Document:

Exhibit
4.4

 

WARRANT
AGENT AGREEMENT

 

WARRANT
AGENT AGREEMENT (this “Warrant Agreement”) dated as of ______, 2022 (the “Issuance Date”) between
TC BioPharm (Holdings) plc, a company incorporated in Scotland, under the law of the United Kingdom (the “Company”),
and Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary, Computershare Trust
Company, N.A., a federally chartered trust company (the “Warrant Agent”).

 

WHEREAS,
pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated _______, 2022, between
the Company and EF Hutton, division of Benchmark Investments, LLC, as representative of the underwriters set forth therein, the Company
is engaged in a public offering (the “Offering”) of up to _________ American Depositary Shares (“ADSs”),
each ADS representing one ordinary share of the Company, par value £0.01 per share (“Ordinary Shares”), and
up to ________ Warrants (the “Warrants”), with each Warrant representing the right of the holder thereof to purchase
1.25 ADSs (each, a “Warrant ADS”) for $_____[NTD: 125% of IPO price] per ADS, subject to adjustment
as described herein, plus applicable fees, charges and taxes;

 

WHEREAS,
the ADSs are issuable under the Deposit Agreement dated as of January __, 2022 (the “Deposit Agreement”) among the
Company, The Bank of New York Mellon, as depositary (the “Depositary”), and all Owners and Holders (each as defined
in the Deposit Agreement) from time to time of the ADSs issued thereunder;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form
F-1, File No. 333-260492 (as the same may be amended from time to time, the “Registration Statement”) for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of, among other securities, the Ordinary Shares,
the Warrants and the Ordinary Shares underlying the Warrant ADSs issuable upon exercise of the Warrants (the “Warrant Shares”),
and the Registration Statement was declared effective on ________, 2022;

 

WHEREAS,
the Depositary has filed with the Commission a Registration Statement on Form F-6, File No. 333-262149 (the “ADS Registration
Statement”) for the registration under the Securities Act of the ADSs that may be issued in exchange for Ordinary Shares and
the Warrant Shares, and the Registration Statement was declared effective on _____, 2022.

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with
the terms set forth in this Warrant Agreement in connection with the issuance, registration, registration of transfer and exercise of
the Warrants;

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS,
the Company has duly authorized the execution and delivery of this Warrant Agreement and all other acts and things necessary to make
the Warrants the legal, valid and binding obligations of the Company have been done and performed.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such appointment
and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and no implied
terms or conditions).

 

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2.
Warrants.

 

2.1
Form of Warrants. The Warrants shall be registered securities in book entry form and shall be evidenced by a global certificate
(“Global Certificate”) in the form of Annex C to this Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede &
Co., as nominee of DTC or as otherwise directed by DTC. If DTC subsequently ceases to make its book-entry settlement system available
for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event
that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Company
may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate,
and the Company shall instruct the Warrant Agent to deliver each holder of the Warrants separate certificates in the form of Annex
A evidencing Warrants (“Definitive Certificates” and, together with the Global Certificate, “Warrant
Certificates”) registered as requested through the DTC system. In the event Definitive Certificates are delivered to the holders,
the transfer, exchange or exercise of the Warrants shall be conducted in accordance with the customary procedures of the Warrant Agent.
The Company shall use its best efforts to enable the Warrants be “DTC eligible” so that the interests in the Warrants may
be held in book-entry through DTC for the term of the Warrants.

 

2.1.1
Exchange of Interest in Global Certificate for Definitive Certificate. Notwithstanding Section 2.1 above, a holder of a security
entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange it for a Definitive Certificate
evidencing the same number of Warrants. Upon written notice by a Participant having Warrants credited to its DTC account for the exchange
of some or all that entitlement for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form
attached hereto as Annex B (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant
Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the exchange made pursuant
to the Warrant Certificate Request Notice, a “Warrant Exchange”), and upon surrender by that Participant of the Warrants
to be exchanged to the Warrant Agent through DTC’s system, the Warrant Agent shall, without unreasonable delay, effect the Warrant
Exchange by issuing and delivering a Definitive Certificate for such number of Warrants in the name and mailed to the address set forth
in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall
be manually executed by an authorized signatory of the Company and shall be in the form attached hereto as Annex A In connection
with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the
specified holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the
Warrant Certificate Request Notice (the “Warrant Certificate Delivery Date”). “Business Day” means
any day other than a Saturday, Sunday, or a day on which banking institutions in the State of New York are authorized or obligated by
law or executive order to close.

 

2.1.2
The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a reserve of Warrant
Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as applicable, are (i) registered under
the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.

 

2.2
Issuance and Registration of Warrants.

 

2.2.1
Warrant Register. Upon the receipt of all relevant information from the Company or its agents, the Warrant Agent shall maintain
books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.

 

2.2.2
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver
the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, with respect to a Warrant in its account, a “Participant”).

 

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2.2.3
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”,
which shall include, if the Warrants are held in “street name,” a Participant or a designee appointed by such Participant)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners
in a Warrant evidenced by the Global Certificate shall be exercised by the Holder through the DTC system.

 

2.2.4
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent either by manual, electronic
or facsimile signature, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be
valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates
ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company,
such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect
as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an
Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such an Authorized Officer. The rights of holders of Warrant Certificates shall be identical regardless
of the Authorized Officer signing for and on behalf of the Company and of the authorized signatory of the Warrant Agent signing such
certificates.

 

2.2.5
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program.” Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be,
as so requested. The Company and the Warrant Agent may require payment by the Holder requesting a registration of transfer of Warrants
or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants
and issuance of Warrant ADS to the Holder) of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto. The Warrant Agent shall not have any duty or obligation to take any action under any section
of this Warrant Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have
been made.

 

2.2.6
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them. Notwithstanding
anything herein to the contrary, in connection with a Warrant in book-entry form through DTC, no posting of a bond shall be required
under this Section 2.2.6.

 

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2.2.7
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including Participants and beneficial holders
that may own interests through Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the
Warrants; provided, however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants
shall be effected on their behalf by Participants through DTC in accordance with the procedures administered by DTC.

 

3.
Terms and Exercise of Warrants.

 

3.1
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of
this Warrant Agreement, to purchase from the Company the number of ADSs stated therein, at the price of US$______[NTD: 125% of
IPO share price] per ADS, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price”
as used in this Warrant Agreement refers to the price per ADS at which ADSs may be purchased at the time a Warrant is exercised.

 

3.2
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on _________, 2027 [NTD:
Five years after IPO effective date] (“Expiration Date”). Each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close
of business on the Expiration Date.

 

3.3
Exercise of Warrants.

 

3.3.1
Exercise and Payment. (a) Subject to the provisions of this Warrant Agreement, a Holder (or a Participant acting on behalf of
a Holder in accordance with DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York
City time, on any Business Day during the Exercise Period an election to purchase the Warrant ADSs to be exercised (A) in the form included
in Exhibit A to the Warrant or (B) via an electronic warrant exercise through the DTC system (each, an “Election to Purchase”).
Within one Trading Day following the delivery of the Election to Purchase, the Holder shall deliver (i) the Warrants to be exercised
by (A) surrender of the Warrant Certificate evidencing the Warrants to the Warrant Agent at its office designated for such purpose or
(B) delivery of the Warrants to an account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to
DTC from time to time, and (ii) the Exercise Price for each Warrant to be exercised (and, if applicable, any taxes or charges due in
connection with the exercise of such Warrants), in lawful money of the United States of America by (A) certified or official bank check
or wire transfer from a United States bank payable to the Warrant Agent or (B) payment to the Warrant Agent through the DTC system.

 

(b)
If any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable, any taxes or charges
due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after 5:00 P.M., New York City time,
or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have been received and exercised on the Trading
Day next succeeding such date. The “Exercise Date” will be the date on which the Election to Purchase is delivered
to the Warrant Agent; however, the Warrants shall not be deemed to be exercised if the Warrants and the Exercise Price therefor are not
received by the Warrant Agent on or prior to the Trading Day following the delivery of the Election to Purchase. If the Warrants are
received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the
Warrant Agent will be returned to the Holder or Participant, as the case may be, as soon as practicable. “Trading Day”
means any day on which the ADSs are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the
ADSs, then on the principal securities exchange or securities market in the United States on which the ADSs are then traded. “Trading
Market” means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange.

 

(c)
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained by the Warrant Agent
in its name as agent for the Company. The Warrant Agent shall remit to the Company funds received for warrant exercises in a given month
by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or as otherwise from time
to time as reasonably requested by the Company. All funds received by Computershare under this Agreement that are to be distributed or
applied by Computershare in the performance of services hereunder (the “Funds”) shall be held by Computershare as
agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company.
Until paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds in deposit accounts with U.S. commercial
banks with Tier 1 capital exceeding $1 billion or with ratings above investment grade by S&P Global Ratings (LT Local Issuer Credit
Rating), Moody’s Investors Service (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made
by Computershare in accordance with this Section 3.3.1(c), including any losses resulting from a default by any bank, financial institution
or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits.
Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.

 

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(d)
If less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

3.3.2
Issuance of Warrant Shares. (a) The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading Day following the Exercise
Date of any Warrant, advise the Company, the transfer agent and registrar for Ordinary Shares and the Depositary, in respect of (i) the
number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise with respect to such exercised Warrants,
(ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of
the Warrant ADSs and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company
or the Depositary shall reasonably request.

 

(b)
The Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause its registrar to deliver the Warrant Shares issuable upon that exercise to the Depositary’s custodian for deposit under
the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit of Warrant Shares as requested
in the Election to Purchase.

 

(c)
The Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase (the “Warrant ADS
Delivery Date”).

 

3.3.3
Valid Issuance. All Warrant Shares and Warrant ADSs issuable by the Company upon the proper exercise of a Warrant in conformity
with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4
No Fractional Exercise. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather the Company shall
adjust the number of Warrant Shares issued up or down to the nearest integral multiple of the number of Ordinary Shares at the time represented
by one ADS.

 

3.3.5
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with the exercise of Warrants; and the Company shall not be required to issue or deliver any Warrant ADSs until such tax or other charge
shall have been paid or it has been established to the satisfaction of the Company and the Warrant Agent that no such tax or other charge
is due. For purposes of clarity, the Company shall pay any stamp or other tax or charge required to be paid in connection with any issuance
to the Holder of the Warrant ADSs upon the exercise of Warrants.

 

3.3.6
Date of Issuance. (a) The Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
ADSs only on the Warrant ADS Delivery Date, except that, if the Exercise Date is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next succeeding date
on which the stock transfer books are open; provided, however, Warrant ADSs will not be registered or issued until the Depositary receives
notice from its custodian that the Warrant Shares have been deposited under the Deposit Agreement; provided further, however, that the
Company shall take all reasonable steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Warrant ADS Delivery
Date in accordance with Section 3.3.2(c) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the Warrant ADS
Delivery Date, the provisions of Section 3.3.9 shall apply.

 

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(b)
No exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2.1.1 prior to the Exercise Date, shall be required
to surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable upon exercise of such
Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three (3) Business Days.

 

3.3.7
Restrictive Legend Events. The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration
Statement and the ADS Registration Statement and the current status of the prospectuses included therein or to file and maintain the
effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant Shares at any time
that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that
the Company is unable to deliver the Warrant ADSs via DTC transfer or otherwise without restrictive legend because (A) the Commission
has issued a stop order with respect to the Registration Statement or the ADS Registration Statement, (B) the Commission otherwise has
suspended or withdrawn the effectiveness of the Registration Statement or the ADS Registration Statement, either temporarily or permanently,
(C) the Company has suspended or withdrawn the effectiveness of the Registration Statement or the ADS Registration Statement, either
temporarily or permanently, (D) the prospectuses contained in the Registration Statement and the ADS Registration Statement are not available
for the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the ADS Registration Statement or the prospectuses
contained therein are not current and do not conform to the requirements of the applicable rules and regulations, or the SEC has not
declared effective a post-effective amendment to the Registration Statement or the ADS Registration Statement if one is required to be
filed to update the disclosures therein, or (F) otherwise (each a “Restrictive Legend Event”). To the extent that
the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder has exercised
Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant ADSs, the Company shall, at the election
of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either rescind the
previously submitted Election to Purchase and the Company shall return all consideration paid by registered holder for such shares upon
such.

 

3.3.8
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant ADSs that
are not disputed.

 

3.3.9
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to Section 3.3.2, and if
after such date the beneficial owner is required by its broker to purchase (in an open market transaction or otherwise) or the beneficial
owner’s brokerage firm otherwise purchases, ADSs or Ordinary Shares to deliver in satisfaction of a sale by the beneficial owner
of the Warrant ADSs, which the beneficial owner anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the beneficial owner’s total purchase price (including brokerage
commissions, if any) for the Warrant ADSs or Warrant Shares so purchased exceeds (y) the amount obtained by multiplying (i) the number
of Warrant ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the Holder in connection with the exercise
at issue times (ii) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of
the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs or Warrant Shares, as applicable, for which
such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Warrant
ADSs or Warrant Shares, as applicable, that would have been issued had the Company timely complied with its delivery obligations. For
example, if the beneficial owner purchases ADSs or Ordinary Shares having a total purchase price (including brokerage commissions) of
$11,000 to cover a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000
for the benefit of the beneficial owner. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit right of a
Holder to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant ADSs upon exercise of Warrants
as required pursuant to the terms of this Warrant Agreement. The Warrant Agent shall have no liability for the Company’s failure
to deliver to the Holders the Warrant ADSs as set forth in this Section 3.3.9.

