Document:

Exhibit
4.1

 

Form
of Representative’s Warrant

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING [●], 202[●] (THE “EFFECTIVE
DATE”) TO ANYONE OTHER THAN (I) BOUSTEAD SECURITIES, LLC OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING FOR WHICH THIS
PURCHASE WARRANT WAS ISSUED TO THE UNDERWRITER AS CONSIDERATION (THE “OFFERING”), OR (II) A BONA FIDE OFFICER OR PARTNER
OF BOUSTEAD SECURITIES, LLC.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●], 2022. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 202_.

 

COMMON
STOCK PURCHASE WARRANT

 

For
the Purchase of [●] Shares of Common Stock

 

of

 

HeartCore
Enterprises, Inc.

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Boustead Securities, LLC (“Holder”),
as registered owner of this Purchase Warrant, to HeartCore Enterprises, Inc., a Delaware corporation (the “Company”),
Holder is entitled, at any time or from time to time beginning [●], 202_ (the “Commencement Date”), and at or
before 5:00 p.m., Eastern time, [●], 202_1 (the “Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to [●] shares of common stock of the Company, par value $0.0001 per share (the
“Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking
institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such
a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share2;
provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this
Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted
as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price,
depending on the context.

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank
check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date,
this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.
Each exercise hereof shall be irrevocable.

 

1
[To be five years from the effective date of the Form S-1 for the offering.]

2
[To be 125% of the public offering price per Share]

 

    	 

     

    

 

2.2
Cashless Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion
thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which
event the Company will issue to Holder Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share; and
	 	B	=	The
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value means, for any date, the price determined by the first of the following clauses that
applies: (a) if the common stock is then listed or quoted on a Eligible Market, the value shall be deemed to be the highest intra-day
or closing price on any trading day on such Eligible Market on which the common stock is then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding
the exercise, (b) if OTCQB or OTCQX is not an Eligible Market, the value shall be deemed to be the highest intra-day or closing price
on any trading day on the OTCQB or OTCQX on which the common stock is then quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, as applicable,
(c) if the common stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the common stock are then reported
in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the “OTC Markets Group”, the value shall be deemed to be the highest intra-day or closing price on
any trading day on the Pink Sheets on which the common stock is then quoted as reported by OTC Markets Group (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, or (d) in
all other cases, the fair market value of a share of common stock as determined by an independent appraiser selected in good faith by
the Holder and reasonably acceptable to the Company.

 

2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable
state law which, in the opinion of counsel to the Company, is available.”

 

    	 

     

    

 

2.4
Resale of Shares. Holder and the Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance
of the SEC has published Compliance & Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that
the holder of securities issued in connection with a public offering may not rely upon Rule 144 promulgated under the Act to establish
an exemption from registration requirements under Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively for
the resale of such shares in the following manner: (a) provided that six months has elapsed since the last sale under the registration
statement, an underwriter or finder may resell the securities in accordance with the provisions of Rule 144(c), (e), and (f), except
for the notice requirement; (b) a purchaser of the shares from an underwriter receives restricted securities unless the sale is made
with an appropriate, current prospectus, or unless the sale is made pursuant to the conditions contained in (a) above; (c) a purchaser
of the shares from an underwriter who receives restricted securities may include the underwriter’s holding period, provided that
the underwriter or finder is not an affiliate of the issuer; and (d) if an underwriter transfers the shares to its employees, the employees
may tack the firm’s holding period for purposes of Rule 144(d), but they must aggregate sales of the distributed shares with those
of other employees, as well as those of the underwriter or finder, for a six-month period from the date of the transfer to the employees.
Holder and the Company also acknowledge that the Staff of the Division of Corporation Finance of the SEC has advised in various no-action
letters that the holding period associated with securities issued without registration to a service provider commences upon the completion
of the services, which the Company agrees and acknowledges shall be the final closing of the Offering, and that Rule 144(d)(3)(ii) provides
that securities acquired from the issuer solely in exchange for other securities of the same issuer shall be deemed to have been acquired
at the same time as the securities surrendered for conversion (which the Company agrees is the date of the initial issuance of this Purchase
Warrant). In the event that following a reasonably-timed written request by Holder to transfer the Shares in accordance with Compliance
& Disclosure Interpretation 528.04 counsel for the Company in good faith concludes that Compliance & Disclosure Interpretation
528.04 no longer may be relied upon as a result of changes in applicable laws, regulations, or interpretations of the SEC Division of
Corporation Finance, or as a result of judicial interpretations not known by the Company or its counsel on the date hereof, then the
Company shall promptly, and in any event within five (5) business days following the request, provide written notice to Holder of such
determination. As a condition to giving such notice, the parties shall negotiate in good faith a single demand registration right pursuant
to an agreement in customary form reasonably acceptable to the parties; provided that notwithstanding anything to the contrary, the obligations
of the Company pursuant to this Section 2 shall terminate on the fifth anniversary of the Effective Date. In the absence of such conclusion
by counsel for the Company, the Company shall, upon such a request of Holder given no earlier than six months after the final closing
of the Offering, instruct its transfer agent to permit the transfer of such shares in accordance with Compliance & Disclosure Interpretation
528.04, provided that Holder has provided such documentation as shall be reasonably be requested by the Company to establish compliance
with the conditions of Compliance & Disclosure Interpretation 528.04. Notwithstanding anything to the contrary, pursuant to FINRA
Rule 5110(g)(8)(B)-(D), the Holder shall not be entitled to more than one demand registration right hereunder and the duration of the
registration rights hereunder shall not exceed five years from the Effective Date.

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not for a period of one hundred eighty (180) days following the Effective Date: (a) sell, transfer, assign, pledge or hypothecate
this Purchase Warrant to anyone other than: (i) Boustead Securities LLC (“Boustead”) or an underwriter, placement
agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Boustead or of any such underwriter,
placement agent or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or (b) cause this Purchase Warrant
or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2).
After 180 days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company
shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase
Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number
of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2
Restrictions Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) if required by applicable law, the Company has received the opinion of counsel for the Company that the securities may be transferred
pursuant to an exemption from registration under the Act and applicable state securities laws, or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company
and declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance with applicable
state securities law has been established.

 

    	 

     

    

 

4.
Piggyback Registration Rights.

 

4.1
Grant of Right. Whenever the Company proposes to register any shares of its common stock under the Act (other than (i) a registration
effected solely to implement an employee benefit plan or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration
statement on Form S-4, S-8 or any successor form thereto or another form not available for registering the Shares issuable upon exercise
of this Purchase Warrant for sale to the public, whether for its own account or for the account of one or more stockholders of the Company
(a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than ten (10) Business
Days prior to the filing of such registration statement) to the Holder of the Company’s intention to effect such a registration
and, subject to the remaining provisions of this Section 4.1, shall include in such registration such number of Shares underlying this
Purchase Warrant (the “Registrable Securities”) that the Holders have (within ten (10) Business Days of the respective
Holder’s receipt of such notice) requested in writing (including such number) to be included within such registration. If a Piggyback
Registration is an underwritten offering and the managing underwriter advises the Company that it has determined in good faith that marketing
factors require a limit on the number of shares of common stock to be included in such registration, including all Shares issuable upon
exercise of this Purchase Warrant (if the Holder has elected to include such shares in such Piggyback Registration) and all other shares
of common stock proposed to be included in such underwritten offering, , the Company shall include in such registration (i) first, the
number of shares of common stock that the Company proposes to sell and (ii) second, the number of shares of common stock, if any, requested
to be included therein by selling stockholders (including the Holder) allocated pro rata among all such persons on the basis of the number
of shares of common stock then owned by each such person. If any Piggyback Registration is initiated as a primary underwritten offering
on behalf of the Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters
in connection with such offering. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 4.1
shall terminate on the earlier of (i) the fifth anniversary of the Effective Date and (ii) the date that Rule 144 would allow the Holder
to sell its Registrable Securities during any ninety (90) day period.

 

4.2
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a)
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other out-of-pocket expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed
to indemnify Boustead contained in the Underwriting Agreement between Boustead and the Company, dated as of [●], 202_. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in the Underwriting Agreement pursuant to which Boustead has agreed to indemnify the Company.

 

4.3
Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.4
Documents Delivered to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting the
correspondence and memoranda described below, copies of all correspondence between the Commission and the Company, its counsel or auditors
and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each
Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted
from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times, during normal business hours, as any such Holder shall
reasonably request.

 

4.5
Underwriting Agreement. The Holders shall be parties to any underwriting agreement relating to a Piggyback Registration. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except
as they may relate to such Holders, their Shares and the amount and nature of their ownership thereof and their intended methods of distribution.

 

    	 

     

    

 

4.6
Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to
the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security
holders.

 

4.7
Damages. Should the Company fail to comply with such provisions, the Holder(s) shall, in addition to any other legal or other
relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against
the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and
without the necessity of posting bond or other security.

 

5.
New Purchase Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, determined in the sole discretion of the
Company, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed
and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the
part of the Company.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the
Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the
Exercise Price shall be proportionately increased.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any
share reconstruction or amalgamation or consolidation or merger of the Company with or into another corporation (other than a consolidation
or share reconstruction or amalgamation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity
of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the
number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification
also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1,
6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

    	 

     

    

 

6.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this
Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

6.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation or merger
of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation or merger which
does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant
then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive,
upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such
consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant
might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation or merger, sale or transfer.
Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section
6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations or
mergers.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.
Reservation. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of
issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as
a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall deliver to each Holder a copy of
each notice relating to such events given to the other shareholders of the Company at the same time and in the same manner that such
notice is given to the shareholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor.

 

    	 

     

    

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing
and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following
address or to such other address as the Company may designate by notice to the Holders:

 

If
to the Holder:

 

Boustead
Securities, LLC

6
Venture, Suite 395

Irvine,
CA 92618

Attention:
Chief Executive Officer

Fax
No: [*]

 

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

 

Bevilacqua
PLLC

1050
Connecticut Avenue NW, Suite 500

Washington,
DC 20036

Attn:
Louis Bevilacqua, Esq.

Fax
No.: (202) 869-0889

 

If
to the Company:

 

HeartCore
Enterprises, Inc.

1-2-33,
Higashigotanda, Shinagawa-ku

Tokyo,
Japan

Attention:
Sumitaka Yamamoto

Fax
No: [*]

 

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

 

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, Florida 33401

Attention:
Laura Anthony, Esq.

Attention:
Craig D. Linder, Esq.

Fax
No: [*]

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and Boustead may from time to time supplement or amend this Purchase Warrant without the approval of any
of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Boustead may deem necessary or desirable and that the Company and Boustead deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by (i) the Company and (ii) the Holder(s) of
Purchase Warrants then-exercisable for at least a majority of the Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

    	 

     

    

 

9.3.
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company
hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be
brought and enforced in New York Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action
or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by
applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach,
non-compliance or non-fulfillment.

 

9.7
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that,
at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Boustead enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day of
[●], 202_.

 

	 	HeartCore
    Enterprises, Inc.  	 
	 	 	 	 
