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EXHIBIT 10.34
Certain identified information has been excluded from the exhibit because it is both (i) notmaterial and (ii) is the type of information that the registrant treats as private or confidential. Double asterisks denote omissions.
LICENSE AGREEMENT
This LICENSE AGREEMENT (the “Agreement”), made and effective as of July 24th, 2020 (the “Effective Date”), is by and between:
NEW YORK UNIVERSITY (hereinafter “NYU”), a corporation organized and existing under the laws of the State of New York and having a place of business at 70 Washington Square South, New York, New York 10012;
AND
Carisma Therapeutics Inc (hereinafter “CORPORATION”), a corporation organized and existing under the laws of the State of Delaware having its principal office at 3675 Market Street, Ste 200, Philadelphia, PA, 19104.
RECITALS
WHEREAS, Dr. Nathaniel Landau of NYU (hereinafter “the NYU Scientist”) has made certain inventions relating to lentiviral vectors and methods of use thereof, all as more particularly described in a U.S. patent owned by NYU and identified in annexed Appendix I and forming an integral part hereof (“the Pre-Existing Inventions”); and WHEREAS, NYU and CORPORATION are parties to a Research and Option Agreement dated November 1st, 2019 (“Option Agreement”), under which CORPORATION is funding a research project at NYU under the direction of the NYU Scientist (the “NYU Research Project), and NYU granted CORPORATION an option to obtain the rights and licenses granted herein, and CORPORATION has exercised such option;
WHEREAS, subject to the terms and conditions hereinafter set forth, NYU is willing to grant to CORPORATION and CORPORATION is willing to accept from NYU the License (as hereinafter defined);
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereto hereby agree as follows:
	1.
	Definitions.

Whenever used in this Agreement, the following terms shall have the following meanings:
1.01.“Affiliate” shall mean any company or other legal entity which controls, or is controlled by, or is under common control with, CORPORATION; control means the holding of twenty five and one tenth percent (25.1%) or more of (i) the capital and/or (ii) the voting rights and/or (iii) the right to elect or appoint directors.
1.02.“Calendar Year” shall mean any consecutive period of twelve months commencing on the first day of January of any year.
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1.03.“Date of First Commercial Sale” shall mean the date on which a Licensed Product is first offered for sale by CORPORATION or an Affiliate or sublicensee of CORPORATION.
1.04.“Field” shall mean all indications for human use.
1.05.“License” shall mean the exclusive worldwide license to practice NYU’s rights in the NYU Patents and the non-exclusive worldwide license to practice NYU’s rights in the NYU Know-How (as hereinafter defined) for the development, manufacture, use and sale of the Licensed Products (as hereinafter defined) in the Field.
1.06.“Licensed Products” shall mean all products and services, which (i) are covered by a claim of any unexpired NYU Patent (as hereinafter defined) which has not been disclaimed or held invalid by a court of competent jurisdiction from which no appeal can be taken, or (ii) incorporate or are developed using NYU Know-How.
1.07.“Net Sales” shall mean the total amount invoiced in connection with sales of the Licensed Products by CORPORATION and each Affiliate and sublicensee of CORPORATION to any person or entity that is not an Affiliate or a sublicensee of CORPORATION under the License, after deduction of all the following to the extent applicable to such sales:
		i)
	all trade, case and quantity credits, discounts, refunds or rebates;

		ii)
	allowances or credits for returns; and

		iii)
	sales taxes (including value-added tax).

1.08.“NYU Know-How” shall mean [**].
1.09.“NYU Patents” shall mean the patent applications, and any divisions, continuations, in whole or in part, and foreign counterparts thereof, and patents issuing thereon, and any reissues, renewals and extensions thereof:
		(1)
	which claim Pre-Existing Inventions and which are identified on annexed Appendix I; or

		(2)
	which claim inventions that are made, in whole or in part, by students or employees of NYU during the term and in the course of the NYU Research Project under the Option Agreement, for which CORPORATION notified NYU in accordance with the terms of the Option Agreement that CORPORATION wished NYU to file a patent application at CORPORATION’s expense.

1.10.“NYU Technology” shall mean all NYU Patents and NYU Know-How.
1.11.“Sublicense Date” shall mean the date that a sublicense of any NYU Technology is granted, or if earlier, the date that an option to acquire such a sublicense is granted.
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1.12.“Sublicense Revenue” shall mean all consideration, monetary or otherwise (not based on Net Sales), received by CORPORATION from a sublicensee of CORPORATION (not being an Affiliate) under the terms of, or as a consideration for the grant of, a sublicense of any rights in the NYU Technology or for grant of an option to acquire such a sublicense, other than (i)
payments for CORPORATION equity at fair market value, (ii) reimbursement of expenses for future research and development of Licensed Products under a written agreement with a detailed research plan and budget, and (iii) reimbursement of future patent expenses for NYU Patents.
	2.
	Effective Date.

This Agreement shall be effective as of the Effective Date and shall remain in full force and effect until it expires or is terminated in accordance with Section 13 hereof.
	3.
	Title.

3.01.Subject to the License granted to CORPORATION hereunder, all right, title and interest, in and to the NYU Technology shall vest solely in NYU.  At the request of NYU, CORPORATION shall take all steps as may be necessary to give full effect to said right, title and interest of NYU including, but not limited to, the execution of any documents that may be required to record such right, title and interest with the appropriate agency or government office.
3.02.For so long as the NYU Scientist is employed by NYU, any and all inventions made solely by the NYU Scientist shall be owned solely by NYU.  CORPORATION shall notify NYU in writing prior to engaging the NYU Scientist as a consultant, advisory board member or in any other capacity and shall report to NYU [**] on such engagement, including the nature of the engagement and the amount of any compensation (including equity) paid to the NYU Scientist.  For the avoidance of doubt, any inventions created under a consulting agreement between the NYU Scientist and CORPORATION and approved by NYU shall be owned as specified in the consulting agreement, subject to any NYU policies in effect as of the effective date of such agreement.
	4.
	Patents and Patent Applications.

4.01.CORPORATION shall, simultaneously with the signing of this Agreement pay NYU the sum of [**] dollars ($[**]), being the amount of all costs and fees incurred by NYU up to the date hereof in connection with the NYU Patents.
4.02.All patents and proceedings with respect to the NYU Patents shall be filed, prosecuted and maintained by NYU at the expense of CORPORATION.  Against the submission of invoices, CORPORATION shall reimburse NYU for all costs and fees incurred by NYU during the term of this Agreement, in connection with the filing, maintenance, prosecution, post-grant proceedings, protection and the like of the NYU Patents, payable with in [**] after receipt of an invoice from NYU.  At any time following the Effective Date, NYU shall have the right at NYU’s discretion by written notice to require CORPORATION to provide reasonable advanced payment of any specific patent expenses for a particular NYU Patent prior to NYU incurring such expenses, and to abandon such NYU Patent if CORPORATION does not provide such advanced payment.
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4.03.If at any time during the term of this Agreement CORPORATION decides that it is undesirable, to maintain any NYU Patents, it shall give prompt written notice thereof to NYU, and upon receipt of such notice CORPORATION shall be released from its obligations to bear all of the expenses to be incurred thereafter in conjunction with such NYU Patents(s) and such NYU Patent shall be deleted from the NYU Technology and NYU shall be free to grant rights in and to such NYU Patent(s) to third parties, without further notice or obligation to CORPORATION, and CORPORATION shall have no rights whatsoever to exploit such NYU Patent.
4.04.Nothing herein contained shall be deemed to be a warranty by NYU that: (i) any of the NYU Patents will afford adequate or commercially worthwhile protection, or (ii) the manufacture, use, or sale of any element of the NYU Technology or any Licensed Product will not infringe any patent(s) of a third party.
4.05.CORPORATION and any Affiliates and sublicensees of CORPORATION shall insure that they apply patent markings that meet all requirements of U.S. law, 35 U.S.C. § 287, with respect to all Licensed Products.
4.06.CORPORATION shall take all appropriate steps to ensure that, if eligible and commercially appropriate, NYU will be able to obtain patent term extension(s) for Licensed Patents pursuant to 35 U.S.C.156 et seq., as appropriate.  CORPORATION shall keep NYU fully informed with respect to its submissions to governmental authorities for regulatory review for Licensed Products which may be eligible for patent term extension.  CORPORATION acknowledges that time is of the essence with respect to submission of the application for patent term extension.  CORPORATION shall send written notice of the Approval Date to NYU within [**] of the date a Licensed Product receives permission under the provision of the law under which the applicable regulatory review period occurred for commercial marketing or use (“Approval Date”).  Within [**] after the Approval Date (and provided the relevant Licensed Patent is eligible for extension under 35 U.S.C.§156 et seq.) CORPORATION shall provide NYU with all necessary information in its possession (or under its control) and with reasonable assistance in preparing an application for patent term extension in compliance with 35 U.S.C. 156 et. seq. and any applicable governmental regulations. , if commercially appropriate.  Provided CORPORATION and NYU agree to proceed, CORPORATION agrees to cooperate fully with NYU, at no cost to NYU, in preparing such application for patent term extension.  If eligible, NYU shall file, in their own name, such application for patent term extension.  Upon request by NYU or its designee, CORPORATION will join in such application for patent term extension.  CORPORATION shall fully support such application and shall promptly provide such information as may reasonably be requested in support of the application by NYU or by the government.
	5.
	Grant of License.