 

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In
addition, if the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant
ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
ADSs subject to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day
for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The
Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
exercisable. In addition, if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS
Delivery Date, then the Holder will have the right to rescind such exercise.

 

For
purposes of this Warrant Agreement the term “VWAP” shall mean, for any date, the price determined by the first of
the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average
price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume
weighted average price of the ADSs for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the ADSs are not then
listed or quoted for trading on the OTC Bulletin Board and if prices for the ADSs are then reported in the OTCQB maintained by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent Bid Price per ADS
so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith
by the Company, the fees and expenses of which shall be paid by the Company.

 

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

 

3.3.10
The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase and all fees to
DTC (or another established clearing corporation performing similar functions) required for electronic issuance and delivery of the Warrant
ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company shall pay all applicable fees and
expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.

 

4.
Adjustments.

 

The
Exercise Price, the number of Warrant ADSs covered by each Warrant and the number of Warrants outstanding are subject to adjustment from
time to time as provided in Section 5 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant
to Section 5 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of
capital stock of the Company other than Warrant ADSs, thereafter the number of such other shares so receivable upon exercise of any Warrant
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with
respect to the shares contained in Section 5 of the Warrant Certificate with respect to the Warrant ADSs shall apply on like terms to
any such other shares. All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant
to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of Warrant ADSs purchasable
from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.

 

    	7

    	 

    

 

5.
Restrictive Legends; Fractional Warrants.

 

In
the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6.
Expense Reimbursement.

 

The
Company shall reimburse the Holder, upon the Holder’s request, for any reasonable fees charged to the Holder by the Depositary
in connection with the issuance or holding or sale of ADSs, Warrant ADSs and/or Ordinary Shares.

 

7.
Other Provisions Relating to Rights of Holders of
Warrants.

 

7.1
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of
Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant ADSs which it is then entitled to receive upon the due exercise of Warrants.

 

7.2
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement
and which are available to be issued for that purpose without restriction (including without prejudice to the generality) by restriction
of pre-emption or offer round or other consent rights).

 

8.
Concerning the Warrant Agent and Other Matters.

 

8.1
(a) Whether or not any Warrants are exercised, the Company agrees to pay to the Warrant Agent reasonable compensation for all services
rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Warrant
Agent , to reimburse the Warrant Agent for all of its reasonable expenses and counsel fees and other disbursements incurred in the preparation,
delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the exercise and performance of its duties
hereunder.

 

(b)
All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. Delinquent
payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the invoice date.
The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting delinquent
payments.

 

(c)
No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

8.2
As agent for the Company hereunder the Warrant Agent:

 

(a)
shall have no duties or obligations other than those specifically set forth in this Warrant Agreement or as may subsequently be agreed
to in writing by the Warrant Agent and the Company, subject to the Section 8.11(c);

 

    	8

    	 

    

 

(b)
shall have no obligation to effect any delivery of Warrant ADSs other than to instruct the Depositary with respect to that delivery;

 

(c)
shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of the Warrants or any Warrant Shares or Warrant ADSs;

 

(d)
shall not be obligated to take any legal action under this Warrant Agreement; if, however, the Warrant Agent determines, in its sole
and absolute discretion, to take any legal action under this Warrant Agreement, and where the taking of such action might, in its judgment,
subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity satisfactory
to it;

 

(e)
may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be
genuine and to have been signed by the proper party or parties;

 

(f)
shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto, this Warrant Agreement or any Warrant Certificate except as to its countersignature thereof, or be required to verify the same,
but all such statements and recitals are and shall be deemed to have been made by the Company only;

 

(g)
shall not have any liability for or be under any responsibility in respect of the validity of this Warrant Agreement or the execution
and delivery hereof (except the due execution hereof by the Warrant Agent ) or in respect of the legality or validity or execution of
any Warrant Certificate (including in the case of book entry shares, by notation in book entry accounts reflecting ownership), except
its countersignature thereof; nor shall it be responsible for any breach by the Company of any covenant or failure by the Company to
satisfy any condition contained in this Warrant Agreement or in any Warrant Certificate; nor shall it be liable or responsible for modification
by or order of any court, tribunal, or governmental authority in connection with the foregoing, any change in the exercisability of the
Warrant ADSs or any adjustment required under this Warrant Agreement or responsible for the manner, method or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such adjustment;

 

(h)
shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under this Warrant Agreement and applicable securities laws;

 

(i)
may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions
with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying
any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance
of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection
with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for
those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant
Agent , set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date
on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action
taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified
in such application (which date shall not be less than five Business Days after the date such application is sent to the Company, unless
the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have
received written instructions in response to such application specifying the action to be taken or omitted;

 

(j)
may consult with counsel satisfactory to the Warrant Agent and the advice or opinion of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered, or omitted by it hereunder in accordance with the advice or opinion of such
counsel;

 

    	9

    	 

    

 

(k)
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct
of any such attorneys or agents or for any loss to the Company, to Holders or any other person resulting from any such act, omission,
default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which
gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction);

 

(l)
is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person;

 

(m)
shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any
political subdivision thereof; and Warrant Agent may, after consulting with the Company to the extent practical, consult with foreign
counsel, the fees and expenses of which shall be at the Company’s expense, to resolve any foreign law issues that may arise as
a result of the Company or any other party being subject to the laws or regulations of any foreign jurisdiction;

 

(n)
any stockholder, affiliate, member, director, officer, agent, representative or employee of the Warrant Agent may buy, sell or deal in
any of the Warrant ADSs or other securities of the Company or may become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Warrant
Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent or any such stockholder, affiliate, director, member,
officer, agent, representative or employee from acting in any other capacity for the Company or for any other person; and

 

(o)
shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event or condition
that may require action by the Warrant Agent , unless the Warrant Agent shall be specifically notified in writing of such event or condition
by the Company, and all notices or other instruments required by this Warrant Agreement to be delivered to the Warrant Agent must, in
order to be effective, be received by the Warrant Agent as specified in Section 8.10 hereof, and in the absence of such notice so delivered,
the Warrant Agent may conclusively assume no such event or condition exists.

 

8.3
(a) In the absence of gross negligence or willful misconduct on its part (which gross negligence or willful misconduct must be
determined by a final, non-appealable judgment of a court of competent jurisdiction), the Warrant Agent shall not be liable for any
action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant
Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for
special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost
profits), even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of
action. Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees (but not reimbursed costs, charges
or expenses) paid by the Company hereunder for the twelve months preceding the event for which recovery from the Warrant Agent is
being sought. The Warrant Agent shall not be liable for any failures, delays or losses, arising directly or indirectly out of
conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension of
trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical failure,
computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection,
earthquakes, floods, epidemics, pandemics, acts of God or similar occurrences.

 

(b)
In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties
under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall
not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate,
it may, but shall not be required to, file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered
by a court of competent jurisdiction, binding on all persons interested in the matter which is no longer subject to review or appeal,
or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder.
In addition, the Warrant Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement
by all the Holders and all other persons that may have an interest in the settlement.

 

    	10

    	 

    

 

(c)
The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any Holder with respect
to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company on behalf of any Holder.

 

8.4
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against loss, liability, damage, judgment, fine, penalty,
claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may
be paid to any third party, incurred or suffered by it, or which it may become subject, without gross negligence or illegal or willful
misconduct on the part of the Warrant Agent (which gross negligence or willful misconduct must be determined by a final, non-appealable
judgment of a court of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Warrant Agent in connection
with the execution, acceptance, administration, exercise and performance of its duties under this Warrant Agreement, including the costs
and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder
against any third party. The provisions under Sections 8.1, 8.2, 8.3 and this Section 8.4 shall survive the expiration of the Warrant
ADSs and the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs and expenses
incurred in enforcing this right of indemnification shall be borne by the Company.

 

8.5
Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date
and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Agent’s
right to be indemnified and held harmless and to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section
8 shall survive the termination of this Warrant Agreement.

 

8.6
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among the parties to it
to the full extent permitted by applicable law; provided, however, that if such excluded provision shall adversely affect the rights,
immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written
notice to the Company.

 

8.7
The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

8.8
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement and the ADS Registration
Statement, as they may from time to time be amended, the terms of this Warrant Agreement shall control.

 

8.9
Set forth in Annex C hereto is a list of the names and specimen signatures of the persons authorized to act for the Company under
this Warrant Agreement. The Company shall, from time to time, certify to the Warrant Agent the names and signatures of any other persons
authorized to act for the Company under this Warrant Agreement (collectively, the “Authorized Representatives”). The
Warrant Agent shall be fully authorized and protected in relying upon the advice or instructions received from any such Authorized Representatives.

 

    	11

    	 

    

 

8.10
Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Warrant Agreement
shall be in writing, by overnight delivery service, first-class mail, postage prepaid, properly addressed shall be effective upon receipt
and shall be addressed, if to the Company, to its address set forth beneath its signature to this Warrant Agreement, or, if to the Warrant
Agent, to:

 

Computershare
Inc.

Computershare
Trust Company, N.A.

150
Royall Street

Canton,
MA 02021

Attention:
Client Services

 

or
to such other address of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage
prepaid, or overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the
Warrant Register.

 

8.11
(a) This Warrant Agreement shall be governed by and construed in accordance with the law of the State of New York. All actions and
proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be brought in courts of the State of New
York or of the United States of America sitting within the Borough of Manhattan in the City and State of New York. The Company hereby
submits to the personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail,
return receipt requested, directed to the Company at its address last specified for notices hereunder. Each of the parties hereto hereby
waives the right to a trial by jury in any action or proceeding arising out of or relating to this Warrant Agreement.

 

(b)
This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the
other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an
assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment
of this Warrant Agreement.

 

(c)
No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company
and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the
parties determine, in good faith, shall not adversely affect the interest of the Holders in any material respect. All other amendments
and supplements shall require the vote or written consent of Holders of a majority of the then outstanding Warrants, provided,
however, that no modification of the terms (including but not limited to the adjustments described in Section 4 herein) upon which
the Warrants are exercisable or the rights of the holders of Warrants to receive payments in cash from the Company, or no reduction of
the percentage required for consent to modification of this Warrant Agreement or no requirement for a holder of Warrants in book entry
or electronic form held through DTC to deliver any ink-original Election to Purchase or any medallion guarantee (or other type of guarantee
or notarization) of an Election to Purchase or reimbursement to the Holder pursuant to Section 6 may be made without the consent of the
Holder of each outstanding Warrant affected thereby. As a condition precedent to the Warrant Agent executing any amendment or supplement,
the Company shall deliver a certificate from an Authorized Representative which states that the proposed supplement or amendment is in
compliance with the terms of this Section 8.11(c). Notwithstanding anything in this Warrant Agreement to the contrary, the Warrant Agent
shall not be required to execute any supplement or amendment to this Warrant Agreement that it has determined would adversely affect
its own rights, duties, obligations or immunities under this Warrant Agreement.

 

8.12
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Warrant Shares or Warrant ADSs upon the exercise of Warrants, but the Company
may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering
any transfer of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting the registration or issuance shall
have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to
the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

    	12

    	 

    

 

8.13
Resignation of Warrant Agent.

 

8.13.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company,
or such shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor
Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent. In the event any
transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have
resigned automatically and be discharged from its duties under this Warrant Agreement as of the effective date of such termination, If
the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint
in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any
Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost.
Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall
be carried out by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company
or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in good standing,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed,
and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have
no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination
of this Warrant Agreement and the resignation or removal of the Warrant Agent , including but not limited to its right to indemnity hereunder.
If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder, except the rights and immunities retained by the predecessor Warrant Agent under the terms
hereof; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver at the expense of the
Company any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all
such authority, powers, rights, immunities, duties, and obligations.

 

8.13.2
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the ADSs not later than the effective date of any such appointment.

 

8.13.3
Merger or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it
may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party
or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor
Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person”
shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity,
and shall include any successor (by merger or otherwise) thereof or thereto.

 

9.
Miscellaneous Provisions.

 

9.1
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof.

 

9.2
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office
of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
any such holder to provide reasonable evidence of its interest in the Warrants.

 

    	13

    	 

    

 

9.3
Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument.

 

9.4
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall
not affect the interpretation thereof.

 

9.5
Further Assurance. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by
the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Warrant Agreement.

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	TC
    BIOPHARM (HOLDINGS) PLC
	 	  
	 	By:	               
	 	Name:
	 	Title:
	 	 

    Address
    for notices:

	 	Maxim
    1, 2 Parklands Way
	 	Holytown,
    Motherwell, ML1 4WR
	 	Scotland,
    United Kingdom
	 	Attention:
    Chief Financial Officer
	 	Telephone:
    +44 (0) 141 433 7557
	 	Facsimile:
	 	E-mail:
	 	 
	 	Computershare
    Inc.,
	 	Computershare
    Trust Company, N.A.,
	 	As
    Warrant Agent 
	 	 
	 	By:	      
	 	Name:
	 	Title:

 

Annex
A Form of Warrant Certificate

      Exhibit
A – Notice of Exercise

      Exhibit
B – Assignment Form

Annex
B – Warrant Certificate Request Notice

Annex
C – Global Warrant Request Notice

Annex
C Authorized Representatives

Annex
D Form of Warrant Certificate Request Notice

 

    	14

    	 

    

 

ANNEX
A

 

Warrant
Certificate

 

PURCHASE
WARRANT FOR ADSs (ORDINARY SHARE)

 

TC
BIOPHARM (HOLDINGS) PLC

 

	Number
    of ADSs: [_______]	Initial
    Exercise Date: [_______], 2022

 

This
certifies that the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants
set forth herein. Each Warrant entitles its registered holder to purchase from TC BioPharm (Holdings) plc, a company incorporated in
Scotland at any time prior to 5:00 P.M. (New York City time) on _________, 2025, at the designated office of Computershare Inc. and Computershare
Trust Company, N.A., as warrant agent, one American Depositary Share, each ADS representing one (1) ordinary share, par value £0.01,
of the Company, upon payment of the exercise price set forth below in Section 4(a), subject to possible adjustments as provided herein.
The Company will pay the issuance fee for each ADS issued pursuant to the Warrants to the Depositary under the Deposit Agreement.

