the
ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others,
whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties
by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z)
the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither
the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

    	13

    	 

    

 

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

 

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

 

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

 

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

 

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

 

(bb) Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any
action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of
any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other
securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection
with the placement of the Securities.

 

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

 

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

 

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

 

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(ff) Disclosure.
All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company and its Subsidiaries, their
respective businesses and the transactions contemplated hereby, is true and correct and does not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in
Section 3.2 hereof.

 

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

 

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

 

3.2 Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date
to the Company as follows (unless as of a specific date therein):

 

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

 

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(b) Understandings
or Arrangements. The Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this
representation and warranty not limiting the Purchaser’s right to sell the Securities in compliance with applicable federal
and state securities laws). The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(c) Experience
of The Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in
the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an
investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(d) Access
to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits
and schedules thereto), the SEC Reports and all such information it considers necessary or appropriate to make an informed investment
decision with respect to the Warrants.

 

(e) Accredited
Investor or Qualified Institutional Buyer. The Purchaser understands the definitions of “accredited investor” within
the meaning of Rule 501 of Regulation D promulgated under the Securities Act and “qualified institutional buyer” as
defined in Rule 144A under the Securities Act and is either an “accredited investor” or “qualified institutional
buyer” for purposes of acquiring the Securities to be purchased by the Purchaser under this Agreement.

 

(f) No
Solicitation. At no time was the Purchaser presented with or solicited by any publicly issued or circulated newspaper, mail, radio,
television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Securities.

 

The Company acknowledges
and agrees that the representations contained in Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely on
the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation
of the transaction contemplated hereby.

 

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ARTICLE IV.

OTHER AGREEMENTS
OF THE PARTIES

 

4.1 Warrant Shares.
If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance or
resale of the Warrant Shares the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time
following the date hereof the Registration Statement (or any subsequent registration statement registering the sale or resale of the
Warrant Shares) is not effective or is not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately
notify the holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify
such holders when the registration statement is effective again and available for the sale or resale of the Warrant Shares (it being
understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant
Shares in compliance with applicable federal and state securities laws).

 

4.2 Furnishing
of Information. Until the earliest of the time that the Warrants have expired or been exercised, the Company covenants to timely
file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company
after the date hereof pursuant to the Exchange Act.

 

4.3 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 for purposes of the rules and regulations
of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder
approval is obtained before the closing of such subsequent transaction.

 

4.4 Securities
Laws Disclosure; Publicity. The Company shall (a) by 8:30 a.m. (New York City time) on the date hereof, or if this Agreement is executed
after 4:00 p.m. (New York City time) at 8:30 a.m. (New York City time) on the Trading Day immediately following the date hereof, issue
a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 6-K, including
the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance
of such press release, the Company represents to the Purchaser that it shall have publicly disclosed all material, non-public information
delivered to any of the Purchaser by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents.

 

4.5 Prospectus
Supplement. The Company shall prepare a Prospectus Supplement with respect to the offering of the Securities. Counsel for the Purchaser
shall be provided with adequate time to review, to comment and to approve the Prospectus Supplement prior to filing with the Commission.

 

4.6 Use of Proceeds.
The Company shall use the net proceeds from the sale of the Warrants hereunder for working capital purposes and shall not use such proceeds:
(a) for the satisfaction of any portion of the Company’s debt (other than payment of trade payables and service providers such
as auditors and attorneys in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any
Ordinary Shares or Share Equivalents, (c) for the settlement of any outstanding litigation,or (d) in violation of FCPA or OFAC regulations.

 

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4.7 Indemnification
of Purchaser. Subject to the provisions of this Section 4.6, the Company will indemnify and hold the Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack
of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all
losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys’ fees and costs of investigation that any the Purchaser Party may suffer or incur as a result
of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement
or in the other Transaction Documents or (b) any Action instituted against the Purchaser Parties in any capacity, or any of them or their
respective Affiliates, by any stockholder of the Company who is not an Affiliate of the Purchaser Party, with respect to any of the transactions
contemplated by the Transaction Documents (unless such Action is solely based upon a material breach of the Purchaser Party’s representations,
warranties or covenants under the Transaction Documents or any agreements or understandings the Purchaser Party may have with any such
stockholder or any violations by the Purchaser Party of state or federal securities laws or any conduct by the Purchaser Party which
constitutes fraud, gross negligence or willful misconduct). If any Action shall be brought against any Purchaser Party in respect of
which indemnity may be sought pursuant to this Agreement, the Purchaser Party shall promptly notify the Company in writing, and the Company
shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any
Purchaser Party shall have the right to employ separate counsel in any such Action and participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of the Purchaser Party except to the extent that (i) the employment thereof has
been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such
defense and to employ counsel or (iii) in such Action there is, in the reasonable opinion of Purchaser’s counsel, a material conflict
on any material issue between the position of the Company and the position of the Purchaser Party, in which case the Company shall be
responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser
Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which
shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is
attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by the Purchaser
Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.7 shall be made by advancement
of periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred.
The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against
the Company or others and any liabilities the Company may be subject to pursuant to law; provided, however, that no Purchaser shall be
entitled to any double recovery of damages as a result of the exercise of any other such right.

 

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4.8 Listing of
Ordinary Shares. The Company hereby agrees to take all actions immediately after the date hereof to file a Notice of Additional Listing
with the Trading Market to list the Warrant Shares so that they can be issued no later than 15 days after the date hereof. The Company
will use its best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which it is currently
listed. The Company further agrees, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then
include in such application all of the Warrant Shares will take such other action as is necessary to cause all of the Warrant Shares
to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary
to continue the listing and trading of its Ordinary Shares on a Trading Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility
of the Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection
with such electronic transfer.

 

4.9 Subsequent
Equity Sales. From the date hereof until December 28, 2021, neither the Company nor any Subsidiary shall issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any Ordinary Shares or Share Equivalents, including, without limitation, the
filing of a registration statement other than for the purposes of registering the resale of the Securities being purchased hereunder.

 

4.10 [Reserved]

 

4.11 [Reserved]

 

4.12 Certain Transactions
and Confidentiality. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding
with it will execute any purchases or sales, including short sales of any of the Company’s securities during the period commencing
with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.4. The Purchaser covenants that until such time as the transactions
contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4,
the Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included herein. Notwithstanding
the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees
that (i) the Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any
securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to
the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) the Purchaser
shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after
the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that
is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of the Purchaser’s assets and
the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of
the Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio
manager that made the investment decision to purchase the Securities covered by this Agreement.

 

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4.12 Blue Sky
Filings. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws
of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

4.13 Pledge of
Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that the Securities
may be pledged by a Purchaser in connection with a bona fide margin agreement or other loan or financing arrangement that is secured
by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and
Purchaser effecting a pledge of Securities shall not be required to provide the Company with any notice thereof or otherwise make any
delivery to the Company pursuant to this Agreement or any other Transaction Document. The Company hereby agrees to execute and deliver
such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee
by a Purchaser.

 

4.14 Reservation
of Ordinary Shares. So long as any of the Warrants remain outstanding, the Company shall take all action necessary to at all times
have authorized, and reserved for the purpose of issuance, no less than 100% of the maximum number of Ordinary Shares issuable upon exercise
of all the Warrants (without regard to any limitations on the exercise of the Warrants set forth therein).

