Document:

Exhibit 4.3

 

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

 

COMMON
SHARE PURCHASE WARRANT

 

MANTRA
VENTURE GROUP LTD.

 

Warrant
To Purchase Common Stock

 

Warrant
No.: _________

Number
of Shares of Common Stock: _____________

Date
of Issuance: April ___, 2017 (“Issuance Date”)

 

MANTRA
VENTURE GROUP LTD., a British Columbia corporation (the “Company”), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, _______,
the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after
the Issuance Date (the “Initial Exercisability Date”), but not after 5:30 p.m., New York time, on the Expiration
Date, (as defined below), ______________ (_____________)1 fully paid nonassessable shares of Common Stock (as defined
below), subject to adjustment as provided herein (the “Warrant Shares”). Except as otherwise defined herein,
capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, this “Warrant”), shall have the meanings set forth in Section 16. This Warrant
is one of the Warrants to purchase Common Stock (the “Warrants”) issued pursuant to (i) that certain Securities
Purchase Agreement (the “Purchase Agreement”), dated as of April 28, 2017 (the “Subscription Date”)
by and between the Company and the purchasers signatory thereto.

 

 

1
Insert 50% of the number of Underlying Shares as of the Closing Date.

 

     

     

    

 

1.       EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section
1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Initial Exercisability Date, in whole
or in part, by delivery (whether via facsimile, electronic mail or otherwise) of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within
one (1) Trading Day following the delivery of the Exercise Notice, the Holder shall make payment to the Company of an amount equal
to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant
is being exercised (the “Aggregate Exercise Price”) in cash by wire transfer of immediately available funds
or if the provisions of Section 1(d) are applicable, by notifying the Company that this Warrant is being exercised pursuant to
a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original Warrant in order to
effect an exercise hereunder, nor shall any ink-original signature or medallion guarantee (or other type of guarantee or notarization)
with respect to any Exercise Notice be required. Execution and delivery of the Exercise Notice with respect to less than all of
the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing
the right to purchase the remaining number of Warrant Shares. On or before the first (1st) Trading Day following the
date on which the Company has received the applicable Exercise Notice, the Company shall transmit by facsimile or electronic mail
an acknowledgment of confirmation of receipt of the Exercise Notice, in the form attached to the Exercise Notice, to the Holder
and the Company’s transfer agent (the “Transfer Agent”). So long as the Holder delivers the Aggregate
Exercise Price (or notice of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Exercise
Notice has been delivered to the Company, then on or prior to the third (3rd) Trading Day following the date on which
the Exercise Notice has been delivered to the Company, or, if the Holder does not deliver the Aggregate Exercise Price (or notice
of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Exercise Notice has been delivered
to the Company, then on or prior to the first (1st) Trading Day following the date on which the Aggregate Exercise Price (or notice
of a Cashless Exercise) is delivered (the “Share Delivery Date”), the Company shall (X) provided that the Transfer
Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, and either
(i) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by Holder or (ii) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant
to Rule 144, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s
or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent
is not participating in the DTC Fast Automated Securities Transfer Program or the Warrant Shares are otherwise ineligible for
issuance via DTC, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent and all
fees and expenses with respect to the issuance of Warrant Shares via DTC, if any, including without limitation for same day processing.
Upon delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record
and beneficial owner of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such
Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares,
as the case may be. If this Warrant is physically delivered to the Company in connection with any exercise pursuant to this Section
1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant
Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than two (2) Trading
Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance
with Section 7(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise
under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares
are to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded up to
the nearest whole number. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including,
without limitation, fees and expenses of the Transfer Agent) which may be payable with respect to the issuance and delivery of
Warrant Shares upon exercise of this Warrant. The Company’s obligations to issue and deliver Warrant Shares in accordance with
the terms and subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder
to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person
or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination; provided, however,
that the Company shall not be required to deliver Warrant Shares with respect to an exercise prior to the Holder’s delivery of
the Aggregate Exercise Price (or notice of a Cashless Exercise) with respect to such exercise.

 

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(a)   
Exercise Price. For purposes of this Warrant, "Exercise Price" means $0.0255, subject to adjustment
as provided herein. 