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the law of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agency Agreement dated as of __________,.

 

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

 

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

 

“ADS”
means an American Depositary Share, and ADSs means American Depositary Shares.

 

“American
Depositary Shares” means the ADSs issuable under the Deposit Agreement representing ordinary shares of the Company.

 

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

 

    	15

    	 

    

 

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

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
open for use by customers on such day.

 

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

 

“Company”
means TC BioPharm (Holdings) plc.

 

“Deposit
Agreement” means the deposit agreement between the Company and Bank of New York Mellon, dated January __, 2022.

 

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

 

“Exempt
Issuance” means the issuance of

 

		(i)	Ordinary
                                                                                                                                                                                                                                                                            Shares or options to employees, officers or directors of the Company or consultants to the Company pursuant to any stock or option
                                                                                                                                                                                                                                                                            plan or other written agreement duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
                                                                                                                                                                                                                                                                            or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
                                                                                                                                                                                                                                                                            Company, provided, however, until the expiration of the lock-up agreements entered into in connection with the IPO offering in which
                                                                                                                                                                                                                                                                            this warrant was issued, such issuance excluding options disclosed in the prospectus for the offering in which this warrant was
                                                                                                                                                                                                                                                                            issued (A) shall not exceed fifteen percent (15%) of the Ordinary Shares issued and outstanding as of the date hereof, (B) shall be
                                                                                                                                                                                                                                                                            at no less than fair market value (as measured by the closing price of the Ordinary Shares on the Trading Market on the date of
                                                                                                                                                                                                                                                                            issuance) and (C) in the first year from the date hereof shall be issued as restricted securities;
		(ii)	securities
                                            upon the exercise or exchange of or conversion of any securities exercisable or exchangeable
                                            for or convertible into Ordinary Shares issued and outstanding on the date of the Warrant
                                            Agent Agreement, provided that such securities have not been amended since the date thereof
                                            to increase the number of such securities or to decrease the exercise price, exchange price
                                            or conversion price of such securities (other than in connection with stock splits or combinations)
                                            or to extend the term of such securities;
		(iii)	securities
                                            issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
                                            directors of the Company or securities issued in financing transactions, the primary purpose
                                            of which is to finance acquisitions or strategic transactions approved by a majority of the
                                            disinterested directors of the Company, provided that such securities are issued as “restricted
                                            securities” (as defined in Rule 144 under the Securities Act) and carry no registration
                                            rights that require or permit the filing of any registration statement in connection therewith,
                                            and provided that any such issuance shall only be to a person (or to the equity holders of
                                            a person) which is, itself or through its subsidiaries, an operating company or an owner
                                            of an asset in a business synergistic with the business of the Company and shall provide
                                            to the Company additional benefits in addition to the investment of funds, but shall not
                                            include a transaction in which the Company is issuing securities primarily for the purpose
                                            of raising capital or to a person or an entity whose primary business is investing in securities;

 

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		(iv)	Ordinary
                                            Shares, options or convertible securities issued to banks, equipment lessors or other financial
                                            institutions, or to real property lessors, pursuant to a debt financing, equipment leasing
                                            or real property leasing transaction approved by a majority of the disinterested directors
                                            of the Company but shall not include a transaction in which the company is primarily issuing
                                            Ordinary Shares or Equivalent Securities primarily for the purpose of raising capital or
                                            to a person or an entity whose primary business is investing in securities;
		(v)	Ordinary
                                            Shares, options or convertible securities issued in connection with the provision of goods
                                            or services pursuant to transactions approved by a majority of the disinterested directors
                                            of the Company but shall not include a transaction in which the Company is issuing Ordinary
                                            Shares or Equivalent Securities primarily for the purpose of raising capital or to a person
                                            or an entity whose primary business is investing in securities; and
		(vi)	Ordinary
                                            Shares, options or convertible securities issued in connection with sponsored research, collaboration,
                                            technology license, development, investor or public relations, marketing or other similar
                                            agreements or strategic partnerships approved by a majority of the disinterested directors
                                            of the Company but shall not include a transaction in which the Company is primarily issuing
                                            Ordinary Shares or Equivalent Securities primarily for the purpose of raising capital or
                                            to a person or an entity whose primary business is investing in securities.

 

“Exercise
Price” means the price per ADS at which the ADSs may be purchased at the time a Warrant is exercised, which price is set forth
in Section 4(a).

 

“Expiration
Date” is as defined in Section 4(b).

 

“Ordinary
Shares” means the ordinary shares, par value £0.01 per share of the Company, which may be represented as American Depositary
Shares, or ADSs.

 

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

 

“Registration
Statement” means the Company’s registration statement on Form F-1, as amended (File No.333- 260492), relating to the
Warrants and the ordinary shares, and the registration statement filed by the Bank of New York Mellon, on Form F-6 (File No. 333-262149
relating to the ADSs.

 

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

 

“Trading
Day” means any day on which the ADSs are traded on the Trading Market, or, if the Trading Market is not the principal trading
market for the ADSs, then on the principal securities exchange or securities market in the United States on which the ADSs are then traded.

 

“Trading
Market” means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange on the date in question (or any successors to any of the foregoing).

 

“Transfer
Agent” means Computershare Investor Services plc, the current transfer agent of the Company, with a mailing address of The
Pavilions Bridgwater Road, Bristol BS99 6ZZ United Kingdom and any successor transfer agent of the Company.

 

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

 

    	17

    	 

    

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means Computershare Inc., a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A.,
a federally chartered trust company and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other warrants of like tenor issued by the Company pursuant to the Registration Statement.

 

Section
2. Warrants.

 

a)
Form of Warrants. The Warrants shall be registered securities in book entry form and shall be evidenced by a global certificate
(“Global Certificate”) in the form of this Annex A to the Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede &
Co., as nominee of DTC. If DTC subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may
instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Warrants are not eligible
for, or it is no longer necessary to have the Warrants available in, book-entry form, the Company may instruct the Warrant Agent to provide
written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the
Warrant Agent to deliver each holder of the Warrants separate certificates in the form of Annex A evidencing Warrants (“Definitive
Certificates” and, together with the Global Certificate, “Warrant Certificates”) registered as requested
through the DTC system. In the event Definitive Certificates are delivered to the holders, the transfer, exchange or exercise of the
Warrants shall be conducted in accordance with the customary procedures of the Warrant Agent. The Company shall use its best efforts
to enable the Warrants be “DTC eligible” so that the interests in the Warrants may be held in book-entry through DTC for
the term of the Warrants.

 

b)
Exchange of Interest in Global Certificate for Definitive Certificate. Notwithstanding Section 2(a) above, a holder of a security
entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange it for a Definitive Certificate
evidencing the same number of Warrants. Upon written notice by a participant having Warrants credited to its DTC account for the exchange
of some or all that entitlement for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form
attached to the Warrant Agreement in the form of Annex B (a “Warrant Certificate Request Notice” and the date
of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date”
and the exchange made pursuant to the Warrant Certificate Request Notice, a “Warrant Exchange”), and upon surrender
by that Participant of the Warrants to be exchanged to the Warrant Agent through DTC’s system, the Warrant Agent shall, without
unreasonable delay, effect the Warrant Exchange by issuing and delivering a Definitive Certificate for such number of Warrants in the
name and mailed to the address set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original
issue date of the Warrants, shall be manually executed by an authorized signatory of the Company and shall be in the form attached to
the Warrant Agreement as Annex A In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant
Agent to deliver, the Definitive Certificate to the specified holder within ten (10) Business Days of the Warrant Certificate Request
Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (the “Warrant Certificate Delivery Date”).

 

    	18

    	 

    

 

Section
3. Issuance and Registration of Warrants.

 

a)
Warrant Register. Upon the receipt of all relevant information from the Company or its agents, the Warrant Agent shall maintain
books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.

 

b)
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver
the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, with respect to a Warrant in its account, a “Participant”).

 

c)
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”,
which shall include, if the Warrants are held in “street name,” a participant or a designee appointed by such participant)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners
in a Warrant evidenced by the Global Certificate shall be exercised by the Holder through the DTC system.

 

d)
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent either by manual, electronic
or facsimile signature, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be
valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates
ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company,
such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect
as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an
Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such an Authorized Officer. The rights of holders of Warrant Certificates shall be identical regardless
of the Authorized Officer signing for and on behalf of the Company and of the authorized signatory of the Warrant Agent signing such
certificates.

 

e)
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program.” Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be,
as so requested. The Company and the Warrant Agent may require payment by the Holder requesting a registration of transfer of Warrants
or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants
and issuance of Warrant ADS to the Holder) of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto. The Warrant Agent shall not have any duty or obligation to take any action under any section
of this Warrant that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

    	19

    	 

    

 

f)
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them. Notwithstanding
anything herein to the contrary, in connection with a Warrant in book-entry form through DTC, no posting of a bond shall be required
under this Section 3(f).

 

g)
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including participants and beneficial holders
that may own interests through participants, to take any action that a Holder is entitled to take under this Warrant; provided,
however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected on
their behalf by participants through DTC in accordance with the procedures administered by DTC.

 

Section
4. Exercise.

 

a)
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the of this Warrant, to purchase from the
Company the number of ADSs stated therein, at the price of $______[NTD: 125% of IPO share price] per ADS, subject to the
subsequent adjustments provided in Section 5 hereof.

 

b)
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on _________, 2025 [NTD:
Three years after IPO effective date] (“Expiration Date”). Each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close
of business on the Expiration Date.

 

c)
Exercise. Subject to the provisions of this Warrant, a Holder (or a participant acting on behalf of a Holder in accordance with
DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York City time, on any Business
Day during the Exercise Period an election to purchase the Warrant ADSs to be exercised (A) in the form included in Exhibit A
to this Warrant or (B) via an electronic warrant exercise through the DTC system (each, an “Election to Purchase”).
Within one Trading Day following the delivery of the Election to Purchase, the Holder shall deliver (i) the Warrants to be exercised
by (A) surrender of the Warrant Certificate evidencing the Warrants to the Warrant Agent at its office designated for such purpose or
(B) delivery of the Warrants to an account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to
DTC from time to time, and (ii) the Exercise Price for each Warrant to be exercised (and, if applicable, any taxes or charges due in
connection with the exercise of such Warrants), in lawful money of the United States of America by (A) certified or official bank check
or wire transfer from a United States bank payable to the Warrant Agent or (B) payment to the Warrant Agent through the DTC system.

 

    	20

    	 

    

 

If
any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable, any taxes or charges
due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after 5:00 P.M., New York City time,
or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have been received and exercised on the Trading
Day next succeeding such date. The “Exercise Date” will be the date on which the Election to Purchase is delivered
to the Warrant Agent; however, the Warrants shall not be deemed to be exercised if the Warrants and the Exercise Price therefor are not
received by the Warrant Agent on or prior to the Trading Day following the delivery of the Election to Purchase. If the Warrants are
received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the
Warrant Agent will be returned to the Holder or participant, as the case may be, as soon as practicable.

 

The
Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained by the Warrant Agent
in its name as agent for the Company. The Warrant Agent shall remit to the Company funds received for warrant exercises in a given month
by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or as otherwise from time
to time as reasonably requested by the Company. All funds received by Computershare under this Agreement that are to be distributed or
applied by Computershare in the performance of services hereunder (the “Funds”) shall be held by Computershare as agent for
the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until
paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds in deposit accounts with U.S. commercial banks
with Tier 1 capital exceeding $1 billion or with ratings above investment grade by S&P Global Ratings (LT Local Issuer Credit Rating),
Moody’s Investors Service (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made
by Computershare in accordance with this Section 4(c), including any losses resulting from a default by any bank, financial institution
or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits.
Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.

 

If
less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

d)
Issuance of Warrant Securities. The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading Day following the Exercise
Date of any Warrant, advise the Company, the transfer agent and registrar for ordinary shares and the Depositary, in respect of (i) the
number of Warrant ADSs indicated on the Election to Purchase as issuable upon such exercise with respect to such exercised Warrants,
(ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of
the Warrant ADSs and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company
or the Depositary shall reasonably request.

 

The
Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause its registrar to deliver the Warrant ADSs issuable upon that exercise to the Depositary’s custodian for deposit under
the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit of ordinary shares as requested
in the Election to Purchase Warrant ADSs.

 

The
Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise Date of any Warrant, provided
the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise Date,
cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase (the “Warrant ADS Delivery
Date”).

 

e)
Valid Issuance. All Warrant ADSs issuable by the Company upon the proper exercise of a Warrant in conformity with this Warrant
Agreement shall be validly issued and fully paid.

 

    	21

    	 

    

 

f)
No Fractional Exercise. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather the Company shall
adjust the number of Warrant ADSs issued up or down to the nearest integral multiple of the number of ADSs representing the ordinary
shares.

 

g)
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with the exercise of Warrants; and the Company shall not be required to issue or deliver any ADSs until such tax or other charge shall
have been paid or it has been established to the satisfaction of the Company and the Warrant Agent that no such tax or other charge is
due. For purposes of clarity, the Company shall pay any stamp or other tax or charge required to be paid in connection with any issuance
to the Holder of the Warrant ADSs upon the exercise of Warrants.