 

4.15 Exercise
Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers
in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers
to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise
the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions
and time periods set forth in the Transaction Documents. Notwithstanding the foregoing, in no event shall the Company deliver Warrant
Shares or permit the exercise of Warrants if it would breach Beneficial Ownership Limitation.

 

4.16 Restructure
of Terms. In the event any changes in the terms of this Agreement or the Securities are required by a Trading Market, the Purchaser,
in its sole discretion, may opt to terminate this Agreement or proceed with such terms as necessary to obtain all Required Approvals.

 

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ARTICLE V.

MISCELLANEOUS

 

5.1 Termination.
This Agreement may be terminated by the Purchaser by written notice to the other parties, if the Closing has not been consummated on
or before the fifth Trading Day after all of the conditions to Closing have been satisfied or waived; provided, however,
no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2 Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without
limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser. The
Company shall also pay all legal fees of Company and the Purchaser, each not to exceed $50,000, which will be deducted out of the proceeds
at Closing.

 

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

 

5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the e-mail address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile or e-mail attachment at the facsimile number or email address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day,
(c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and
communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any
Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the
Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in
the case of an amendment, by the Company and the Purchaser which purchased at least a majority in interest of the Warrants based on the
initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers),
the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any
party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the
other Purchasers shall require the prior written consent of such adversely affected Purchaser, Any amendment effected in accordance with
accordance with this Section 5.6 shall be binding upon the Purchaser and holder of Securities and the Company.

 

    	22

    	 

    

 

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

 

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

 

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

 

5.9 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting
in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any suit, Action or Proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such 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
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an Action, suit or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations
of the Company under Section 4.6, the prevailing party in such Action, suit or Proceeding shall be reimbursed by the other party for
its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
Action or Proceeding.

 

    	23

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	24

    	 

    

 

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

 

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

 

5.17 Payments
of Amounts Owed. The Company’s obligations to pay any amounts owing under the Transaction Documents is a continuing obligation
of the Company and shall not terminate until all unpaid amounts have been paid notwithstanding the fact that the instrument or security
pursuant to which such amounts are due and payable shall have been canceled.

 

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

 

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

 

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

 

(Signature Pages Follow)

 

    	25

    	 

    

 

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

 

 

	HUDSON
                    CAPITAL INC.

	 	 	Address
                                            for Notice:

    

    

	 	 	 	19
    West 44th Street, Suite 1001
	By:	/s/
                                            Warren Wang

    

    

    
	 		New
    York, NY 10036
	Name:	Warren
    Wang	 	 	Fax:
	Title:	Chief
    Executive Officer	 		
	 	 	 	 	 
	With a copy to (which shall not constitute
    notice):	 	 	 
	Sichenzia
                    Ross Ference LLP

1185
Avenue of the Americas, 31st Floor

New
York, NY 10036

Attention:
Benjamin Tan, Esq.

	 	 	 
	 	 	 	 	 
	ATW OPPORTUNITIES
    MASTER FUND L.P.	 	 	Address
    for Notice:
	 	 	 	7969
    NW 2nd Street, #415
	By:	ATW
    Partners Opportunities Fund GP, LLC	 		Miami,
    FL 33126
	By:	/s/
    Antonio Ruiz-Gimenez, Jr.	 	 	Fax:
	Name:	Antonio
    Ruiz-Gimenez, Jr.	 		 
	Title:	Member	 	 	 

 

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

Loeb &
Loeb LLP345 Park Avenue

New York, NY 10154

Attention: Mitchell Nussbaum, Esq.  

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	26

    	 

    

 

[PURCHASER SIGNATURE PAGES TO SECURITIES
PURCHASE AGREEMENT]

 

    	27

    	 

    

 

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

 

Name of Purchaser: ATW Opportunities
Master Fund L.P.

 

Signature of Authorized Signatory
of Purchaser: /s/ Antonio Ruiz-Gimenez, Jr.

 

Name of Authorized Signatory: Antonio
Ruiz-Gimenez, Jr.

 

Title of Authorized Signatory: Member

 

Email Address of Authorized Signatory:
Aruizg@atwpartners.com

 

Facsimile Number of Authorized Signatory:
__________________________________________

 

Address for Notice to Purchaser:

7969 NW 2nd Street #415

Miami, FL 33126

 

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

 

Subscription Amount: $862,000

 

Warrant Shares: 431,000

 

EIN Number: 85-1393078

 

    	28

    	 

    

 

EXHIBIT A

 

FORM OF WARRANT

 

    	29Exhibit
10.4

 

HUDSON
CAPITAL INC. 

2021
EQUITY INCENTIVE PLAN

 

ARTICLE
I

PURPOSE

 

The
purpose of this Hudson Capital Inc.2021 Equity Incentive Plan (the “Plan”) is to benefit Hudson Capital Inc., a British
Virgin Islands corporation (the “Company”) and its stockholders, by assisting the Company and its subsidiaries to
attract, retain and provide incentives to key management employees, directors, and consultants of the Company and its Affiliates, and
to align the interests of such service providers with those of the Company’s stockholders. Accordingly, the Plan provides for the
granting of Non-qualified Stock Options, Incentive Stock Options, Restricted Stock Awards, Restricted Stock Unit Awards, Unrestricted
Stock Awards or any combination of the foregoing.

 

ARTICLE
II

DEFINITIONS

 

The
following definitions shall be applicable throughout the Plan unless the context otherwise requires:

 

2.1
“Affiliate” shall mean any corporation
which, with respect to the Company, is a “subsidiary corporation” within the meaning of Section 424(f) of the Code or other
entity in which the Company has a controlling interest in such entity or another entity which is part of a chain of entities in which
the Company or each entity has a controlling interest in another entity in the unbroken chain of entities ending with the applicable
entity.

 

2.2
“Award” shall mean, individually
or collectively, any Option, Restricted Stock Award, Restricted Stock Unit Award, or Unrestricted Stock Award.

 

2.3
“Award Agreement” shall mean a written
agreement between the Company and the Holder with respect to an Award, setting forth the terms and conditions of the Award, as amended.

 

2.4
“Board” shall mean the Board of Directors
of the Company.

 

2.5
““Cause” shall mean (i) if
the Holder is a party to an employment or service agreement with the Company or an Affiliate which agreement defines “Cause”
(or a similar term), “Cause” shall have the same meaning as provided for in such agreement, or (ii) for a Holder who
is not a party to such an agreement, “Cause” shall mean termination by the Company or an Affiliate of the employment
(or other service relationship) of the Holder by reason of the Holder’s (A) intentional failure to perform reasonably assigned
duties, (B) dishonesty or willful misconduct in the performance of the Holder’s duties, (C) involvement in a transaction which
is materially adverse to the Company or an Affiliate, (D) breach of fiduciary duty involving personal profit, (E) willful violation of
any law, rule, regulation or court order (other than misdemeanor traffic violations and misdemeanors not involving misuse or misappropriation
of money or property), (F) commission of an act of fraud or intentional misappropriation or conversion of any asset or opportunity of
the Company or an Affiliate, or (G) material breach of any provision of the Plan or the Holder’s Award Agreement or any other written
agreement between the Holder and the Company or an Affiliate, in each case as determined in good faith by the Board, the determination
of which shall be final, conclusive and binding on all parties.