(c)       Company’s
Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue to the Holder on
or prior to the applicable Share Delivery Date, if (x) the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program or the Warrant Shares are otherwise ineligible for issuance via DTC, a certificate for the number of shares of
Common Stock to which the Holder is entitled and register such Common Stock on the Company’s share register or (y) the Transfer
Agent is participating in the DTC Fast Automated Securities Transfer Program, and either (A) there is an effective registration
statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant Shares
are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, to credit the Holder’s
balance account with DTC, for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
of this Warrant, then, in addition to all other remedies available to the Holder, if on or prior to the applicable Share Delivery
Date if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or the Warrant Shares are
otherwise ineligible for issuance via DTC, the Company shall fail to issue and deliver a certificate to the Holder and register
such shares of Common Stock on the Company’s share register or, if the Transfer Agent is participating in the DTC Fast Automated
Securities Transfer Program, and either (x) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder or (y) the Warrant Shares are eligible for resale by the Holder without volume
or manner-of-sale limitations pursuant to Rule 144, credit the Holder’s balance account with DTC for the number of shares of Common
Stock to which the Holder is entitled upon the Holder’s exercise hereunder or pursuant to the Company’s obligation pursuant to
clause (ii) below, then, in addition to all other remedies available to the Holder, the Company shall pay in cash to the Holder
on each day after such third (3rd) Trading Day that the issuance of such shares of Common Stock is not timely effected
an amount equal to 2% of the product of (A) the aggregate number of shares of Common Stock not issued to the Holder on a timely
basis and to which the Holder is entitled and (B) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding
the last possible date on which the Company could have issued such shares of Common Stock to the Holder without violating Section
1(a). In addition to the foregoing, if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise)
Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the
Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Trading
Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock
so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to
issue such shares of Common Stock) or credit such Holder’s balance account with DTC for such shares of Common Stock shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common
Stock or credit such Holder’s balance account with DTC, as applicable, and pay cash to the Holder in an amount equal to the excess
(if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) any trading price of the
Common Stock selected by the Holder in writing as in effect at any time during the period beginning on the applicable Exercise
Date and ending on the applicable Share Delivery Date. Nothing shall limit the Holder’s right 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 certificates representing Warrant Shares (or to electronically deliver
such Warrant Shares) upon the exercise of this Warrant as required pursuant to the terms hereof. While this Warrant is outstanding,
the Company shall cause its transfer agent to participate in the DTC Fast Automated Securities Transfer Program. In addition to
the foregoing rights, if the Company fails to deliver the applicable number of Warrant Shares upon an exercise pursuant to Section
1 by the applicable Share Delivery Date, then the Holder shall have the right to rescind such exercise in whole or in part and
retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised pursuant to
such Exercise Notice; provided that the rescission of an exercise shall not affect the Company’s obligation to make any payments
that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise.

 

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(d)       Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering the issuance or
resale of the Warrant Shares that are the subject of the Exercise Notice (the “Exercise Notice Warrant Shares”)
is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant Shares, the Holder may, in its sole
discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made
to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the
“Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

Net
Number = (A x B) - (A x C)

B

 

For
purposes of the foregoing formula:

 

	 	A=	the total number of shares with respect to which this
Warrant is then being exercised.
	 	 	 
	 	B
    =	as applicable: (i) the Closing Sale Price of the Common
Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both
executed and delivered pursuant to Section 1(d) hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 1(d) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of the
Common Stock as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise Notice is executed during
“regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 1(d)
hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such
Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(d) hereof
after the close of “regular trading hours” on such Trading Day.
	 	 	 
	 	C =	the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

    	 	4	 

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that in accordance with Section 3(a)(9)
of the Securities Act of 1933, as amended, the Warrant Shares shall take on the registered characteristics of the portion of this
Warrant being exercised, and the holding period of the portion of this Warrant being exercised may be tacked on to the holding
period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 1(d).

 

(e)       Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with Section 11.

 

(f)       Beneficial
Ownership. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise of any
portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the
terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent
that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would
beneficially own in excess of 4.99% (the “Maximum Percentage”) of the number of shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares
of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or
convertible preferred stock or warrants, including the other Warrants) beneficially owned by the Holder or any other
Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section
1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding
the Maximum Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the
Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K or other
public filing with the Securities and Exchange Commission (the “SEC”), as the case may be, (y) a more recent
public announcement by the Company or (3) any other written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the Company
receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less
than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares of
Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial
ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company
of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such
purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall
return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the
written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by
electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding
Share Number was reported. In the event that the issuance of Common Stock to the Holder upon exercise of this Warrant results
in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum
Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the
number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership
exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab
initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable
after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise
price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to
time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice;
provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and
the other Attribution Parties and not to any other holder of Warrants that is not an Attribution Party of the Holder. For
purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum
Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d)
or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any
effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of
exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 1(f) to the extent necessary to correct this paragraph or any portion of this
paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section
1(f) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation
contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant.