	 	By:	            	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 

     

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.0001 per share
(the “Shares”), of HeartCore Enterprises, Inc., a Delaware corporation (the “Company”), and hereby
makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as
to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant
representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______
Shares, as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	 	 	 	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share which is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per share

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

Signature
_____________________________________________

 

Signature
Guaranteed ____________________________________

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

     

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto the right to purchase shares of Common Stock, par value
$0.0001 per share, of HeartCore Enterprises, Inc., a Delaware corporation (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

Signature
____________________________________________

 

Signature
Guaranteed ___________________________________

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm
having membership on a registered national securities exchange.Exhibit 10.1

 

UNDERWRITING
AGREEMENT

 

February
9, 2022

 

Boustead
Securities, LLC

6
Venture, Suite 395

Irvine,
CA 92618

 

As
Representative of the several Underwriters named on Schedule 1 attached hereto

 

Ladies
and Gentlemen:

 

The
undersigned, HeartCore Enterprises, Inc., a Delaware corporation (the “Company”), hereby confirms its agreement (this
“Agreement”) with Boustead Securities, LLC (hereinafter referred to as “you” (including its correlatives)
or the “Representative”) and with the other underwriters, if any, named on Schedule 1 hereto for which the
Representative is acting as representative (the Representative and such other underwriters being collectively called the “Underwriters”
or, individually, an “Underwriter”) as follows:

 

1.
Purchase and Sale of Shares.

 

1.1
Firm Shares.

 

1.1.1.
Nature and Purchase of Firm Shares.

 

(i)
On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company
agrees to sell in the aggregate 3,000,000 shares of common stock of the Company, par value $0.0001 per share (the “Common Stock”),
and each Underwriter agrees to purchase, severally and not jointly, at the Closing, an aggregate of 3,000,000 shares (“Firm
Shares”) of the Common Stock.

 

(ii)
The Firm Shares are to be offered together to the public at the offering price per one Firm Share as set forth on Schedule 2-A
hereto (the “Purchase Price”). The Underwriters, severally and not jointly, agree to purchase from the Company the
number of Firm Shares set forth opposite their respective names on Schedule 1 attached hereto and made a part hereof at the purchase
price for one Firm Share of $4.65 (or 93% of the Purchase Price).

 

1.1.2.
Firm Shares Payment and Delivery.

 

(i)
Delivery and payment for the Firm Shares shall be made at 10:00 a.m., Eastern time, on the second (2nd) Business Day following
the effective date (the “Effective Date”) of the Registration Statement (as defined in Section 2.1.1 below)
(or the third (3rd) Business Day following the Effective Date if the Registration Statement is declared effective after 4:01
p.m., Eastern time) or at such earlier time as shall be agreed upon by the Representative and the Company, at the offices of Bevilacqua
PLLC (“Representative’s Counsel”), or at such other place (or remotely by facsimile or other electronic transmission)
as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called
the “Closing Date.”

 

(ii)
Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the
Company upon delivery of the certificates (in form and substance satisfactory to the Underwriters) representing the Firm Shares (or through
the facilities of the Depository Trust Company (“DTC”)) for the account of the Underwriters. The Firm Shares shall
be registered in such name or names and in such authorized denominations as the Representative may request in writing prior to the Closing
Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all
of the Firm Shares. The term “Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a
day on which banking institutions are authorized or obligated by law to close in New York, New York.

 

    	 

    	 

    

 

1.2.
Over-allotment Option.

 

1.2.1.
Option Shares. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares,
the Company hereby grants to the Underwriters an option (the “Over-allotment Option”) to purchase, in the aggregate,
up to 450,000 additional shares of the Common Stock (the “Option Shares”, and along with the Firm Shares, the “Shares”),
representing fifteen percent (15%) of the Firm Shares sold in the offering, from the Company. The purchase price to be paid per Option
Share shall be equal to the price per Option Share set forth in Schedule 2-A. The Shares shall be issued directly by the Company
and shall have the rights and privileges described in the Registration Statement, the Pricing Disclosure Package and the Prospectus referred
to below. The offering and sale of the Shares is herein referred to as the “Offering.”

 

1.2.2.
Exercise of Option. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative
as to all (at any time) or any part (from time to time) of the Option Shares within forty-five (45) days after the Effective Date. The
Underwriters shall not be under any obligation to purchase any of the Option Shares prior to the exercise of the Over-allotment Option.
The Over-allotment Option granted hereby may be exercised by the giving of written notice to the Company from the Representative, setting
forth the number of the Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the “Option
Closing Date”), which shall not be later than five (5) full Business Days after the date of the notice or such other time as
shall be agreed upon by the Company and the Representative, at the offices of Representative’s Counsel or at such other place (including
remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery
and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon
exercise of the Over-allotment Option with respect to all or any portion of the Option Shares subject to the terms and conditions set
forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of the Option Shares specified in such notice
and (ii) each of the Underwriters, acting severally and not jointly, shall purchase that portion of the total number of the Option Shares
then being purchased as set forth in Schedule 1 opposite the name of such Underwriter.

 

1.2.3.
Payment and Delivery. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in Federal (same
day) funds, payable to the order of the Company upon delivery to you of certificates (in form and substance satisfactory to the Underwriters)
representing the Option Shares (or through the facilities of DTC or via DWAC transfer) for the account of the Underwriters. The Option
Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing prior
to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by
the Representative for applicable Option Shares.

 

1.3
Representative’s Warrants.

 

1.3.1.
Purchase Warrants. The Company hereby agrees to issue and sell to the Representative (and/or its designees) on the Closing Date
an option (“Representative’s Warrants”) as applicable, five-year warrants for the purchase of a number of the
Firm Shares equal to 7% of the number of the Firm Shares and Option Shares, if any, issued in the Offering, pursuant to a warrant in
the form attached hereto as Exhibit A, at an initial exercise price of $6.25 (or 125% of the public offering price per
Firm Share). The Representative’s Warrants and the Shares issuable upon exercise thereof are hereinafter referred to together as
the “Representative’s Securities.” The Representative understands and agrees that there are significant restrictions
pursuant to FINRA Rule 5110 against transferring the Representative’s Warrants and the underlying Shares during the one hundred
eighty (180) days after the Effective Date and by its acceptance thereof shall agree that it will not sell, transfer, assign, pledge
or hypothecate the Representative’s Warrants, or any portion thereof, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition of such securities for a period of one hundred eighty
(180) days following the Effective Date other than as permitted by FINRA Rule 5110(e)(2).

 

1.3.2.
Delivery. Delivery of the Representative’s Warrants shall be made on the Closing Date and shall be issued in the name or
names and in such authorized denominations as the Representative may request.

  

    	 

    	 

    

 

2.
Representations and Warranties of the Company. The Company represents and warrants to the Underwriters as of the Applicable Time
(as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:

 

2.1.
Filing of Registration Statement.

 

2.1.1.
Pursuant to the Securities Act. The Company has filed with the U.S. Securities and Exchange Commission (the “Commission”)
a registration statement, and an amendment or amendments thereto, on Form S-1 (File No. 333-261984), including any related prospectus
or prospectuses, for the registration of the Shares and the Representative’s Securities under the Securities Act of 1933, as amended
(the “Securities Act”), which registration statement and amendment or amendments have been prepared by the Company
in all material respects in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under
the Securities Act (the “Securities Act Regulations”) and will contain all material statements that are required to
be stated therein in accordance with the Securities Act and the Securities Act Regulations. Except as the context may otherwise require,
such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including
the Preliminary Prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents
filed as a part thereof and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A
of the Securities Act Regulations (the “Rule 430A Information”)), is referred to herein as the “Registration
Statement.” If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then
after such filing, the term “Registration Statement” shall include such registration statement filed pursuant to Rule
462(b). The Registration Statement has been declared effective by the Commission on the date hereof.

 

Each
prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information
that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a “Preliminary
Prospectus.” The Preliminary Prospectus, subject to completion, dated February 8, 2022, that was included in the Registration
Statement immediately prior to the Applicable Time is hereinafter called the “Pricing Prospectus.” The final prospectus
in the form first furnished to the Underwriters for use in the Offering is hereinafter called the “Prospectus.” Any
reference to the “most recent Preliminary Prospectus” shall be deemed to refer to the latest Preliminary Prospectus
included in the Registration Statement.

 

“Applicable
Time” means 4:30 p.m., Eastern time, on the date of this Agreement.

 

“Issuer
Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the Securities Act
Regulations (“Rule 433”), including without limitation any “free writing prospectus” (as defined in Rule
405 of the Securities Act Regulations) relating to the Shares that is (i) required to be filed with the Commission by the Company, (ii)
a “road show that is a written communication” within the meaning of Rule 433(d)(8)(i), whether or not required to be filed
with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description
of the Shares or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g).

 

“Issuer
General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution to
prospective investors (other than a “bona fide electronic road show,” as defined in Rule 433 (the “Bona Fide
Electronic Road Show”)), as evidenced by its being specified in Schedule 2-B hereto.

 

“Issuer
Limited Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing
Prospectus.

 

“Pricing
Disclosure Package” means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing
Prospectus and the information included on Schedule 2-A hereto, all considered together.

 

2.1.2.
Pursuant to the Exchange Act. The Company has filed with the Commission a Form 8-A (File Number 001-41272 ) providing for the
registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of the Common Stock. The registration of the Common Stock under the Exchange Act has become effective on or prior to the date hereof.
The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under
the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

 

    	 

    	 

    

 

2.2.
Share Exchange Listing. The Shares and the shares of Common Stock underlying the Representative’s Warrants have been
approved for listing on the Nasdaq Capital Market (the “Exchange”), and the Company has taken no action designed to,
or likely to have the effect of, delisting of the Shares or the shares of Common Stock underlying the Representative’s Warrants
from the Exchange, nor has the Company received any written notification that the Exchange is contemplating terminating such listing.

 

2.3.
No Stop Orders, etc. Neither the Commission nor, to the Company’s knowledge, any state regulatory authority has issued
any written order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has
instituted or, to the Company’s knowledge, threatened to institute, any proceedings with respect to such an order. The Company
has complied with each request (if any) from the Commission for additional information.

 

2.4.
Disclosures in Registration Statement.

 

2.4.1.
Compliance with Securities Act and 10b-5 Representation.

 

(i)
Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material
respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus
filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus,
at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the
Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the
Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T.

 

(ii)
Neither the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or
at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or
will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(iii)
The Pricing Disclosure Package, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), did not, does
not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus
hereto does not conflict with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus
or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus
as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to statements made in reliance upon and in conformity with written information
furnished to the Company in writing with respect to the Underwriters by the Representative expressly for use in the Registration Statement,
the Pricing Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such
information provided by or on behalf of any Underwriter consists solely of the disclosure contained in the “Underwriting”
subsections “- Discounts and Commissions; Expenses,” “Representative’s Warrants,” “Price Stabilization,
Short Positions and Penalty Bids,” and “Other Relationships” of the Prospectus (the “Underwriters’ Information”).

 

(iv)
Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time
of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will
include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that
this representation and warranty shall not apply to the Underwriters’ Information.