 

2.6
“Change of Control” shall mean: (i)
for a Holder who is a party to an employment or consulting agreement with the Company or an Affiliate which agreement defines “Change
of Control” (or a similar term), “Change of Control” shall have the same meaning as provided for in such agreement,
or (ii) for a Holder who is not a party to such an agreement, “Change of Control” shall mean the satisfaction of any
one or more of the following conditions (and the “Change of Control” shall be deemed to have occurred as of the first day
that any one or more of the following conditions shall have been satisfied):

 

    	 

     

    

 

(a)
Any person (as such term is used in paragraphs 13(d)
and 14(d)(2) of the Exchange Act, hereinafter in this definition, “Person”), other than the Company or an Affiliate
or an employee benefit plan of the Company or an Affiliate, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of
the Company’s then outstanding securities;

 

(b)
The closing of a merger, consolidation or other business
combination (a “Business Combination”) other than a Business Combination in which holders of the Shares immediately
prior to the Business Combination have substantially the same proportionate ownership of the common stock or ordinary shares, as applicable,
of the surviving corporation immediately after the Business Combination as immediately before;

 

(c)
The closing of an agreement for the sale or disposition
of all or substantially all of the Company’s assets to any entity that is not an Affiliate;

 

(d)
The approval by the holders of shares of Shares of a
plan of complete liquidation of the Company, other than a merger of the Company into any subsidiary or a liquidation as a result of which
persons who were stockholders of the Company immediately prior to such liquidation have substantially the same proportionate ownership
of shares of common stock or ordinary shares, as applicable, of the surviving corporation immediately after such liquidation as immediately
before; or

 

(e)
Within any twenty-four (24) month period, the Incumbent
Directors shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; provided,
however, that any director elected to the Board, or nominated for election, by a majority of the Incumbent Directors then still
in office, shall be deemed to be an Incumbent Director for purposes of this paragraph (e), but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an individual,
entity or “group” other than the Board (including, but not limited to, any such assumption that results from paragraphs (a),
(b), (c), or (d) of this definition).

 

2.7
“Code” shall mean the United States
of America Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall be deemed to include any
amendments or successor provisions to any section and any regulation under such section.

 

2.8
“Committee” shall mean a committee
comprised of two (2) or more members of the Board who are selected by the Board as provided in Section 4.1.

 

2.9
“Company” shall have the meaning
given to such term in the introductory paragraph, including any successor thereto.

 

2.10
“Consultant” shall mean any non-Employee
(individual or entity) advisor to the Company or an Affiliate who or which has contracted directly with the Company or an Affiliate to
render bona fide consulting or advisory services thereto.

 

2.11
“Director” shall mean a member of
the Board or a member of the board of directors of an Affiliate, in either case, who is not an Employee.

 

2.12
““Effective Date” shall mean
________, 2021.

 

2.13
“Employee” shall mean any employee,
including any officer, of the Company or an Affiliate.

 

2.14
“Exchange Act” shall mean the United
States of America Securities Exchange Act of 1934, as amended.

 

    	2

    	 

    

 

2.15
“Fair Market Value” shall mean, as
of any specified date, the closing sales price of the Shares for such date (or, in the event that the Shares are not traded on such date,
on the immediately preceding trading date) on the NASDAQ Stock Market (“NASDAQ”), as reported by NASDAQ, or such other domestic
or foreign national securities exchange on which the Shares may be listed. If the Shares are not listed on NASDAQ or on a national securities
exchange, but are quoted on the OTC Bulletin Board or by the National Quotation Bureau, the Fair Market Value of the Shares shall be
the mean of the highest bid and lowest asked prices per Share for such date. If the Shares are not quoted or listed as set forth above,
Fair Market Value shall be determined by the Board in good faith by any fair and reasonable means (which means may be set forth with
greater specificity in the applicable Award Agreement). The Fair Market Value of property other than Shares shall be determined by the
Board in good faith by any fair and reasonable means consistent with the requirements of applicable law.

 

2.16
“Family Member” of an individual
shall mean any child, stepchild, grandchild, parent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Holder’s
household (other than a tenant or employee of the Holder), a trust in which such persons have more than fifty percent (50%) of the beneficial
interest, a foundation in which such persons (or the Holder) control the management of assets, and any other entity in which such persons
(or the Holder) own more than fifty percent (50%) of the voting interests.

 

2.17
“Holder” shall mean an Employee,
Director or Consultant who has been granted an Award or any such individual’s beneficiary, estate or representative, who has acquired
such Award in accordance with the terms of the Plan, as applicable.

 

2.18
“Incentive Stock Option” shall mean
an Option which is intended by the Committee to constitute an “incentive stock option” and conforms to the applicable provisions
of Section 422 of the Code.

 

2.19
“Incumbent Director” shall mean,
with respect to any period of time specified under the Plan for purposes of determining whether or not a Change of Control has occurred,
the individuals who were members of the Board at the beginning of such period.

 

2.20
“Non-qualified Stock Option” shall
mean an Option which is not an Incentive Stock Option or which is designated as an Incentive Stock Option but does not meet the applicable
requirements of Section 422 of the Code.

 

2.21
“Option” shall mean an Award granted
under Article VII of the Plan of an option to purchase Shares and shall include both Incentive Stock Options and Non-qualified Stock
Options.

 

2.22
“Option Agreement” shall mean a written
agreement between the Company and a Holder with respect to an Option.

 

2.23
“Plan” shall mean this Hudson Capital
Inc. 2021 Equity Incentive Plan, as amended from time to time, together with each of the Award Agreements utilized hereunder.

 

2.24
“Restricted Stock Award” and “Restricted
Stock” shall mean an Award granted under Article VIII of the Plan of Shares, the transferability of which by the Holder is
subject to Restrictions.

 

2.25
“Restricted Stock Agreement” shall
mean a written agreement between the Company and a Holder with respect to a Restricted Stock Award.

 

2.26
“Restricted Stock Unit Award” and
“RSUs” shall refer to an Award granted under Article X of the Plan under which, upon the satisfaction of predetermined
individual service-related vesting requirements, a cash payment shall be made to the Holder, based on the number of Units awarded to
the Holder.

 

2.27
“Restricted Stock Unit Agreement”
shall mean a written agreement between the Company and a Holder with respect to a Restricted Stock Award.

 

2.28
“Restriction Period” shall mean the
period of time for which Shares subject to a Restricted Stock Award shall be subject to Restrictions, as set forth in the applicable
Restricted Stock Agreement.

 

    	3

    	 

    

 

2.29
“Restrictions” shall mean the forfeiture,
transfer and/or other restrictions applicable to Shares awarded to an Employee, Director or Consultant under the Plan pursuant to a Restricted
Stock Award and set forth in a Restricted Stock Agreement.

 

2.30
“Rule 16b-3” shall mean Rule 16b-3
promulgated by the Securities and Exchange Commission under the Exchange Act, as such may be amended from time to time, and any successor
rule, regulation or statute fulfilling the same or a substantially similar function.

 

2.31
“Shares” or “Stock”
shall mean the ordinary shares of the Company, par value $0.005 per share.