5.01.Subject to the terms and conditions hereinafter set forth, NYU hereby grants to CORPORATION and CORPORATION hereby accepts from NYU the License.
5.02.NYU reserves the right to use, and to permit other non-commercial entities to use, the NYU Technology for educational and research purposes.
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5.03.The parties acknowledge that the United States government retains rights in intellectual property funded under any grant or similar contract with a Federal agency.  The License is expressly subject to all applicable United States government rights, including, but not limited to, any applicable requirement that products, which result from such intellectual property and are sold in the United States, must be substantially manufactured in the United States.
5.04.The License granted to CORPORATION in Section 5.01 hereto shall commence upon the Effective Date and shall remain in force on a country-by-country basis, if not previously terminated under the terms of this Agreement, for twelve (12) years from the Date of First Commercial Sale in such country or until the expiration date of the last to expire of the NYU Patents whichever shall be later.  CORPORATION shall inform NYU in writing of the Date of First Commercial Sale with respect to each Licensed Product in each country as soon as practicable after the making of each such first commercial sale.
5.05.CORPORATION shall be entitled to grant sublicenses under the License on terms and conditions in compliance and not inconsistent with the terms and conditions of this Agreement (except that the rate of royalty may be at higher rates than those set forth in this Agreement) (i) to an Affiliate or (ii) to other third parties, in each case for consideration and in an arms-length transaction.  All sublicenses shall only be granted by CORPORATION under a written agreement, a copy of which shall be provided by CORPORATION to NYU as soon as practicable after the signing thereof, provided that any such copy may be redacted to remove any confidential, proprietary or competitive information of CORPORATION or its sublicensee, but such copy shall not be redacted to the extent it impairs NYU’s ability to ensure compliance with this Agreement.  Each sublicense granted by CORPORATION hereunder shall be subject and subordinate to the terms and conditions of this License Agreement and shall contain (inter-alia) the following provisions:
		(1)
	the sublicense shall survive termination of the License provided that:

		a)
	the sublicensee is in compliance with all terms of the sublicense, and

		b)
	the sublicensee agrees in writing to assume all of the obligations of this Agreement, and

		c)
	NYU shall have no obligations beyond those in this Agreement;

		(2)
	the sublicense shall not be assignable, in whole or in part;

		(3)
	the sublicensee shall not grant further sublicenses; and

		(4)
	both during the term of the sublicense and thereafter the sublicensee shall agree to a confidentiality obligation similar to that imposed on CORPORATION in Section 9 below, and that the sublicensee shall impose on its employees, both during the terms of their employment and thereafter, a similar undertaking of confidentiality; and

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		(5)
	the sublicense agreement shall include the text of Sections 11 and 12 of this Agreement and shall state that NYU is an intended third party beneficiary of such sublicense agreement for the purpose of enforcing such indemnification and insurance provisions.

5.06.In the event that NYU identifies a potential Licensed Product that CORPORATION is not developing, and provides written notification to CORPORATION of such lack of development, then provided such Licensed Product does not address the same market as another Licensed Product which CORPORATION is commercializing, then:
		i)
	CORPORATION may present to NYU within [**] a development plan, reasonably acceptable to NYU, to commercialize such Licensed Product, where the development plan brings such Licensed Product to market within a mutually agreed upon date, and thereafter executes the plan using commercially reasonable efforts.

		ii)
	If CORPORATION does not provide NYU with and execute a development plan as described in i) above, then NYU may identify potential sublicensees to develop such Licensed Product and upon written notification to CORPORATION, CORPORATION shall negotiate in good faith and enter into a mutually acceptable sublicense with the potential sublicensee within [**] of such request; and

		iii)
	If CORPORATION does not provide NYU with and execute a development plan as described in i) above or negotiate a sublicense agreement as described in ii) above, then the aforesaid Licensed Product shall thereafter be deleted from the Field, and NYU shall have the sole right to grant licenses to third parties to commercialize such Licensed Product.

	6.
	Payments for License.

6.01.In consideration for the grant and during the term of the License with respect to each Licensed Product, CORPORATION shall pay to NYU:
		(a)
	non-refundable license fees of [**] dollars ($[**]) on the Effective Date less a credit for the option fee of [**] dollars ($[**]) paid under the Option Agreement, [**] dollars ($[**]) each on each of the [**] anniversaries of the Effective Date, [**] dollars ($[**]) on the [**] anniversary of the Effective Date, [**] dollars ($[**]) on the [**] anniversary of the Effective Date, and [**] dollars ($[**]) each on the [**] and each succeeding anniversary of the Effective Date, which shall be creditable against royalties on sales due to NYU under Section 6.01(c) below for sales during the respective Calendar Year in which each such license fee payment is due.

		(b)
	upon the first achievement of each of the following technical milestones, with respect to any Licensed Product, the payments as indicated below:

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Milestone Payments
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	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

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		(c)
	a royalty of

		(i)
	(a) [**] percent ([**]%) of Net Sales in each Calendar Year up to [**] dollars ($[**]) and (b) [**] percent ([**]%) of Net Sales in each Calendar Year in excess of [**] dollars ($[**]) for Licensed Products which are covered under Section 1.06(i); and

		(ii)
	[**] percent ([**]%) of all Net Sales for Licensed Products which are covered under Section 1.06(ii) but are not covered under Section 1.06(i).

		(d)
	A percentage of any Sublicense Revenue according to the following schedule:

		(i)
	[**] percent ([**]%) if the Sublicense Date is prior to the [**]; and

		(ii)
	[**] percent ([**] %) if the Sublicense Date is after the [**];

		(iii)
	[**] percent ([**] %) if the Sublicense Date is after [**]; and

		(iv)
	[**] percent ([**]%) if the Sublicense Date is after [**].

6.02.For the purpose of computing the royalties due to NYU hereunder, the year shall be divided into four parts ending on March 31, June 30, September 30, and December 31.  Not later than [**] after each December, March, June, and September in each Calendar Year during the term of the License, CORPORATION shall submit to NYU a full and detailed report of royalties or payments due NYU under the terms of this Agreement for the preceding quarter year (hereinafter “the Quarter-Year Report”), setting forth the Net Sales and/or lump sum payments and all other payments or consideration from sublicensees upon which such royalties are computed and including at least:
		i)
	the quantity of Licensed Products used, sold, transferred or otherwise disposed of;

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		ii)
	the selling price of each Licensed Product;

		iii)
	the deductions permitted under Section 1.07 to arrive at Net Sales; and

		iv)
	the royalty computations and subject of payment.

If no royalties or other payments are due, a statement shall be sent to NYU stating such fact.  Payment of the full amount of any royalties or other payments due to NYU for the preceding quarter year shall accompany each Quarter-Year Report on royalties and payments.  CORPORATION shall keep for a period of at least [**] after the date of entry, full, accurate and compete books and records consistent with sound business and accounting practices and in such form and in such detail as to enable the determination of the amounts due to NYU from CORPORATION pursuant to the terms of this Agreement.
6.03.Within [**] after the end of each Calendar Year, commencing on the Date of First Commercial Sale CORPORATION shall furnish NYU with a report (hereinafter “the Annual Report”), certified by an independent certified public accountant, relating to the royalties and other payments due to NYU pursuant to this Agreement in respect of the Calendar Year covered by such Annual Report and containing the same details as those specified in Section 6.02 above in respect of the Quarter-Year Report.
6.04.On reasonable notice and during regular business hours, NYU or the authorized professional accounting representative of NYU shall each have the right to inspect the books of accounts, records and other relevant documentation of CORPORATION or of Affiliate and the sublicensees of CORPORATION insofar as they relate to the production, marketing and sale of the Licensed Products, in order to ascertain or verify the amount of royalties and other payments due to NYU hereunder, and the accuracy of the information provided to NYU in the aforementioned reports.  The cost of such inspection shall be borne by NYU, unless it is determined in such inspection that NYU has been underpaid in any period by more than [**] percent ([**]%) of the amount which NYU should have been paid, in which case the cost of such inspection shall be reimbursed to NYU by CORPORATION.
	7.
	Method of Payment.

7.01.Royalties and other payments due to NYU hereunder shall be paid to NYU in United States dollars.  Any such royalties on or other payments relating to transactions in a foreign currency shall be converted into United States dollars based on the closing buying rate for buying United States dollars listed on www.oanda.com for the particular currency on the last business day of the accounting period for which such royalty or other payment is due.
7.02.CORPORATION shall be responsible for payment to NYU of all royalties due on sale, transfer or disposition of Licensed Products by each Affiliate and sublicensee of CORPORATION.
7.03.Any amount payable hereunder by one of the parties to the other, which is not reasonably disputed and which has not been paid by the date on which such payment is due, shall bear interest from such date until the date on which such payment is made, at the rate of [**] percent ([**]%) per annum in excess of the prime rate prevailing at the Citibank, N.A., in New York, New York, during the period of arrears and such amount and the interest thereon may be set off against any amount due, whether in terms of this Agreement or otherwise, to the party in default by any non-defaulting party.
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	8.
	Development and Commercialization.

8.01.CORPORATION undertakes to use reasonable diligence to carry out the Development Plan (annexed hereto as Appendix II and which is an integral part of this Agreement), including but not limited to, the performance of all efficacy, pharmaceutical, safety, toxicological and clinical tests, trials and studies and all other activities necessary in order to obtain the approval of the FDA for the production, use and sale of the Licensed Products, all as set forth in the Development Plan and within all timetables set forth therein.  CORPORATION further undertakes to exercise due diligence and to employ its reasonable diligence to obtain or to cause its sublicensees to obtain, the appropriate approvals of the health authorities for the production, use and sale of the Licensed Products, in each of the other countries of the world in which CORPORATION or its sublicensees intend to produce, use, and/or sell Licensed Products.
8.02.Provided that applicable laws, rules and regulations require that the performance of the tests, trials, studies and other activities specified in Section 8.01 above shall be carried out in accordance with FDA Good Laboratory Practices and in a manner acceptable to the relevant health authorities, CORPORATION shall carry out such tests, trials, studies and other activities in accordance with FDA Good Laboratory Practices and in a manner acceptable to the relevant health authorities.  Furthermore, the Licensed Products shall be produced in accordance with FDA Good Manufacturing Practice (“GMP”) procedures in a facility which has been certified by the FDA as complying with GMP, provided that applicable laws, rules and regulations so require.
8.03.CORPORATION undertakes to begin the regular commercial production, use, and sale of the Licensed Products in good faith in accordance with the Development Plan and to continue diligently thereafter to commercialize the Licensed Products.
8.04.CORPORATION shall provide NYU with written reports on all significant activities and actions undertaken by CORPORATION to develop and commercialize the Licensed Products; such reports shall be made within [**] after each [**] of the duration of this Agreement, commencing [**] after the Effective Date.
8.05.If CORPORATION shall not commercialize the Licensed Products within a reasonable time frame, unless such delay is necessitated by FDA or other regulatory agencies or unless NYU and CORPORATION have mutually agreed to amend the Development Plan because of unforeseen circumstances, NYU shall notify CORPORATION in writing of CORPORATION’s failure to commercialize and shall allow CORPORATION [**] to cure its failure to commercialize.  CORPORATION’s failure to cure such delay to NYU’s reasonable satisfaction within such [**] period shall be a material breach of this Agreement.
	9.
	Confidential Information.