 

    	 	5	 

     

    

 

(g)       Required
Reserve Amount.  So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance
under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as
shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding (without
regard to any limitations on exercise) (the “Required Reserve Amount”); provided, that at no time shall
the number of shares of Common Stock reserved pursuant to this Section 1(g) be reduced other than in connection with any exercise
of Warrants or such other event covered by Section 2(b) below.  The Required Reserve Amount (including, without limitation,
each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Warrants based on the
number of shares of Common Stock issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without
regard to any limitations on exercise) (the “Authorized Share Allocation”). In the event that a holder shall
sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s
Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Warrants
shall be allocated to the remaining holders of Warrants, pro rata based on the number of shares of Common Stock issuable upon
exercise of the Warrants then held by such holders thereof (without regard to any limitations on exercise).

 

(h)       Insufficient
Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient number of
authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance the Required Reserve Amount
(an “Authorized Share Failure”), then the Company shall immediately take all action necessary to increase the
Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount
for this Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the
date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after the occurrence of such
Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of
authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement
and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and
to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing,
if any such time of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares
of its issued and outstanding shares of Common Stock to approve the increase in the number of authorized shares of Common Stock,
the Company may satisfy this obligation by obtaining such consent and submitting for filing with the SEC an Information Statement
on Schedule 14C.

 

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2.         ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from
time to time as follows:

 

(a)       Except
as hereinafter provided, in case the Company shall at any time after the date hereof issue or sell any shares of Common Stock
other than an Exempt Issuance, for a consideration per share less than the Exercise Price in effect immediately prior to the issuance
or sale of such shares, or without consideration, then forthwith upon such issuance or sale, the Exercise Price shall (until another
such issuance or sale) be reduced to the price (calculated to the nearest full cent) determined by dividing (A) an amount equal
to the sum of (X) the product (a) the total number of shares of Common Stock outstanding immediately prior to such issuance or
sale, multiplied by (b) the Exercise Price in effect immediately prior to such issuance or sale, plus (Y) the aggregate of the
amount of all consideration, if any, received by the Company upon such issuance or sale, by (B) the total number of shares of
Common Stock outstanding immediately after such issuance or sale; provided, however, that in no event shall the Exercise Price
be adjusted pursuant to this computation to an amount in excess of the then current Exercise Price.

 

For
the purposes of any computation to be made in accordance with this Section 2(a) the following provisions shall be applicable:

 

(i)      In
case of the issuance or sale of shares of Common Stock for a consideration part or all of which shall be cash, the amount of
the cash consideration therefor shall be deemed to be the amount of cash received by the Company for such shares (or, if
shares of Common Stock are offered by the Company for subscription, the subscription price, or, if such securities shall be
sold to underwriters or dealers for public offering without a subscription offering, the initial public offering price)
before deducting therefor many compensation paid or discount allowed in the sale, underwriting or purchase thereof by
underwriters or dealers or others performing similar services, or any expenses incurred in connection therewith. If the
Company enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock
Equivalents at the lowest possible conversion price at which such securities may be converted or exercised.

 

(ii)      In
case of the issuance or sale (otherwise than as a dividend or other distribution on any stock of the Company) of shares of Common
Stock for a consideration part or all of which shall be other than cash, the amount of the consideration therefor other than cash
shall be deemed to be the value of such consideration as determined in good faith by the Board of Directors of the Company.

 

(iii)     Shares of Common Stock issuable by way of dividend or other distribution on any stock
of the Company shall be deemed to have been issued immediately after the opening of business on the day following the record date
for the determination of shareholders entitled to receive such dividend or other distribution and shall be deemed to have been
issued without consideration.

 

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(b)       Adjustment
Upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date subdivides (by
any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock
into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced
and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription Date
combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into
a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased
and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(b) shall become effective
at the close of business on the date the subdivision or combination becomes effective.

 

(c)       Other
Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by
such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the
number of Warrant Shares, as mutually determined by the Company’s Board of Directors and the Required Holders, so as to protect
the rights of the Holder; provided that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price
or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2.

 

3.       RIGHTS
UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if, on or after the Subscription
Date and on or prior to the Expiration Date, the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, that to the
extent that the Holder’s right to participate in any such Distribution would result in the Holder and the other Attribution Parties
exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and
shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial
ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until
such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum
Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such
initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no
such limitation).