 

2.32
“Ten Percent Stockholder” shall mean
an Employee who, at the time an Option is granted to him or her, owns shares possessing more than ten percent (10%) of the total combined
voting power of all classes of shares of the Company or of any parent corporation or subsidiary corporation thereof (both as defined
in Section 424 of the Code), within the meaning of Section 422(b)(6) of the Code.

 

2.33
“Termination of Service” shall mean
a termination of a Holder’s employment with, or status as a Director or Consultant of, the Company or an Affiliate, as applicable,
for any reason, including, without limitation, Total and Permanent Disability or death, except as provided in Section 6.4. In the event
Termination of Service shall constitute a payment event with respect to any Award subject to Code Section 409A, Termination of Service
shall only be deemed to occur upon a “separation from service” as such term is defined under Code Section 409A and applicable
authorities.

 

2.34
“Total and Permanent Disability”
of an individual shall mean the inability of such individual to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for
a continuous period of not less than twelve (12) months, within the meaning of Section 22(e)(3) of the Code.

 

2.35
“Unit” shall mean a bookkeeping unit,
which represents one Share for purposes of each Restricted Stock Unit Award.

 

2.36
“Unrestricted Stock Award” shall
mean an Award granted under Article IX of the Plan of Shares which are not subject to Restrictions.

 

2.37
“Unrestricted Stock Agreement” shall
mean a written agreement between the Company and a Holder with respect to an Unrestricted Stock Award.

 

ARTICLE
III

EFFECTIVE DATE OF PLAN

 

The
Plan shall be effective as of the Effective Date, provided that the Plan is approved by the stockholders of the Company within twelve
(12) months of such date.

 

ARTICLE
IV

ADMINISTRATION

 

4.1
Composition of Committee. The Plan shall be administered
by the Committee, which shall be appointed by the Board. If necessary, in the Board’s discretion, to comply with Rule 16b-3 under
the Exchange Act or relevant securities exchange or inter-dealer quotation service, the Committee shall consist solely of two (2) or
more Directors who are each (i) “non-employee directors” within the meaning of Rule 16b-3 and (ii) “independent”
for purposes of any applicable listing requirements;. If a member of the Committee shall be eligible to receive an Award under the Plan,
such Committee member shall have no authority hereunder with respect to his or her own Award.

 

4.2
Powers. Subject to the other provisions of the
Plan, the Committee shall have the sole authority, in its discretion, to make all determinations under the Plan, including but not limited
to (i) determining which Employees, Directors or Consultants shall receive an Award, (ii) the time or times when an Award shall be made
(the date of grant of an Award shall be the date on which the Award is awarded by the Committee), (iii) what type of Award shall be granted,
(iv) the term of an Award, (v) the date or dates on which an Award vests, (vi) the form of any payment to be made pursuant to an Award,
(vii) the terms and conditions of an Award (including the forfeiture of the Award, and/or any financial gain, if the Holder of the Award
violates any applicable restrictive covenant thereof), (viii) the Restrictions under a Restricted Stock Award, (ix) the number of Shares
which may be issued under an Award, (x) the waiver of any Restrictions, and (xi) determining whether to offer to repurchase, replace
or reprice a previously granted Award and the terms and conditions of such offer, subject in all cases to compliance with applicable
laws. In making such determinations the Committee may take into account the nature of the services rendered by the respective Employees,
Directors and Consultants, their present and potential contribution to the Company’s (or the Affiliate’s) success and such
other factors as the Committee in its discretion may deem relevant.

 

    	4

    	 

    

 

4.3
Additional Powers. The Committee shall have such
additional powers as are delegated to it under the other provisions of the Plan. Subject to the express provisions of the Plan, the Committee
is authorized to construe the Plan and the respective Award Agreements executed hereunder, to prescribe such rules and regulations relating
to the Plan as it may deem advisable to carry out the intent of the Plan, to determine the terms, restrictions and provisions of each
Award and to make all other determinations necessary or advisable for administering the Plan. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in any Award Agreement in the manner and to the extent the Committee shall deem necessary,
appropriate or expedient to carry it into effect. The determinations of the Committee on the matters referred to in this Article IV shall
be conclusive and binding on the Company and all Holders.

 

4.4
Committee Action. Subject to compliance with
all applicable laws, action by the Committee shall require the consent of a majority of the members of the Committee, expressed either
orally at a meeting of the Committee or in writing in the absence of a meeting. No member of the Committee shall have any liability for
any good faith action, inaction or determination in connection with the Plan.

 

ARTICLE
V

SHARES SUBJECT TO PLAN AND LIMITATIONS THEREON

 

5.1
Authorized Shares and Award Limits. The Committee
may from time to time grant Awards to one or more Employees, Directors and/or Consultants determined by it to be eligible for participation
in the Plan in accordance with the provisions of Article VI. Subject to Article XI, the aggregate number of Shares that may be issued
under the Plan shall not exceed 5,000,000 Shares. Shares shall be deemed to have been issued under the Plan solely to the extent actually
issued and delivered pursuant to an Award. To the extent that an Award lapses, expires, is canceled, is terminated unexercised or ceases
to be exercisable for any reason, or the rights of its Holder terminate, any Shares subject to such Award shall again be available for
the grant of a new Award. Notwithstanding any provision in the Plan to the contrary, the maximum number of Shares that may be subject
to Awards of Options under Article VII, in this case granted to any one person during any calendar year, shall be 100,000 Shares (subject
to adjustment in the same manner as provided in Article XI with respect to Shares subject to Awards then outstanding).

 

5.2
Types of Shares. The Shares to be issued pursuant
to the grant or exercise of an Award may consist of authorized but unissued Shares, Shares purchased on the open market or Shares previously
issued and outstanding and reacquired by the Company.

 

ARTICLE
VI

ELIGIBILITY AND TERMINATION OF SERVICE

 

6.1
Eligibility. Awards made under the Plan may be
granted solely to individuals or entities who, at the time of grant, are Employees, Directors or Consultants. An Award may be granted
on more than one occasion to the same Employee, Director or Consultant, and, subject to the limitations set forth in the Plan, such Award
may include, a Non-qualified Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, an Unrestricted Stock Award, or any
combination thereof, and solely for Employees, an Incentive Stock Option.

 

    	5

    	 

    

 

6.2
Termination of Service. Except to the extent
inconsistent with the terms of the applicable Award Agreement and/or the provisions of Section 6.3 or 6.4, the following terms and conditions
shall apply with respect to a Holder’s Termination of Service with the Company or an Affiliate, as applicable:

 

(a)
The Holder’s rights, if any, to exercise any then
exercisable Options shall terminate:

 

(i)
If such termination is for a reason other than the Holder’s
Total and Permanent Disability or death, ninety (90) days after the date of such Termination of Service;

 

(ii)
If such termination is on account of the Holder’s
Total and Permanent Disability, one (1) year after the date of such Termination of Service; or

 

(iii)
If such termination is on account of the Holder’s
death, one (1) year after the date of the Holder’s death.

 

Upon
such applicable date the Holder (and such Holder’s estate, designated beneficiary or other legal representative) shall forfeit
any rights or interests in or with respect to any such Options. Notwithstanding the foregoing, the Committee, in its sole discretion,
may provide for a different time period in the Award Agreement, or may extend the time period, following a Termination of Service, during
which the Holder has the right to exercise any vested Non-qualified Stock Option, which time period may not extend beyond the expiration
date of the Award term.