9.01.Except as otherwise provided in Sections 9.02 and 9.03 below, each party shall maintain any and all confidential information of the other party in confidence, including, in the case of CORPORATION, the NYU Technology and in the case of NYU, limited to the reports provided by CORPORATION to NYU hereunder (collectively, the “Confidential Information”), and shall not release or disclose any tangible or intangible component thereof to any third party without first receiving the prior written consent of the other party to said release or disclosure.
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9.02.The obligation of confidentiality set forth in Section 9.01 shall not apply to any component of the Confidential Information which was part of the public domain prior to the Effective Date or which becomes a part of the public domain not due to some unauthorized act by or omission of the receiving party after the Effective Date or which is disclosed to the receiving party by a third party who has the right to make such disclosure, or is independently developed by personnel of the receiving party without access to the Confidential Information of the disclosing party.
9.03.The provisions of Section 9.01 notwithstanding, CORPORATION may disclose the NYU Technology to third parties who need to know the same in order to secure regulatory approval for the sale of Licensed Products, provided however, that such third parties are bound by written agreement by obligations of confidentiality at least as restrictive as those contained herein.
	10.
	Infringement of NYU Patent.

10.01.In the event a party to this Agreement acquires information that a third party is infringing one or more of the NYU Patents, the party acquiring such information shall promptly notify the other party to the Agreement in writing of such infringement.
10.02.In the event of an infringement of an NYU Patent, CORPORATION shall be privileged but not required to bring suit against the infringer.  Should CORPORATION elect to bring suit against an infringer and NYU is joined as a party plaintiff in any such suit, NYU shall have the right to approve the counsel selected by CORPORATION to represent CORPORATION and NYU.  The expenses of such suit or suits that CORPORATION elects to bring, including any expenses of NYU incurred in conjunction with the prosecution of such suit or the settlement thereof, shall be paid for entirely by CORPORATION and CORPORATION shall hold NYU free, clear and harmless from and against any and all costs of such litigation, including attorneys’ fees.  CORPORATION shall not compromise or settle such litigation without the prior written consent of NYU, which shall not be unreasonably withheld.
10.03.In the event CORPORATION exercises the right to sue herein conferred, it shall have the right to first reimburse itself out of any sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily involved in the prosecution of any such suit, and if after such reimbursement, any funds shall remain from said recovery, CORPORATION shall promptly pay to NYU an amount equal to [**] percent ([**]%) of such remainder and CORPORATION shall be entitled to receive and retain the balance of the remainder of such recovery.
10.04.If CORPORATION does not bring suit against said infringer pursuant to Section 10.02 herein, or has not commenced negotiations with said infringer for discontinuance of said infringement, within [**] after receipt of such notice, NYU shall have the right, but shall not be obligated, to bring suit for such infringement.  Should NYU elect to bring suit against an infringer and CORPORATION is joined as a party plaintiff in any such suit, CORPORATION shall have the right to approve the counsel selected by NYU to represent NYU and CORPORATION, and NYU shall hold CORPORATION free, clear and harmless from and against any and all costs and expenses of such litigation, including attorneys’ fees.  If CORPORATION has commenced negotiations with an alleged infringer of the NYU Patent for discontinuance of such infringement within such [**] period, CORPORATION shall have an additional [**] from the termination of such initial [**] period to conclude its negotiations before NYU may bring suit for such infringement.  In the event NYU brings suit for infringement of any NYU Patent, NYU shall have the right to settle any such suit by licensing the alleged infringer.  In the event NYU brings suit for infringement of any NYU Patent, NYU shall have the right to first reimburse itself out of any sums recovered in such suit or settlement thereof for all costs and expenses of every kind and character, including reasonable attorneys’ fees necessarily involved in the prosecution of such suit, and if after such reimbursement, any funds shall remain from said recovery, NYU shall promptly pay to CORPORATION an amount equal to [**] percent ([**]%) of such remainder and NYU shall be entitled to receive and retain the balance of the remainder of such recovery.
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10.05.Each party shall always have the right to be represented by counsel of its own selection in any suit for infringement of the NYU Patents instituted by the other party to this Agreement under the terms hereof.  The expense of such counsel shall be borne by the party initiating such infringement suit.
10.06.CORPORATION agrees to cooperate fully with NYU at the request of NYU, including, by giving testimony and producing documents lawfully requested in the prosecution of any suit by NYU for infringement of the NYU patents; provided, NYU shall pay all reasonable expenses (including attorneys’ fees) incurred by CORPORATION in connection with such cooperation.  NYU shall cooperate and shall endeavor to cause the NYU Scientist to cooperate with CORPORATION at the request of CORPORATION, including by giving testimony and producing documents lawfully requested, in the prosecution of any suit by CORPORATION for infringement of the NYU Patents; provided, that CORPORATION shall pay all reasonable expenses (including attorneys’ fees) incurred by NYU in connection with such cooperation.
	11.
	Liability and Indemnification.

11.01.CORPORATION shall indemnify, defend and hold harmless NYU and its trustees, officers, medical and professional staff, employees, students and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss or expense (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Indemnitees or any one of them in connection with any claims, suits, actions, demands or judgments (i) arising out of the design, production, manufacture, sale, use in commerce or in human clinical trials, lease, or promotion by CORPORATION or by a licensee, Affiliate or agent of CORPORATION of any Licensed Product, process or service relating to, or developed pursuant to, this Agreement or (ii) arising out of any other activities to be carried out pursuant to this Agreement.
11.02.With respect to an Indemnitee, CORPORATION’s indemnification under subsection 11.01(i) shall apply to any liability, damage, loss or expense whether or not it is attributable to the negligent activities of such Indemnitee, however, such indemnification shall not apply to any liability, damage, loss or expense to the extent it results from the gross negligence or willful misconduct of any Indemnitee.  CORPORATION’s indemnification obligation under subsection 11.01(ii) shall not apply to any liability, damage, loss or expense to the extent that it is attributable to the negligent activities of any such Indemnitee.
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11.03.CORPORATION agrees, at its own expense, to provide attorneys reasonably acceptable to NYU to defend against any actions brought or filed against any Indemnitee with respect to the subject of indemnity to which such Indemnitee is entitled hereunder, whether or not such actions are rightfully brought.
	12.
	Security for Indemnification.

12.01.At such time as any Licensed Product, process or service relating to, or developed pursuant to, this Agreement is being commercially distributed or sold or tested in clinical trials by CORPORATION or by a licensee, Affiliate or agent of CORPORATION, CORPORATION shall at its sole cost and expense, procure and maintain policies of comprehensive general liability insurance in amounts not less than (i) $[**] per incident and $[**] annual aggregate during the period that such Licensed Product, process, or service is being tested in clinical trials prior to commercial sale, and (ii) $[**] per incident and $[**] annual aggregate during the period that such Licensed Product, process, or service is being commercially distributed or sold, and in each case naming the Indemnitees as additional insureds.  Such comprehensive general liability insurance shall provide (i) product liability coverage and (ii) broad form contractual liability coverage for CORPORATION’s indemnification under Section 11 of this Agreement.
The minimum amounts of insurance coverage required under this Section 12 shall not be construed to create a limit of CORPORATION’s liability with respect to its indemnification under Section 11 of this Agreement.
12.02.CORPORATION shall provide NYU with written evidence of such insurance upon request of NYU.  CORPORATION shall provide NYU with written notice at least [**] prior to the cancellation, non-renewal or material change in such insurance; if CORPORATION does not obtain replacement insurance providing comparable coverage within such [**] period, NYU shall have the right to terminate this Agreement effective at the end of such [**] period without notice or any additional waiting periods.
12.03.CORPORATION shall maintain such comprehensive general liability insurance beyond the expiration or termination of this Agreement during (i) the period that any product, process or service, relating to, or developed pursuant to, this Agreement is being commercially distributed or sold or tested in clinical trials by CORPORATION or by a sublicensee, Affiliate or agent of CORPORATION and (ii) a reasonable period after the period referred to in (i) above which in no event shall be less than [**].
	13.
	Expiry and Termination

13.01.Unless earlier terminated pursuant to this Section 13, this Agreement shall expire upon the expiration of the period of the License in all countries as set forth in Section 5.04 above.
13.02.At any time prior to expiration of this Agreement, either party may terminate this Agreement forthwith for cause, as “cause” is described below, by giving written notice to the other party.  Cause for termination by one party of this Agreement shall be deemed to exist if the other party materially breaches or defaults in the performance or observance of any of the provisions of this Agreement and such breach or default is not cured within [**] or, in the case of failure to pay any amounts due hereunder, [**] (unless otherwise specified herein) after the giving of notice by the other party specifying such breach or default, or if either NYU or CORPORATION discontinues its business or becomes insolvent or bankrupt.
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13.03.Upon termination of this Agreement for any reason and prior to expiration as set forth in Section 13.01 hereof, all rights in and to the NYU Technology shall revert to NYU, and (i) CORPORATION shall not be entitled to make any further use of the NYU Technology; (ii) CORPORATION shall not be entitled to develop, manufacture, use or sell the Licensed Products; and (iii) CORPORATION shall terminate any license or conveyance of rights to third parties to make any use of the NYU Technology or to develop, manufacture, use or sell the Licensed Products, with the exception of any sublicenses in good standing, which shall be treated in accordance with Section 5.05(1) of this Agreement, and CORPORATION shall not subsequently enter into any such license or conveyance with a third party.
13.04.Termination of this Agreement shall not relieve either party of any obligation to the other party incurred prior to such termination.
13.05.Sections 3, 6.02, 6.03, 6.04, 9, 11, 12, 13, 16, 18 and 19 hereof shall survive and remain in full force and effect after any termination, cancellation or expiration of this Agreement.
	14.
	Representations and Warranties by CORPORATION.