 

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4.        PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(d)       Purchase
Rights. In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Subscription Date and on
or prior to the Expiration Date the Company grants, issues or sells any Options, Convertible 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 shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without
limitation, the Maximum Percentage) 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 Common Stock are to be determined
for the grant, issuance or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum
Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled
to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and
such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its right
thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times
the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any
subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

(e)       Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes
in writing, pursuant to written agreements in form and substance satisfactory to the Required Holders, all of the obligations
of the Company under this Warrant in accordance with the provisions of this Section 4(b), including agreements to deliver to the
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, but which is exercisable for a corresponding number of shares of capital stock equivalent
to the shares of Common Stock issuable upon exercise of this Warrant (without regard to any limitations on the 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 (taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price
being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for the Company (so that from and after the date of such Fundamental Transaction, each and every provision of this Warrant referring
to the “Company” shall instead refer to the Successor Entity), and the Successor Entity may exercise every prior right
and power of the Company and shall assume all prior obligations of the Company under this Warrant with the same effect as if the
Successor Entity had been named as the Company in this Warrant. On or prior to the consummation of each Fundamental Transaction,
the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any
time after the consummation of the Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash,
assets or other property purchasable upon the exercise of this Warrant prior to such Fundamental Transaction), such shares of
stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights),
which for purposes of clarification may continue to be shares of Common Stock, if any, that the Holder would have been entitled
to receive upon the happening of such Fundamental Transaction or the record, eligibility or other determination date for the event
resulting in such Fundamental Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or
the record, eligibility or other determination date for the event resulting in such Fundamental Transaction (without regard to
any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding
the foregoing, and without limiting the provisions of Section 1(g) hereof, the Holder may elect, at its sole discretion, by delivery
of a written notice to the Company, to permit a Fundamental Transaction without the required assumption of this Warrant. In addition
to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to
which holders of Common Stock are entitled to receive securities, cash, assets or other property with respect to or in exchange
for Common Stock (a “Corporate Event”), the Company shall make appropriate provision to ensure that, and any
applicable Successor Entity shall ensure that, the Holder will thereafter have the right to receive upon exercise of this Warrant
at any time after the consummation of the Corporate Event, shares of Common Stock or capital stock of the Successor Entity or,
if so elected by the Holder, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) (except
such items still issuable under Sections 3 and 4(a), which shall continue to be receivable thereafter) issuable upon exercise
of this Warrant prior to such Corporate Event, such shares of stock, securities, cash, assets or any other property whatsoever
(including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the consummation
of such Corporate Event or the record, eligibility or other determination date for the event resulting in such Corporate Event,
had this Warrant been exercised immediately prior to such Corporate Event or the record, eligibility or other determination date
for the event resulting in such Corporate Event (without regard to any limitations on exercise of this Warrant). Provision made
pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this
Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.

 

    	 	9	 

     

    

 

5.       NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation or Bylaws,
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issuance or sale
of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase
the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the
Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of
Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common Stock as shall
from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on exercise).

 

6.       WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s
capacity as the Holder of this Warrant, 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 stock, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices
and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

    	 	10	 

     

    

 

7.
        REISSUANCE OF WARRANTS.

 

(f)       Transfer
of Warrant. Subject to compliance with any applicable securities laws, the conditions set forth in Section 7(e) hereof and
to the provisions of Section 4.1 of the Purchase Agreement, if this Warrant is to be transferred, the Holder shall surrender this
Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in
accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant
Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being
transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant
Shares not being transferred.

 

(g)       Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form (but without the obligation to post a bond) and, in the case of mutilation, upon
surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with
Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(h)       Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion
of such Warrant Shares as is designated by the Holder at the time of such surrender.

 

    	 	11	 

     

    

 

(i)       Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.

 

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

 

8.        NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing,
(i) if delivered (a) from within the domestic United States, by first-class registered or certified airmail, or nationally recognized
overnight express courier, postage prepaid, electronic mail or by facsimile or (b) from outside the United States, by International
Federal Express, electronic mail or facsimile, and (ii) will be deemed given (A) if delivered by first-class registered or certified
mail domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier, one (1) Business
Day after so mailed, (C) if delivered by International Federal Express, two (2) Business Days after so mailed and (D) if delivered
by electronic mail, when sent and (E) if delivered by facsimile, when sent (provided that confirmation of transmission is generated
and kept by the sending party), and will be delivered and addressed as follows:

 

(i)       if
to the Company, to:

Mantra
Venture Group Ltd.

c/o
AW Solutions, Inc.

300
Crown Oak Centre Drive

Longwood,
Florida 32750

Attention:
Chief Executive Officer

 

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

 

Pryor
Cashman LLP

7
Times Square

New
York, New York 10036

Attention:
M. Ali Panjwani, Esq.

Fax
No.: (212) 798-6319

 

(ii)
if to the Holder, at such address or other contact information delivered by the Holder to Company or as is on the books and records
of the Company.

 

    	 	12	 

     

    

 

The
Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable
detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will
give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail,
and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company
closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with
respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction,
dissolution or liquidation; provided in each case that such information shall be made known to the public prior to or in
conjunction with such notice being provided to the Holder. It is expressly understood and agreed that the time of exercise specified
by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

9.        AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained
the written consent of the Holder. The Holder shall be entitled, at its option, to the benefit of any amendment of any other similar
warrant issued under the Securities Purchase Agreement. No waiver shall be effective unless it is in writing and signed by an
authorized representative of the waiving party.