 

(b)
In the event of a Holder’s Termination of Service
for any reason prior to the actual or deemed satisfaction and/or lapse of the Restrictions, vesting requirements, terms and conditions
applicable to a Restricted Stock Award and/or Restricted Stock Unit Award, such Restricted Stock and/or RSUs shall immediately be canceled,
and the Holder (and such Holder’s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests
in and with respect to any such Restricted Stock and/or RSUs. Notwithstanding the immediately preceding sentence, the Committee, in its
sole discretion, may determine, prior to or within thirty (30) days after the date of such Termination of Service that all or a portion
of any such Holder’s Restricted Stock and/or RSUs shall not be so canceled and forfeited.

 

6.3
Special Termination Rule. Except to the extent
inconsistent with the terms of the applicable Award Agreement, and notwithstanding anything to the contrary contained in this Article
VI, if a Holder’s employment with, or status as a Director of, the Company or an Affiliate shall terminate, and if, within ninety
(90) days of such termination, such Holder shall become a Consultant, such Holder’s rights with respect to any Award or portion
thereof granted thereto prior to the date of such termination may be preserved, if and to the extent determined by the Committee in its
sole discretion, as if such Holder had been a Consultant for the entire period during which such Award or portion thereof had been outstanding.
Should the Committee effect such determination with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated
as if his or her employment or Director status had terminated until such time as his or her Consultant status shall terminate, in which
case his or her Award, as it may have been reduced in connection with the Holder’s becoming a Consultant, shall be treated pursuant
to the provisions of Section 6.2, provided, however, that any such Award which is intended to be an Incentive Stock Option shall, upon
the Holder’s no longer being an Employee, automatically convert to a Non-qualified Stock Option. Should a Holder’s status
as a Consultant terminate, and if, within ninety (90) days of such termination, such Holder shall become an Employee or a Director, such
Holder’s rights with respect to any Award or portion thereof granted thereto prior to the date of such termination may be preserved,
if and to the extent determined by the Committee in its sole discretion, as if such Holder had been an Employee or a Director, as applicable,
for the entire period during which such Award or portion thereof had been outstanding, and, should the Committee effect such determination
with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her Consultant status had terminated
until such time as his or her employment with the Company or an Affiliate, or his or her Director status, as applicable, shall terminate,
in which case his or her Award shall be treated pursuant to the provisions of Section 6.2.

 

6.4
Termination of Service for Cause. Notwithstanding
anything in this Article VI or elsewhere in the Plan to the contrary, and unless a Holder’s Award Agreement specifically provides
otherwise, in the event of a Holder’s Termination of Service for Cause, all of such Holder’s then outstanding Awards shall
expire immediately and be forfeited in their entirety upon such Termination of Service.

 

    	6

    	 

    

 

ARTICLE
VII

OPTIONS

 

7.1
Option Period. The term of each Option shall
be as specified in the Option Agreement; provided, however, that except as set forth in Section 7.3, no Option shall be
exercisable after the expiration of ten (10) years from the date of its grant.

 

7.2
Limitations on Exercise of Option. An Option
shall be exercisable in whole or in such installments and at such times as specified in the Option Agreement.

 

7.3
Special Limitations on Incentive Stock Options.
To the extent that the aggregate Fair Market Value (determined at the time the respective Incentive Stock Option is granted) of Shares
with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all
plans of the Company and any parent corporation or subsidiary corporation thereof (both as defined in Section 424 of the Code) which
provide for the grant of Incentive Stock Options exceeds One Hundred Thousand Dollars ($100,000) (or such other individual limit as may
be in effect under the Code on the date of grant), the portion of such Incentive Stock Options that exceeds such threshold shall be treated
as Non-qualified Stock Options. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury Regulations
and other administrative pronouncements, which of a Holder’s Options, which were intended by the Committee to be Incentive Stock
Options when granted to the Holder, will not constitute Incentive Stock Options because of such limitation, and shall notify the Holder
of such determination as soon as practicable after such determination. No Incentive Stock Option shall be granted to an Employee if,
at the time the Incentive Stock Option is granted, such Employee is a Ten Percent Stockholder, unless (i) at the time such Incentive
Stock Option is granted the Option price is at least one hundred ten percent (110%) of the Fair Market Value of the Shares subject to
the Incentive Stock Option, and (ii) such Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years
from the date of grant. No Incentive Stock Option shall be granted more than ten (10) years from the earlier of the Effective Date or
date on which the Plan is approved by the Company’s stockholders. The designation by the Committee of an Option as an Incentive
Stock Option shall not guarantee the Holder that the Option will satisfy the applicable requirements for “incentive stock option”
status under Section 422 of the Code.

 

7.4
Option Agreement. Each Option shall be evidenced
by an Option Agreement in such form and containing such provisions not inconsistent with the other provisions of the Plan as the Committee
from time to time shall approve, including, but not limited to, provisions intended to qualify an Option as an Incentive Stock Option.
An Option Agreement may provide for the payment of the Option price, in whole or in part, by the delivery of a number of Shares (plus
cash if necessary) that have been owned by the Holder for at least six (6) months and having a Fair Market Value equal to such Option
price, or such other forms or methods as the Committee may determine from time to time, in each case, subject to such rules and regulations
as may be adopted by the Committee. Each Option Agreement shall, solely to the extent inconsistent with the provisions of Sections 6.2,
6.3, and 6.4, as applicable, specify the effect of Termination of Service on the exercisability of the Option. Moreover, without limiting
the generality of the foregoing, a Non-qualified Stock Option Agreement may provide for a “cashless exercise” of the Option,
in whole or in part, by (a) establishing procedures whereby the Holder, by a properly-executed written notice, directs (i) an immediate
market sale or margin loan as to all or a part of Shares to which he is entitled to receive upon exercise of the Option, pursuant to
an extension of credit by the Company to the Holder of the Option price, (ii) the delivery of the Shares from the Company directly to
a brokerage firm and (iii) the delivery of the Option price from sale or margin loan proceeds from the brokerage firm directly to the
Company, or (b) reducing the number of Shares to be issued upon exercise of the Option by the number of such Shares having an aggregate
Fair Market Value equal to the Option price (or portion thereof to be so paid) as of the date of the Option’s exercise. An Option
Agreement may also include provisions relating to: (i) subject to the provisions hereof, accelerated vesting of Options, including but
not limited to, upon the occurrence of a Change of Control, (ii) tax matters (including provisions covering any applicable Employee wage
withholding requirements and requiring additional “gross-up” payments to Holders to meet any excise taxes or other additional
income tax liability imposed as a result of a payment made upon a Change of Control resulting from the operation of the Plan or of such
Option Agreement) and (iii) any other matters not inconsistent with the terms and provisions of the Plan that the Committee shall in
its sole discretion determine. The terms and conditions of the respective Option Agreements need not be identical.