 

h)
Date of Issuance. (a) The Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
ADSs only on the Warrant ADS Delivery Date, except that, if the Exercise Date is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next succeeding date
on which the stock transfer books are open; provided, however, Warrant ADSs will not be registered or issued until the Depositary receives
notice from its custodian that the ordinary shares relating to the ADSs have been deposited under the Deposit Agreement; provided further,
however, that the Company shall take all reasonable steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Warrant
ADS Delivery Date in accordance with Section 4(d) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the
Warrant ADS Delivery Date, the provisions of Section 4(k) shall apply.

 

No
exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2(b) prior to the Exercise Date, shall be required to
surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable upon exercise of such
Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three (3) Business Days.

 

i)
Restrictive Legend Events. The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration
Statement and the ADS Registration Statement and the current status of the prospectuses included therein or to file and maintain the
effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant ADSs (and related
ordinary shares) at any time that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt
written notice of any time that the Company is unable to deliver the Warrant ADSs via DTC transfer or otherwise without restrictive legend
because (A) the Commission has issued a stop order with respect to the Registration Statement or the ADS Registration Statement, (B)
the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement or the ADS Registration Statement,
either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement or the
ADS Registration Statement, either temporarily or permanently, (D) the prospectuses contained in the Registration Statement and the ADS
Registration Statement are not available for the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the ADS
Registration Statement or the prospectuses contained therein are not current and do not conform to the requirements of the applicable
rules and regulations, or the SEC has not declared effective a post-effective amendment to the Registration Statement or the ADS Registration
Statement are if one is required to be filed to update the disclosures therein, or (F) otherwise (each a “Restrictive Legend
Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend
Event occurs after a Holder has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant
ADSs, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive
Legend Event, either rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by registered
holder for such shares upon such.

 

j)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant ADSs that
are not disputed.

 

    	22

    	 

    

 

k) Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to Section 4(d), and if after such date
the beneficial owner is required by its broker to purchase (in an open market transaction or otherwise) or the beneficial
owner’s brokerage firm otherwise purchases, ADSs or ordinary shares to deliver in satisfaction of a sale by the beneficial
owner of the Warrant ADSs, which the beneficial owner anticipated receiving upon such exercise (a “Buy-In”), then
the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the beneficial owner’s total purchase price
(including brokerage commissions, if any) for the Warrant ADSs so purchased exceeds (y) the amount obtained by multiplying (i) the
number of Warrant ADSs, as applicable, that the Company was required to deliver to the Holder in connection with the exercise at
issue times (ii) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of
the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs, as applicable, for which such
exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Warrant
ADSs, as applicable, that would have been issued had the Company timely complied with its delivery obligations. For example, if the
beneficial owner purchases ADSs having a total purchase price (including brokerage commissions) of $11,000 to cover a Buy-In with
respect to an attempted exercise of Warrant ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000 for the benefit of
the beneficial owner. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit right of a Holder to
pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant ADSs upon exercise of
Warrants as required pursuant to the terms of this Warrant Agreement. The Warrant Agent shall have no liability for the
Company’s failure to deliver to the Holders the Warrant ADSs as set forth in this Section 4(k).

 

In
addition, if the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant
ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
ADSs subject to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day
for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The
Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
exercisable. In addition, if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS
Delivery Date, then the Holder will have the right to rescind such exercise.

 

l)
Expenses. The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase
and all fees to DTC (or another established clearing corporation performing similar functions) required for electronic issuance and delivery
of the Warrant ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company shall pay all applicable
fees and expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.

 

Section
5. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding:

 

	 	i)	pays
    a stock dividend or otherwise makes a distribution or distributions on Ordinary Shares or any other equity or Equivalent Securities
    payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant ADSs issued by the Company upon exercise
    of this Warrant), 
	 	ii)	subdivides
    outstanding Ordinary Shares into a larger number of shares, 
	 	iii)	combines
    (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, or 
	 	iv)	issues
    by reclassification of Ordinary Shares any shares of capital stock of the Company, 

 

then
in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares and such
other capital stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately
after such event, and the number of ADSs issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 5(a) shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    	23

    	 

    

 

b)
Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding,
shall sell, enter into an agreement to sell, or grant any option to purchase, or sell, enter into an agreement to sell, or grant any
right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition)
any Ordinary Shares or Equivalent Securities, at an effective price per share less than the Exercise Price then in effect (such lower
price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being
understood and agreed that if the holder of the Ordinary Shares or such other securities so issued shall at any time, whether by operation
of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive Ordinary Shares at an effective price per
share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date
of the Dilutive Issuance at such effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each
Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price provided that the Base Share Price
shall not be less than $___ (subject to adjustment for reverse and forward stock splits, recapitalizations and similar transactions following
the Initial Issuance Date). Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 5(b) in respect
of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed
issuance of any Ordinary Shares Stock or Equivalent Securities subject to this Section 5(b), indicating therein the applicable issuance
price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance
Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section
5(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base
Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters
into a Variable Rate Transaction, the Company shall be deemed to have issued Ordinary Shares or Equivalent Securities at the lowest possible
price, conversion price or exercise price at which such securities may be issued, converted or exercised.

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time the Company grants,
issues or sells any Equivalent Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of ADSs acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be
determined for the grant, issue or sale of such Purchase Rights.

 

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

 

    	24

    	 

    

 

e)
Fundamental Transaction. If, at any time while the Warrants are outstanding,

 

	 	(i)	the
    Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into
    another person;
	 	(ii)	the
    Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
    substantially all of its assets in one or a series of related transactions;
	 	(iii)	any
    direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant
    to which holders of ordinary shares (including those represented by ADSs) are permitted to sell, tender or exchange their shares
    for other securities, cash or property and has been accepted by the holders of 50% or more of the total voting power of the Company’s
    ordinary shares (including those represented by ADSs) (not including any ordinary shares (including those represented by ADSs) held
    by the other person or other persons making or party to, or associated or affiliated with the other persons making, such purchase
    offer, tender offer or exchange offer); 
	 	(iv)	the
    Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
    of ADSs or ordinary shares or any compulsory share exchange pursuant to which the ADSs or ordinary shares are effectively converted
    into or exchanged for other securities, cash or property, or 
	 	(v)	the
    Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
    combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person
    or group of persons whereby such other person or group acquires more than 50% of the total voting power of the Company’s ordinary
    shares (including those represented by ADSs) (not including any ordinary shares (including those represented by ADSs) held by the
    other person or group or other persons or group making or party to, or associated or affiliated with the other persons or group making
    or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
    

 

then,
upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant ADS that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares
of capital stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, or depositary shares
representing those shares, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of ADSs for which this Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental Transaction
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of ADSs are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives
upon any exercise of this Warrant following such Fundamental Transaction.

 

    	25

    	 

    

 

Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at
the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction
(or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of
this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction
is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled
to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black
Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of ordinary shares (including
those represented by ADSs) of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of
cash, stock or any combination thereof, or whether the holders of ordinary shares (including those represented by ADSs) are given the
choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that
if holders of ordinary shares (including those represented by ADSs) of the Company are not offered or paid any consideration in such
Fundamental Transaction, such holders will be deemed to have received common stock of the Successor Entity (which Entity may be the Company
following such Fundamental Transaction) in such Fundamental Transaction.

 

“Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day
immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such
calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading
Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental
Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(e) and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds
(or such other consideration) within the later of (i) five (5) Business Days of the Holder’s election and (ii) the date of consummation
of the Fundamental Transaction.

 

    	26

    	 

    

 

The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”), to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of
this Section 5(e) pursuant to written agreements in form reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to such Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant that
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the
Warrant ADSs acquirable and receivable upon exercise of this Warrant prior to such Fundamental Transaction and with an exercise price
which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the ADSs or
ordinary shares prior to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital
stock and such exercise price being for the purpose of protecting the economic value this Warrant had immediately prior to the consummation
of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume
all of the obligations of the Company under this Warrant Agreement and the Warrant with the same effect as if such Successor Entity had
been named as the Company herein.

 

The
Company shall instruct the Warrant Agent in writing to mail, by first class mail, postage prepaid, to each Holder, written notice of
the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered
into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 5(e). The Warrant Agent shall have no duty, responsibility or obligation to determine
the correctness of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either
to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and
provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any
such agreement. The provisions of this Section 5(e) shall similarly apply to successive reclassifications, changes, consolidations, mergers,
sales and conveyances of the kind described above.

 

f)
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case
may be. For purposes of this Section 5, the number of shares deemed to be issued and outstanding as of a given date shall be the sum
of the number shares (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section5, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

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

 

h)
Voluntary Adjustment by Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term
of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any
period of time deemed appropriate by the board of directors of the Company.

 

    	27

    	 

    

 

Section
6. Miscellaneous.

 

a)
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants,
any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant ADSs which it is then entitled to receive upon the due exercise of Warrants.

 

b)
Due Authorization. The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of
its jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions
contemplated thereby (including this Warrant) have been duly authorized by all necessary corporate action and will not result in a breach
of or constitute a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement
or instrument to which it is a party or is bound, (c) this Warrant has been duly executed and delivered by the Company and constitutes
the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

c)
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
ordinary shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

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

 

e)
Restrictive Legends; Fractional Warrants. In the event that a Warrant Certificate surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that transfer. The
Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery
of a Warrant Certificate for a fraction of a Warrant. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

f)
Expense Reimbursement. The Company shall reimburse the Holder, upon the Holder’s request, for any reasonable fees charged
to the Holder by the Depositary in connection with the issuance or holding or sale of ADSs, Warrant ADSs and/or ordinary shares.

 

g)
Notices to Warrant Agent. Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications
under this Warrant Agreement shall be in writing, by overnight delivery service, first-class mail, postage prepaid, properly addressed
shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this Warrant
Agreement, or, if to the Warrant Agent, to:

 

Computershare
Inc.

Computershare
Trust Company, N.A.

150
Royall Street

Canton,
MA 02021

Attention:
Client Services

 

    	28

    	 

    

 

or
to such other address of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage
prepaid, or overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the
Warrant Register.

 

h)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party
hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an
action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

i)
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Warrant ADSs upon the exercise of Warrants, but the Company may require the
Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer
of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting the registration or issuance shall have paid to
the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable
satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

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

 

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

 

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

 

    	29

    	 

    

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on
the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

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

 

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

 

p)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued
subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant
Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

(Signature
Page Follows)

 

    	30

    	 

    

 

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

 

	TC
    BioPharm (Holdings) plc 	 
	 	       	 
	By:	  	 
	Name:
    	 	 
	Title:	 	 

 

    	31

    	 

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

TO:
TC BIOPHARM (HOLDINGS) PLC

 

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

 

(2)
Payment shall be in the in lawful money of the United States only.

 

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

 

_______________________________

 

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

 

_______________________________

_______________________________

_______________________________

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	 

 

    	32

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 	 
	 	 	(Please
    Print)
	Address:	 	 
	 	 	(Please
    Print)
	Phone
    Number	 	 
	Email
    Address	 	 
	 	 	 
	Dated:
    ______________ ___, _______	 	 
	Holder’s
    Signature:	 	 
	Holder’s
    Address:	 	 

 

    	33

    	 

    

 

ANNEX
B

 

Form
of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

To:
Computershare Inc., as Warrant Agent for TC BioPharm (Holdings) plc (the “Company”)

 

The
undersigned Holder of Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects
to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:

 

	1.	Name
    of Holder of Warrants in form of Global Warrants:	 	 
	 	 	 	 
	2.	Name
    of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants):	 	 
	 	 	 	 
	3.	Number
    of Warrants in name of Holder in form of Global Warrants:	 	 
	 	 	 	 
	4.	Number
    of Warrants for which Warrant Certificate shall be issued:	 	 
	 	 	 	 
	5.	Number
    of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any:	 	 
	 	 	 	 
	6.	Warrant
    Certificate shall be delivered to the following address:	 	 

______________________________

______________________________

______________________________

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Warrant Certificate.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	 

 

    	34

    	 

    

 

ANNEX
C

 

Form
of Global Warrants Request Notice

 

GLOBAL
WARRANTS REQUEST NOTICE

 

To:
Computershare Inc., as Warrant Agent for TC BioPharm (Holdings) plc (the “Company”)

 

The
undersigned Holder of Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby
elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below:

 

	1.	Name
    of Holder of Warrants in form of Warrant Certificates:	 	 
	 	 	 	 
	2.	Name
    of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates):	 	 
	 	 	 	 
	3.	Number
    of Warrants in name of Holder in form of Warrant Certificates:	 	 
	 	 	 	 
	4.	Number
    of Warrants for which Global Warrant shall be issued:	 	 
	 	 	 	 
	5.	Number
    of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any:	 	 
	 	 	 	 
	6.	Global
    Warrant shall be delivered to the following address:	 	 

______________________________

______________________________

______________________________

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant,
the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the
number of Warrants evidenced by the Global Warrant.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	 

 

    	35Exhibit
10.1

 

CURRENCYWORKS
INC.

(the
“Issuer”)

 

PRIVATE
PLACEMENT SUBSCRIPTION AGREEMENT

(SHARES)

 

INSTRUCTIONS
TO SUBSCRIBER

 

	1.	You
    must complete all the information in the boxes on page 2 and sign where indicated with an “X”.
	 	 
	2.	If
    you are a resident of Canada, you must complete and sign Exhibit A “Canadian Investor Questionnaire” that starts on page
    14. The purpose of this form is to determine whether you meet the standards for participation in a private placement under applicable
    Canadian securities laws. In order for the Issuer to satisfy its obligations under applicable Canadian securities laws, you may be
    required to provide additional evidence to verify the information you have provided in Exhibit A.
	 	 