CORPORATION hereby represents and warrants to NYU as follows:
(1)CORPORATION is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  CORPORATION has been granted all requisite power and authority to carry on its business and to own and operate its properties and assets.  The execution, delivery and performance of this Agreement have been duly authorized by the Board of Directors of CORPORATION.
(2)There is no pending or, to CORPORATION’s knowledge, threatened litigation involving CORPORATION which would have any effect on this Agreement or on CORPORATION’s ability to perform its obligations hereunder; and
(3)There is no indenture, contract, or agreement to which CORPORATION is a party or by which CORPORATION is bound which prohibits or would prohibit the execution and delivery by CORPORATION of this Agreement or the performance or observance by CORPORATION of any term or condition of this Agreement.
	15.
	Representations and Warranties by NYU.

NYU hereby represents and warrants to CORPORATION as follows:
		(1)	NYU is a corporation duly organized, validly existing and in good standing under the laws of the State of New York.  NYU has been granted all requisite power and authority to carry on its business and to own and operate its properties and assets.  The execution, delivery and performance of this Agreement have been duly authorized by the Board of Trustees of NYU.

​

13

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(2)There is no pending or, to NYU’s knowledge, threatened litigation involving NYU which would have any effect on this Agreement or on NYU’s ability to perform its obligations hereunder; and
(3)There is no indenture, contract, or agreement to which NYU is a party or by which NYU is bound which prohibits or would prohibit the execution and delivery by NYU of this Agreement or the performance or observance by NYU of any term or condition of this Agreement.
	16.
	Fair Market Value.

The parties agree and acknowledge that the compensation provided under the terms of this Agreement is consistent with the fair market value of the license contemplated by this Agreement negotiated in arm’s-length transactions, is not given in exchange for any implicit or explicit agreement to provide favorable procurement decisions with regard to the CORPORATION’s products or services, and has not been determined in any manner which takes into account the value or volume of any business generated between the parties, including any of their affiliates.
	17.
	No Assignment.

Neither CORPORATION nor NYU shall have the right to assign, delegate or transfer at any time to any party, in whole or in part, any or all of the rights, duties and interest herein granted without first obtaining the written consent of the other to such assignment, such consent not to be unreasonably withheld, delayed, or conditioned.  Further, either party may, without consent of the other party, assign its rights and obligations under this Agreement to any legal entity to which it transfers all or substantially all of its assets or business to which this Agreement relates, provided that the assignee undertakes to the other party to be bound by and perform the obligations of the assignor under this Agreement.  NYU shall receive a percentage of any consideration received by CORPORATION for any permitted assignment as if such consideration was sublicensing consideration pursuant to Section 6.01.d.
	18.
	Use of Name.

Without the prior written consent of the other party, neither CORPORATION nor NYU shall use the name of the other party or any adaptation thereof or of any staff member, employee or student, of the other party: (i) in any product labeling, advertising, promotional or sales literature; or (ii) in connection with any public offering or private placement documentation or prospectus or in conjunction with any application for regulatory approval, unless disclosure is otherwise required by law, in which case either party may make factual statements concerning the Agreement or file copies of the Agreement after providing the other party with an opportunity to comment and reasonable time within which to do so on such statement in draft.
Except as provided herein, neither NYU nor CORPORATION will issue public announcements about this Agreement without prior written approval of the other party.
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14

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	19.
	Miscellaneous.

19.01.In carrying out this Agreement the parties shall comply with all local, state and federal laws and regulations including but not limited to, the provisions of Title 35 United States Code §200 et seq. and 15 CFR §§730-774.
19.02.If any provision of this Agreement is determined to be invalid or void, the remaining provisions shall remain in effect.
19.03.This Agreement shall be governed by and construed in accordance with the laws of New York, without regard to principles relating to conflicts of law.  The courts of the State of New York in New York County and the United States District Court for the Southern District of New York shall have exclusive jurisdiction over the parties with respect to any dispute or controversy between them arising under or in connection with this Agreement and, by execution and delivery of this Agreement, the parties to this Agreement submit to the jurisdiction of those courts, including, but not limited to, the in personam and subject matter jurisdiction of those courts, waive any objection to such jurisdiction on the grounds of venue or forum non conveniens, the absence of in personam or subject matter jurisdiction and any similar grounds, consent to service of process by mail in accordance with Section 19.04 or any other manner permitted by law and irrevocably agree to be bound by any such judgment rendered thereby in connection with this Agreement.  These consents to jurisdiction shall not be deemed to confer rights on any person other than the parties to this Agreement.
19.04.All payments or notices required or permitted to be given under this Agreement shall be given in writing and shall be effective when either personally delivered or deposited, postage prepaid, in the United States registered or certified mail, or sent via a recognized national overnight delivery service (e.g., Federal Express or DHL), addressed as follows:
		To NYU:
	New York University
Office of Industrial Liaison
One Park Avenue, 6th Floor
New York, NY 10016

Attention: Abram M. Goldfinger
Executive Director,
Industrial Liaison/Technology Transfer
With a copy of notices to:
Annette B. Johnson, Esq.
Senior Counsel, NYU School of Medicine
NYU Langone Health
550 First Ave. HCC 15
New York, NY 10016
To CORPORATION:
3675 Market Street,
Ste 200, Philadelphia, PA, 19104
Attention: Dr. Tom Wilton CEO
​

15

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or such other address or addresses as either party may hereafter specify by written notice to the other.  Such notices and communications shall be deemed effective on the date of delivery or fourteen (14) days after having been sent by registered or certified mail, whichever is earlier.
19.05.This Agreement (and the annexed appendices) constitute the entire Agreement between the parties relating to the subject matter hereof, and no variation, modification or waiver of any of the terms or conditions hereof shall be deemed valid unless made in writing and signed by both parties hereto.  This Agreement supersedes any and all prior agreements or understandings, whether oral or written, between CORPORATION and NYU relating to the subject matter hereof.
19.06.No waiver by either party of any non-performance or violation by the other party of any of the covenants, obligations or agreements of such other party hereunder shall be deemed to be a waiver of any subsequent violation or non-performance of the same or any other covenant, agreement or obligation, nor shall forbearance by either party be deemed to be a waiver by such party of its rights or remedies with respect to such violation or non-performance.
19.07.The descriptive headings contained in this Agreement are included for convenience and reference only and shall not be held to expand, modify or aid in the interpretation, construction or meaning of this Agreement.
19.08.It is not the intent of the parties to create a partnership or joint venture or to assume partnership responsibility or liability.  The obligations of the parties shall be limited to those set out herein and such obligations shall be several and not joint.
19.09.This Agreement may be executed in one or more counterparts, each of which will be deemed an original, and all of which will constitute one and the same instrument.  Each party may execute this Agreement by facsimile transmission or in Portable Document Format sent by electronic means.  Signatures of authorized signatories of the parties transmitted by facsimile or sent by electronic means in Portable Document Format shall be deemed to be original signatures, shall be valid and binding, and, upon delivery, shall constitute due execution of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date and year first above written.
	​

	​

	​

	​

	​

	NEW YORK UNIVERSITY 
	    
	CORPORATION 

	​
	​
	​

	By:
	 /s/ Abram M. Goldfinger
	​
	By:
	/s/ Steven Kelly

	Abram M. Goldfinger  
	​
	Name:
	Steven Kelly

	Executive Director,
	​
	Title: 
	President and CEO

	Industrial Liaison/Technology Transfer
	​
	​

	​
	​
	​

	Date:
	July 24, 2020
	​
	Date:
	July 27, 2020

​

16STANDBY EQUITY COMMITMENT AGREEMENT

 

This standby equity
commitment agreement is entered into as of October 12, 2022 (this "Agreement"), by and between The Marquie Group, Inc.,
a Florida corporation (the "Company"), and MacRab LLC, a Florida limited liability company (the "Investor").

 

WHEREAS, the parties
desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Investor, from time
to time as provided herein, and the Investor shall purchase up to Five Million Dollars ($5,000,000.00) of the Company’s Common Stock
(as defined below);

 

NOW, THEREFORE, the
parties hereto agree as follows:

 

ARTICLE I

CERTAIN DEFINITIONS

 

Section 1.1 DEFINED
TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to be
equally applicable to both the singular and plural forms of the terms defined):

 

"Agreement"
shall have the meaning specified in the preamble hereof.

 

“Average Daily
Trading Value” shall mean the average trading volume of the Company’s Common Stock on the Principal Market during the
six (6) Trading Days immediately preceding the respective Put Date multiplied by the lowest volume weighted average price of the Company’s
Common Stock on the Principal Market during the six (6) Trading Days immediately preceding the respective Put Date.

 

“Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

"Claim Notice"
shall have the meaning specified in Section 9.3(a).

 

“Clearing Costs”
shall mean all fees of the Placement Agent with respect to the transactions contemplated by this Agreement, as well as all of the Investor’s
brokerage firm, clearing firm, Transfer Agent fees, and attorney fees with respect to the Put Shares.

 

“Clearing Date”
shall be the date on which the Investor receives the Put Shares in its brokerage account.

 

"Closing"
shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

 

"Closing Certificate"
shall mean the closing certificate of the Company in the form of Exhibit B hereto.

    	 	1	 

    

    

 

“Closing Date”
shall mean the date of any Closing hereunder.