 

    	 

    	 

    

 

2.4.2.
Disclosure of Agreements. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other
documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing
Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been
so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by
which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Pricing Disclosure Package and
the Prospectus, or (ii) is material to the Company’s business, has been duly authorized and validly executed by the Company, is
in full force and effect in all material respects and is enforceable against the Company and, to the Company’s knowledge, the other
parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors’ rights generally, (y) as enforceability of any indemnification or contribution provision may
be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms
of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor
may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company’s
knowledge, any other party is in default thereunder and, to the Company’s knowledge, no event has occurred that, with the lapse
of time or the giving of notice, or both, would constitute a default thereunder, except for any default or event which would not reasonably
be expected to result in a Material Adverse Change (as defined below). To the Company’s knowledge, performance by the Company of
the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation,
judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its
assets or businesses (each, a “Governmental Entity”), including, without limitation, those relating to environmental
laws and regulations, except for any violation which would not reasonably be expected to result in a Material Adverse Change (as defined
below).

 

2.4.3.
Prior Securities Transactions. During the past three (3) years from the date of this Agreement, no securities of the Company have
been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common
control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and any Preliminary Prospectus.

 

2.4.4.
Regulations. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects
of federal, state, local and all foreign regulation on the Offering and the Company’s business as currently contemplated are correct
in all material respects and no other such regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure
Package and the Prospectus which are not so disclosed

 

2.5.
Changes after Dates in Registration Statement.

 

2.5.1.
No Material Adverse Change. Since the respective dates as of which information is given in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change
in the financial position or results of operations of the Company or its Subsidiaries taken as a whole, nor any change or development
that, singularly or in the aggregate, would involve a material adverse change in or affecting the condition (financial or otherwise),
results of operations, business, or assets of the Company or its Subsidiaries taken as a whole (a “Material Adverse Change”);
(ii) there have been no material transactions entered into by the Company or its Subsidiaries, other than as contemplated pursuant to
this Agreement; and (iii) no officer or director of the Company has resigned from any position with the Company.

 

2.5.2.
Recent Securities Transactions, etc. Subsequent to the respective dates as of which information is given in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the
Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred
any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution
on or in respect to its capital stock.

 

2.6.
Independent Accountants. To the knowledge of the Company, MaloneBailey, LLP (“Auditor”), whose report is
filed with the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent
registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting
Oversight Board. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g)
of the Exchange Act.

 

    	 

    	 

    

 

2.7.
Financial Statements, etc. The financial statements, including the notes thereto and supporting schedules, if any, included
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present in all material respects the financial
position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements
have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), consistently applied
throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that
are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and any supporting schedules included
in the Registration Statement present fairly in all material respects the information required to be stated therein. Except as included
therein, no historical or pro forma financial statements are required to be included in the Registration Statement, the Pricing Disclosure
Package or the Prospectus under the Securities Act or the Securities Act Regulations. The pro forma and pro forma as adjusted financial
information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus
have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the Securities Act
Regulations and present fairly in all material respects the information shown therein, and the assumptions used in the preparation thereof
are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein.
All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding “non-GAAP financial
measures” (as such term is defined by the rules and regulations of the Commission), if any, comply with Regulation G of the Exchange
Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration Statement, the Pricing Disclosure
Package and the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations),
and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect
on the Company’s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital
resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing Disclosure
Package and the Prospectus, (a) neither the Company nor any of its subsidiaries listed in Exhibit 21.1 to the Registration Statement
(each, a “Subsidiary” and, collectively, the “Subsidiaries”), has incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the
Company has not declared or paid any dividends or made any distribution of any kind with respect to its Common Stock or preferred stock
(c) there has not been any change in the capital of the Company or any of its Subsidiaries, or, other than in the course of business,
any grants under any stock compensation plan, and (d) there has not been any Material Adverse Change in the Company’s long-term
or short-term debt. The Company represents that it has no direct or indirect subsidiaries other than those listed in Exhibit 21.1 to
the Registration Statement.

 

2.8.
Authorized Capital; Options, etc. The Company had, at the date or dates indicated in the Registration Statement, the Pricing
Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the
assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing
Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing
Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing
Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued Common Stock
or any security convertible or exercisable into Common Stock, or any contracts or commitments to issue or sell Common Stock or any such
options, warrants, rights or convertible securities.

 

2.9.
Valid Issuance of Securities, etc.

 

2.9.1.
Outstanding Securities. All issued and outstanding securities of the Company issued prior to the transactions contemplated by
this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights
of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities
were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted
by the Company. The Common Stock, preferred stock, and any other securities outstanding or to be outstanding upon consummation of the
Offering conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure
Package and the Prospectus. The offers and sales of the outstanding Common Stock were at all relevant times either registered under the
Securities Act and the applicable state securities or “blue sky” laws or, based in part on the representations and warranties
of the purchasers of such shares, exempt from such registration requirements.

 

    	 

    	 

    

 

2.9.2.
Securities Sold Pursuant to this Agreement. The Shares and Representative’s Warrants have been duly authorized for issuance
and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not
be subject to personal liability by reason of being such holders; the Shares and Representative’s Warrants are not and will not
be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company;
and all corporate action required to be taken for the authorization, issuance and sale of the Shares and Representative’s Warrants
has been duly and validly taken; the Common Stock issuable upon exercise of the Representative’s Warrants have been duly authorized
and reserved for issuance by all necessary corporate action on the part of the Company and when issued in accordance with such Representative’s
Warrants, as the case may be, such Common Stock will be validly issued, fully paid and non-assessable. The Shares and the Representative’s
Warrants conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing
Disclosure Package and the Prospectus.

 

2.10.
Registration Rights of Third Parties. Except as set forth in the Registration Statement, the Pricing Disclosure Package and
the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities
of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include
any such securities in a registration statement to be filed by the Company.

 

2.11.
Validity and Binding Effect of Agreements. This Agreement and the Representative’s Warrants have been duly and validly
authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreements of the Company, enforceable
against the Company in accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification or contribution
provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought.

 

2.12.
No Conflicts, etc. The execution, delivery and performance by the Company of this Agreement and all ancillary documents, the
consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof
and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of,
or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification,
termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any
agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company’s Certificate
of Incorporation (as the same may be amended or restated from time to time, the “Charter”) or the by-laws of the Company;
or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof.

 

2.13.
No Defaults; Violations. No material default exists in the due performance and observance of any term, covenant or condition
of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument
evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which
the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not (i) in violation of
any term or provision of its Charter or by-laws, or (ii) in violation of any franchise, license, permit, applicable law, rule, regulation,
judgment or decree of any Governmental Entity, except in the cases of clause (ii) for such violations which would not reasonably be expected
to cause a Material Adverse Change.

 

2.14.
Corporate Power; Licenses; Consents.

 

2.14.1.
Conduct of Business. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the
Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates
and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business
purpose as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except for the absence of which
would not reasonably be expected to have a Material Adverse Change.

 

    	 

    	 

    

 

2.14.2.
Transactions Contemplated Herein. The Company has all corporate power and authority to enter into this Agreement and to carry
out the provisions and conditions hereof, and all consents, authorizations, approvals and orders required in connection therewith have
been obtained. No consent, authorization or order of, and no filing with, any court, government agency, the Exchange or other body is
required for the valid issuance, sale and delivery of the Shares and the consummation of the transactions and agreements contemplated
by this Agreement and the delivery of the Representative’s Warrants and as contemplated by the Registration Statement, the Pricing
Disclosure Package and the Prospectus, except with respect to applicable Securities Act Regulations, state securities laws and the rules
and regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

 

2.15.
D&O Questionnaires. To the Company’s knowledge, all information contained in the questionnaires (the “Questionnaires”)
completed by each of the Company’s directors and officers immediately prior to the Offering (the “Insiders”)
as supplemented by all information concerning the Company’s directors, officers and principal shareholders as described in the
Registration Statement, the Pricing Disclosure Package and the Prospectus, as well as in the Lock-Up Agreement (as defined in Section
2.24 below), provided to the Underwriters, is true and correct in all material respects and the Company has not become aware of any
information which would cause the information disclosed in the Questionnaires to become materially inaccurate and incorrect.

 

2.16.
Litigation; Governmental Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation
or governmental proceeding pending or, to the Company’s knowledge, threatened against, or involving the Company or, to the Company’s
knowledge, any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package
and the Prospectus.

 

2.17.
Good Standing. The Company has been duly organized and is validly existing as a corporation and is in good standing under
the laws of the State of Delaware as of the date hereof, and is duly qualified to do business and is in good standing in each other jurisdiction
in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify,
singularly or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

 

2.18.
Insurance. The Company carries or is entitled to the benefits of insurance, (including, without limitation, as to directors
and officers insurance coverage), with, to the Company’s knowledge, reputable insurers, in the amount of directors and officers
insurance coverage at least equal to $ 2,500,000 and the Company has included each Underwriter as an additional insured party to the
directors and officers insurance coverage and all such insurance is in full force and effect. The Company has no reason to believe that
it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage
from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result
in a Material Adverse Change.

 

2.19.
Transactions Affecting Disclosure to FINRA.

 

2.19.1.
Finder’s Fees. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there
are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder’s, consulting or origination
fee by the Company or any Insider with respect to the sale of the Shares hereunder or any other arrangements, agreements or understandings
of the Company or, to the Company’s knowledge, any of its shareholders that may affect the Underwriters’ compensation, as
determined by FINRA.

 

2.19.2.
Payments within Six (6) Months. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder’s fee,
consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who
raised or provided capital to the Company; (ii) any FINRA member participating in the offering as defined in FINRA Rule 5110(j)(15) (“Participating
Member”); or (iii) any person or entity that has any direct or indirect affiliation or association with any Participating Member,
within the six (6) months immediately prior to the original filing of the Registration Statement, other than the payment to the Underwriters
as provided hereunder in connection with the Offering.

 

    	 

    	 

    

 

2.19.3.
Use of Proceeds. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its
affiliates, except as specifically authorized herein.

 

2.19.4.
FINRA Affiliation. To the Company’s knowledge, and except as may otherwise be disclosed in FINRA questionnaires provided
to the Representative’s Counsel, there is no (i) officer or director of the Company, (ii) beneficial owner of 5% or more of any
class of the Company’s securities or (iii) beneficial owner of the Company’s unregistered equity securities which were acquired
during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of
a Participating Member.

 

2.19.5.
Information. All information provided by the Company in its FINRA questionnaire to Representative’s Counsel specifically
for use by Representative’s Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is
true, correct and complete in all material respects.

 

2.20.
Foreign Corrupt Practices Act. None of the Company and its Subsidiaries or, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its
Subsidiaries, has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions
to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official
or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate
for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or
assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil,
criminal or governmental litigation or proceeding, (ii) if not given in the past, might have had a Material Adverse Change or (iii) if
not continued in the future, might adversely affect the assets, business, operations or prospects of the Company. The Company has taken
reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material
respects with the Foreign Corrupt Practices Act of 1977, as amended.

 

2.21.
Compliance with OFAC. None of the Company and its Subsidiaries or, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries,
is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing
the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

2.22.
Money Laundering Laws. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”);
and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws
is pending or, to the best knowledge of the Company, threatened.

 

2.23.
Officers’ Certificate. Any certificate signed by any duly authorized officer of the Company and delivered to you or
to Representative’s Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters
covered thereby.