 

10.      GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all
questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. The Company 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 brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper. The Company hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to the Company at the address set forth in
Section 8(i) above or such other address as the Company subsequently delivers to the Holder 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 manner permitted by law. Nothing contained herein shall be deemed or operate to
preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or
to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING
OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	13	 

     

    

 

11.        DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within
two (2) Business Days of receipt of the Exercise Notice or other event giving rise to such dispute, as the case may be, to the
Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the
Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the
Holder, then the Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination
of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the
disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause
at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify
the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations
or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon
all parties absent demonstrable error.

 

12.        REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company
to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees
that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond
or other security being required.

 

13.        TRANSFER.This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company.
Notwithstanding the foregoing, the Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
not registered, and if the Holder does not utilize cashless exercise following the six-month anniversary of the Issuance Date,
will have restrictions upon resale imposed by state and federal securities laws.

 

    	 	14	 

     

    

 

14.        SEVERABILITY;
CONSTRUCTION; HEADINGS.If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or
unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s). This Warrant shall be deemed to be jointly drafted by the Company and all the Buyers and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant.

 

15.       DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company has in
good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the
Company or its subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly disclose such material,
nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains
material, nonpublic information relating to the Company or its subsidiaries, the Company so shall indicate to such Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters
relating to such notice do not constitute material, nonpublic information relating to the Company or its subsidiaries.

 

16.       CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

“Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Subscription Date, directly or indirectly managed or advised
by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any
of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated
with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of
the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

    	 	15	 

     

    

 

“Bid
Price” means, for any security as of the particular time of determination, the bid price for such security on the Trading
Market as reported by Bloomberg as of such time of determination, or, if the Trading Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply,
the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of
determination, the average of the bid prices of any market makers for such security as reported in the “pink sheets”
by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for
a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such
time of determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company and
the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance
with the procedures in Section 11. All such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination or other similar transaction during such period.

 

“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 immediately following the first public announcement of the applicable Fundamental
Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated,
for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 100% and the
100 day volatility obtained from the HVT function on Bloomberg as of the day immediately following the public announcement of
the applicable Fundamental Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental
Transaction is consummated, (iii) the underlying price per share used in such calculation shall be the sum of the price per share
being offered in cash, if any, plus the per share value of any non-cash consideration, if any, being offered in the Fundamental
Transaction, (iv) a zero cost of borrow and (v) a 360 day annualization factor.

 

“Bloomberg”
means Bloomberg Financial Markets.

 

“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.

 

“Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Trading Market, as reported by Bloomberg, or, if the Trading
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if the Trading Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last
closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for
such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security
as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing
Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the
Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair market value
as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved pursuant to Section 11. All such determinations to be appropriately adjusted
for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation
period.

 

    	 	16	 

     

    

 

“Common
Stock” means (i) the Company’s Common Stock, par value $0.00001 per share, and (ii) any capital stock into
which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock.

 

“Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable
or exchangeable for shares of Common Stock.

 

“Expiration
Date” means the date three (3) years after the Issuance Date or, if such date falls on a day other than a Business Day
or on which trading does not take place on the Trading Market (a “Holiday”), the next day that is not a Holiday.

 

“Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or
otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving
corporation) another Subject Entity as a result of which transaction, the stockholders of the Company as of a time immediately
prior to such transaction no longer hold at least 50% of the voting securities of the surviving entity, or (ii) sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its “significant
subsidiaries” (as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or
more Subject Entities to make, or allow the Company to be subject to or have its shares of Common Stock be subject to or party
to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either
(x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares
of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such
purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common Stock such that all Subject Entities
making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become
collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of
Common Stock, or (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually
or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding
shares of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding;
or (z) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined
in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or
reclassify its shares of Common Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate
to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether
through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common
Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization,
recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding shares of Common Stock, (y) at least 50% of the aggregate ordinary voting power
represented by issued and outstanding shares of Common Stock not held by all such Subject Entities as of the Subscription Date
calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the
aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of the
Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other
stockholders of the Company to surrender their Common Stock without approval of the stockholders of the Company or (C) directly
or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or
the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of
this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may
be defective or inconsistent with the intended treatment of such instrument or transaction.

 

    	 	17	 

     

    

 

“Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

“Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

“Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity
whose common stock or equivalent equity security is quoted or listed on a Trading Market (or, if so elected by the Holder, any
other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person or such entity
designated by the Holder or in the absence of such designation, such Person or entity with the largest public market capitalization
as of the date of consummation of the Fundamental Transaction.

 

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

 

“Required
Holders” means the holders of the Warrants representing at least a majority of the shares of Common Stock underlying
the Warrants then outstanding.