 

"Commitment Period"
shall mean the period commencing on the Execution Date, and ending on the earlier of (i) the date on which the Investor shall have purchased
Put Shares pursuant to this Agreement equal to the Maximum Commitment Amount, (ii) twenty four (24) months after the date of this Agreement,
(iii) written notice of termination by the Company to the Investor (which shall not occur during any Valuation Period or at any time that
the Investor holds any of the Put Shares), (iv) the Registration Statement is no longer effective after the initial effective date of
the Registration Statement, or (v) the date that, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary
case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all
of its property or the Company makes a general assignment for the benefit of its creditors; provided, however, that the provisions of
Articles III, IV, V, VI, IX and the agreements and covenants of the Company and the Investor set forth in Article X shall survive the
termination of this Agreement.

 

"Common Stock"
shall mean the Company's common stock, $0.0001 par value per share, and any shares of any other class of common stock whether now or hereafter
authorized, having the right to participate in the distribution of dividends (as and when declared) and assets (upon liquidation of the
Company).

 

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

 

"Company"
shall have the meaning specified in the preamble to this Agreement.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

"Damages"
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys' fees and disbursements
and costs and expenses of expert witnesses and investigation).

 

"Dispute Period"
shall have the meaning specified in Section 9.3(a).

 

“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

“DTC/FAST Program”
shall mean the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.

    	 	2	 

    

    

 

“DWAC Eligible”
shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements, including,
without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the DTC’s
underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Warrant Shares or Put Shares,
as applicable, are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting
delivery of the Warrant Shares or Put Shares, as applicable, via DWAC.

 

“DWAC Shares”
means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on
resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account with DTC under
the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.

 

"Exchange Act"
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Cap”
shall have the meaning set forth in Section 7.1(c).

 

"Execution Date"
shall mean the date of this Agreement.

 

"FINRA"
shall mean the Financial Industry Regulatory Authority, Inc.

 

"Investment Amount"
shall mean the Put Shares referenced in the Put Notice multiplied by the Purchase Price minus the Clearing Costs.

 

"Indemnified Party"
shall have the meaning specified in Section 9.2.

 

"Indemnifying Party"
shall have the meaning specified in Section 9.2.

 

"Indemnity Notice"
shall have the meaning specified in Section 9.3(e).

 

“Initial Purchase
Price” shall mean 90% of the volume weighted average price of the Company’s Common Stock on the Principal Market on the
Trading Day immediately preceding the respective Put Date.

 

"Investor"
shall have the meaning specified in the preamble to this Agreement.

 

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

 

"Market Price"
shall mean the average of the two (2) lowest volume weighted average prices of the Company’s Common Stock on the Principal Market
during the Valuation Period, in each case as reported by Quotestream or other reputable source designated by the Investor.

    	 	3	 

    

    

 

"Material Adverse
Effect" shall mean any effect on the business, operations, properties, or financial condition of the Company and the Subsidiaries
that is material and adverse to the Company and the Subsidiaries and/or any condition, circumstance, or situation that would prohibit
or otherwise materially interfere with the ability of the Company to enter into and perform its obligations under any Transaction Document.

 

"Maximum Commitment
Amount" shall mean Five Million Dollars ($5,000,000.00).

 

"Person"
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

"Principal Market"
shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, and Nasdaq), or principal quotation systems (i.e. OTCQX, OTCQB, and OTC
Pink), or other principal exchange or recognized quotation system which is at the time the principal trading platform or market for the
Common Stock.

 

"Purchase Price"
shall mean 90% of the Market Price on such date on which the Purchase Price is calculated in accordance with the terms and conditions
of this Agreement.

 

"Put" shall
mean the right of the Company to require the Investor to purchase shares of Common Stock, subject to the terms and conditions of this
Agreement.

 

"Put Date"
shall mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section 2.2(b).

 

"Put Notice"
shall mean a written notice, substantially in the form of Exhibit A hereto, to Investor setting forth the Put Shares which the
Company intends to require Investor to purchase pursuant to the terms of this Agreement.

 

"Put Shares"
shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per any applicable Put Notice in accordance
with the terms and conditions of this Agreement.

 

"Registration Statement"
shall have the meaning specified in Section 6.4.

 

"Regulation D"
shall mean Regulation D promulgated under the Securities Act.

 

“Required Minimum”
shall mean, as of any date, the maximum aggregate number of shares of Common Stock potentially issuable
at such time pursuant to the Transaction Document, which shall be calculated on each such date as follows: the then remaining Maximum
Commitment Amount divided by the Initial Purchase Price on each such date plus any Warrant Shares, ignoring any beneficial ownership limitations
set forth herein and therein. 

 

"Rule 144"
shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

    	 	4	 

    

    

 

"SEC" shall
mean the United States Securities and Exchange Commission.

 

“SEC Documents”
shall have the meaning specified in Section 4.5.

 

“Securities"
means, collectively, the Put Shares, Warrant, and Warrant Shares.

 

"Securities Act"
shall mean the Securities Act of 1933, as amended.

 

 “Short Sales”
shall mean all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

 

“Subsidiary”
means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock
or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the
Securities Act.

 

"Third Party Claim"
shall have the meaning specified in Section 9.3(a).

 

“Trading Day”
shall mean a day on which the Principal Market shall be open for business.

 

“Transaction Documents”
shall mean this Agreement, the registration rights agreement of even date, and all exhibits hereto and thereto.

 

"Transfer Agent"
shall mean Pacific Stock Transfer Company, the current transfer agent of the Company, with a mailing
address of 6725 Via Austi Parkway, Suite 300, Las Vegas, NV 89119, and any successor transfer agent of the Company.

 

"Valuation Period"
shall mean the period of six (6) Trading Days immediately following the Clearing Date associated with the applicable Put Notice during
which the Purchase Price of the Common Stock is valued. The Valuation Period shall begin on the first Trading Day following the Clearing
Date.

 

“Warrant”
shall mean that certain common stock purchase warrant for the purchase of 11,764,706 shares of the Company’s common stock which
shall be issued to Investor on the date of this Agreement.

 

“Warrant Shares”
shall mean all of the shares of the Company’s common stock underlying the Warrant.

 

    	 	5	 

    

    

ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

 

Section 2.1            PUTS.
Upon the terms and conditions set forth herein (including, without limitation, the provisions of Article VII), the Company shall have
the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Put Notice from time to time, to purchase
Put Shares (i) in a minimum amount not less than $10,000.00 and (ii) in a maximum amount up to the lesser of (a) $250,000.00 or (b) 200%
of the Average Daily Trading Value.

 

	 	Section 2.2	MECHANICS.

 

(a)                    
PUT NOTICE. At any time and from time to time during the Commitment Period, except as provided in this Agreement, the Company may
deliver a Put Notice to Investor, subject to satisfaction of the conditions set forth in Section 7.2 and otherwise provided herein. The
initial price per share identified in the respective Put Notice shall be equal to the Initial Purchase Price and shall only be used for
purposes of determining the number of shares of Common Stock that the Company can issue pursuant to a respective Put Notice in accordance
with Section 2.1 of this Agreement (for the avoidance of doubt, the Initial Purchase Price shall not be used for purposes of determining
the actual price per share to be paid by the Investor to the Company with respect to a Put Notice). At the end of the Valuation Period,
the Purchase Price for the respective Put Shares and Investment Amount shall be established as further provided in this Agreement. The
Company shall deliver, or cause to be delivered, the Put Shares as DWAC Shares to the Investor within two (2) Trading Day following the
Put Date.

 

(b)                    
DATE OF DELIVERY OF PUT NOTICE. A Put Notice shall be deemed delivered on (i) the Trading Day it is received by email by the Investor
if such notice is received on or prior to 9:00 a.m. EST or (ii) the immediately succeeding Trading Day if it is received by email after
9:00 a.m. EST on a Trading Day or at any time on a day which is not a Trading Day. The Company shall not deliver a Put Notice to the Investor
during the period beginning on the Put Date of the immediately prior Put Notice and ending on the date that is six (6) Trading Days after
the Clearing Date associated with the Common Stock of the immediately prior Put Notice.

 

Section 2.3            CLOSINGS.
At the end of the Valuation Period, the Purchase Price for the respective Put Shares shall be established as provided in this Agreement.
If the value of the Put Shares delivered to the Investor causes the Company to exceed the Maximum Commitment Amount, then immediately
after the Valuation Period the Investor shall return to the Company the surplus amount of Put Shares associated with such Put and the
Purchase Price with respect to such Put shall be reduced by any Clearing Costs related to the return of such Put Shares. The Closing of
a Put shall occur within two (2) Trading Days following the end of the respective Valuation Period, whereby the Investor shall deliver
the Investment Amount by wire transfer of immediately available funds to an account designated by the Company.

 

    	 	6	 

    

    

ARTICLE III

REPRESENTATIONS AND WARRANTIES
OF INVESTOR

 

The Investor represents
and warrants to the Company that:

 

Section 3.1           INTENT.
The Investor is entering into this Agreement for its own account and the Investor has no present arrangement (whether or not legally binding)
at any time to sell the Securities to or through any Person in violation of the Securities Act or any applicable state securities laws;
provided, however, that the Investor reserves the right to dispose of the Securities at any time in accordance with federal
and state securities laws applicable to such disposition.

  

Section 3.2           NO
LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel
and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

Section 3.3           ACCREDITED
INVESTOR. The Investor is an accredited investor as defined in Rule 501(a)(3) of Regulation D, and the Investor has such experience
in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Securities. The Investor
acknowledges that an investment in the Securities is speculative and involves a high degree of risk.

 

Section 3.4           AUTHORITY.
The Investor has the requisite power and authority to enter into and perform its obligations under this Agreement and the other Transaction
Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the other
Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all
necessary action and no further consent or authorization of the Investor is required. Each Transaction Document to which it is a party
has been duly executed by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid
and binding obligation of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles
of general application.

 

Section 3.5           NOT
AN AFFILIATE. The Investor is not an officer, director or "affiliate" (as that term is defined in Rule 405 of the Securities
Act) of the Company.

 

Section 3.6           ORGANIZATION
AND STANDING. The Investor is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to
enter into and to consummate the transactions contemplated by this Agreement and the other Transaction Documents.