 

2.24.
Lock-Up Agreements. Schedule 3 hereto contains a complete and accurate list of the Company’s officers, directors
and each owner of 1% or more of the Company’s outstanding Common Stock (or securities convertible or exercisable into Common Stock)
(collectively, the “Lock-Up Parties”). The Company has caused each of the Lock-Up Parties to deliver to the Representative
an executed Lock-Up Agreement, in a form substantially similar to that attached hereto as Exhibit B (the “Lock-Up Agreement”),
prior to the execution of this Agreement, provided, however, the Company and the Representative agree that, with respect to three (3)
of such Locked-Up Parties, the Company shall use commercial best efforts to obtain a signed Lock-Up Agreement within 90 days of the date
hereof.

 

    	 

    	 

    

 

2.25.
Subsidiaries. All Subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization
or incorporation, and each Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct
of business requires such qualification, except where the failure to qualify would not have a Material Adverse Change. The Company’s
ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

 

2.26.
Related Party Transactions. There are no business relationships or related party transactions involving the Company or any
other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not
been described as required by the Securities Act Regulations.

 

2.27.
Board of Directors. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Pricing
Prospectus and the Prospectus captioned “Management.” The qualifications of the persons serving as board members and the
overall composition of the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and the rules
promulgated thereunder (the “Sarbanes-Oxley Act”) applicable to the Company and the listing rules of the Exchange.
At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an “audit committee financial
expert,” as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at least a majority of
the persons serving on the Board of Directors qualify as “independent,” as defined under the listing rules of the Exchange.

 

2.28.
Sarbanes-Oxley Compliance.

 

2.28.1.
Disclosure Controls. Except as disclosed in the Registration Statement, Pricing Disclosure Package and the Prospectus, the Company
has developed and currently maintains disclosure controls and procedures that will comply with Rule 13a-15 or 15d-15 under the Exchange
Act Regulations, and such controls and procedures are effective to ensure that all material information concerning the Company will be
made known on a timely basis to the individuals responsible for the preparation of the Company’s Exchange Act filings and other
public disclosure documents.

 

2.28.2.
Compliance. The Company is, or at the Applicable Time and on the Closing Date will be, in material compliance with the provisions
of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and has taken reasonable steps to ensure
the Company’s future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material
provisions of the Sarbanes-Oxley Act.

 

2.29.
Accounting Controls. Except as disclosed in the Registration Statement, Pricing Disclosure Package and the Prospectus, the
Company maintains systems of “internal control over financial reporting” (as defined under Rules 13a-15 and 15d-15 under
the Exchange Act Regulations) that comply in all material respects with the requirements of the Exchange Act and have been designed by,
or under the supervision of, its respective principal executive and principal financial officers, or persons performing similar functions,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access
to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any
material weaknesses in its internal control over financial reporting, and, if applicable, with respect to such remedial actions disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company represents that it has taken all remedial
actions set forth in such disclosure. The Company’s auditors and the Audit Committee of the Board of Directors of the Company have
been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial
reporting which are known to the Company’s management and that have adversely affected or are reasonably likely to adversely affect
the Company’ ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company’s
management, whether or not material, that involves management or other employees who have a significant role in the Company’s internal
controls over financial reporting.

 

    	 

    	 

    

 

2.30.
No Investment Company Status. The Company is not and, after giving effect to the Offering and the application of the proceeds
thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register
as an “investment company,” as defined in the Investment Company Act of 1940, as amended.

 

2.31.
No Labor Disputes. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge
of the Company, is imminent.

 

2.32.
Intellectual Property Rights. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents,
patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses,
inventions, trade secrets and similar rights (“Intellectual Property Rights”) necessary for the conduct of the business
of the Company and its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary for the conduct
of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to
any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries
has received any written notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others.
Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (A) to the knowledge
of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned
by the Company; (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging
the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a
reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section
2.32, reasonably be expected to result in a Material Adverse Change; (C) the Intellectual Property Rights owned by the Company and,
to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent
jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company’s knowledge, threatened
action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company
is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together
with any other claims in this Section 2.32, reasonably be expected to result in a Material Adverse Change; (D) there is no pending
or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates
or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written
notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would,
individually or in the aggregate, together with any other claims in this Section 2.32, reasonably be expected to result in a Material
Adverse Change; and (E) to the Company’s knowledge, no employee of the Company is in or has ever been in violation in any material
respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement,
non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such
violation relates to such employee’s employment with the Company, or actions undertaken by the employee while employed with the
Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company’s
knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential.
The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any
other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus
and are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus contain in all material
respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company has
been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company’s
knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

 

    	 

    	 

    

 

2.33.
Taxes. Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing
authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof, except in any case in which the
failure so to file would not reasonably be expected to cause a Material Adverse Change. Each of the Company and its Subsidiaries has
paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against
the Company or such respective Subsidiary, except for any such taxes that are currently being contested in good faith or as would not
reasonably be expected to cause a Material Adverse Change. The provisions for taxes payable, if any, shown on the financial statements
filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for
all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters,
(i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted
as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection
of taxes have been given by or requested from the Company or its Subsidiaries. The term “taxes” means all federal, state,
local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease,
service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs,
duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to
tax or additional amounts with respect thereto. The term “returns” means all returns, declarations, reports, statements and
other documents required to be filed in respect to taxes.

 

2.34.
ERISA Compliance. The Company is not subject to the Employee Retirement Income Security Act of 1974, as amended, or the regulations
and published interpretations thereunder.

 

2.35.
Compliance with Laws. Except as otherwise disclosed in the Registration Statement, Pricing Disclosure Package and Prospectus
and as could not, individually or in the aggregate, be expected to result in a Material Adverse Change, each of the Company and each
Subsidiary, the Company: (A) is and at all times has been in compliance with all statutes, rules, or regulations applicable to the services
provided by the Company (“Applicable Laws”), except as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Change; (B) has not received any warning letter, untitled letter or other correspondence or notice
from any other governmental authority alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals,
clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”);
(C) possesses all material Authorizations and such material Authorizations are valid and in full force and effect and are not in material
violation of any term of any such Authorizations; (D) has not received written notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation, arbitration or other action from any governmental authority or third party alleging that any product operation
or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such governmental authority or third
party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding that if brought would result
in a Material Adverse Change; (E) has not received written notice that any Governmental Authority has taken, is taking or intends to
take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such Governmental Authority is considering
such action; (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects
on the date filed (or were corrected or supplemented by a subsequent submission); and (G) has not, either voluntarily or involuntarily,
initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety
alert, post-sale warning, or other notice or action relating to the alleged lack of safety of any product or any alleged product defect
or violation and, to the Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or
action.

 

2.36.
Ineligible Issuer. At the time of filing the Registration Statement and any post-effective amendment thereto, at the time
of effectiveness of the Registration Statement and any amendment thereto, at the earliest time thereafter that the Company or another
offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Shares and
at the date hereof, the Company was not and is not an “ineligible issuer,” as defined in Rule 405, without taking account
of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

 

    	 

    	 

    

 

2.37.
Real Property. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company
and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real
or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear
of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value
of such property and do not interfere with the use made and proposed to be made of such property by the Company or its Subsidiaries;
and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under
which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any written notice of any material
claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or
subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiary to the continued possession of the
leased or subleased premises under any such lease or sublease, which would result in a Material Adverse Change.

 

2.38.
Contracts Affecting Capital. There are no transactions, arrangements or other relationships between and/or among the Company,
any of its affiliates (as such term is defined in Rule 405 of the Securities Act Regulations) and any unconsolidated entity, including,
but not limited to, any structured finance, special purpose or limited purpose entity that could reasonably be expected to materially
affect the Company’s or its Subsidiaries’ liquidity or the availability of or requirements for their capital resources required
to be described or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus which have
not been described or incorporated by reference as required.

 

2.39.
Loans to Directors or Officers. There are no outstanding loans, advances (except normal advances for business expenses in
the ordinary course of business) or guarantees or indebtedness by the Company or its Subsidiaries to or for the benefit of any of the
officers or directors of the Company, its Subsidiaries or any of their respective family members, except as disclosed in the Registration
Statement, the Pricing Disclosure Package and the Prospectus.

 

2.40.
Industry Data; Forward-looking statements. The statistical and market-related data included in each of the Registration Statement,
the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith
believes are reliable and accurate or represent the Company’s good faith estimates that are made on the basis of data derived from
such sources. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act)
contained in the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

 

2.41.
Intentionally omitted.

 

2.42.
Intentionally omitted.

 

2.43.
Electronic Road Show. The Company has made available a Bona Fide Electronic Road Show in compliance with Rule 433(d)(8)(ii)
of the Securities Act Regulations such that no filing of any “road show” (as defined in Rule 433(h) of the Securities Act
Regulations) is required in connection with the Offering.

 

2.44.
Margin Securities. The Company owns no “margin securities” as that term is defined in Regulation U of the Board
of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of Offering will
be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring
any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any
of the Common Stock to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve
Board.

 

2.45.
Dividends and Distributions. Except as disclosed in the Pricing Disclosure Package, Registration Statement and the Prospectus,
no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company,
from making any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such
Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary
of the Company.

 

2.46.
Lending Relationships. Except as disclosed in the Pricing Disclosure Package, Registration Statement and the Prospectus, the
Company (i) does not have any material lending or other relationship with any bank or lending affiliate of the Underwriters and (ii)
does not intend to use any of the proceeds from the sale of the Securities hereunder to repay any outstanding debt owed to any affiliate
of the Underwriters.

 

    	 

    	 

    

 

3.
Covenants of the Company. The Company covenants and agrees as follows:

 

3.1.
Amendments to Registration Statement. The Company shall deliver to the Representative, prior to filing, any amendment or supplement
to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement
to which the Representative shall reasonably object in writing.

 

3.2.
Federal Securities Laws.

 

3.2.1.
Compliance. The Company, subject to Section 3.2.2, shall comply with the requirements of Rule 430A of the Securities Act
Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to
the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii) of the
receipt of any comments from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or
any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the
use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Shares and the Representative’s
Warrants for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or
of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company
becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Shares and Representative’s
Warrants. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within
the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary to ascertain
promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the
event that it was not, it will promptly file such prospectus. The Company shall use its reasonable best efforts to prevent the issuance
of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible
moment.

 

3.2.2.
Continued Compliance. The Company shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act and the
Exchange Act Regulations so as to permit the completion of the distribution of the Shares as contemplated in this Agreement and in the
Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Shares is
(or, but for the exception afforded by Rule 172 of the Securities Act Regulations (“Rule 172”), would be) required
by the Securities Act to be delivered in connection with sales of the Shares, any event shall occur or condition shall exist as a result
of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement
in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading; (ii) amend or supplement the Pricing Disclosure Package
or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of
the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement
the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act
or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment
or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure
Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish
the Representative with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement;
provided that the Company shall not file or use any such amendment or supplement to which the Representative or Representative’s
Counsel shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as
the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange
Act or the Exchange Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative notice of
its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration
of the Over-allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s)
a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the
Representative or counsel for the Underwriters shall reasonably object.

 

    	 

    	 

    

 

3.2.3.
Exchange Act Registration. Until three (3) years after the date of this Agreement, the Company shall use its commercially reasonable
efforts to maintain the registration of the Common Stock under the Exchange Act.