	3.	If
    you are a “U.S. Purchaser”, as defined in Exhibit B, you must complete and sign Exhibit B “United States Accredited
    Investor Questionnaire” that starts on page 24.
	 	 
	4.	All
    subscription funds must be in U.S. Dollars. You may only pay by wire transfer to the Issuer pursuant to the wiring instructions set
    out in Exhibit C that is on page 28.

 

    	 

    	 

    

 

CURRENCYWORKS
INC.

 

PRIVATE
PLACEMENT SUBSCRIPTION AGREEMENT

 

The
undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from CurrencyWorks Inc. (the
“Issuer”) that number of shares of common stock of the Issuer (each, a “Share”) set out below at
a price of $0.2048 per Share. The Subscriber agrees to be bound by the terms and conditions set forth in the attached “Terms and
Conditions of Subscription for Shares”.

 

	Subscriber
                                            Information

     

     
	 	Shares
                                            to be Purchased

     

     

	(Name
    of Subscriber)	 	 (Number
    of Shares)
	 	 	 
	Account
    Reference (if applicable): _________________	 	 
	 

    X__________________________________________

    (Signature of Subscriber – if the Subscriber is an Individual)
	 	Total
                                            Subscription Price:____________________________

    (the
    “Subscription Amount”, plus wire fees if applicable)

	 	 	 
	X__________________________________________
	 	 
	(Signature
                                            of Authorized Signatory – if the Subscriber is not an Individual)

     

     ___________________________________________

    (Name
    and Title of Authorized Signatory – if the Subscriber is not an Individual)

     

     ___________________________________________

    (Subscriber’s
    Address, including postal or zip code)

    

    ___________________________________________

    ___________________________________________

    

    (Telephone
    Number)                          (Email
    Address)
	 

     

     
	 

 

	Register
                                            the Shares as set forth below:

     

     ___________________________________________

    (Name
    to Appear on Share and Warrant Certificate)

     

     ___________________________________________

    (Account
    Reference, if applicable)

     

     ___________________________________________

    (Address,
    including postal or zip code)
	 	Deliver
                                            the Shares as set forth below:

     

     _______________________________________________

    (Attention
    - Name)

     

     _______________________________________________

    (Account
    Reference, if applicable)

     

     _______________________________________________

    (Street
    Address, including postal or zip code – no PO Boxes permitted)

     

     _______________________________________________

    (Telephone
    Number)

 

    	Page 2

    	 

    

 

ACCEPTANCE

 

The
Issuer hereby accepts the Subscription (as defined herein) on the terms and conditions contained in this private placement subscription
agreement (this “Agreement”) as of the ______day of ______________, 2022 (the “Closing Date”).

 

CURRENCYWORKS
INC.

 

	Per: 	 	 
	 	Authorized
    Signatory	 

 

	Address:	3250
    Oakland Hills Court
	 	Fairfield,
    CA 94534
	Email:
    	Swapan.kakumanu@currencyworks.io
	Attention:	Swapan
    Kakumanu

 

    	Page 3

    	 

    

 

TERMS
AND CONDITIONS OF SUBSCRIPTION FOR SHARES

 

1.
Subscription

 

1.1
On the basis of the representations and warranties, and subject to the terms and conditions, set forth in this Agreement, the Subscriber
hereby irrevocably subscribes for and agrees to purchase such number of Shares as is set forth on page 2 of this Agreement at a price
of $0.2048 per Share for the Subscription Amount shown on page 2 of this Agreement, which is tendered herewith (such subscription and
agreement to purchase being the “Subscription”), and the Issuer agrees to sell the Shares to the Subscriber, effective
upon the Issuer’s acceptance of this Agreement.

 

1.2
The Subscriber acknowledges that the Shares have been offered to the Subscriber as part of an offering by the Issuer of additional Shares
to other subscribers (the “Offering”).

 

1.3
All dollar amounts referred to in this Agreement are in lawful money of the United States of America, unless otherwise indicated.

 

2.
Payment

 

2.1
The Subscription Amount must accompany this Subscription and will be paid by wire transfer to the Issuer pursuant to wiring instructions
provided in Exhibit C at page 28. If Clark Wilson LLP (the “Issuer’s Counsel”) received the Subscription Amount,
the Subscriber irrevocably authorizes the Issuer’s Counsel to immediately deliver the Subscription Amount to the Issuer upon receipt
of the Subscription Amount from the Subscriber, notwithstanding that such delivery may be made by the Issuer’s Counsel to the Issuer
prior to the closing of the Offering (the “Closing”). The Subscriber authorizes the Issuer to treat the Subscription
Amount as an interest free loan until the Closing.

 

2.2
The Subscriber acknowledges and agrees that this Agreement, the Subscription Amount and any other documents or monies delivered in connection
herewith will be held by or on behalf of the Issuer. In the event that this Agreement is not accepted by the Issuer for whatever reason,
which the Issuer expressly reserves the right to do, the Issuer will return the Subscription Amount (without interest thereon and less
any wire charges) to the Subscriber at the address of the Subscriber as set forth on page 2 of this Agreement, or as otherwise directed
by the Subscriber.

 

3.
Documents Required from Subscriber

 

3.1
The Subscriber must complete, sign and return to the Issuer the following documents:

 

	 	(a)
    	this
    Agreement;
	 	 	 
	 	(b)
    	if
    the Subscriber is a resident of Canada, the Canadian Investor Questionnaire (the “Canadian Questionnaire”) attached
    as Exhibit A that starts on page 14, along with any additional evidence that may be requested by the Issuer to verify the information
    provided in the Canadian Questionnaire;
	 	 	 
	 	(c)
    	if
    the Subscriber is a U.S. Purchaser (as defined in Exhibit B), the United States Accredited Investor Questionnaire (the “U.S.
    Questionnaire” and, together with the Canadian Questionnaire, the “Questionnaires”) attached as Exhibit
    B that starts on page 24 along with any additional evidence that may be requested by the Issuer to verify the information provided
    in the U.S. Questionnaire; and
	 	 	 
	 	(d)
    	such
    other supporting documentation that the Issuer or the Issuer’s Counsel may request to establish the Subscriber’s qualification
    as a qualified investor.

 

    	Page 4

    	 

    

 

The
Subscriber acknowledges and agrees that the Issuer will not consider the Subscription for acceptance unless the Subscriber has provided
all of such documents to the Issuer.

 

3.2
As soon as practicable upon any request by the Issuer, the Subscriber will complete, sign and return to the Issuer any additional documents,
questionnaires, notices and undertakings as may be required by any regulatory authorities or applicable laws.

 

3.3
The Issuer and the Subscriber acknowledge and agree that the Issuer’s Counsel has acted as counsel only to the Issuer and is not
protecting the rights and interests of the Subscriber. The Subscriber acknowledges and agrees that the Issuer and the Issuer’s
Counsel have given the Subscriber the opportunity to seek, and are hereby recommending that the Subscriber obtain, independent legal
advice with respect to the subject matter of this Agreement and, further, the Subscriber hereby represents and warrants to the Issuer
and the Issuer’s Counsel that the Subscriber has sought independent legal advice or waives such advice.

 

4.
Conditions and Closing

 

4.1
The Closing Date will occur on such date as may be determined by the Issuer in its sole discretion. The Issuer may, at its discretion,
elect to close the Offering in one or more closings, in which event the Issuer may agree with one or more purchasers (including the Subscriber)
to complete delivery of the Shares to such purchaser(s) against payment therefor at any time on or prior to the Closing Date.

 

4.2
The Closing is conditional upon and subject to:

 

	 	(a)
    	the
    Issuer having obtained all necessary approvals and consents, including regulatory approvals for the Offering; and
	 	 	 
	 	(b)
    	the
    issue and sale of the Shares being exempt from the requirement to file a prospectus and a registration statement and the requirement
    to deliver an offering memorandum under applicable securities legislation relating to the sale of the Shares, or the Issuer having
    received such orders, consents or approvals as may be required to permit such sale without the requirement to file a prospectus or
    deliver an offering memorandum.

 

4.3
The Subscriber acknowledges that the certificates representing the Shares will be available for delivery within five (5) business days
of the Closing Date, provided that the Subscriber has satisfied the requirements of Section 3 hereof and the Issuer has accepted this
Agreement.

 

5.
Acknowledgements and Agreements of the Subscriber

 

5.1
The Subscriber acknowledges and agrees that:

 

	 	(a)
    	except
    as provided in this Agreement, none of the Shares have been or will be registered under the United States Securities Act of 1933,
    as amended, (the “1933 Act”), or under any securities or “blue sky” laws of any state of the United
    States, and, unless so registered, may not be offered or sold in the United States or, directly or indirectly, to any U.S. Person
    (as defined in Section 6.2), except in accordance with the provisions of Regulation S under the 1933 Act (“Regulation S”),
    pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from, or in a transaction not subject
    to, the registration requirements of the 1933 Act, and in each case only in accordance with applicable state, provincial and foreign
    securities laws;

 

    	Page 5

    	 

    

 

	 	(b)
    	except
    as provided in this Agreement, the Issuer has not undertaken, and will have no obligation, to register any of the Shares under the
    1933 Act or any other applicable securities laws;
	 	 	 
	 	(c)
    	the
    Issuer will refuse to register the transfer of any of the Shares to a U.S. Person not made pursuant to an effective registration
    statement under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act and in each
    case in accordance with all applicable laws;
	 	 	 
	 	(d)
    	the
    decision to execute this Agreement and to acquire the Shares has not been based upon any oral or written representation as to fact
    or otherwise made by or on behalf of the Issuer and such decision is based entirely upon a review of any public information which
    has been filed by the Issuer with any Canadian provincial securities commissions on SEDAR and the United States Securities and Exchange
    Commission (the “SEC”) (collectively, the “Public Record”);
	 	 	 
	 	(e)
    	the
    Issuer and others will rely upon the truth and accuracy of the acknowledgements, representations, warranties, covenants and agreements
    of the Subscriber contained in this Agreement and the Questionnaires, as applicable, and agrees that if any of such acknowledgements,
    representations and agreements are no longer accurate or have been breached, the Subscriber will promptly notify the Issuer;
	 	 	 
	 	(f)
    	there
    are risks associated with the purchase of the Shares, as more fully described in the Issuer’s periodic disclosure forming part
    of the Public Record;
	 	 	 
	 	(g)
    	the
    Subscriber and the Subscriber’s advisor(s) have had a reasonable opportunity to ask questions of, and receive answers from,
    the Issuer in connection with the distribution of the Shares hereunder, and to obtain additional information, to the extent possessed
    or obtainable without unreasonable effort or expense, necessary to verify the accuracy of the information about the Issuer;
	 	 	 
	 	(h)
    	a
    portion of this Offering may be sold pursuant to an agreement between the Issuer and one or more agents registered in accordance
    with applicable securities laws, in which case the Issuer will pay a fee and/or compensation securities on terms as set out in such
    agreement;
	 	 	 
	 	(i)
    	finder’s
    fees or broker’s commissions may be payable by the Issuer to finders who introduce subscribers to the Issuer;
	 	 	 
	 	(j)
    	the
    books and records of the Issuer were available upon reasonable notice for inspection, subject to certain confidentiality restrictions,
    by the Subscriber during reasonable business hours at its principal place of business, and all documents, records and books in connection
    with the distribution of the Shares hereunder have been made available for inspection by the Subscriber, its legal counsel and/or
    its advisor(s);
	 	 	 
	 	(k)
    	all
    of the information which the Subscriber has provided to the Issuer is correct and complete and if there should be any change in such
    information prior to the Closing, the Subscriber will immediately notify the Issuer, in writing, of the details of any such change;

 

    	Page 6

    	 

    

 

	 	(l)
    	the
    Issuer is entitled to rely on the representations and warranties of the Subscriber contained in this Agreement and the Questionnaires,
    as applicable, and the Subscriber will hold harmless the Issuer from any loss or damage it or they may suffer as a result of the
    Subscriber’s failure to correctly complete this Agreement or the Questionnaires, as applicable;
	 	 	 
	 	(m)
    	any
    resale of the Shares by the Subscriber will be subject to resale restrictions contained in the securities laws applicable to the
    Issuer, the Subscriber and any proposed transferee and it is the sole responsibility of the Subscriber to find out what those restrictions
    are and to comply with such restrictions before selling any of the Shares;
	 	 	 
	 	(n)
    	the
    Subscriber has been advised to consult the Subscriber’s own legal, tax and other advisors with respect to the merits and risks
    of an investment in the Shares and with respect to applicable resale restrictions, and it is solely responsible (and the Issuer is
    not in any way responsible) for compliance with:

 

	 	 	(i)
    	any
    applicable laws of the jurisdiction in which the Subscriber is resident in connection with the distribution of the Shares hereunder,
    and
	 	 	 	 
	 	 	(ii)
    	applicable
    resale restrictions;

 

	 	(o)
    	there
    may be material tax consequences to the Subscriber of an acquisition or disposition of the Shares and the Issuer gives no opinion
    and makes no representation to the Subscriber with respect to the tax consequences to the Subscriber under federal, state, provincial,
    local or foreign tax laws that may apply to the Subscriber’s acquisition or disposition of the Shares;
	 	 	 
	 	(p)
    	the
    Subscriber consents to the placement of a legend or legends on any certificate or other document evidencing any of the Shares setting
    forth or referring to the restrictions on transferability and sale thereof contained in this Agreement;
	 	 	 
	 	(q)
    	the
    Issuer has advised the Subscriber that the Issuer is relying on an exemption from the requirements to provide the Subscriber with
    a prospectus and to sell the Shares through a person registered to sell securities under provincial securities laws and other applicable
    securities laws, and, as a consequence of acquiring the Shares pursuant to such exemption, certain protections, rights and remedies
    provided by applicable securities laws (including the various provincial securities acts), including statutory rights of rescission
    or damages, will not be available to the Subscriber;
	 	 	 
	 	(r)
    	no
    securities commission or similar regulatory authority has reviewed or passed on the merits of any of the Shares;
	 	 	 
	 	(s)
    	there
    is no government or other insurance covering any of the Shares; and
	 	 	 
	 	(t)
    	this
    Agreement is not enforceable by the Subscriber unless it has been accepted by the Issuer and the Issuer reserves the right to reject
    this Subscription for any reason.