 

Section 3.7           ABSENCE
OF CONFLICTS. The execution and delivery of this Agreement and the other Transaction Documents, and the consummation of the transactions
contemplated hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation,
order, writ, judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or
agreement to which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or
constitute a material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such indenture,
instrument or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require the approval
of any third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or legal obligation
to which the Investor is subject or to which any of its assets, operations or management may be subject.

 

    	 	7	 

    

    

Section 3.8           DISCLOSURE;
ACCESS TO INFORMATION. The Investor had an opportunity to review copies of the SEC Documents filed on behalf of the Company and has
had access to all publicly available information with respect to the Company.

 

Section 3.9           MANNER
OF SALE. At no time was the Investor presented with or solicited by or through any leaflet, public promotional meeting, television
advertisement or any other form of general solicitation or advertising.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to the Investor that:

 

Section 4.1           ORGANIZATION
OF THE COMPANY. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own
and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation
nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter
documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result
in a Material Adverse Effect and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

Section 4.2           AUTHORITY.
The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the other
Transaction Documents. The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent
or authorization of the Company or its Board of Directors or stockholders is required. Each of this Agreement and the other Transaction
Documents has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of
general application.

 

    	 	8	 

    

    

Section 4.3           CAPITALIZATION.
Except as set forth in the SEC Documents, the Company has not issued any capital stock since its most recently filed periodic report under
the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance
of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or
exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No
Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as set forth in the SEC Documents and except as a result of the purchase and sale of
the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right
to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale
of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Investor)
and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any
of such securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

Section 4.4           LISTING
AND MAINTENANCE REQUIREMENTS. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration.
The Company has not, in the twelve (12) months preceding the date hereof, received notice from the Principal Market on which the Common
Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Principal Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements.

 

Section 4.5           SEC
DOCUMENTS; DISCLOSURE. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by
the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one (1) year
preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the
“SEC Documents”) on a timely basis or has received a valid extension of such time of filing and has filed any such
SEC Documents prior to the expiration of any such extension. As of their respective dates, the SEC Documents complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws, rules and regulations
applicable to such SEC Documents, and none of the SEC Documents when filed contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and
substance in all material respects with applicable accounting requirements and the published rules and regulations of the SEC or other
applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial
statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may
be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates
thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments). 

    	 	9	 

    

    

Except with respect to the material
terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other
Person acting on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might
constitute material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representation
in effecting transactions in securities of the Company.

 

Section 4.6           VALID
ISSUANCES. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents,
will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens imposed by the Company other than restrictions
on transfer provided for in the Transaction Documents.

   

Section 4.7           NO
CONFLICTS. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Put Shares, Warrant,
and the Warrant Shares, do not and will not: (a) result in a violation of the Company’s or any Subsidiary’s certificate or
articles of incorporation, by-laws or other organizational or charter documents, (b) conflict with, or constitute a material default (or
an event that with notice or lapse of time or both would become a material default) under, result in the creation of any Lien upon any
of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture, instrument or any "lock-up" or similar provision of any underwriting or similar agreement
to which the Company or any Subsidiary is a party, or (c) result in a violation of any federal, state or local law, rule, regulation,
order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or any Subsidiary or
by which any property or asset of the Company or any Subsidiary is bound or affected (except for such conflicts, defaults, terminations,
amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect)
nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business of the Company is not
being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible violations that either
singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required under federal, state or local
law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
agency in order for it to execute, deliver or perform any of its obligations under this Agreement or the other Transaction Documents (other
than any SEC, FINRA or state securities filings that may be required to be made by the Company subsequent to any Closing or any registration
statement that may be filed pursuant hereto); provided that, for purposes of the representation made in this sentence, the Company is
assuming and relying upon the accuracy of the relevant representations and agreements of Investor herein.

 

Section 4.8           NO
MATERIAL ADVERSE CHANGE. No event has occurred that would have a Material Adverse Effect on the Company that has not been disclosed
in subsequent SEC Documents.

 

Section 4.9           LITIGATION
AND OTHER PROCEEDINGS. Except as disclosed in the SEC Documents, there are no actions, suits, investigations, inquiries or proceedings
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties,
nor has the Company received any written or oral notice of any such action, suit, proceeding, inquiry or investigation, which would have
a Material Adverse Effect. No judgment, order, writ, injunction or decree or award has been issued by or, to the knowledge of the Company,
requested of any court, arbitrator or governmental agency which would have a Material Adverse Effect. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any Subsidiary or any current
or former director or officer of the Company or any Subsidiary.

 

    	 	10	 

    

    

Section 4.10           REGISTRATION
RIGHTS. Except as set forth in the SEC Documents, no Person (other than the Investor) has any right to cause the Company to effect
the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

Section 4.11           
No Solicitation; NO BROKERS. Except with respect to J. H. Darbie & Co.,
a registered broker-dealer (CRD#: 43520) (the “Placement Agent”), the Company has taken no action which would give rise to
any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions
contemplated hereby. The Company acknowledges and agrees that neither the Investor nor its employee(s), member(s), beneficial owner(s),
or partner(s), in their capacities of such position with respect to the Investor, solicited the Company to enter into this Agreement and
consummate the transactions described in this Agreement.

 

ARTICLE V

COVENANTS OF INVESTOR

 

 Section 5.1           COMPLIANCE
WITH LAW; TRADING IN SECURITIES. The Investor's trading activities with respect to shares of Common Stock will be in compliance with
all applicable state and federal securities laws and regulations and the rules and regulations of FINRA and the Principal Market.

 

Section 5.2           SHORT
SALES AND CONFIDENTIALITY. Neither the Investor, nor any affiliate of the Investor acting on its behalf or pursuant to any understanding
with it, will execute any Short Sales during the period from the date hereof to the end of the Commitment Period. For the purposes hereof,
and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number of shares of Common Stock reasonably expected
to be purchased under a Put Notice shall not be deemed a Short Sale. The Investor shall, until such time as the transactions contemplated
by this Agreement are publicly disclosed by the Company in accordance with the terms of this Agreement, maintain the confidentiality of
the existence and terms of this transaction and the information included in the Transaction Documents.

 

ARTICLE VI

COVENANTS OF THE COMPANY

 

Section 6.1           RESERVATION
OF COMMON STOCK. The Company shall maintain a reserve from its duly authorized shares of Common Stock equal to 300% of the Required
Minimum in accordance with the terms of this Agreement.

 

Section 6.2           LISTING
OR QUOTATION OF COMMON STOCK. The Company shall promptly secure the listing or quotation of all of the Put Shares to be issued to
the Investor hereunder and Warrant Shares on the Principal Market (subject to official notice of issuance) and shall maintain the listing
or quotation of all such Put Shares issuable hereunder and the Warrant Shares. The Company shall maintain the (i) listing or quotation
and (ii) trading of the Common Stock on the Principal Market (including, without limitation, maintaining sufficient net tangible assets)
and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of FINRA and the
Principal Market.

 

    	 	11	 

    

    

Section 6.3           OTHER
EQUITY LINES AND TRANSACTIONS. So long as this Agreement remains in effect, the Company covenants and agrees that it will not, without
the prior written consent of the Investor, enter into any other Equity Line of Credit (as defined below) or Variable Rate Transaction
(as defined below) with any other party. “Equity Line of Credit” shall mean any transaction involving a written agreement
between the Company and an investor or underwriter whereby the Company has the right to “put” its securities to the investor
or underwriter over an agreed period of time and at an agreed price or price formula. “Variable Rate Transaction” means a
transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable
for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate
or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time
after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) issues securities at a
future determined price.

 

Section 6.4           FILING
OF CURRENT REPORT AND REGISTRATION STATEMENT. The Company agrees that it shall file a Current Report on Form 8-K, including the Transaction
Documents as exhibits thereto, with the SEC within the time required by the Exchange Act, relating to the transactions contemplated by,
and describing the material terms and conditions of, the Transaction Documents (the “Current Report”). The Company
shall permit the Investor to review and comment upon the final pre-filing draft version of the Current Report at least one (1) Trading
Day prior to its filing with the SEC, and the Company shall give reasonable consideration to all such comments. The Investor shall use
its reasonable best efforts to comment upon the final pre-filing draft version of the Current Report within one (1) Trading Day from the
date the Investor receives it from the Company. The Company shall also file with the SEC, within sixty (60) calendar days after the date
of this Agreement, a new registration statement (the “Registration Statement”) covering only the resale of the Put
Shares and the Warrant Shares. The Company shall use its reasonable best efforts to have the Registration Statement declared effective
by the SEC within one hundred twenty (120) calendar days from the date hereof (or at the earliest possible date if prior to one hundred
twenty (120) calendar days from the date hereof).

 

    	 	12	 

    

    

ARTICLE VII

CONDITIONS TO DELIVERY OF

PUT NOTICES AND CONDITIONS TO CLOSING

 

Section 7.1           CONDITIONS
PRECEDENT TO THE RIGHT OF THE COMPANY TO ISSUE AND SELL PUT SHARES. In addition to the other provisions of this Agreement, the right
of the Company to issue and sell the Put Shares to the Investor is subject to the satisfaction of each of the conditions set forth below:

 

(a)              ACCURACY
OF INVESTOR'S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Investor shall be true and correct in all
material respects as of the date of this Agreement and as of the date of each Closing as though made at each such time.

 

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

 

(c)             
PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive any
Put Shares, if the issuance of such Put Shares would exceed the aggregate number of shares of Common Stock which the Company may issue
without breaching the Company’s obligations under the rules or regulations of the Principal Market (the “Exchange Cap”).

 

Section 7.2           CONDITIONS
PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE PUT SHARES. The obligation of the Investor hereunder to purchase Put Shares is
subject to the satisfaction of each of the following conditions:

  

(a)             
EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective for
the resale by the Investor of the Put Shares and the Warrant Shares at prevailing market prices (and not fixed prices) and (i) neither
the Company nor the Investor shall have received notice that the SEC has issued or intends to issue a stop order with respect to such
Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily
or permanently, or intends or has threatened to do so and (ii) no other suspension of the use of, or withdrawal of the effectiveness of,
such Registration Statement or related prospectus shall exist.