 

3.2.4.
Free Writing Prospectuses. The Company agrees that, unless it obtains the prior consent of the Representative, it shall not make
any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a “free
writing prospectus,” or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under
Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus
set forth in Schedule 2-B. The Company represents that it has treated or agrees that it will treat each such free writing prospectus
consented to, or deemed consented to, by the Underwriters as an “issuer free writing prospectus,” as defined in Rule 433,
and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with
the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there
occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with
the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing
at that subsequent time, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at
its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

 

3.2.5.
Testing-the-Waters Communications. If at any time following the distribution of any Written Testing-the-Waters Communication there
occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include
an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify the Representative
and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such
untrue statement or omission.

 

3.3.
Delivery to the Underwriters of Registration Statements. The Company has delivered or made available or shall deliver or make
available to the Representative and Representative’s Counsel, without charge, signed copies of the Registration Statement as originally
filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts,
and upon request will also deliver to the Underwriters, without charge, a conformed copy of the Registration Statement as originally
filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment
thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant
to EDGAR, except to the extent permitted by Regulation S-T.

 

3.4.
Delivery to the Underwriters of Prospectuses. The Company has delivered or made available or will deliver or make available
to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the
Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter,
without charge, during the period when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172, would
be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter
may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the
electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

 

3.5.
Effectiveness and Events Requiring Notice to the Representative. The Company shall use its commercially reasonable efforts
to cause the Registration Statement covering the issuance of the shares of Common Stock underlying the Representative’s Warrants
to remain effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify the Representative
immediately and confirm the notice in writing: (i) of the cessation of the effectiveness of the Registration Statement and any amendment
thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that
purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the shares
underlying the Representative’s Warrants for offering or sale in any jurisdiction or of the initiation, or the threatening, of
any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the
Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission;
and (vi) of the happening of any event during the period described in this Section 3.5 that, in the judgment of the Company, makes
any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that
requires the making of any changes in (a) the Registration Statement in order to make the statements therein not misleading, or (b) in
the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification
at any time, the Company shall make every reasonable effort to obtain promptly the lifting of such order.

 

    	 

    	 

    

 

3.6.
Review of Financial Statements. For a period of three (3) years after the date of this Agreement, the Company, at its expense,
shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company’s financial
statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information.

 

3.7.
Listing. The Company shall use its commercially reasonable efforts to maintain the listing of the Shares and the shares of
Common Stock underlying the Representative’s Warrant on the Exchange for at least three (3) years from the date of this Agreement.

 

3.8.
Intentionally omitted.

 

3.9.
Reports to the Representative.

 

3.9.1.
Periodic Reports, etc. For a period of three (3) years after the date of this Agreement, the Company shall furnish or make available
to the Representative copies of such financial statements and other periodic and special reports as the Company from time to time furnishes
generally to holders of any class of its securities and also furnish or make available to the Representative: (i) a copy of each periodic
report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations; (ii) a copy
of every press release and every news item and article with respect to the Company or its affairs which was released by the Company;
(iii) a copy of each Form 8-K prepared and filed by the Company; (iv) a copy of each registration statement filed by the Company under
the Securities Act; and (v) such additional documents and information with respect to the Company and the affairs of any future subsidiaries
of the Company as the Representative may from time to time reasonably request; provided the Representative shall sign, if requested
by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representative and Representative’s
Counsel in connection with the Representative’s receipt of such information. Documents filed with the Commission pursuant to its
EDGAR system shall be deemed to have been delivered to the Representative pursuant to this Section 3.9.1.

 

3.9.2.
Transfer Agent; Transfer Sheets. For a period of three (3) years after the date of this Agreement, the Company shall retain a
transfer agent and registrar acceptable to the Representative (the “Transfer Agent”) and shall furnish to the Representative
at the Company’s sole cost and expense such transfer sheets of the Company’s securities as the Representative may reasonably
request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC. Transhare Corporation is acceptable
to the Representative to act as Transfer Agent for the Common Stock.

 

3.9.3.
Trading Reports. For a period of six (6) months after the date hereof, during such time as the Shares are listed on the Exchange,
the Company shall provide to the Representative, at the Company’s expense, such reports published by the Exchange relating to price
trading of the Shares, as the Representative shall reasonably request.

 

 

    	 

    	 

    

 

3.10.
Payment of Expenses

 

3.10.1.
General Expenses Related to the Offering. The Company hereby agrees to pay on each of the Closing Date and the Option Closing
Date, if any, to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company
under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration of the
Shares to be sold in the Offering (including the Over-allotment Option) with the Commission; (b) all Public Filing System filing fees
associated with the review of the Offering by FINRA; (c) all fees, expenses and disbursements relating to the registration, qualification
or exemption of the Shares under the securities laws of such foreign jurisdictions as the Representative may reasonably designate; (d)
the costs associated with receiving commemorative mementos and lucite tombstones; (e) fees and expenses of the Representative’s
Counsel; and (f) the Underwriters’ “road show” expenses for the Offering, with all of the Underwriters’ actual
out-of-pocket expenses under sub-sections 3.10.1(e)-(f) not to exceed $205,000. Any out-of-pocket expenses above $1,000 are to be pre-approved
by the Company. The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or the
Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriters; provided, however,
that in the event that the Offering is terminated, the Company agrees to reimburse the Underwriters pursuant to Section 7.3 hereof.

 

3.10.2.
Non-accountable Expenses. The Company further agrees that, in addition to the expenses payable pursuant to Section 3.10.1,
on the Closing Date it shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable
expense allowance equal to one percent (1.0%) of the gross proceeds received by the Company from the sale of the Firm Shares.

 

3.11.
Application of Net Proceeds. The Company shall apply the net proceeds from the Offering received by it in a manner consistent
with the application thereof described under the caption “Use of Proceeds” in the Registration Statement, the Pricing Disclosure
Package and the Prospectus.

 

3.12.
Delivery of Earnings Statements to Security Holders. The Company shall make generally available to its security holders as
soon as practicable, but not later than the first day of the fifteenth (15th) full calendar month following the date of this
Agreement, an earnings statement (which need not be certified by independent registered public accounting firm unless required by the
Securities Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities
Act) covering a period of at least twelve (12) consecutive months beginning after the date of this Agreement.

 

3.13.
Stabilization. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders has taken or shall
take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result
in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Shares.

 

3.14.
Internal Controls. Except to the extent disclosed in the Registration Statement, Pricing Disclosure Package and Prospectus,
the Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions
are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary in
order to permit preparation of financial statements in accordance with GAAP 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 existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

3.15.
Accountants. As of the date of this Agreement, the Company has retained an independent registered public accounting firm reasonably
acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public accounting
firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that the Auditor is acceptable
to the Representative.

 

3.16.
FINRA. For a period of ninety (90) days from the later of the Closing Date or the Option Closing Date, the Company shall advise
the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the
Company, (ii) any beneficial owner of 5% or more of any class of the Company’s securities or (iii) any beneficial owner of the
Company’s unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the original
Registration Statement is or becomes an affiliate or associated person of a Participating Member.

 

3.17.
No Fiduciary Duties. The Company acknowledges and agrees that the Underwriters’ responsibility to the Company is solely
contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary
capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other
transactions contemplated by this Agreement.

 

    	 

    	 

    

 

3.18.
Company Lock-Up. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent
of the Representative, it will not, for a period of twelve months (12) months after the Closing Date (the “Lock-Up Period”),
(i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant or modify the terms of any option, right or warrant to purchase, lend, or otherwise transfer or dispose of,
directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable
for shares of capital stock of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to
the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares
of capital stock of the Company (other than pursuant to a registration statement on Form S-8 for employee benefit plans); or (iii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital
stock of the Company, whether any such transaction described in clause (i), (ii) or (iii) above is to be settled by delivery of shares
of capital stock of the Company or such other securities, in cash or otherwise. The restrictions contained in this section shall not
apply to (i) the Shares and the Representative’s Warrants and shares underlying the Representative’s Warrants to be sold
hereunder; and (ii) the issuance by the Company of Common Stock upon the exercise of an outstanding option or warrant or the conversion
of a security outstanding on the date hereof or disclosed in the Registration Statement and the Pricing Disclosure Package.

 

3.19.
Release of D&O Lock-up Period. If the Representative, in its sole discretion, agrees to release or waive the restrictions
set forth in the Lock-Up Agreements described in Section 2.24 hereof for an officer or director of the Company and provides the
Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver,
the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit C hereto
through a major news service at least two (2) Business Days before the effective date of the release or waiver.

 

3.20.
Blue Sky Qualifications. The Company shall use its best efforts, in cooperation with the Underwriters, if necessary, to qualify
the Shares for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as
the Representative may designate and to maintain such qualifications in effect so long as required to complete the distribution of the
Shares; provided, however, that the Company shall not be obligated to file any general consent to service of process or
to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself
to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

 

3.21.
Reporting Requirements. The Company, during the period when a prospectus relating to the Shares is (or, but for the exception
afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with
the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally,
the Company shall report the use of proceeds from the issuance of the Shares as may be required under Rule 463 under the Securities Act
Regulations.

 

4.
Conditions of Underwriters’ Obligations. The obligations of the Underwriters to purchase and pay for the Shares, as provided
herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and
as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made
pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

 

4.1.
Regulatory Matters.

 

4.1.1.
Effectiveness of Registration Statement; Rule 430A Information. The Registration Statement has become effective not later than
5:00 p.m., Eastern time, on the date of this Agreement or such later date and time as shall be consented to in writing by you, and, at
each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of any Preliminary
Prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to
the Company’s knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission
for additional information. The Prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner
and within the time frame required by Rule 424(b) (without reliance on Rule 424(b)(8)) or a post-effective amendment providing such information
shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A.

 

    	 

    	 

    

 

4.1.2.
FINRA Clearance. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the
amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.

 

4.1.3.
Exchange Share Market Clearance. On the Closing Date, the Firm Shares shall have been approved for listing on the Exchange, subject
only to official notice of issuance. On the first Option Closing Date (if any), the Option Shares shall have been approved for listing
on the Exchange, subject only to official notice of issuance.

 

4.2.
Company Counsel Matters.

 

4.2.1.
Closing Date Opinion of Counsel for the Company. On the Closing Date, the Representative shall have received the favorable opinion
and negative assurances statement of Anthony L.G., PLLC., counsel for the Company, dated the Closing Date, in customary form and substance
reasonably satisfactory to Representative’s Counsel addressed to the Representative and stating that such opinions may be relied
upon by Representative’s Counsel.

 

4.2.2
Closing Date Opinion of Japan Counsel for the Company. On the Closing Date, the Representative shall have received the favorable
opinion and negative assurances statement of Omotesando Sogo, Japan counsel for the Company, dated the Closing Date, in customary form
and substance reasonably satisfactory to Representative’s Counsel addressed to the Representative and stating that such opinions
may be relied upon by Representative’s Counsel.

 

4.2.3.
Option Closing Date Opinion of Counsel for the Company. On the Option Closing Date, if any, the Representative shall have received
the favorable opinion and negative assurances statement of Anthony L.G., PLLC, counsel for the Company, dated the Option Closing Date,
addressed to the Representative and in customary form and substance reasonably satisfactory to the Representative, confirming as of the
Option Closing Date, the statements made by such counsel in their opinions delivered on the Closing Date.