 

    	Page 7

    	 

    

 

6.
Representations and Warranties of the Subscriber

 

6.1
The Subscriber hereby represents and warrants to the Issuer (which representations and warranties will survive the Closing) that:

 

	 	(a)
    	unless
    the Subscriber has completed Exhibit B, the Subscriber is not a U.S. Person (as defined in Section 6.2);
	 	 	 
	 	(b)
    	the
    Subscriber is resident in the jurisdiction set out on page 2 of this Agreement;
	 	 	 
	 	(c)
    	if
    the Subscriber is resident outside of the United States and Canada:

 

	 	 	(i)
    	the
    Subscriber is knowledgeable of, or has been independently advised as to, the applicable securities laws having application in the
    jurisdiction in which the Subscriber is resident (the “International Jurisdiction”) which would apply to the offer
    and sale of the Shares,
	 	 	 	 
	 	 	(ii)
    	the
    Subscriber is purchasing the Shares pursuant to exemptions from prospectus or equivalent requirements under applicable laws of the
    International Jurisdiction or, if such is not applicable, the Subscriber is permitted to purchase the Shares under applicable securities
    laws of the International Jurisdiction without the need to rely on any exemptions,
	 	 	 	 
	 	 	(iii)
    	the
    applicable securities laws of the International Jurisdiction do not require the Issuer to make any filings or seek any approvals
    of any kind from any securities regulator of any kind in the International Jurisdiction in connection with the offer, issue, sale
    or resale of any of the Shares,
	 	 	 	 
	 	 	(iv)
    	the
    purchase of the Shares by the Subscriber does not trigger:

 

	 	A.
    	any
    obligation to prepare and file a prospectus or similar document, or any other report with respect to such purchase, in the International
    Jurisdiction, or
	 	 	 
	 	B.
    	any
    continuous disclosure reporting obligation of the Issuer in the International Jurisdiction, and

 

	 	 	(v)
    	the
    Subscriber will, if requested by the Issuer, deliver to the Issuer a certificate or opinion of local counsel from the International
    Jurisdiction which will confirm the matters referred to in subparagraphs (ii), (iii) and (iv) above to the satisfaction of the Issuer,
    acting reasonably;

 

	 	(d)
    	the
    Subscriber has the legal capacity and competence to enter into and execute this Agreement and to take all actions required pursuant
    hereto and, if the Subscriber is a corporate entity, it is duly incorporated and validly subsisting under the laws of its jurisdiction
    of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution
    and performance of this Agreement on behalf of the Subscriber;
	 	 	 
	 	(e)
    	the
    entering into of this Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions
    of any law applicable to, or, if applicable, the constating documents of, the Subscriber or of any agreement, written or oral, to
    which the Subscriber may be a party or by which the Subscriber is or may be bound;
	 	 	 
	 	(f)
    	the
    Subscriber has duly executed and delivered this Agreement and it constitutes a valid and binding agreement of the Subscriber enforceable
    against the Subscriber;

 

    	Page 8

    	 

    

 

	 	(g)
    	the
    Subscriber has received and carefully read this Agreement;
	 	 	 
	 	(h)
    	the
    Subscriber is aware that an investment in the Issuer is speculative and involves certain risks, including those risks disclosed in
    the Public Record and the possible loss of the entire Subscription Amount;
	 	 	 
	 	(i)
    	the
    Subscriber has made an independent examination and investigation of an investment in the Shares and the Issuer and agrees that the
    Issuer will not be responsible in any way for the Subscriber’s decision to invest in the Shares and the Issuer;
	 	 	 
	 	(j)
    	the
    Subscriber is not an underwriter of, or dealer in, any of the Shares, nor is the Subscriber participating, pursuant to a contractual
    agreement or otherwise, in the distribution of the Shares;
	 	 	 
	 	(k)
    	the
    Subscriber is not aware of any advertisement of any of the Shares and is not acquiring the Shares as a result of any form of general
    solicitation or general advertising, including advertisements, articles, notices or other communications published in any newspaper,
    magazine or similar media, or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by
    general solicitation or general advertising; and
	 	 	 
	 	(l)
    	no
    person has made to the Subscriber any written or oral representations:

 

	 	 	(i)	that
    any person will resell or repurchase any of the Shares,
	 	 	 	 
	 	 	(ii)	that
    any person will refund the purchase price of any of the Shares, or
	 	 	 	 
	 	 	(iii)	as
    to the future price or value of any of the Shares.

 

6.2
In this Agreement, the term “U.S. Person” will have the meaning ascribed thereto in Regulation S, and for the purpose
of this Agreement includes, but is not limited to: (a) any person in the United States; (b) any natural person resident in the United
States; (c) any partnership or corporation organized or incorporated under the laws of the United States; (d) any partnership or corporation
organized outside the United States by a U.S. Person principally for the purpose of investing in securities not registered under the
1933 Act, unless it is organized or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts;
or (e) any estate or trust of which any executor or administrator or trustee is a U.S. Person.

 

7.
Representations and Warranties will be Relied Upon by the Issuer

 

7.1
The Subscriber acknowledges and agrees that the representations and warranties contained herein and in the Questionnaires are made by
it with the intention that such representations and warranties may be relied upon by the Issuer and the Issuer’s Counsel in determining
the Subscriber’s eligibility to purchase the Shares under applicable laws, or, if applicable, the eligibility of others on whose
behalf the Subscriber is contracting hereunder to purchase the Shares under applicable laws. The Subscriber further agrees that, by accepting
delivery of the certificates representing the Shares, it will be representing and warranting that the representations and warranties
contained herein and in the Questionnaires are true and correct as at the Closing Date with the same force and effect as if they had
been made by the Subscriber on the Closing Date and that they will survive the purchase by the Subscriber of the Shares and will continue
in full force and effect notwithstanding any subsequent disposition by the Subscriber of such Shares.

 

    	Page 9

    	 

    

 

8.
Acknowledgement and Waiver

 

8.1
The Subscriber has acknowledged that the decision to acquire the Shares was solely made on the basis of the Public Record. The Subscriber
hereby waives, to the fullest extent permitted by law, any rights of withdrawal, rescission or compensation for damages to which the
Subscriber might be entitled in connection with the distribution of any of the Shares.

 

9.
Legending and Registration of Subject Shares

 

9.1
The Subscriber hereby acknowledges that a legend or legends may be placed on the certificates representing the Shares to the effect that
the Shares represented by such certificates are subject to a hold period and may not be traded until the expiry of such hold period except
as permitted by applicable securities laws, and the Subscriber consent to the placement of such legend(s) on any certificate representing
the Shares.

 

9.2
The Subscriber hereby acknowledges and agrees to the Issuer making a notation on its records or giving instructions to the registrar
and transfer agent of the Issuer in order to implement the restrictions on transfer set forth and described in this Agreement.

 

10.
Collection of Personal Information

 

10.1
The Subscriber acknowledges and consents to the fact that the Issuer is collecting the Subscriber’s personal information for the
purpose of fulfilling this Agreement and completing the Offering. The Subscriber acknowledges that its personal information (and, if
applicable, the personal information of those on whose behalf the Subscriber is contracting hereunder) may be disclosed by the Issuer
to (a) stock exchanges or securities regulatory authorities, (b) the Issuer’s registrar and transfer agent, (c) tax authorities,
(d) authorities pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and (e) any of the other
parties involved in the Offering, including legal counsel, and may be included in record books in connection with the Offering. By executing
this Agreement, the Subscriber is deemed to be consenting to the foregoing collection, use and disclosure of the Subscriber’s personal
information (and, if applicable, the personal information of those on whose behalf the Subscriber is contracting hereunder) for the foregoing
purposes and for the purposes described in Exhibit D to this Agreement, and to the retention of such personal information for as long
as permitted or required by applicable laws or business practice. Notwithstanding that the Subscriber may be purchasing the Shares as
agent on behalf of an undisclosed principal, the Subscriber agrees to provide, on request, particulars as to the nature and identity
of such undisclosed principal, and any interest that such undisclosed principal has in the Issuer, all as may be required by the Issuer
in order to comply with the foregoing. By completing this Agreement, the Subscriber authorizes the indirect collection of the information
described in this Section 10.1 by all applicable regulators and consents to the disclosure of such information to the public through
(i) the filing of a report of trade with all applicable regulators and (ii) the filing of this Agreement on SEDAR.

 

Furthermore,
the Subscriber is hereby notified that:

 

	 	(a)	the
    Issuer may deliver to any securities commission having jurisdiction over the Issuer, the Subscriber or this Subscription, including
    any Canadian provincial securities commissions, the United States Securities and Exchange Commission and/or any state securities
    commissions (collectively, the “Commissions”), certain personal information pertaining to the Subscriber, including
    the Subscriber’s full name, residential address and telephone number, the number of securities of the Issuer owned by the Subscriber,
    the number of Shares purchased by the Subscriber, the total Subscription Amount paid for the Shares, the prospectus exemption relied
    on by the Issuer and the date of distribution of the Shares;

 

    	Page 10

    	 

    

 

	 	(b)
    	such
    information is being collected indirectly by the Commissions under the authority granted to them in applicable securities laws;
	 	 	 
	 	(c)
    	such
    information is being collected for the purposes of the administration and enforcement of applicable securities laws; and
	 	 	 
	 	(d)
    	the
    Subscriber may contact the public official in the local jurisdiction with respect to questions about the indirect collection of such
    information at the following address and telephone number:

 

	 	Attention:
                                            FOIP

    Coordinator

    Alberta
    Securities

    Commission

    Suite
    600

    250
    – 5th Street SW

    Calgary,
    AB T2P 0R4

    Telephone:
    403-297-6454
	Attention:
                                            FOI Inquiries

    British
    Columbia

    Securities
    Commission

    P.O.
    Box 10142, Pacific

    Centre

    701
    West Georgia Street Vancouver, BC V7Y 1L2

    Telephone:
    604-899-6854
	Attention:
                                            Inquiries

    Officer

    Ontario
    Securities

    Commission

    20
    Queen Street West,

    22nd
    Floor

    Toronto,
    ON M5H 3S8

    Telephone:
    416-593-8314
	 

 

11.
Costs

 

11.1
The Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of
any special counsel retained by the Subscriber) relating to the purchase of the Shares will be borne by the Subscriber.

 

12.
Execution of Subscription Agreement

 

12.1
The Issuer and the Issuer’s Counsel will be entitled to rely on delivery by facsimile machine or other means of electronic communication
capable of producing a printed copy of an executed copy of this Agreement, and acceptance by the Issuer of such facsimile or electronic
copy will be equally effective to create a valid and binding agreement between the Subscriber and the Issuer in accordance with the terms
hereof. If less than a complete copy of this Agreement is delivered to the Issuer or the Issuer’s Counsel prior to or at Closing,
the Issuer and the Issuer’s Counsel are entitled to assume that the Subscriber accepts and agrees to all of the terms and conditions
of the pages not delivered prior to or at Closing unaltered.

 

12.2
The Subscriber hereby authorizes the Issuer to correct any minor errors in, or complete any minor information missing from any part of
this Agreement and any other acknowledgements, provisions, forms, certificates or documents executed by the Subscriber and delivered
to the Issuer or the Issuer’s Counsel in connection with the Subscription.

 

13.
Beneficial Subscribers

 

13.1
Whether or not explicitly stated in this Agreement, any acknowledgement, representation, warranty, covenant or agreement made by the
Subscriber in this Agreement, including the exhibits hereto or any other documents delivered by the Subscriber to the Issuer in connection
herewith, will be treated as if made by the disclosed principal, if any.

 

    	Page 11

    	 

    

 

14.
Governing Law

 

14.1
This Agreement is governed by the laws of the State of Nevada.

 

15.
Survival

 

15.1
This Agreement, including, without limitation, the representations, warranties and covenants contained herein, will survive and continue
in full force and effect and be binding upon the Issuer and the Subscriber, notwithstanding the completion of the purchase of the Shares
by the Subscriber.

 

16.
Assignment

 

16.1
This Agreement is not transferable or assignable.

 

17.
Severability

 

17.1
The invalidity or unenforceability of any particular provision of this Agreement will not affect or limit the validity or enforceability
of the remaining provisions of this Agreement.

 

18.
Entire Agreement

 

18.1
Except as expressly provided in this Agreement and in the exhibits, agreements, instruments and other documents attached hereto or contemplated
or provided for herein, this Agreement contains the entire agreement between the parties with respect to the sale of the Shares and there
are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute or common law,
by the Issuer or by anyone else.