 

(b)             
ACCURACY OF THE COMPANY'S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true and correct
in all material respects as of the date of this Agreement and as of the date of each Closing (except for representations and warranties
specifically made as of a particular date).

 

(c)             
PERFORMANCE BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company including but not limited
to the delivery of the Put Shares as provided in Section 2.2(a) of this Agreement.

 

    	 	13	 

    

    

(d)             
NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects
any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced that may have the effect
of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction Documents.

 

(e)             
ADVERSE CHANGES. Since the date of filing of the Company's most recent SEC Document, no event that had or is reasonably likely
to have a Material Adverse Effect has occurred.

 

(f)             
NO SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the
SEC, the Principal Market or FINRA, or otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation
on and shall not have been delisted from the Principal Market. In the event of a suspension, delisting, or halting for any reason, of
the trading of the Common Stock, as contemplated by this Section 7.2(f), the Investor shall have the right to return to the Company any
remaining amount of Put Shares associated with such Put, and the Purchase Price with respect to such Put shall be reduced accordingly.

 

(g)             
BENEFICIAL OWNERSHIP LIMITATION. The number of Put Shares then to be purchased by the Investor shall not exceed the number of such
shares that, when aggregated with all other shares of Common Stock then owned by the Investor beneficially or deemed beneficially owned
by the Investor, would result in the Investor owning more than the Beneficial Ownership Limitation (as defined below), as determined in
accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. For purposes of this Section 7.2(g), in the
event that the amount of Common Stock outstanding, as determined in accordance with Section 16 of the Exchange Act and the regulations
promulgated thereunder, is greater on a Closing Date than on the date upon which the Put Notice associated with such Closing Date is given,
the amount of Common Stock outstanding on such Closing Date shall govern for purposes of determining whether the Investor, when aggregating
all purchases of Common Stock made pursuant to this Agreement, would own more than the Beneficial Ownership Limitation following such
Closing Date. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable pursuant to a Put Notice.

 

(h)             
PRINCIPAL MARKET REGULATION. The issuance of the Put Shares shall not exceed the Exchange Cap if applicable.

 

(i)             
NO KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing the Registration
Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Trading Days
following the Trading Day on which such Put Notice is deemed delivered).

 

    	 	14	 

    

    

(j)             NO
VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of the Put Shares shall not violate the shareholder approval requirements
of the Principal Market.

 

(k)           
OFFICER’S CERTIFICATE. On the date of delivery of each Put Notice, the Investor shall have received the Closing Certificate
executed by an executive officer of the Company and to the effect that all the conditions to such Closing shall have been satisfied as
of the date of each such certificate.

 

(l)DWAC ELIGIBLE.
The Common Stock must be DWAC Eligible and not subject to a “DTC chill.”

 

(m)SEC DOCUMENTS.
All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with
the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within the applicable time periods
prescribed for such filings under the Exchange Act.

 

(n)       RESERVE.
The Company shall have reserved 300% of the Required Minimum for the Investor’s benefit under this Agreement, and satisfied the
reserve requirements with respect to all other contracts between the Company and Investor.

 

(o)       MINIMUM
PRICING. The lowest traded price of the Common Stock in the six (6) Trading Days immediately preceding the respective Put Date must
exceed $0.01 per share.

 

(p)       BANKRUPTCY.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any
bankruptcy law or any law for the relief of debtors shall not be instituted by or against the Company or any subsidiary of the Company
(the “Bankruptcy Proceedings”), and the Company shall have no knowledge of any event more likely than not to have the effect
of causing Bankruptcy Proceedings to arise. In the event of Bankruptcy Proceedings as contemplated by this Section 7.2(p), the Investor
shall have the right to return to the Company any remaining amount of Put Shares associated with such Put, and the Purchase Price with
respect to such Put shall be reduced accordingly.

 

    	 	15	 

    

    

ARTICLE VIII

LEGENDS

 

Section 8.1           NO
RESTRICTIVE STOCK LEGEND. No restrictive stock legend shall be placed on the share certificates representing the Put Shares.

 

Section 8.2           INVESTOR'S
COMPLIANCE. Nothing in this Article VIII shall affect in any way the Investor's obligations hereunder to comply with all applicable
securities laws upon the sale of the Common Stock.

 

 

ARTICLE IX

NOTICES; INDEMNIFICATION

 

Section 9.1           NOTICES.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return receipt
requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid, or (d) transmitted by hand delivery,
telegram, or email as a PDF, addressed as set forth below or to such other address as such party shall have specified most recently by
written notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (i) upon hand delivery or delivery by email at the address designated below (if delivered on a business day during normal business
hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day
during normal business hours where such notice is to be received) or (ii) on the second business day following the date of mailing by
express courier service or on the fifth business day after deposited in the mail, in each case, fully prepaid, addressed to such address,
or upon actual receipt of such mailing, whichever shall first occur.

 

The addresses
for such communications shall be:

 

If to the Company:

 

The Marquie Group, Inc.

7901 4th Street North, Suite 4000

St. Petersburg, FL 33702

E-mail: m.angell@themarquiegroup.com

 

If to the Investor:

 

MacRab LLC

738 Mandalay Grove Ct.

Merritt Island, FL 32953

E-mail: mmcfarlane@macrab.com

 

Either party hereto may from time to
time change its address or email for notices under this Section 9.1 by giving at least ten (10) days' prior written notice of such changed
address to the other party hereto.

 

    	 	16	 

    

    

Section 9.2           INDEMNIFICATION.
Each party (an “Indemnifying Party”) agrees to indemnify and hold harmless the other party along with its officers,
directors, employees, and authorized agents, and each Person or entity, if any, who controls such party within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified Party”) from and against any Damages, joint
or several, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting from, arising out of or relating
to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any covenant or agreement on the part of the
Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement or any post-effective amendment thereof or supplement thereto, or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any untrue statement
or alleged untrue statement of a material fact contained in any preliminary prospectus or contained in the final prospectus (as amended
or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to
state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements
therein were made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act,
any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as such Damages
are incurred, except to the extent such Damages result primarily from the Indemnified Party's failure to perform any covenant or agreement
contained in this Agreement or the Indemnified Party's negligence, recklessness or bad faith in performing its obligations under this
Agreement; provided, however, that the foregoing indemnity agreement shall not apply to any Damages of an Indemnified Party
to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged
omission made by an Indemnifying Party in reliance upon and in conformity with written information furnished to the Indemnifying Party
by the Indemnified Party expressly for use in the Registration Statement, any post-effective amendment thereof or supplement thereto,
or any preliminary prospectus or final prospectus (as amended or supplemented).

 

Section 9.3           METHOD
OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party under Section 9.2 shall be asserted and
resolved as follows:

 

(a)             
In the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted against or
sought to be collected from such Indemnified Party by a Person other than a party hereto or an affiliate thereof (a "Third Party
Claim"), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any, and specifying
the nature of and basis for such Third Party Claim and for the Indemnified Party's claim for indemnification that is being asserted under
any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then reasonably ascertainable, the estimated
amount, determined in good faith, of such Third Party Claim (a "Claim Notice") with reasonable promptness to the Indemnifying
Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness after the Indemnified Party receives notice
of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the Indemnified Party with respect to such Third
Party Claim to the extent that the Indemnifying Party's ability to defend has been prejudiced by such failure of the Indemnified Party.
The Indemnifying Party shall notify the Indemnified Party as soon as practicable within the period ending thirty (30) calendar days following
receipt by the Indemnifying Party of either a Claim Notice or an Indemnity Notice (as defined below) (the "Dispute Period")
whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party under Section 9.2 and whether
the Indemnifying Party desires, at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

 

    	 	17	 

    

    

(i)             
If the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the Indemnified
Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall have the right to defend,
with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying Party, such Third Party
Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted by the Indemnifying Party to a final
conclusion or will be settled at the discretion of the Indemnifying Party (but only with the consent of the Indemnified Party in the case
of any settlement that provides for any relief other than the payment of monetary damages or that provides for the payment of monetary
damages as to which the Indemnified Party shall not be indemnified in full pursuant to Section 9.2). The Indemnifying Party shall have
full control of such defense and proceedings, including any compromise or settlement thereof; provided, however, that the
Indemnified Party may, at the sole cost and expense of the Indemnified Party, at any time prior to the Indemnifying Party's delivery of
the notice referred to in the first sentence of this clause (i), file any motion, answer or other pleadings or take any other action that
the Indemnified Party reasonably believes to be necessary or appropriate to protect its interests; and provided, further,
that if requested by the Indemnifying Party, the Indemnified Party will, at the sole cost and expense of the Indemnifying Party, provide
reasonable cooperation to the Indemnifying Party in contesting any Third Party Claim that the Indemnifying Party elects to contest. The
Indemnified Party may participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying
Party pursuant to this clause (i), and except as provided in the preceding sentence, the Indemnified Party shall bear its own costs and
expenses with respect to such participation. Notwithstanding the foregoing, the Indemnified Party may takeover the control of the defense
or settlement of a Third Party Claim at any time if it irrevocably waives its right to indemnity under Section 9.2 with respect to such
Third Party Claim.