 

4.2.4.
Option Closing Date Opinion of Japan Counsel for the Company. On the Option Closing Date, if any, the Representative shall have
received the favorable opinion and negative assurances statement of Omotesando Sogo , Japan counsel for the Company, dated the Option
Closing Date, addressed to the Representative and in customary form and substance reasonably satisfactory to the Representative, confirming
as of the Option Closing Date, the statements made by such counsel in their opinions delivered on the Closing Date.

 

4.2.5.
Reliance. In rendering such opinions, such counsel may rely: (i) as to matters involving the application of laws other than the
laws of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified
in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of other
counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii) as to matters of fact, to the extent
they deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdictions
having custody of documents respecting the corporate existence or good standing of the Company, provided that copies of any such
statements or certificates shall be delivered to Representative’s Counsel if requested.

 

4.3.
Comfort Letters.

 

4.3.1.
Cold Comfort Letter. At the time this Agreement is executed you shall have received a cold comfort letter containing statements
and information of the type customarily included in accountants’ comfort letters with respect to the financial statements and certain
financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative
and in form and substance satisfactory in all respects to you and to the Auditor, dated as of the date of this Agreement.

 

    	 

    	 

    

 

4.3.2.
Bring-down Comfort Letter. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received
from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms
the statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date
not more than three (3) Business Days prior to the Closing Date or the Option Closing Date, as applicable.

 

4.4.
Officers’ Certificates.

 

4.4.1.
Officers’ Certificate. The Company shall have furnished to the Representative a certificate, dated the Closing Date and
any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer, its President and its Chief Financial
Officer stating that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer
Free Writing Prospectus and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto, as of the Applicable
Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement
of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date
if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option
Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto, as of the respective
date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, (ii)
since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment
to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the best of their knowledge after reasonable
investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and
warranties of the Company in this Agreement are true and correct in all material respects (except for those representations and warranties
qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties which
refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with all agreements
and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing
Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the date of the most recent audited financial
statements included or incorporated by reference in the Pricing Disclosure Package, a Material Adverse Change.

 

4.4.2.
Secretary’s Certificate. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have
received a certificate of the Company signed by the Secretary of the Company, dated the Closing Date or the Option Date, as the case
may be, respectively, certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified and is in full
force and effect; (ii) that the resolutions of the Company’s Board of Directors (and any pricing committee thereof) relating to
the Offering are in full force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence
between the Company or its counsel and the Commission; and (iv) as to the incumbency of the officers of the Company. The documents referred
to in such certificate shall be attached to such certificate.

 

4.5.
No Material Changes. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been
no Material Adverse Change in the condition or prospects or the business activities, financial or otherwise, of the Company from the
latest dates as of which such condition is set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus;
(ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before
or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding
may reasonably be expected to cause a Material Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure
Package and the Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall have
been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus
and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance
with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities
Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor
any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

    	 

    	 

    

 

4.6.
Delivery of Agreements.

 

4.6.1.
Lock-Up Agreements. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies
of the Lock-Up Agreements from each of the persons listed in Schedule 3 hereto, provided, however, the Company and the Representative
agree that, with respect to two (2) of such Locked-Up Parties, the Company shall use commercial best efforts to obtain a signed Lock-Up
Agreement within 90 days of the date hereof.

 

4.7.
Additional Documents. At the Closing Date and at each Option Closing Date (if any) Representative’s Counsel shall have
been furnished with such documents and opinions as they may require for the purpose of enabling Representative’s Counsel to deliver
an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the
Shares and the Representative’s Warrants as herein contemplated shall be satisfactory in form and substance to the Representative
and Representative’s Counsel.

 

5.
Indemnification.

 

5.1.
Indemnification of the Underwriters.

 

5.1.1.
General. Subject to the conditions set forth below, the Company agrees to indemnify, defend and hold harmless each Underwriter,
its affiliates and each of its and their respective directors, officers, members, employees, representatives, partners, shareholders,
affiliates, counsel, and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (collectively the “Underwriter Indemnified Parties,” and each an “Underwriter
Indemnified Party”), from and against any and all loss, liability, claim, damage and expense whatsoever (including but not
limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced
or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties and the
Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them may become
subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries
(a “Claim”), arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained,
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, in (A) the Registration Statement, the Pricing Disclosure
Package, any Preliminary Prospectus, the Prospectus, or in any Issuer Free Writing Prospectus or in any Written Testing-the-Waters Communication
(as from time to time each may be amended and supplemented); (B) any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the Offering, including any “road show” or investor presentations made
to investors by the Company (whether in person or electronically); or (C) any application or other document or written communication
(in this Section 5, collectively called “application”) executed by the Company or based upon written information furnished
by the Company in any jurisdiction in order to qualify the Shares and Representative’s Warrants under the securities laws thereof
or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; unless,
with respect to each subsection (A) through (C), such statement or omission was made in reliance upon, and in conformity with, the Underwriters’
Information. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement,
Pricing Disclosure Package or Prospectus, the indemnity agreement contained in this Section 5.1.1 shall not inure to the benefit
of any Underwriter Indemnified Party to the extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified
Party results from the fact that a copy of the Prospectus was not given or sent to the person asserting any such loss, liability, claim
or damage at or prior to the written confirmation of sale of the Shares to such person as required by the Securities Act and the Securities
Act Regulations, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus
was a result of non-compliance by the Company with its obligations under Section 3.3 hereof. The Company also agrees that it will
reimburse each Underwriter Indemnified Party for all reasonable fees and expenses (including but not limited to any and all legal or
other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim
whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties and the Company or between any of the
Underwriter Indemnified Parties and any third party, or otherwise) (collectively, the “Expenses”), and further agrees
wherever and whenever possible to advance payment of Expenses as they are incurred by an Underwriter Indemnified Party in investigating,
preparing, pursuing or defending any Claim.

 

    	 

    	 

    

 

5.1.2.
Procedure. If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against
the Company pursuant to Section 5.1.1, such Underwriter Indemnified Party shall promptly notify the Company in writing of the
institution of such action and the Company shall assume the defense of such action, including the employment and fees of counsel (subject
to the approval of such Underwriter Indemnified Party (which approval shall not be unreasonably withheld)) and payment of actual expenses
if an Underwriter Indemnified Party requests that the Company do so. Such Underwriter Indemnified Party shall have the right to employ
its or their own counsel in any such case, and the fees and expenses of such counsel shall be at the expense of the Company and shall
be advanced by the Company; provided, however, that the Company shall not be obligated to bear the reasonable fees and
expenses of more than one firm of attorneys selected by the Underwriter Indemnified Party (in addition to local counsel). Notwithstanding
anything to the contrary contained herein, and provided that the Company has timely honored its obligations under Section 5, the
Underwriter Indemnified Party shall not enter into any settlement without the prior written consent (which shall not be unreasonably
withheld) of the terms of any settlement by the Company. The Company shall not be liable for any settlement of any action effected without
its prior written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written consent
of the Underwriters (which consent shall not be unreasonably withheld), settle, compromise or consent to the entry of any judgment in
or otherwise seek to terminate any pending or threatened action in respect of which advancement, reimbursement, indemnification or contribution
may be sought hereunder (whether or not such Underwriter Indemnified Party is a party thereto) unless such settlement, compromise, consent
or termination (i) includes an unconditional release of each Underwriter Indemnified Party, acceptable to such Underwriter Indemnified
Party, from all liabilities, expenses and claims arising out of such action for which indemnification or contribution may be sought and
(ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Underwriter
Indemnified Party.

 

5.2.
Indemnification of the Company. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company,
its directors, its officers who signed the Registration Statement and persons who control the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the
foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to such losses, liabilities, claims,
damages and expenses (or actions in respect thereof) which arise out of or are based upon untrue statements or omissions, or alleged
untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus
or any amendment or supplement thereto or in any application, in reliance upon, and in conformity with, the Underwriters’ Information.
In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration
Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of
which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the
Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions of
Section 5.1.2. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against
the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Shares or in connection with the Registration
Statement, the Pricing Disclosure Package, the Prospectus, or any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication.

 

    	 

    	 

    

 

5.3.
Contribution. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient
to hold harmless an indemnified party under Section 5.1 or 5.2 in respect of any liabilities and Expenses referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified
party as a result of such liabilities and Expenses, (i) in such proportion as shall be appropriate to reflect the relative benefits received
by the Company, on the one hand, and each of the Underwriters, on the other hand, from the Offering, or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other hand,
in connection with the matters as to which such liabilities or Expenses relate, as well as any other relevant equitable considerations.
The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such Offering shall
be deemed to be in the same proportion as the total net proceeds actually received by the Company from the Offering of the Shares purchased
under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions actually
received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus.
The relative fault of the Company, on the one hand, and the Underwriters, on the other, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or the Underwriters, on the other, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided
that the parties hereto agree that the written information furnished to the Company through the Representative by or on behalf of
any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement
thereto, consists solely of the Underwriters’ Information. The Company and the Underwriters agree that it would not be just and
equitable if contributions pursuant to this subsection (d) were determined by pro rata allocation (even if the Underwriters were treated
as one entity for such purpose) or by any other method of allocation which does not take into account the equitable considerations referred
to above in this subsection (d). Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section
11(f) of the Securities Act shall be entitled to contribution from a party who was not guilty of such fraudulent misrepresentation.

 

5.4.
Limitation. The Company also agrees that no Underwriter Indemnified Party shall have any liability (whether direct or indirect,
in contract or tort or otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Underwriter
Indemnified Party pursuant to this Agreement, the transactions contemplated thereby or any Underwriter Indemnified Party’s actions
or inactions in connection with any such advice, services or transactions, except to the extent that a court of competent jurisdiction
has made a finding that liabilities (and related Expenses) of the Company have resulted from such Underwriter Indemnified Party’s
fraud, bad faith, gross negligence or willful misconduct in connection with any such advice, actions, inactions or services or such Underwriter
Indemnified Party’s breach of this Agreement or any obligations of confidentiality owed to the Company.

 

5.5.
Survival & Third-Party Beneficiaries. The advancement, reimbursement, indemnity and contribution obligations set forth
in this Section 5 shall remain in full force and effect regardless of any termination of, or the completion of any Underwriter Indemnified
Party’s services under or in connection with, this Agreement. Each Underwriter Indemnified Party’s is an intended third-party
beneficiary of this Section 5, and has the right to enforce the provisions of Section 5 as if he/she/it was a party to this Agreement.

 

6.
Right of First Refusal. During the period ending two years after the Closing Date, if and only if the closing of the purchase
of the Firm Shares hereunder actually occurs, the Company grants the Representative the right of first refusal to act as financial advisor,
or as lead managing underwriter, book runner, placement agent, or to act as joint advisor, underwriter, or placement agent, on at least
equal economic terms on any public or private financing (debt or equity), merger, business combination, recapitalization or sale of some
or all of the equity or assets of the Company (collectively, “Future Services”). In the event the Company notifies
Representative of its intention to pursue an activity that would enable Representative to exercise its right of first refusal to provide
Future Services, Representative shall notify the Company of its election to provide such Future Services, including notification of the
compensation and other terms to which Representative shall be entitled, within thirty (30) days of written notice by the Company. In
the event the Company engages Representative to provide such Future Services, Representative will be compensated consistent with the
compensation in this Agreement, unless mutually agreed otherwise by the Company and Representative

 

7.
Effective Date of this Agreement and Termination Thereof.

 

7.1.
Effective Date. This Agreement shall become effective when both the Company and the Representative have executed the same
and delivered counterparts of such signatures to the other party.