 

19.
Notices

 

19.1
All notices and other communications hereunder will be in writing and will be deemed to have been duly given if mailed or transmitted
by any standard form of telecommunication, including facsimile, electronic mail or other means of electronic communication capable of
producing a printed copy. Notices to the Subscriber will be directed to the address of the Subscriber set forth on page 2 of this Agreement
and notices to the Issuer will be directed to it at the address of the Issuer set forth on page 3 of this Agreement.

 

20.
Counterparts and Electronic Means

 

20.1
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will constitute an original,
and all of which together will constitute one instrument. Delivery of an executed copy of this Agreement by email transmission or other
means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as
of the Closing Date.

 

21.
Exhibits

 

21.1
The exhibits attached hereto form part of this Agreement.

 

22.
Indemnity

 

22.1
The Subscriber will indemnify and hold harmless the Issuer and the Issuer’s Counsel, where applicable, the Issuer’s directors,
officers, employees, agents, advisors and shareholders, from and against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending
against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon
any representation or warranty of the Subscriber contained in this Agreement, the Questionnaires, as applicable, or in any document furnished
by the Subscriber to the Issuer in connection herewith being untrue in any material respect, or any breach or failure by the Subscriber
to comply with any covenant or agreement made by the Subscriber to the Issuer in connection therewith.

 

    	Page 12

    	 

    

 

EXHIBIT
A

 

CANADIAN
INVESTOR QUESTIONNAIRE

 

TO:
CURRENCYWORKS INC. (the “Issuer”)

 

RE:
Purchase of shares (the “Shares”) of the Issuer

 

 

 

Capitalized
terms used in this Canadian Questionnaire (this “Questionnaire”) and not specifically defined have the meaning ascribed
to them in the Private Placement Subscription Agreement between the Subscriber and the Issuer to which this Exhibit A is attached.

 

Unless
otherwise provided, all dollar amounts referred to in this Questionnaire and Appendix A to this Questionnaire are in lawful money of
Canada.

 

In
connection with the purchase of Shares by the undersigned or the Disclosed Principal (in either case, the “Subscriber”),
the Subscriber hereby represents, warrants and certifies to the Issuer that the Subscriber:

 

	 	(i)
    	is
    purchasing the Shares as principal (or deemed principal under the terms of National Instrument 45-106 – Prospectus Exemptions
    as adopted by the Canadian Securities Administrators (“NI 45-106”));

 

	 	(ii)
    	(A)
    	is
    resident in or is subject to the laws of one of the following (check one):

 

	 	☐Alberta	 	☐New
    Brunswick	 	☐Prince
    Edward Island
	 	☐British
    Columbia	 	☐Nova
    Scotia	 	☐Quebec
	 	☐Manitoba	 	☐Ontario	 	☐Saskatchewan
	 	☐Newfoundland
    and Labrador	 	☐Yukon
	 	☐Northwest
    Territories	 	 
	 	☐United
    States: _________________________ (List State of Residence)

 

or

 

	 	 	(B)	☐
    is resident in a country other than Canada or the United States; and

 

	 	(iii)	has
    not been provided with any offering memorandum in connection with the purchase of the Shares.

 

    	Page 13

    	 

    

 

In
connection with the purchase of the Shares, the Subscriber hereby represents, warrants and certifies to, and covenants and agrees with,
the Issuer that the Subscriber meets one or more of the following criteria:

 

I. SUBSCRIBERS PURCHASING UNDER THE
“ACCREDITED INVESTOR” EXEMPTION

 

	(a)
    	the
    Subscriber is not a trust company or trust company registered under the laws of Prince Edward Island that is not registered or authorized
    under the Trust and Loan Companies Act (Canada) or under comparable legislation in another jurisdiction of Canada; 
	 	 
	(b)
    	the
    Subscriber is an “accredited investor” within the meaning of NI 45-106, by virtue of satisfying the indicated criterion
    as set out in Appendix “A” to this Questionnaire (YOU MUST ALSO INITIAL OR PLACE A CHECK-MARK ON THE APPROPRIATE LINE
    IN APPENDIX “A” ATTACHED TO THIS QUESTIONNAIRE)
	 	 
	(c)
    	If
    the Subscriber is an “accredited investor” within the meaning of NI 45-106 by virtue of satisfying the indicated criterion
    as set out in paragraphs (d), (f) or (g) of Appendix “A” to this Questionnaire, the Subscriber has provided the Issuer
    with the signed risk acknowledgement form set out in Appendix “B” to this Questionnaire;

 

II. MINIMUM AMOUNT INVESTMENT

 

	(a)
    	the
    Subscriber is not an individual as that term is defined in applicable Canadian securities laws.
	 	 
	(b)	the
    Subscriber is purchasing the Shares as principal for its own account and not for the benefit of any other person;
	 	 
	(c)
    	The
    Shares have an acquisition cost to the Subscriber of not less than $150,000, payable in cash at the Closing; and
	 	 
	(d)
    	the
    Subscriber was not created and is not being used solely to purchase or hold securities in reliance on the prospectus exemption provided
    under Section 2.10 of NI 45-106, it pre-existed the Offering and has a bona fide purpose other than investment in the Shares. 

 

For
the purposes of the Canadian Investor Questionnaire and Appendix “A” attached to the Canadian Investor Questionnaire:

 

	 	(a)
    	an
    issuer is “affiliated” with another issuer if

 

	 	 	(i)
    	one
    of them is the subsidiary of the other, or
	 	 	 	 
	 	 	(ii)
    	each
    of them is controlled by the same person;

 

	 	(b)
    	“control
    person” means

 

	 	 	(i)
    	a
    person who holds a sufficient number of the voting rights attached to all outstanding voting securities of an issuer to affect materially
    the control of the issuer, or
	 	 	 	 
	 	 	(ii)
    	each
    person in a combination of persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding, which
    holds in total a sufficient number of the voting rights attached to all outstanding voting securities of an issuer to affect materially
    the control of the issuer,

 

and,
if a person or combination of persons holds more than 20% of the voting rights attached to all outstanding voting securities of an issuer,
the person or combination of persons is deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting
rights to affect materially the control of the issuer;

 

    	Page 14

    	 

    

 

	 	(c)
    	“director”
    means

 

	 	 	(i)
    	a
    member of the board of directors of a company or an individual who performs similar functions for a company, and
	 	 	 	 
	 	 	(ii)
    	with
    respect to a person that is not a company, an individual who performs functions similar to those of a director of a company;

 

	 	(d)
    	“eligibility
    adviser” means

 

	 	 	(i)
    	a
    person that is registered as an investment dealer and authorized to give advice with respect to the type of security being distributed;
    and
	 	 	 	 
	 	 	(ii)
    	in
    Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law society of a jurisdiction of
    Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified
    general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or public accountant
    must not:

 

	 	 	(A)
    	have
    a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders or control
    persons, and
	 	 	 	 
	 	 	(B)
    	have
    acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person
    that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within
    the previous 12 months;

 

	 	(e)
    	“executive
    officer” means, for an issuer, an individual who is

 

	 	 	(i)
    	a
    chair, vice-chair or president,
	 	 	 	 
	 	 	(ii)
    	a
    vice-president in charge of a principal business unit, division or function including sales, finance or production, or
	 	 	 	 
	 	 	(iii)	 performing
    a policy-making function in respect of the issuer;

 

	 	(f)
    	“financial
    assets” means

 

	 	 	(i)
    	cash,
	 	 	 	 
	 	 	(ii)
    	securities,
    or
	 	 	 	 
	 	 	(iii)
    	a
    contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

 

	 	(g)
    	“foreign
    jurisdiction” means a country other than Canada or a political subdivision of a country other than Canada;

 

    	Page 15

    	 

    

 

	 	(h)
    	“founder”
    means, in respect of an issuer, a person who,

 

	 	 	(i)
    	acting
    alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing
    or substantially reorganizing the business of the issuer, and
	 	 	 	 
	 	 	(ii)
    	at
    the time of the distribution or trade is actively involved in the business of the issuer;

 

	 	(i)
    	“fully
    managed account” means an account of a client for which a person makes the investment decisions if that person has full
    discretion to trade in securities for the account without requiring the client’s express consent to a transaction;
	 	 	 
	 	(j)
    	“individual”
    means a natural person, but does not include

 

	 	 	(i)
    	a
    partnership, unincorporated association, unincorporated syndicate, unincorporated organization or trust, or
	 	 	 	 
	 	 	(ii)
    	a
    natural person in the person’s capacity as a trustee, executor, administrator or personal or other legal representative;

 

	 	(k)
    	“investment
    fund” means a mutual fund or a non-redeemable investment fund, and, for great certainty in British Columbia, includes an
    employee venture capital corporation and a venture capital corporation as such terms are defined in National Instrument 81-106 Investment
    Fund Continuous Disclosure;
	 	 	 
	 	(l)
    	“jurisdiction”
    or “jurisdiction of Canada” means a province or territory of Canada except when used in the term foreign jurisdiction;
	 	 	 
	 	(m)
    	“non-redeemable
    investment fund” means an issuer:

 

	 	 	(i)
    	whose
    primary purpose is to invest money provided by its securityholders;
	 	 	 	 
	 	 	(ii)
    	that
    does not invest

 

	 	 	(A)
    	for
    the purpose of exercising or seeking to exercise control of an issuer, other than an issuer that is a mutual fund or a non-redeemable
    investment fund, or
	 	 	 	 
	 	 	(B)
    	for
    the purpose of being actively involved in the management of any issuer in which it invests, other than an issuer that is a mutual
    fund or a non-redeemable investment fund, and

 

	 	 	(iii)
    	that
    is not a mutual fund;

 

	 	(n)
    	“person”
    includes

 

	 	 	(i)
    	an
    individual;
	 	 	 	 
	 	 	(ii)
    	a
    corporation;
	 	 	 	 
	 	 	(iii)
    	a
    partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or
    not; and
	 	 	 	 
	 	 	(iv)
    	an
    individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative;

 

    	Page 16

    	 

    

 

	 	(o)
    	“related
    liabilities” means

 

	 	 	(i)
    	liabilities
    incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or
	 	 	 	 
	 	 	(ii)
    	liabilities
    that are secured by financial assets; and

 

	 	(p)
    	“spouse”
    means, an individual who,

 

	 	 	(i)	 is
    married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the
    other individual,
	 	 	 	 
	 	 	(ii)
    	is
    living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the
    same gender, or
	 	 	 	 
	 	 	(iii)
    	in
    Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner within the meaning of the Adult
    Interdependent Relationships Act (Alberta).

 

The
Subscriber agrees that the above representations and warranties will be true and correct both as of the execution of this Questionnaire
and as of the Closing and acknowledges that they will survive the completion of the issue of the Shares.

 

The
Subscriber acknowledges that the foregoing representations and warranties are made by the Subscriber with the intent that they be relied
upon in determining the suitability of the Subscriber to acquire the Shares and that this Questionnaire is incorporated into and forms
part of the Agreement.

 

The
Subscriber undertakes to immediately notify the Issuer of any change in any statement or other information relating to the Subscriber
set forth in the Agreement or in this Questionnaire which takes place prior to the Closing.

 

By
completing this Questionnaire, the Subscriber authorizes the indirect collection of this information by each applicable regulatory authority
or regulator and acknowledges that such information is made available to the public under applicable laws.

 

DATED
as of_______ day of ________________, 2022.

 

	 	 	 
	 	 	Print
                                            Name of Subscriber (or person signing as

                                                         agent
                                            of the Subscriber)

	 	 	 
	 	By: 
    	 
	 	 	Signature
    of Subscriber (or Authorized Signatory)
	 	 	 
	 	 	 
	 	 	Print
    Name and Title of Authorized
	 	 	Signatory
    (if Subscriber is not an individual)

 

    	Page 17

    	 

    

 

APPENDIX
“A”

TO
CANADIAN INVESTOR QUESTIONNAIRE

 

Accredited
Investors only: Please check the appropriate box and initial

 

	☐	(e)
    	except
    in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer,
	 	 	 
	☐	(f)
    	an
    individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in
    paragraph (a),
	 	 	 
	☐	(g)
    	an
    individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered
    solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities
    Act (Newfoundland and Labrador),
	 	 	 
	☐	(h)
    	an
    individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before
    taxes but net of any related liabilities, exceeds $1,000,000 (YOU MUST INDICATE YOUR FINANCIAL ASSETS HERE: $__________________________
    ☐ WITH SPOUSE / ☐ WITHOUT SPOUSE AND ALSO COMPLETE THE RISK ACKNOWLEDGEMENT FORM IN APPENDIX “B” ATTACHED
    TO THIS QUESTIONNAIRE),
	 	 	 
	☐	(i)
    	an
    individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related
    liabilities, exceeds $5,000,000,
	 	 	 
	☐	(j)
    	an
    individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before
    taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably
    expects to exceed that net income level in the current calendar year (YOU MUST INDICATE YOUR NET INCOME HERE: $__________________________
    ☐ WITH SPOUSE / ☐ WITHOUT SPOUSE AND ALSO COMPLETE THE RISK ACKNOWLEDGEMENT FORM IN APPENDIX “B” ATTACHED
    TO THIS QUESTIONNAIRE),
	 	 	 
	☐	(k)
    	an
    individual who, either alone or with a spouse, has net assets of at least $5,000,000 (YOU MUST INDICATE YOUR NET ASSETS HERE:
    $__________________________ ☐ WITH SPOUSE / ☐ WITHOUT SPOUSE AND ALSO COMPLETE THE RISK ACKNOWLEDGEMENT FORM IN
    APPENDIX “B” ATTACHED TO THIS QUESTIONNAIRE),
	 	 	 
	☐	(l)
    	a
    person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared
    financial statements and that has not been created or used solely to purchase or hold securities as an accredited investor as
    defined in this paragraph (h),
	 	 	 
	☐	(m)	an
    investment fund that distributes or has distributed its securities only to

 

	 	 	(i)	a
    person that is or was an accredited investor at the time of the distribution,
	 	 	 	 
	 	 	(ii)	a
    person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] of NI 45-106,
    or 2.19 [Additional investment in investment funds] of NI 45-106, or
	 	 	 	 
		 	(iii)	

    

    a
    person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment]
    of NI 45-106,

 

    	Page 18

    	 

    

 

	☐	(n)
    	an
    investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator
    or, in Québec, the securities regulatory authority, has issued a receipt,
	 	 	 
	☐	(o)
    	a
    trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada)
    or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account
    managed by the trust company or trust corporation, as the case may be,
	 	 	 
	☐	(p)
    	a
    person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on
    business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,
	 	 	 
	☐	(q)
    	a
    registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility
    adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on
    the securities being traded,
	 	 	 
	☐	(r)
    	an
    entity organized in a foreign jurisdiction that is analogous to the entity referred to in paragraph (a) in form and function,
	 	 	 
	☐	(s)
    	a
    person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required
    by law to be owned by directors, are persons that are accredited investors,
	 	 	 
	☐	(t)
    	an
    investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser,
	 	 	 
	☐	(u)
    	a
    person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator
    as an accredited investor, or
	 	 	 
	☐	(v)
    	a
    trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority
    of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse
    of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited
    investor’s spouse or of that accredited investor’s former spouse.