 

“Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

“Successor
Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the
Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market, or, if the Trading Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock
is then traded.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock (or any other common stock of any other
Person that references the Trading Market for its common stock) is listed or quoted for trading on the date in question: the OTC
Bulletin Board, The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, the New York Stock Exchange,
NYSE Arca, the NYSE MKT, or the OTCQX Marketplace, the OTCQB Marketplace, the OTCPink Marketplace or any other tier operated by
OTC Markets Group Inc. (or any successor to any of the foregoing).

 

    	 	18	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date
set out above.

 

	 	MANTRA
    VENTURE GROUP LTD.
	 	 	 
	 	By:	        
	 	Name: 	 
	 	Title:	 

 

    	 	19	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

MANTRA
VENTURE GROUP LTD.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”)
of MANTRA VENTURE GROUP LTD., a company organized under the laws of British Columbia (the “Company”), evidenced
by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________a
“Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the
Company in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of
the Warrant.

 

Date:
______________ __, _____

 

	 	 
	Name
    of Registered Holder	 

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs Island Stock Transfer to issue the above indicated number
of shares of Common Stock on or prior to the applicable Share Delivery Date.

 

	 	MANTRA
    VENTURE GROUP LTD.
	 	 	 
	 	By:	     
	 	Name: 	 
	 	Title:Exhibit 10.1

 

ASSET
PURCHASE AGREEMENT

 

This
ASSET PURCHASE AGREEMENT, dated April 25, 2017 and effective as of April 1, 2017 (the “Effective Date”), is
by and among Mantra Venture Group Ltd., a British Columbia corporation (“Buyer”), and InterCloud Systems, Inc.,
a Delaware corporation (“Seller”).

 

P
R E M I S E S:

 

WHEREAS,
Seller’s subsidiaries AW Solutions, Inc. and AW Solutions Puerto Rico LLC are collectively engaged in the business of providing
professional, multi-service line, telecommunications infrastructure and outsource services to the wireless and wireline industry
(the “Business”); and

 

WHEREAS,
Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, substantially all of the assets used or useful in
the operation of the Business upon the terms and conditions hereinafter set forth.

 

A
G R E E M E N T S:

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein, intending to be legally bound hereby, the parties hereto
agree as follows:

 

ARTICLE
I

 

DEFINED TERMS

 

Section
1.1            Defined Terms. The following terms shall have the
following meanings in this Agreement:

 

“Accounts
Receivable” means any and all amounts owed in cash to Seller or any of its Subsidiaries by reason of a sale of a good
or provision of a service in the ordinary course of the Business (in accordance with GAAP and net of any allowances, applicable
reserves and deferred revenue).

 

“Acquisition
Proposal” shall mean any proposal for an acquisition, a merger or other business combination with Seller, or any proposal
or offer to acquire directly or indirectly all or substantially all of the equity interest in Seller or all or substantially all
of the assets of Seller.

 

“Affiliate”
means, with respect to any specified Person, (a) any other Person which, directly or indirectly, owns or controls, is under common
ownership or control with, or is owned or controlled by, such specified Person, (b) any other person which is a director, officer
or general partner or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities,
of the specified Person, (c) another Person of which the specified Person is a director, officer or general partner or is, directly
or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (d) another Person as to which
the specified Person serves as trustee or in a similar capacity, or (e) any relative or spouse of the specified Person within
the first degree of consanguinity, and to the extent they share a common household with the specified Person, any relative of
such spouse or any spouse of any such relative. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

     

     

    

 

“Assets”
means Seller’s interest in substantially all the tangible and intangible assets owned, leased or licensed on the Effective
Date by Seller in connection with the Business, including, but not limited to, those items described in ‎Section 2.1, but
not including the Excluded Assets listed in ‎Section 2.2 hereof.

 

“Assumed
Contracts” means all Contracts of Seller related to the Business or the Assets and listed on Schedule ‎3.8
hereto.

 

“Assumed
Current Liabilities” means the current liabilities of Seller as of the Effective Date directly related to the Business
each of which was incurred in the ordinary course of business.

 

“Business
Day” means any day other than any Saturday or Sunday or any other day on which banks located in New York, New York generally
are closed for business.

 

“Closing”
means the consummation of the transactions contemplated by this Agreement in accordance with the provisions of ‎Article VIII
hereof.

 

“Code”
means the Internal Revenue Code of 1986, as amended to the date hereof.

 

“Confidential
Information” shall mean (a) all of Seller’s and its Subsidiaries’ technical, commercial, marketing, strategic,
business or other information, data, plans and material of the kind either identified as confidential or proprietary or which
a reasonable person would recognize to be confidential or proprietary, either from its nature or the manner of its disclosure,
or which has not entered the public domain and (b) the terms and provisions of this Agreement and any other material information
relating to this Agreement or the transactions contemplated hereunder. Confidential Information does not include any information
that is or becomes generally known to and available for use by the public, is obtainable from independent sources or is required
by law to be disclosed.