 

    	 

    	 

    

 

7.2.
Termination. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i)
if any domestic or international event or act or occurrence has materially disrupted, or in your opinion will in the immediate future
materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Share Exchange or the Nasdaq
Share Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or
maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority
having jurisdiction; or (iii) if the United States shall have become involved in a new war or an increase in major hostilities; or (iv)
if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading
has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall have sustained
a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or
not such loss shall have been insured, will, in your opinion, make it inadvisable to proceed with the delivery of the Firm Shares or
Option Shares; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii)
if the Representative shall have become aware after the date hereof of such a Material Adverse Change, or such adverse material change
in general market conditions as in the Representative’s judgment would make it impracticable to proceed with the offering, sale
and/or delivery of the Shares or to enforce contracts made by the Underwriters for the sale of the Shares.

 

7.3.
Expenses. Notwithstanding anything to the contrary in this Agreement, in the event that this Agreement shall not be carried
out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall
be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions contemplated
herein then due and payable up to the amounts set forth in Section 3.10.1 and upon demand the Company shall pay such amount thereof
to the Representative on behalf of the Underwriters; provided, however, that such expense cap in no way limits or impairs
the indemnification and contribution provisions of this Agreement. Notwithstanding the foregoing, any advance received by the Representative
will be reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

 

7.4.
Indemnification. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination
of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full
force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement
or any part hereof.

 

7.5.
Representations, Warranties, Agreements to Survive. All representations, warranties and agreements contained in this Agreement
or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless
of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter,
its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Shares.

 

8.
Miscellaneous.

 

8.1.
Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be
mailed (registered or certified mail, return receipt requested), personally delivered or sent by facsimile transmission and confirmed
or electronic mail and shall be deemed given when so delivered or faxed and confirmed or sent via electronic mail, or if mailed, two
(2) days after such mailing.

 

If
to the Representative:

 

Boustead
Securities, LLC

6
Venture, Suite 265

Irvine,
CA 92618

Attn:
Keith Moore

Email:
Keith@boustead1828.com

Fax
No.: (815) 301-8099

 

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

 

Bevilacqua
PLLC

1050
Connecticut Ave, NW, Suite 500

Washington,
DC 20036

Attention:
Louis A. Bevilacqua

Email:
lou@bevilacquapllc.com

Fax
No.: (202) 869-0889

 

    	 

    	 

    

 

If
to the Company:

 

HeartCore
Enterprises, Inc.

1-2-33,
Higashigotanda, Shinagawa-ku

Tokyo,
Japan

Attention:
Sumitaka Yamamoto

Email:
kanno@heartcore.co.jp

Fax
No.:

 

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

 

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, Florida 33401

Attention:
Laura Anthony, Esq.

Attention:
Craig D. Linder, Esq.

Email:
LAnthony@anthonypllc.com

CLinder@anthonypllc.com

Fax
No.: (561) 514-0832

 

8.2.
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit
or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

 

8.3.
Amendment. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

 

8.4.
Entire Agreement. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection
with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. Notwithstanding
anything to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms and conditions of that
certain engagement letter between the Company and Representative dated as of May 18, 2021, as such engagement letter may be amended from
time to time, shall remain in full force and effect.

 

8.5.
Binding Effect. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters,
the Company and the controlling persons, directors and officers referred to in Section 5 hereof, and their respective successors,
legal representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term “successors and assigns”
shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

 

8.6.
Governing Law; Consent to Jurisdiction; Trial by Jury. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that
any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in
the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 8.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its Shareholders
and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

8.7.
Execution in Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the
same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall
constitute valid and sufficient delivery thereof.

 

8.8.
Waiver, etc. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall
not be deemed or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision
hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

 

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

 

	Very
    truly yours,	 
	 	 
	HeartCore
    Enterprises, Inc.	 
	 	 
	By:	/s/
    Sumitaka Yamamoto 	 
	Name:	Sumitaka
    Yamamoto	 
	Title:	Chief
    Executive Officer	 

 

Confirmed
as of the date first written above mentioned, on behalf of itself and as Representative of the several Underwriters named on Schedule
1 hereto:

 

	Boustead
    Securities, LLC	 
	 	 
	By:	/s/
    Keith Moore 	 
	Name:	Keith
    Moore	 
	Title:
    	Chief
    Executive Officer	 

 

    	 

    	 

    

 

SCHEDULE
1

 

 

	Underwriter	 	Total
 Number
 of
 Firm
 Shares
 to be
 Purchased	 	 	Number of
 Additional
 Option Shares
 to be
 Purchased if the
 Over-
 Allotment
 Option is
 Fully Exercised	 
	Boustead Securities, LLC	 	 	3,000,000	 	 	 	450,000	 
	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	3,000,000	 	 	 	450,000	 

 

    	 

    	 

    

 

SCHEDULE
2-A

 

Pricing
Information

 

Number
of Firm Shares: 3,000,000

 

Number
of Option Shares: 450,000

 

Public
Offering Price per Firm Share: $5.00

 

Public
Offering Price per Option Share: $5.00

 

Underwriting
Discount per Firm Share: $0.35

 

Underwriting
Discount per Option Share: $0.35

 

Non-Accountable
Expense Allowance per Firm Share: $0.05

 

Non-Accountable
Expense Allowance per Option Share: $0.05

 

    	 

    	 

    

 

SCHEDULE
2-B

 

Issuer
General Use Free Writing Prospectuses

 

(See
attached)

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

SCHEDULE
2-C

 

Written
Testing-the-Waters Communications

 

None

    	 

    	 

    

 

SCHEDULE
3

 

List
of Lock-Up Parties

 

	Sumitaka
    Yamamoto
	Daishin
    Yasui
	Information
    Services International-Dentsu, Ltd.
	Kuniaki
    Kawaji
	Ciz
    Investment LLP
	Ryugo
    Miyake
	Satoshi
    Aoki
	Katsuyuki
    Saito
	JPE
    No. 2 Co., Ltd.
	Keisuke
    Kuno
	Kimio
    Hosaka
	Hidekazu
    Miyata
	Qizhi
    Gao
	Ferdinand
    Groenewald
	Yoshitomo
    Yamano
	Yuki
    Tan
	Takeshi
    Omoto
	Yuta
    Katai

 

    	 

     

    

 

EXHIBIT
A

 

Form
of Representative’s Warrant

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING [●], 202[●] (THE “EFFECTIVE
DATE”) TO ANYONE OTHER THAN (I) BOUSTEAD SECURITIES, LLC OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING FOR WHICH THIS
PURCHASE WARRANT WAS ISSUED TO THE UNDERWRITER AS CONSIDERATION (THE “OFFERING”), OR (II) A BONA FIDE OFFICER OR PARTNER
OF BOUSTEAD SECURITIES, LLC.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●], 2022. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 202_.

 

COMMON
STOCK PURCHASE WARRANT

 

For
the Purchase of [●] Shares of Common Stock

 

of

 

HeartCore
Enterprises, Inc.

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Boustead Securities, LLC (“Holder”),
as registered owner of this Purchase Warrant, to HeartCore Enterprises, Inc., a Delaware corporation (the “Company”),
Holder is entitled, at any time or from time to time beginning [●], 202_ (the “Commencement Date”), and at or
before 5:00 p.m., Eastern time, [●], 202_1 (the “Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to [●] shares of common stock of the Company, par value $0.0001 per share (the
“Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking
institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such
a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share2;
provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this
Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted
as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price,
depending on the context.

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank
check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date,
this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.
Each exercise hereof shall be irrevocable.

 

1
[To be five years from the effective date of the Form S-1 for the offering.]

2
[To be 125% of the public offering price per Share]

 

    	 

     

    

 

2.2
Cashless Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion
thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which
event the Company will issue to Holder Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share; and
	 	B	=	The
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value means, for any date, the price determined by the first of the following clauses that
applies: (a) if the common stock is then listed or quoted on a Eligible Market, the value shall be deemed to be the highest intra-day
or closing price on any trading day on such Eligible Market on which the common stock is then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding
the exercise, (b) if OTCQB or OTCQX is not an Eligible Market, the value shall be deemed to be the highest intra-day or closing price
on any trading day on the OTCQB or OTCQX on which the common stock is then quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, as applicable,
(c) if the common stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the common stock are then reported
in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the “OTC Markets Group”, the value shall be deemed to be the highest intra-day or closing price on
any trading day on the Pink Sheets on which the common stock is then quoted as reported by OTC Markets Group (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, or (d) in
all other cases, the fair market value of a share of common stock as determined by an independent appraiser selected in good faith by
the Holder and reasonably acceptable to the Company.

 

2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable
state law which, in the opinion of counsel to the Company, is available.”

 

    	 

     

    

 

2.4
Resale of Shares. Holder and the Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance
of the SEC has published Compliance & Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that
the holder of securities issued in connection with a public offering may not rely upon Rule 144 promulgated under the Act to establish
an exemption from registration requirements under Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively for
the resale of such shares in the following manner: (a) provided that six months has elapsed since the last sale under the registration
statement, an underwriter or finder may resell the securities in accordance with the provisions of Rule 144(c), (e), and (f), except
for the notice requirement; (b) a purchaser of the shares from an underwriter receives restricted securities unless the sale is made
with an appropriate, current prospectus, or unless the sale is made pursuant to the conditions contained in (a) above; (c) a purchaser
of the shares from an underwriter who receives restricted securities may include the underwriter’s holding period, provided that
the underwriter or finder is not an affiliate of the issuer; and (d) if an underwriter transfers the shares to its employees, the employees
may tack the firm’s holding period for purposes of Rule 144(d), but they must aggregate sales of the distributed shares with those
of other employees, as well as those of the underwriter or finder, for a six-month period from the date of the transfer to the employees.
Holder and the Company also acknowledge that the Staff of the Division of Corporation Finance of the SEC has advised in various no-action
letters that the holding period associated with securities issued without registration to a service provider commences upon the completion
of the services, which the Company agrees and acknowledges shall be the final closing of the Offering, and that Rule 144(d)(3)(ii) provides
that securities acquired from the issuer solely in exchange for other securities of the same issuer shall be deemed to have been acquired
at the same time as the securities surrendered for conversion (which the Company agrees is the date of the initial issuance of this Purchase
Warrant). In the event that following a reasonably-timed written request by Holder to transfer the Shares in accordance with Compliance
& Disclosure Interpretation 528.04 counsel for the Company in good faith concludes that Compliance & Disclosure Interpretation
528.04 no longer may be relied upon as a result of changes in applicable laws, regulations, or interpretations of the SEC Division of
Corporation Finance, or as a result of judicial interpretations not known by the Company or its counsel on the date hereof, then the
Company shall promptly, and in any event within five (5) business days following the request, provide written notice to Holder of such
determination. As a condition to giving such notice, the parties shall negotiate in good faith a single demand registration right pursuant
to an agreement in customary form reasonably acceptable to the parties; provided that notwithstanding anything to the contrary, the obligations
of the Company pursuant to this Section 2 shall terminate on the fifth anniversary of the Effective Date. In the absence of such conclusion
by counsel for the Company, the Company shall, upon such a request of Holder given no earlier than six months after the final closing
of the Offering, instruct its transfer agent to permit the transfer of such shares in accordance with Compliance & Disclosure Interpretation
528.04, provided that Holder has provided such documentation as shall be reasonably be requested by the Company to establish compliance
with the conditions of Compliance & Disclosure Interpretation 528.04. Notwithstanding anything to the contrary, pursuant to FINRA
Rule 5110(g)(8)(B)-(D), the Holder shall not be entitled to more than one demand registration right hereunder and the duration of the
registration rights hereunder shall not exceed five years from the Effective Date.