 

Dated
_____________________________, 2022.

 

	 	X
	 	Signature
    of individual (if Subscriber is an individual)
	 	 
	 	X
	 	Authorized
    signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name
    of Subscriber (please print)
	 	 
	 	 
	 	Name
    of authorized signatory (please print)

 

    	Page 19

    	 

    

 

APPENDIX
“B”

TO
CANADIAN INVESTOR QUESTIONNAIRE

 

Form
45-106F9

Form
for Individual Accredited Investors

 

	 

                                                                                  WARNING!

     

    This
    investment is risky. Don’t invest unless you can afford to lose all the money you pay for this investment.

     

 

	SECTION
    1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	 
	1.
    About your investment
	 
	Type
    of securities: Common Stock of the Issuer at a price of US$0.2048 per share. 	 	Issuer:
    CURRENCYWORKS INC. (the “Issuer”)

 

	Purchased
    from: The Issuer.
	 
	SECTIONS
    2 TO 4 TO BE COMPLETED BY THE PURCHASER
	 
	2.
    Risk acknowledgement

 

	This
    investment is risky. Initial that you understand that:	 	Your

                                                                    initials

	 	 	 
	Risk of loss –
    You could lose your entire investment of $__________. [Instruction: Insert the total dollar amount of the investment.]	 	 
	 	 	 
	Liquidity risk –
    You may not be able to sell your investment quickly – or at all.	 	 
	 	 	 
	Lack of information
    – You may receive little or no information about your investment.	 	 
	 	 	 
	Lack of advice –
    You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered.
    The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the
    salesperson is registered, go to www.aretheyregistered.ca.	 	 

 

	3. Accredited
    investor status
	 
	You must meet
    at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial
    more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited
    investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these
    criteria.	 	Your

                                               initials

 

	●	Your net income
    before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the
    current calendar year. (You can find your net income before taxes on your personal income tax return.)	 	 
	 	 	 	 
	●	Your net income before taxes
    combined with your spouse’s was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined
    net income before taxes to be more than $300,000 in the current calendar year.	 	 
	 	 	 	 
	●	Either alone or with your
    spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.	 	 
	 	 	 	 
	●	Either alone or with your
    spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your
    total debt.)	 	 

 

    	Page 20

    	 

    

 

	4.
    Your name and signature
	 
	By
    signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified
    in this form.
	 
	First
    and last name (please print):
	 
	Signature:	 	Date:
	 	 	 
	SECTION
    5 TO BE COMPLETED BY THE SALESPERSON
	 
	5.
    Salesperson information
	 
	[Instruction:
    The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That
    could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration
    requirement.]
	 
	First
    and last name of salesperson (please print):
	Telephone:	 	Email:
	Name
    of firm (if registered):
	 
	SECTION
    6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	 
	6.
    For more information about this investment
	 
	For
    investment in a non-investment fund
	 
	CurrencyWorks
    Inc.
	3250
    Oakland Hills Court
	Fairfield,
    CA 94534
	Telephone:
    424.570.9446 (Attn: Jimmy Geiskopf)
	Email:
    jimmy.geiskopf@currencyworks.io
	 
	For
    more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www.securities-administrators.ca.

 

    	Page 21

    	 

    

 

EXHIBIT
B

 

UNITED
STATES ACCREDITED INVESTOR QUESTIONNAIRE

 

TO:
CURRENCYWORKS INC. (the “Issuer”)

 

RE:
Purchase of shares (the “Shares”) of common stock of the Issuer

 

 

 

Capitalized
terms used in this U.S. Questionnaire (this “Questionnaire”) and not specifically defined have the meaning ascribed
to them in the Private Placement Subscription Agreement (the “Subscription Agreement”) between the undersigned, or
if the undersigned is purchasing the Shares as agent on behalf of a disclosed beneficial subscriber, such beneficial subscriber, as applicable
(in either case, the “Subscriber”) and the Issuer to which this Exhibit B is attached.

 

This
Questionnaire applies only to persons that are U.S. Purchasers. A “U.S. Purchaser” is: (a) any U.S. Person, (b) any
person purchasing the Shares on behalf of any U.S. Person, (c) any person that receives or received an offer of the Shares while in the
United States, or (d) any person that is in the United States at the time the Subscriber’s buy order was made or the Subscription
Agreement was executed or delivered.

 

The
Subscriber understands and agrees that none of the Shares have been or will be registered under the 1933 Act, or applicable state, provincial
or foreign securities laws, and the Shares are being offered and sold to the Subscriber in reliance upon the exemption provided in Section
4(a)(2) of the 1933 Act and Rule 506 of Regulation D under the 1933 Act for non-public offerings. The Shares are being offered and sold
within the United States only to “accredited investors” as defined in Rule 501(a) of Regulation D. The Shares offered hereby
are not transferable except in accordance with the restrictions described herein.

 

The
Subscriber represents, warrants, and certifies to, and covenants and agrees with, the Issuer (which representations, warranties, covenants,
agreements and certifications will survive the Closing), and acknowledges that the Issuer is relying thereon, that:

 

	1.
    	it
    is not resident in Canada;
	 	 
	2.
    	it
    has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
    in the Shares and it is able to bear the economic risk of loss of its entire investment;
	 	 
	3.
    	the
    Issuer has provided to it the opportunity to ask questions and receive answers concerning the terms and conditions of the Offering
    and it has had access to such information concerning the Issuer as it has considered necessary or appropriate in connection with
    its investment decision to acquire the Shares;
	 	 
	4.
    	it
    is acquiring the Shares as principal for its own account, for investment purposes only and not with a view to any resale, distribution
    or other disposition of the Shares in violation of the United States securities laws;
	 	 
	5.
    	it
    (a) has adequate net worth and means of providing for its current financial needs and possible personal contingencies, (b) has no
    need for liquidity in an investment in the Shares, and (c) is able to bear the economic risks of an investment in the Shares for
    an indefinite period of time;

 

    	Page 22

    	 

    

 

	6.
    	if
    the Subscriber is an individual (that is, a natural person and not a corporation, partnership, trust or other entity), then it satisfies
    one or more of the categories indicated below (please place an “X” on the appropriate lines):

 

	 	___________	a
    natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds US$1,000,000. For purposes
    of this category, “net worth” means the excess of total assets at fair market value (including personal and real property,
    but excluding the estimated fair market value of a person’s primary home) over total liabilities. Total liabilities excludes
    any mortgage on the primary home in an amount of up to the home’s estimated fair market value as long as the mortgage was incurred
    more than 60 days before the Units are purchased, but includes (a) any mortgage amount in excess of the home’s fair market
    value and (b) any mortgage amount that was borrowed during the 60 day period before the Closing Date for the purpose of investing
    in the Units,
	 	 	 
	 	___________	a
    natural person who had an individual income in excess of US$200,000 in each of the two most recent years, or joint income with their
    spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current
    year, or
	 	 	 
	 	___________	a
    director or executive officer of the Issuer;

 

	7.
    	if
    the Subscriber is a corporation, partnership, trust or other entity), then it satisfies one or more of the categories indicated below
    (please place an “X” on the appropriate lines):

 

	 	___________	an
    organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or
    similar business trust or partnership, not formed for the specific purpose of acquiring the Units, with total assets in excess of
    US$5,000,000,
	 	 	 
	 	___________	a
    private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940 (United States),
	 	 	 
	 	___________	a
    trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is
    directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the 1933 Act, or
	 	 	 
	 	___________	an
    entity in which all of the equity owners satisfy the requirements of one or more of the categories set forth in Section 6 of this
    Questionnaire;

 

	8.
    	it
    has not purchased the Units as a result of any form of general solicitation or general advertising, including advertisements, articles,
    notices or other communications published in any newspaper, magazine or similar media or broadcast over radio, internet, television
    or other form of telecommunications, or any seminar or meeting whose attendees have been invited by general solicitation or general
    advertising;

 

    	Page 23

    	 

    

 

	9.
    	if
    the Subscriber decides to offer, sell or otherwise transfer any of the Shares, it will not offer, sell or otherwise transfer any
    of such Shares, directly or indirectly, unless:

 

	 	(a)
    	the
    sale is to the Issuer,
	 	 	 
	 	(b)
    	the
    sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S under the 1933 Act and
    in compliance with applicable local laws and regulations in which such sale is made;
	 	 	 
	 	(c)
    	the
    sale is made pursuant to the exemption from the registration requirements under the 1933 Act provided by Rule 144 thereunder and
    in accordance with any applicable state securities or “blue sky” laws, or
	 	 	 
	 	(d)	the
    Shares are sold in a transaction that does not require registration under the 1933 Act or any applicable state laws and regulations
    governing the offer and sale of securities, and
	 	 	 
	 	(e)
    	it
    has, prior to such sale pursuant to subsection (c) or (d), furnished to the Issuer an opinion of counsel of recognized standing reasonably
    satisfactory to the Issuer, to such effect;

 

	10.
    	it
    understands and acknowledges that upon the issuance thereof, and until such time as the same is no longer required under the applicable
    requirements of the 1933 Act or applicable U.S. state laws and regulations, the certificates representing the Shares, and all securities
    issued in exchange therefor or in substitution thereof, will bear a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
OR TO U.S. PERSONS UNLESS THE SECURITIES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LAWS OF ANY
SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON”
ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.

 

	11.
    	it
    understands and agrees that there may be material tax consequences to the Subscriber of an acquisition or disposition of any of the
    Shares. The Issuer gives no opinion and makes no representation with respect to the tax consequences to the Subscriber under United
    States, state, local or foreign tax law of the Subscriber’s acquisition or disposition of the Shares;
	 	 
	12.	it
    understands and agrees that the financial statements of the Issuer have been prepared in accordance with International Financial
    Reporting Standards, which differ from United States generally accepted accounting principles, and thus may not be comparable to
    financial statements of United States companies;
	 	 
	13.	it
    consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement
    the restrictions on transfer set forth and described in this Questionnaire and the Subscription Agreement;
	 	 
	14.
    	it
    is resident in the United States of America, its territories and possessions or any state of the United States or the District of
    Columbia (collectively the “United States”), is a “U.S. Person” as such term is defined in Regulation
    S or was in the United States at the time the Shares were offered or the Subscription Agreement was executed; and

 

    	Page 24

    	 

    

 

	15.	it
    understands that the Issuer has no obligation to register any of the Shares or to take action so as to permit sales pursuant to the
    1933 Act (including Rule 144 thereunder).

 

The
Subscriber agrees that the above representations and warranties will be true and correct both as of the execution of this Questionnaire
and as of the Closing and acknowledges that they will survive the completion of the issue of the Units.

 

The
Subscriber acknowledges that the foregoing representations and warranties are made by the Subscriber with the intent that they be relied
upon in determining the suitability of the Subscriber to acquire the Shares and that this Questionnaire is incorporated into and forms
part of the Agreement. The Subscriber undertakes to immediately notify the Issuer of any change in any statement or other information
relating to the Subscriber set forth herein which takes place prior to the Closing.

 

By
completing this Questionnaire, the Subscriber authorizes the indirect collection of this information by each applicable regulatory authority
and acknowledges that such information may be made available to the public under applicable laws.

 

Dated
_____________________________, 2022.

 

	 	X
	 	Signature
    of individual (if Subscriber is an individual)
	 	 
	 	X
	 	Authorized
    signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name
    of Subscriber (please print)
	 	 
	 	 
	 	Name
    of authorized signatory (please print)

 

    	Page 25

    	 

    

 

EXHIBIT
C

 

US
DOLLAR WIRE INSTRUCTIONS

 

	Account
    Name:	 	CurrencyWorks
    Inc.
	 	 	 
	Address:	 	3250
    Oakland Hills Court, Fairfield, CA 94534
	 	 	 
	Account
    Number: 	 	♦
	 	 	 
	Bank
    Name:	 	♦
	 	 	 
	Bank
    Address:	 	♦
	 	 	 
	ABA
    Code/Routing #: 	 	♦

 

    	Page 26

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