 

    	7

    	 

    

 

7.5
Option Price and Payment. The price at which
an Share may be purchased upon exercise of an Option shall be determined by the Committee; provided, however, that such
Option price (i) shall not be less than the Fair Market Value of an Share on the date such Option is granted (or 110% of Fair Market
Value for an Incentive Stock Option held by Ten Percent Stockholder, as provided in Section 7.3), and (ii) shall be subject to adjustment
as provided in Article XI. The Option or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the Company.
The Option price for the Option or portion thereof shall be paid in full in the manner prescribed by the Committee as set forth in the
Plan and the applicable Option Agreement, which manner, with the consent of the Committee, may include the withholding of Shares otherwise
issuable in connection with the exercise of the Option. Separate share certificates shall be issued by the Company for those Shares acquired
pursuant to the exercise of an Incentive Stock Option and for those Shares acquired pursuant to the exercise of a Non-qualified Stock
Option.

 

7.6
Stockholder Rights and Privileges. The Holder
of an Option shall be entitled to all the privileges and rights of a stockholder of the Company solely with respect to such Shares as
have been purchased under the Option and for which share certificates have been registered in the Holder’s name.

 

7.7
Options and Rights in Substitution for Stock or Options
Granted by Other Corporations. Options may be granted under the Plan from time to time in substitution for stock options held by
individuals employed by entities who become Employees, Directors or Consultants as a result of a merger or consolidation of the employing
entity with the Company or any Affiliate, or the acquisition by the Company or an Affiliate of the assets of the employing entity, or
the acquisition by the Company or an Affiliate of stock or shares of the employing entity with the result that such employing entity
becomes an Affiliate.

 

ARTICLE
VIII

RESTRICTED STOCK AWARDS

 

8.1
Award. A Restricted Stock Award shall constitute
an Award of Shares to the Holder as of the date of the Award which are subject to a “substantial risk of forfeiture” as defined
under Section 83 of the Code during the specified Restriction Period. At the time a Restricted Stock Award is made, the Committee shall
establish the Restriction Period applicable to such Award. Each Restricted Stock Award may have a different Restriction Period, in the
discretion of the Committee. The Restriction Period applicable to a particular Restricted Stock Award shall not be changed except as
permitted by Section 8.2.

 

8.2
Terms and Conditions. At the time any Award is
made under this Article VIII, the Company and the Holder shall enter into a Restricted Stock Agreement setting forth each of the matters
contemplated thereby and such other matters as the Committee may determine to be appropriate. The Company shall cause the Shares to be
issued in the name of Holder, either by book-entry registration or issuance of one or more stock certificates evidencing the Shares,
which Shares or certificates shall be held by the Company or the stock transfer agent or brokerage service selected by the Company to
provide services for the Plan. The Shares shall be restricted from transfer and shall be subject to an appropriate stop-transfer order,
and if any certificate is issued, such certificate shall bear an appropriate legend referring to the restrictions applicable to the Shares.
After any Shares vest, the Company shall deliver the vested Shares, in book-entry or certificated form in the Company’s sole discretion,
registered in the name of Holder or his or her legal representatives, beneficiaries or heirs, as the case may be, less any Shares withheld
to pay withholding taxes. If provided for under the Restricted Stock Agreement, the Holder shall have the right to vote Shares subject
thereto and to enjoy all other stockholder rights, including the entitlement to receive dividends on the Shares during the Restriction
Period. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms and conditions or restrictions
relating to Restricted Stock Awards, including, but not limited to, rules pertaining to the effect of Termination of Service prior to
expiration of the Restriction Period. Such additional terms, conditions or restrictions shall, to the extent inconsistent with the provisions
of Sections 6.2, 6.3 and 6.4, as applicable, be set forth in a Restricted Stock Agreement made in conjunction with the Award. Such Restricted
Stock Agreement may also include provisions relating to: (i) subject to the provisions hereof, accelerated vesting of Awards, including
but not limited to accelerated vesting upon the occurrence of a Change of Control, (ii) tax matters (including provisions covering any
applicable Employee wage withholding requirements and requiring additional “gross-up” payments to Holders to meet any excise
taxes or other additional income tax liability imposed as a result of a payment made in connection with a Change of Control resulting
from the operation of the Plan or of such Restricted Stock Agreement) and (iii) any other matters not inconsistent with the terms and
provisions of the Plan that the Committee shall in its sole discretion determine. The terms and conditions of the respective Restricted
Stock Agreements need not be identical. All Shares delivered to a Holder as part of a Restricted Stock Award shall be delivered and reported
by the Company or the Affiliate, as applicable, to the Holder at the time of vesting.

 

    	8

    	 

    

 

8.3
Payment for Restricted Stock. The Committee shall
determine the amount and form of any payment from a Holder for Shares received pursuant to a Restricted Stock Award, if any, provided
that in the absence of such a determination, a Holder shall not be required to make any payment for Shares received pursuant to a Restricted
Stock Award, except to the extent otherwise required by law.

 

ARTICLE
IX

UNRESTRICTED STOCK AWARDS

 

9.1
Award. Shares may be awarded (or sold) to Employees,
Directors or Consultants under the Plan which are not subject to Restrictions of any kind, in consideration for past services rendered
thereby to the Company or an Affiliate or for other valid consideration.

 

9.2
Terms and Conditions. At the time any Award is
made under this Article IX, the Company and the Holder shall enter into an Unrestricted Stock Agreement setting forth each of the matters
contemplated hereby and such other matters as the Committee may determine to be appropriate.

 

9.3
Payment for Unrestricted Stock. The Committee
shall determine the amount and form of any payment from a Holder for Shares received pursuant to an Unrestricted Stock Award, if any,
provided that in the absence of such a determination, a Holder shall not be required to make any payment for Shares received pursuant
to an Unrestricted Stock Award, except to the extent otherwise required by law.

 

ARTICLE
X

RESTRICTED STOCK UNIT AWARDS

 

10.1
Award. A Restricted Stock Unit Award shall constitute
a promise to grant Shares (or cash equal to the Fair Market Value of Shares) to the Holder at the end of a specified Restriction Period.
At the time a Restricted Stock Unit Award is made, the Committee shall establish the Restriction Period applicable to such Award. Each
Restricted Stock Unit Award may have a different Restriction Period, in the discretion of the Committee. A Restricted Stock Unit shall
not constitute an equity interest in the Company and shall not entitle the Holder to voting rights, dividends or any other rights associated
with ownership of Shares prior to the time the Holder shall receive a distribution of Shares pursuant to Section 10.3.

 

10.2
Terms and Conditions. At the time any Award is
made under this Article X, the Company and the Holder shall enter into a Restricted Stock Unit Agreement setting forth each of the matters
contemplated thereby and such other matters as the Committee may determine to be appropriate. The Restricted Stock Unit Agreement shall
set forth the individual service-based vesting requirement which the Holder would be required to satisfy before the Holder would become
entitled to distribution pursuant to Section 10.3 and the number of Units awarded to the Holder. Such conditions shall be sufficient
to constitute a “substantial risk of forfeiture” as such term is defined under Section 409A of the Code. At the time of such
Award, the Committee may, in its sole discretion, prescribe additional terms and conditions or restrictions relating to Restricted Stock
Unit Awards in the Restricted Stock Unit Agreement, including, but not limited to, rules pertaining to the effect of Termination of Service
prior to expiration of the applicable vesting period. The terms and conditions of the respective Restricted Stock Unit Agreements need
not be identical.