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not for a period of one hundred eighty (180) days following the Effective Date: (a) sell, transfer, assign, pledge or hypothecate
this Purchase Warrant to anyone other than: (i) Boustead Securities LLC (“Boustead”) or an underwriter, placement
agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Boustead or of any such underwriter,
placement agent or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or (b) cause this Purchase Warrant
or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2).
After 180 days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company
shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase
Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number
of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2
Restrictions Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) if required by applicable law, the Company has received the opinion of counsel for the Company that the securities may be transferred
pursuant to an exemption from registration under the Act and applicable state securities laws, or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company
and declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance with applicable
state securities law has been established.

 

    	 

     

    

 

4.
Piggyback Registration Rights.

 

4.1
Grant of Right. Whenever the Company proposes to register any shares of its common stock under the Act (other than (i) a registration
effected solely to implement an employee benefit plan or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration
statement on Form S-4, S-8 or any successor form thereto or another form not available for registering the Shares issuable upon exercise
of this Purchase Warrant for sale to the public, whether for its own account or for the account of one or more stockholders of the Company
(a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than ten (10) Business
Days prior to the filing of such registration statement) to the Holder of the Company’s intention to effect such a registration
and, subject to the remaining provisions of this Section 4.1, shall include in such registration such number of Shares underlying this
Purchase Warrant (the “Registrable Securities”) that the Holders have (within ten (10) Business Days of the respective
Holder’s receipt of such notice) requested in writing (including such number) to be included within such registration. If a Piggyback
Registration is an underwritten offering and the managing underwriter advises the Company that it has determined in good faith that marketing
factors require a limit on the number of shares of common stock to be included in such registration, including all Shares issuable upon
exercise of this Purchase Warrant (if the Holder has elected to include such shares in such Piggyback Registration) and all other shares
of common stock proposed to be included in such underwritten offering, , the Company shall include in such registration (i) first, the
number of shares of common stock that the Company proposes to sell and (ii) second, the number of shares of common stock, if any, requested
to be included therein by selling stockholders (including the Holder) allocated pro rata among all such persons on the basis of the number
of shares of common stock then owned by each such person. If any Piggyback Registration is initiated as a primary underwritten offering
on behalf of the Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters
in connection with such offering. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 4.1
shall terminate on the earlier of (i) the fifth anniversary of the Effective Date and (ii) the date that Rule 144 would allow the Holder
to sell its Registrable Securities during any ninety (90) day period.

 

4.2
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a)
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other out-of-pocket expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed
to indemnify Boustead contained in the Underwriting Agreement between Boustead and the Company, dated as of [●], 202_. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in the Underwriting Agreement pursuant to which Boustead has agreed to indemnify the Company.

 

4.3
Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.4
Documents Delivered to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting the
correspondence and memoranda described below, copies of all correspondence between the Commission and the Company, its counsel or auditors
and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each
Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted
from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times, during normal business hours, as any such Holder shall
reasonably request.

 

4.5
Underwriting Agreement. The Holders shall be parties to any underwriting agreement relating to a Piggyback Registration. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except
as they may relate to such Holders, their Shares and the amount and nature of their ownership thereof and their intended methods of distribution.

 

    	 

     

    

 

4.6
Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to
the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security
holders.

 

4.7
Damages. Should the Company fail to comply with such provisions, the Holder(s) shall, in addition to any other legal or other
relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against
the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and
without the necessity of posting bond or other security.

 

5.
New Purchase Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, determined in the sole discretion of the
Company, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed
and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the
part of the Company.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the
Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the
Exercise Price shall be proportionately increased.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any
share reconstruction or amalgamation or consolidation or merger of the Company with or into another corporation (other than a consolidation
or share reconstruction or amalgamation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity
of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the
number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification
also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1,
6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

    	 

     

    

 

6.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this
Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

6.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation or merger
of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation or merger which
does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant
then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive,
upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such
consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant
might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation or merger, sale or transfer.
Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section
6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations or
mergers.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.
Reservation. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of
issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as
a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall deliver to each Holder a copy of
each notice relating to such events given to the other shareholders of the Company at the same time and in the same manner that such
notice is given to the shareholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor.

 

    	 

     

    

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing
and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following
address or to such other address as the Company may designate by notice to the Holders:

 

If
to the Holder:

 

Boustead
Securities, LLC

6
Venture, Suite 395

Irvine,
CA 92618

Attention:
Chief Executive Officer

Fax
No: [*]

 

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

 

Bevilacqua
PLLC

1050
Connecticut Avenue NW, Suite 500

Washington,
DC 20036

Attn:
Louis Bevilacqua, Esq.

Fax
No.: (202) 869-0889

 

If
to the Company:

 

HeartCore
Enterprises, Inc.

1-2-33,
Higashigotanda, Shinagawa-ku

Tokyo,
Japan

Attention:
Sumitaka Yamamoto

Fax
No: [*]

 

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

 

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, Florida 33401

Attention:
Laura Anthony, Esq.

Attention:
Craig D. Linder, Esq.

Fax
No: [*]

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and Boustead may from time to time supplement or amend this Purchase Warrant without the approval of any
of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Boustead may deem necessary or desirable and that the Company and Boustead deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by (i) the Company and (ii) the Holder(s) of
Purchase Warrants then-exercisable for at least a majority of the Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

    	 

     

    

 

9.3.
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company
hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be
brought and enforced in New York Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action
or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by
applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach,
non-compliance or non-fulfillment.

 

9.7
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that,
at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Boustead enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day of
[●], 202_.

 

	 	HeartCore
    Enterprises, Inc.  	 
	 	 	 	 
	 	By:	            	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 

     

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.0001 per share
(the “Shares”), of HeartCore Enterprises, Inc., a Delaware corporation (the “Company”), and hereby
makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as
to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant
representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______
Shares, as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	 	 	 	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share which is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per share

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

Signature
_____________________________________________

 

Signature
Guaranteed ____________________________________

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

     

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto the right to purchase shares of Common Stock, par value
$0.0001 per share, of HeartCore Enterprises, Inc., a Delaware corporation (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

Signature
____________________________________________

 

Signature
Guaranteed ___________________________________

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm
having membership on a registered national securities exchange.

 

    	 

     

    

 

EXHIBIT
B

 

Form
of Lock-up Agreement

 

February
__, 2022

 

Boustead
Securities, LLC

6
Venture, Suite 395

Irvine,
CA 92618

 

Re:
Proposed Public Offering by HeartCore Enterprises Inc.

 

Ladies
and Gentlemen:

 

The
undersigned, a stockholder of HeartCore Enterprises Inc.., a Delaware corporation (the “Company”), understands that
Boustead Securities, LLC (the “Representative”) will act as the representative of the underwriters in carrying out
an offering (the “Offering”) of the Company’s common stock, par value $0.0001 per share (the “Securities”).
In recognition of the benefit that the Offering will confer upon the undersigned, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Representative that, without the prior written
consent of the Representative, during a period of up to 365 days from the date on which the trading of the Securities on the Nasdaq Stock
Exchange commences (the “Lock-Up Period”), the undersigned will not, without the prior written consent of the Representative,
directly or indirectly (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any securities of the Company (collectively,
the “Lock-Up Securities”), whether now owned or hereafter acquired by the undersigned or with respect to which the
undersigned has or hereafter acquires the power of disposition, or file, or cause to be filed, any registration statement under the Securities
Act of 1933, as amended, with respect to any of the foregoing or (ii) enter into any swap or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any
such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of the Lock-Up Securities or such other securities,
in cash or otherwise.

 

The
Representative may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements
prior to the expiration of the Lock-Up Period. When determining whether or not to release shares from the lock-up agreements, the Representative
will consider, among other factors, the security holder’s reasons for requesting the release, the number of shares for which the
release is being requested and market conditions at the time.

 

Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may transfer the Lock-Up Securities without the prior written consent
of the Representative as follows, provided that (1) the Representative receives a signed lock-up agreement for the balance of the Lock-Up
Period from each donee, trustee or transferee, as the case may be, (2) any such transfer shall not involve a disposition for value, (3)
such transfers are not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise
and (4) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers:

 

(i)
as a bona fide gift or gifts (including but not limited to charitable gifts); or

 

(ii)
to any member of the immediate family of the undersigned or to a trust or other entity for the direct or indirect benefit of, or wholly-owned
by, the undersigned or the immediate family of the undersigned (for purposes of this lock-up agreement, “immediate family”
shall mean any relationship by blood, marriage or adoption, not more remote than first cousin); or

 

    	 

     

    

 

(iii)
if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (1) transfers to another
corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined
in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned or (2) distributions of common stock or any
security convertible into or exercisable for common stock to limited partners, limited liability company members or stockholders of the
undersigned; or

 

(iv)
if the undersigned is a trust, transfers to the beneficiary of such trust; or

 

(v)
by will, other testamentary document or intestate succession; or

 

(vi)
by operation of law pursuant to a qualified domestic order or in connection with a divorce settlement.

 

Furthermore,
no provision in this letter shall be deemed to restrict or prohibit (1) transactions relating to Securities purchased in the Offering
or acquired in open market transactions after the completion of Offering; and (2) the exercise or exchange by the undersigned of any
option or warrant to acquire any common stock or options to purchase common stock, in each case for cash or on a “cashless”
or “net exercise” basis, pursuant to any share option, share bonus or other share plan or arrangement; provided, however,
that the underlying common stock shall continue to be subject to the restrictions on transfer set forth in this letter.

 

The
undersigned further agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this
lock-up agreement during the Lock-Up Period, it will give written notice thereof to the Representative and will not consummate such transaction
or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

 

The
undersigned understands that, if the Offering shall terminate or be terminated prior to payment for and delivery of the Securities, the
undersigned shall be released from all obligations set forth herein.

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions.

 

The
undersigned, whether or not participating in the Offering, understands that the Representative is proceeding with the Offering in reliance
upon this lock-up agreement.

 

This
lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict
of laws principles thereof.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	(Name
    - Please Print)
	 	 
	 	 
	 	(Signature)

 

    	 

     

    

 

EXHIBIT
C

 

Form
of Press Release

 

HEARTCORE
ENTERPRISES, INC.

[Date]

 

HeartCore
Enterprises, Inc. (the “Company”) announced today that Boustead Securities, LLC, acting as representative for the underwriters
in the Company’s recent public offering of shares of the Company’s common stock, is [waiving] [releasing] a lock-up restriction
with respect to shares of the Company’s common stock held by [certain officers or directors] [an officer or director] of the Company.
The [waiver] [release] will take effect on , 20 , and the shares may be sold on or after such date.

 

This
press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is
prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration
under the Securities Act of 1933, as amended.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]