 

(ii)            
If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend
the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute vigorously and
diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within the Dispute Period,
then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party, the Third Party Claim
by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable manner and in good faith
or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying Party, which consent will not be unreasonably
withheld). The Indemnified Party will have full control of such defense and proceedings, including any compromise or settlement thereof;
provided, however, that if requested by the Indemnified Party, the Indemnifying Party will, at the sole cost and expense of the Indemnifying
Party, provide reasonable cooperation to the Indemnified Party and its counsel in contesting any Third Party Claim which the Indemnified
Party is contesting. Notwithstanding the foregoing provisions of this clause (ii), if the Indemnifying Party has notified the Indemnified
Party within the Dispute Period that the Indemnifying Party disputes its liability or the amount of its liability hereunder to the Indemnified
Party with respect to such Third Party Claim and if such dispute is resolved in favor of the Indemnifying Party in the manner provided
in clause (iii) below, the Indemnifying Party will not be required to bear the costs and expenses of the Indemnified Party's defense pursuant
to this clause (ii) or of the Indemnifying Party's participation therein at the Indemnified Party's request, and the Indemnified Party
shall reimburse the Indemnifying Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection
with such litigation. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the Indemnified
Party pursuant to this clause (ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

 

    	 	18	 

    

    

(iii)           
If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability to the
Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified Party within the Dispute
Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party with respect to such
Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability of the Indemnifying Party
under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying
Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified
Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not
resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it
deems appropriate.

 

(b)             
In the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve a Third
Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying the nature
of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined in good
faith, of such claim (an "Indemnity Notice") with reasonable promptness to the Indemnifying Party. The failure by any
Indemnified Party to give the Indemnity Notice shall not impair such party's rights hereunder except to the extent that the Indemnifying
Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies the Indemnified Party that it does
not dispute the claim or the amount of the claim described in such Indemnity Notice or fails to notify the Indemnified Party within the
Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim described in such Indemnity Notice, the amount
of Damages specified in the Indemnity Notice will be conclusively deemed a liability of the Indemnifying Party under Section 9.2 and the
Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the Indemnifying Party has timely disputed
its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed
in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved within thirty (30) days
after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate. 

 

(c)             
The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for any reasonable
legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

 

(d)             
The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified Party against
the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

 

    	 	19	 

    

    

ARTICLE X

MISCELLANEOUS

 

Section 10.1           GOVERNING
LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Florida without
regard to the principles of conflicts of law. Each of the Company and the Investor hereby submits to the exclusive jurisdiction of the
United States federal located in Brevard County, Florida and state courts located in Brevard County, Florida, with respect to any dispute
arising under the Transaction Documents or the transactions contemplated thereby.

 

Section 10.2           PAYMENT
SET ASIDE. Further, to the extent that the (i) Company makes a payment or payments to the Investor hereunder or pursuant to any other
agreement, certificate, instrument or document contemplated hereby or thereby, or (ii) the Investor enforces or exercises its rights hereunder
or pursuant to any other agreement, certificate, instrument or document contemplated hereby or thereby, and such payment or payments or
the proceeds of such enforcement or exercise or any part thereof (including but not limited to the sale of the Securities) are for any
reason (i) subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, or disgorged by the Investor,
or (ii) are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver, government entity, or any other
person or entity under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable
cause of action), then (i) to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall
be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred
and (ii) the Company shall immediately pay to the Investor a dollar amount equal to the amount that was for any reason (i) subsequently
invalidated, declared to be fraudulent or preferential, set aside, recovered from, or disgorged by the Investor, or (ii) required to be
refunded, repaid or otherwise restored to the Company, a trustee, receiver, government entity, or any other person or entity under any
law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action).

 

Section 10.3           ASSIGNMENT.
This Agreement shall be binding upon and inure to the benefit of the Company and the Investor and their respective successors. Neither
this Agreement nor any rights of the Investor or the Company hereunder may be assigned by either party to any other Person.

 

Section 10.4          NO
THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and the Investor and their respective successors,
and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as set forth in Section 9.3.

 

Section 10.5        
TERMINATION. The Company may terminate this Agreement at any time by written notice to the Investor, except during any Valuation
Period or at any time that the Investor holds any of the Put Shares. In addition, this Agreement shall automatically terminate at the
end of the Commitment Period. Notwithstanding anything in this Agreement to the contrary, (i) the provisions of Articles III, IV, VI,
IX of this Agreement and the agreements and covenants of the Company and the Investor set forth in Article X of this Agreement shall survive
the termination of this Agreement and (ii) the Investor shall retain all rights to the Warrant and Warrant Shares even if this Agreement
is terminated.

 

    	 	20	 

    

    

Section 10.6           ENTIRE
AGREEMENT. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the Company
and the Investor with respect to the matters covered herein and therein and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section 10.7          FEES
AND EXPENSES. Except as expressly set forth in the Transaction Documents or any other writing to the contrary, each party shall pay
the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees
(including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes
and other taxes and duties levied in connection with the delivery of any Securities to the Investor. Upon execution of this Agreement,
the Company shall issue the Warrant to Investor for its commitment to enter into this Agreement. The Warrant shall be earned in full upon
the execution of this Agreement, and the issuance of the Warrant is not contingent upon any other event or condition, including but not
limited to the effectiveness of the Registration Statement or the Company’s submission of a Put Notice to the Investor. For the
avoidance of doubt, the Investor shall retain all rights to the Warrant, and the Common Stock underlying the Warrant, even if this Agreement
is terminated (by the Company or otherwise) in accordance with the provisions of this Agreement. In addition, the Investor shall withhold
$10,000.00 from the Investment Amount with respect to the first Put under this Agreement for reimbursement of Investor’s expenses
relating to the preparation of this Agreement.

 

Section 10.8           COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall be deemed
to be an original instrument which shall be enforceable against the parties actually executing such counterparts and all of which together
shall constitute one and the same instrument. This Agreement may be delivered to the other parties hereto by email of a copy of this Agreement
bearing the signature of the parties so delivering this Agreement.

 

Section 10.9           SEVERABILITY.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that such severability shall be ineffective
if it materially changes the economic benefit of this Agreement to any party.

  

Section 10.10           FURTHER
ASSURANCES. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to
carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

Section 10.11         NO
STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

    	 	21	 

    

    

Section 10.12           EQUITABLE
RELIEF. The Company recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations under
this Agreement, any remedy at law may prove to be inadequate relief to the Investor. The Company therefore agrees that the Investor shall
be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.

 

Section 10.13           TITLE
AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and are not to be considered
in construing or interpreting this Agreement.

 

Section 10.14           AMENDMENTS;
WAIVERS. No provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Trading Day
immediately preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, (i)
no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto and (ii) no provision of
this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought.
No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

Section 10.15           PUBLICITY.
The Company and the Investor shall consult with each other in issuing any press releases or otherwise making public statements with respect
to the transactions contemplated hereby and no party shall issue any such press release or otherwise make any such public statement, other
than as required by law, without the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed,
except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing party shall provide
the other party with prior notice of such public statement. Notwithstanding the foregoing, the Company shall not publicly disclose the
name of the Investor without the prior written consent of the Investor, except to the extent required by law. The Investor acknowledges
that this Agreement and all or part of the Transaction Documents may be deemed to be "material contracts," as that term is defined
by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to file such documents as exhibits to reports or
registration statements filed under the Securities Act or the Exchange Act. The Investor further agrees that the status of such documents
and materials as material contracts shall be determined solely by the Company, in consultation with its counsel.

 

 

[Signature Page Follows]

 

    	 	22	 

    	 

    

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized
as of the day and year first above written.

 

 

THE COMPANY:

 

THE MARQUIE GROUP, INC. 

 

 

By:______________________

Name: Marc Angell

Title: Chief Executive Officer

 

 

INVESTOR:

 

MACRAB LLC

 

 

By:______________________

Name: Mackey McFarlane

Title: Member

 

 

 

 

 

 

 

[Signature Page to standby equity commitment
agreement]

    	 	23	 

    	 

    

EXHIBIT A

 

FORM OF PUT NOTICE

 

 

TO: MACRAB LLC

DATE: ____________________

 

We refer to the standby
equity commitment agreement, dated October 12, 2022 (the “Agreement”), entered into by and between The Marquie Group,
Inc. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning when used herein.

 

We hereby:

 

1)  Give you notice that we require you
to purchase                     
 Put Shares pursuant to the Agreement; and

 

2) The Initial Purchase Price pursuant to
the Agreement is ____________ (for the avoidance of doubt, the Initial Purchase Price shall not be used for purposes of determining the
actual price per share to be paid by the Investor to the Company on the Closing Date with respect to a Put Notice); and

 

3)  Certify that, as of the date
hereof, the conditions set forth in Section 7.2 of the Agreement are satisfied.

 

 

THE MARQUIE GROUP,
INC.

 

By: _______________________

Name: Marc Angell

Title: Chief Executive Officer

 

 

 

 

    	 	24	 

    

    

 

EXHIBIT B

 

FORM OF OFFICER’S CERTIFICATE 

OF THE MARQUIE GROUP, INC.

 

Pursuant to Section
7.2(k) of that certain standby equity commitment agreement, dated October 12, 2022 (the “Agreement”), by and between
The Marquie Group, Inc. (the “Company”) and MacRab LLC (the “Investor”), the undersigned, in his
capacity as Chief Executive Officer of the Company, and not in his individual capacity, hereby certifies, as of the date hereof (such
date, the “Condition Satisfaction Date”), the following:

 

1.             
The representations and warranties of the Company are true and correct in all material respects as of the Condition Satisfaction Date
as though made on the Condition Satisfaction Date (except for representations and warranties specifically made as of a particular date)
with respect to all periods, and as to all events and circumstances occurring or existing to and including the Condition Satisfaction
Date, except for any conditions which have temporarily caused any representations or warranties of the Company set forth in the Agreement
to be incorrect and which have been corrected with no continuing impairment to the Company or the Investor; and

 

2.             
All of the conditions precedent to the obligation of the Investor to purchase Put Shares set forth in the Agreement, including but not
limited to Section 7.2 of the Agreement, have been satisfied as of the Condition Satisfaction Date.

 

Capitalized terms used herein
shall have the meanings set forth in the Agreement unless otherwise defined herein.

 

IN WITNESS WHEREOF,
the undersigned has hereunto affixed his hand as of the ________, 20__.

 

	 	By: _______________________
	 	Name: Marc Angell
	 	Title: Chief Executive Officer

 

 

    	 	25

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