 

10.3
Distributions of Shares. The Holder of a Restricted
Stock Unit shall be entitled to receive a cash payment equal to the Fair Market Value of an Share, or one Share, as determined in the
sole discretion of the Committee and as set forth in the Restricted Stock Unit Agreement, for each Restricted Stock Unit subject to such
Restricted Stock Unit Award, if the Holder satisfies the applicable vesting requirement. Such distribution shall be made no later than
by the fifteenth (15th) day of the third (3rd) calendar month next following the end of the calendar year in which
the Restricted Stock Unit first becomes vested (i.e., no longer subject to a “substantial risk of forfeiture”).

 

    	9

    	 

    

 

ARTICLE
XI

RECAPITALIZATION OR REORGANIZATION

 

11.1
Adjustments to Shares. The shares with respect
to which Awards may be granted under the Plan are Shares as presently constituted; provided, however, that if, and whenever,
prior to the expiration or distribution to the Holder of Shares underlying an Award theretofore granted, the Company shall effect a subdivision
or consolidation of the Shares or the payment of an Share dividend on Shares without receipt of consideration by the Company, the number
of Shares with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an increase in
the number of outstanding Shares, shall be proportionately increased, and the purchase price per Share shall be proportionately reduced,
and (ii) in the event of a reduction in the number of outstanding Shares, shall be proportionately reduced, and the purchase price per
Share shall be proportionately increased. Notwithstanding the foregoing or any other provision of this Article XI, any adjustment made
with respect to an Award (x) which is an Incentive Stock Option, shall comply with the requirements of Section 424(a) of the Code, and
in no event shall any adjustment be made which would render any Incentive Stock Option granted under the Plan to be other than an “incentive
stock option” for purposes of Section 422 of the Code, and (y) which is a Non-qualified Stock Option, shall comply with the requirements
of Section 409A of the Code, and in no event shall any adjustment be made which would render any Non-qualified Stock Option granted under
the Plan to become subject to Section 409A of the Code.

 

11.2
Recapitalization. If the Company recapitalizes
or otherwise changes its capital structure, thereafter upon any exercise or satisfaction, as applicable, of a previously granted Award,
the Holder shall be entitled to receive (or entitled to purchase, if applicable) under such Award, in lieu of the number of Shares then
covered by such Award, the number and class of shares and securities to which the Holder would have been entitled pursuant to the terms
of the recapitalization if, immediately prior to such recapitalization, the Holder had been the holder of record of the number of Shares
then covered by such Award.

 

11.3
Other Events11.4.
In the event of changes to the outstanding Shares by reason of an extraordinary cash dividend, reorganization, merger, consolidation,
combination, split-up, spin-off, exchange or other relevant change in capitalization occurring after the date of the grant of any Award
and not otherwise provided for under this Article XI, any outstanding Awards and any Award Agreements evidencing such Awards shall be
adjusted by the Board in its discretion in such manner as the Board shall deem equitable or appropriate taking into consideration the
applicable accounting and tax consequences, as to the number and price of Shares or other consideration subject to such Awards. In the
event of any adjustment pursuant to Sections 11.1, 11.2 or this Section 11.3, the aggregate number of Shares available under the Plan
pursuant to Section 5.1 may be appropriately adjusted by the Board, the determination of which shall be conclusive. In addition, the
Committee may make provision for a cash payment to a Holder or a person who has an outstanding Award. In addition, the Committee may
make provision for a cash payment to a Holder or a person who has an outstanding Award.

 

11.5
Change of Control. The Committee may, in its
sole discretion, at the time an Award is made or at any time prior to, coincident with or after the time of a Change of Control, cause
any Award either (i) to be canceled in consideration of a payment in cash or other consideration in amount per share equal to the excess,
if any, of the price or implied price per Share in the Change of Control over the per Share exercise, base or purchase price of such
Award, which may be paid immediately or over the vesting schedule of the Award; (ii) to be assumed, or new rights substituted therefore,
by the surviving corporation or a parent or subsidiary of such surviving corporation following such Change of Control; (iii) accelerate
any time periods, or waive any other conditions, relating to the vesting, exercise, payment or distribution of an Award so that any Award
to a Holder whose employment has been terminated as a result of a Change of Control may be vested, exercised, paid or distributed in
full on or before a date fixed by the Committee; (iv) to be purchased from a Holder whose employment has been terminated as a result
of a Change of Control, upon the Holder’s request, for an amount of cash equal to the amount that could have been obtained upon
the exercise, payment or distribution of such rights had such Award been currently exercisable or payable; or (v) terminate any then
outstanding Award or make any other adjustment to the Awards then outstanding as the Committee deems necessary or appropriate to reflect
such transaction or change. The number of Shares subject to any Award shall be rounded to the nearest whole number.

 

11.6
Powers Not Affected. The existence of the Plan
and the Awards granted hereunder shall not affect in any way the right or power of the Board or of the stockholders of the Company to
make or authorize any adjustment, recapitalization, reorganization or other change of the Company’s capital structure or business,
any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Shares or the rights thereof,
the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business
or any other corporate act or proceeding.

 

    	10

    	 

    

 

11.7
No Adjustment for Certain Awards. Except as hereinabove
expressly provided, the issuance by the Company of shares of any class or securities convertible into shares of any class, for cash,
property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor or upon conversion of shares
or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall
not affect previously granted Awards, and no adjustment by reason thereof shall be made with respect to the number of Shares subject
to Awards theretofore granted or the purchase price per Share, if applicable.

 

ARTICLE
XII

AMENDMENT AND TERMINATION OF PLAN

 

The
Plan shall continue in effect, unless sooner terminated pursuant to this Article XII, until the tenth (10th) anniversary of
the date on which it is adopted by the Board (except as to Awards outstanding on that date). The Board in its discretion may terminate
the Plan at any time with respect to any shares for which Awards have not theretofore been granted; provided, however,
that the Plan’s termination shall not materially and adversely impair the rights of a Holder with respect to any Award theretofore
granted without the consent of the Holder. The Board shall have the right to alter or amend the Plan or any part hereof from time to
time; provided, however, that without the approval by a majority of the votes cast at a meeting of stockholders at which
a quorum representing a majority of the shares of the Company entitled to vote generally in the election of directors is present in person
or by proxy, no amendment or modification of the Plan may (i) materially increase the benefits accruing to Holders, (ii) except as otherwise
expressly provided in Article XI, materially increase the number of Shares subject to the Plan or the individual Award Agreements specified
in Article V, or (iii) materially modify the requirements for participation in the Plan, or (iv) amend, modify or suspend this Article
XII. In addition, no change in any Award theretofore granted may be made which would materially and adversely impair the rights of a
Holder with respect to such Award without the consent of the Holder (unless such change is required in order to exempt the Plan or any
Award from Section 409A of the Code).

 

ARTICLE
XIII

MISCELLANEOUS

 

13.1
No Right to Award. Neither the adoption of the
Plan by the Company nor any action of the Board or the Committee shall be deemed to give an Employee, Director or Consultant any right
to an Award except as may be evidenced by an Award Agreement duly executed on behalf of the Company, and then solely to the extent and
on the terms and conditions expressly set forth therein.