 

“Consents”
means the consents of third parties necessary to consummate the transactions contemplated hereby.

 

“Contracts”
means all agreements, written or oral (including any amendments and other modifications thereto), to which Seller is a party or
is bound.

 

“Disclosure
Schedule” means the Seller’s Disclosure Schedule attached hereto and made a part hereof.

 

“EBITDA”
means earnings before interest, taxes, depreciation and amortization, as calculated in accordance with GAAP. For the purpose of
calculating the “EBITDA” of the Business, such calculations shall not include any and all salaries and/or similar
payments to employees or agents of the Business who were not receiving payments from Seller at the time of closing under this
Agreement unless, subsequent to the Closing, such employee or agent has replaced an employee or agent of the Business and is receiving
approximately the same salary and/or payments.

 

    	 	2	 

     

    

 

“EBITDA
Calculation Statement” means the Six-Month Anniversary EBITDA Calculation Statement.

 

“Encumbrance”
means any lien, mortgage, pledge, claim, security interest, imperfection in title or other third party right or interest of any
kind whatsoever, or restrictive agreement, conditional sales agreement, option, encumbrance or charge of any kind whatsoever.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Fundamental
Representations” means those representations and warranties set forth in ‎Section 3.1 (“No Violation; Authorization”),
‎Section 3.2 (“Due Organization”), ‎Section 3.3 (“Binding Obligation”) and ‎Section 3.4 (“Assets
and Title”).

 

“GAAP”
shall mean United States generally accepted accounting principles, consistently applied.

 

“Hazardous
Substances” shall mean any toxic or hazardous substance, material, or waste, and any other contaminant, pollutant or
constituent thereof, whether liquid, solid, semi-solid, sludge and/or gaseous, including chemicals, compounds, by-products, pesticides,
asbestos containing materials, petroleum or petroleum products, and polychlorinated biphenyls, the presence of which requires
investigation or remediation under any environmental Laws or which are regulated, listed or controlled by, under or pursuant to
any environmental Laws, or which has been determined or interpreted at any time by any governmental authority to be a hazardous
or toxic substance regulated under any other statute, law, regulation, order, code, rule, order, or decree, including any Hazardous
Substance as that term is defined under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”).

 

“Intellectual
Property” shall mean all Intellectual Property Rights owned by or licensed to Seller, whether or not used in connection
with the Business, including the name “Ingenious” and all associated goodwill.

 

“Intellectual
Property Rights” shall mean all statutory, common law and registered patents, copyrights, trademarks service marks,
tradenames, domain names (including Registered Intellectual Property), and all trade secrets, designs, imprints, logos, compilations
of data and other intangible rights and interests.

 

“Knowledge”
shall mean the actual knowledge of the party to whom such knowledge is imputed or the knowledge of the party after reasonable
due inquiry and investigation, including inquiry of any employees of Seller that have responsibility for such matter. For the
purposes of this definition, any applicable party shall be deemed to have knowledge of information in documents that are or have
been in his possession (including in electronic format).

 

“Law”
means any law, rule or regulation of any federal, state or local governmental authority.

 

“Liabilities”
means any liabilities, claims, obligations, commitments, expenses or damages, whether known or unknown, contingent or absolute,
named or unnamed, disputed or undisputed, legal or equitable, determined or indeterminable, or liquidated or unliquidated.

 

    	 	3	 

     

    

 

“Licenses”
means all of the licenses, permits and other authorizations issued by any federal, state or local governmental authorities to
Seller and used in the operation of the Business, with any additions thereto between the Effective Date and the Closing Date.

 

“Material
Adverse Effect” shall mean a material adverse effect on the Business, Assets, liabilities, condition (financial or otherwise),
prospects or results of operations of Seller or any of its Subsidiaries, taken as a whole; provided, however, that “Material
Adverse Effect” shall not include any event, occurrence, fact, condition, or change, directly or indirectly, arising out
of or attributable to: (i) any changes, conditions or effects in the United States economies or securities or financial markets
in general; (ii) changes, conditions or effects that affect the industries in which the Business operates (provided such changes,
conditions or effects do not adversely and disproportionately affect Seller relative to other Persons in such industries); (iii)
any change, effect or circumstance resulting from an action required or permitted by this Agreement; (iv) the effect of any changes
in applicable Laws or accounting rules, including GAAP; (v) any change, effect or circumstance resulting from the announcement
of this Agreement; or (vi) conditions caused by acts of terrorism or war (whether or not declared) or any man-made disaster or
acts of God.