 

13.2
No Rights Conferred. Nothing contained in the
Plan shall (i) confer upon any Employee any right with respect to continuation of employment with the Company or any Affiliate, (ii)
interfere in any way with any right of the Company or any Affiliate to terminate the employment of an Employee at any time, (iii) confer
upon any Director any right with respect to continuation of such Director’s membership on the Board, (iv) interfere in any way
with any right of the Company or an Affiliate to terminate a Director’s membership on the Board at any time, (v) confer upon any
Consultant any right with respect to continuation of his or her consulting engagement with the Company or any Affiliate, or (vi) interfere
in any way with any right of the Company or an Affiliate to terminate a Consultant’s consulting engagement with the Company or
an Affiliate at any time.

 

13.3
Other Laws; No Fractional Shares; Withholding.
The Company shall not be obligated by virtue of any provision of the Plan to recognize the exercise of any Award or to otherwise sell
or issue Shares in violation of any laws, rules or regulations, and any postponement of the exercise or settlement of any Award under
this provision shall not extend the term of such Award. Neither the Company nor its directors or officers shall have any obligation or
liability to a Holder with respect to any Award (or Shares issuable thereunder) (i) that shall lapse because of such postponement, or
(ii) for any failure to comply with the requirements of any applicable law, rules or regulations, including but not limited to any failure
to comply with the requirements of Section 409A of this Code. No fractional Shares shall be delivered, nor shall any cash in lieu of
fractional Shares be paid. The Company shall have the right to deduct in cash (whether under this Plan or otherwise) in connection with
all Awards any taxes required by law to be withheld and to require any payments required to enable it to satisfy its withholding obligations.
In the case of any Award satisfied in the form of Shares, no Shares shall be issued unless and until arrangements satisfactory to the
Company shall have been made to satisfy any tax withholding obligations applicable with respect to such Award. Subject to such terms
and conditions as the Committee may impose, the Company shall have the right to retain, or the Committee may, subject to such terms and
conditions as it may establish from time to time, permit Holders to elect to tender, Shares (including Shares issuable in respect of
an Award) to satisfy, in whole or in part, the amount required to be withheld.

 

    	11

    	 

    

 

13.4
No Restriction on Corporate Action. Nothing contained
in the Plan shall be construed to prevent the Company or any Affiliate from taking any corporate action which is deemed by the Company
or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any
Award made under the Plan. No Employee, Director, Consultant, beneficiary or other person shall have any claim against the Company or
any Affiliate as a result of any such action.

 

13.5
Restrictions on Transfer. No Award under the
Plan or any Award Agreement and no rights or interests herein or therein, shall or may be assigned, transferred, sold, exchanged, encumbered,
pledged or otherwise hypothecated or disposed of by a Holder except (i) by will or by the laws of descent and distribution, or (ii) where
permitted under applicable tax rules, by gift to any Family Member of the Holder, subject to compliance with applicable laws. An Award
may be exercisable during the lifetime of the Holder only by such Holder or by the Holder’s guardian or legal representative unless
it has been transferred by gift to a Family Member of the Holder, in which case it shall be exercisable solely by such transferee. Notwithstanding
any such transfer, the Holder shall continue to be subject to the withholding requirements provided for under Section 17.3 hereof.

 

13.6
Beneficiary Designations. Each Holder may, from
time to time, name a beneficiary or beneficiaries (who may be contingent or successive beneficiaries) for purposes of receiving any amount
which is payable in connection with an Award under the Plan upon or subsequent to the Holder’s death. Each such beneficiary designation
shall serve to revoke all prior beneficiary designations, be in a form prescribed by the Company and be effective solely when filed by
the Holder in writing with the Company during the Holder’s lifetime. In the absence of any such written beneficiary designation,
for purposes of the Plan, a Holder’s beneficiary shall be the Holder’s estate.

 

13.7
Rule 16b-3. It is intended that the Plan and
any Award made to a person subject to Section 16 of the Exchange Act shall meet all of the requirements of Rule 16b-3. If any provision
of the Plan or of any such Award would disqualify the Plan or such Award under, or would otherwise not comply with the requirements of,
Rule 16b-3, such provision or Award shall be construed or deemed to have been amended as necessary to conform to the requirements of
Rule 16b-3.

 

13.8
Clawback Policy. Notwithstanding any contained
herein or in any incentive “performance based” Awards under the Plan shall be subject to reduction, forfeiture or repayment
by reason of a correction or restatement of the Company’s financial information if and to the extent such reduction or repayment
is required by any applicable law.

 

13.9
Section 409A. Notwithstanding any other provision
of the Plan, the Committee shall have no authority to issue an Award under the Plan with terms and/or conditions which would cause such
Award to constitute non-qualified “deferred compensation” under Section 409A of the Code unless such Award shall be structured
to be exempt from or comply with all requirements of Code Section 409A. The Plan and all Award Agreements are intended to comply with
the requirements of Section 409A of the Code (or to be exempt therefrom) and shall be so interpreted and construed and no amount shall
be paid or distributed from the Plan unless and until such payment complies with all requirements of Code Section 409A. It is the intent
of the Company that the provisions of this Agreement and all other plans and programs sponsored by the Company be interpreted to comply
in all respects with Code Section 409A, however, the Company shall have no liability to the Holder, or any successor or beneficiary thereof,
in the event taxes, penalties or excise taxes may ultimately be determined to be applicable to any payment or benefit received by the
Holder or any successor or beneficiary thereof.

 

    	12

    	 

    

 

13.10
Indemnification. Each person who is or shall
have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company against and from any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred thereby in connection with or resulting from any claim, action,
suit, or proceeding to which such person may be made a party or may be involved by reason of any action taken or failure to act under
the Plan and against and from any and all amounts paid thereby in settlement thereof, with the Company’s approval, or paid thereby
in satisfaction of any judgment in any such action, suit, or proceeding against such person; provided, however, that such
person shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle
and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive and shall be independent of any
other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or By-laws,
by contract, as a matter of law, or otherwise.

 

13.11
Other Benefit Plans. No Award, payment or amount
received hereunder shall be taken into account in computing an Employee’s salary or compensation for the purposes of determining
any benefits under any pension, retirement, life insurance or other benefit plan of the Company or any Affiliate, unless such other plan
specifically provides for the inclusion of such Award, payment or amount received. Nothing in the Plan shall be construed to limit the
right of the Company to establish other plans or to pay compensation to its employees, in cash or property, in a manner which is not
expressly authorized under the Plan.

 

13.12
Limits of Liability. Any liability of the Company
with respect to an Award shall be based solely upon the contractual obligations created under the Plan and the Award Agreement. None
of the Company, any member of the Board nor any member of the Committee shall have any liability to any party for any action taken or
not taken, in good faith, in connection with or under the Plan.

 

13.13
Governing Law. Except as otherwise provided herein,
the Plan shall be construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of law.

 

13.14
Severability of Provisions. If any provision
of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan, and
the Plan shall be construed and enforced as if such invalid or unenforceable provision had not been included in the Plan.

 

13.15
No Funding. The Plan shall be unfunded. The Company
shall not be required to establish any special or separate fund or to make any other segregation of funds or assets to ensure the payment
of any Award. Prior to receipt of Shares or a cash distribution pursuant to the terms of an Award, such Award shall represent an unfunded
unsecured contractual obligation of the Company and the Holder shall have no greater claim to the Shares underlying such Award or any
other assets of the Company or Affiliate than any other unsecured general creditor.

 

13.16
Headings. Headings used throughout the Plan are
for convenience only and shall not be given legal significance.

 

    	13

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