 

“Permitted
Encumbrances” means (a) liens for Taxes not yet due and payable or being contested in good faith by appropriate procedures;
(b) mechanics’, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary
course of business; (c) easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property; and
(d) other than with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and
equipment leases with third parties entered into in the ordinary course of business.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

 

“Personal
Property” means all of the interest of Seller in all machinery, equipment, computer programs, computer software, tools,
motor vehicles, furniture, leasehold improvements, office equipment, supplies, plant, spare parts and other tangible personal
property which are owned by or leased to Seller or its Subsidiaries, or otherwise used or possessed by Seller, together with any
additions or deletions thereto expressly permitted by Buyer or this Agreement between the Effective Date and the Closing Date.

 

“Real
Property” means all of Seller’s owned or occupied real property, leasehold interests, easements, real estate licenses,
rights to access and rights of way used in the Business, together with any additions or deletions thereto expressly permitted
by Buyer or this Agreement between the Effective Date and the Closing Date.

 

“Registered
Intellectual Property” means all United States, international and foreign: (a) patents and patent applications (including
provisional applications); (b) registered trademarks, applications to register trademarks, intent-to-use applications, or other
registrations or applications related to trademarks, and any domain name registrations; (c) registered copyrights and applications
for copyright registration; (d) any mask work registrations and applications to register mask works; and (e) any other Intellectual
Property Rights that are the subject of an application, certificate, filing, registration or other document issued by, filed with,
or recorded by, any state, government or other public legal authority.

 

    	 	4	 

     

    

 

“Release”
shall mean any manner of spilling, leaking, dumping, discharging, releasing, migrating or emitting Hazardous Materials, including
the definitions given to any of such terms under CERCLA or any other environmental law.

 

“Subsidiary”
shall mean, with respect to Seller, any entity of which a majority of the voting power or equity interest is owned, directly or
indirectly, by Seller.

 

“Tax”
shall mean any federal, territorial, state, county, local, or foreign income, gross receipts, license, payroll, wage, employment,
excise, utility, communications, production, occupancy, severance, stamp, occupation, premium, windfall profits, environmental,
customs duties, capital stock, capital levy, franchise, profits, withholding, social security (or similar), unemployment, disability,
real property, real property gains, recordation, business license, workers’ compensation, Pension Benefit Guaranty Corporation,
personal property, sales, use, transfer, registration, value added, ad valorem, alternative or add-on minimum, estimated, or other
tax, fee, charge, premium, imposition of any kind whatsoever, however denominated, imposed by any tax authority, including, but
not limited to, the Internal Revenue Service (“IRS”), together with any interest, penalties or other additions
to tax and any interest on any such interest, penalties and additions to tax payable in respect thereof.

 

“Taxable
Period” means any taxable year or any other period that is treated as a taxable year with respect to which any Tax may
be imposed under any applicable statute, rule or regulation of any Tax Authority.

 

“Tax
Laws” shall mean the Code, and any other federal, state, county, local or foreign laws related to any Tax, as well as
any regulations, administrative pronouncements, rules or requirements pursuant thereto.

 

“Tax
Returns” shall mean reports, estimates, declarations of estimated tax, information statements and returns, including
information returns or reports with respect to backup withholding and other payments to third parties, relating to or required
to be filed with any tax authority by any Tax Law in connection with any Taxes.

 

    	 	5	 

     

    

 

 

 

ARTICLE
II

 

PURCHASE AND SALE OF ASSETS

 

Section
2.1            Agreement to Sell and Buy. Subject to the terms and
conditions set forth in this Agreement and effective as of the Effective Date, Seller hereby agrees to transfer and deliver to
Buyer, and Buyer agrees to purchase, free and clear of any Encumbrances other than Permitted Encumbrances, 80.1% of the Assets,
including, but not limited to, Seller’s right, title, and interest in and to:

 

(a)           all Assumed Contracts;

 

(b)           all Real Property;

 

(c)           all Licenses;

 

(d)           all Intellectual Property;

 

(e)           all Personal Property;

 

(f)            all files, books and other records relating solely to the Business, including, without limitation, executed copies of the Assumed
Contracts or, if no executed agreement exists, summaries of the Assumed Contracts, marketing information, sales records, and price,
customer, lead, mailing, circulation, purchaser and all other lists and files;

 

(g)           software related to the computer programs used in the operation of the Business owned by Seller and transferable under applicable
license agreements, including, without limitation, those listed on Schedule ‎2.1(g) hereto;

 

(h)           all of Seller’s goodwill in and going concern value of the Business;

 

(i)            all inventory used in connection with the Business;

 

(j)            all Accounts Receivable;

 

(k)           all prepaid expenses and deposits of Seller with third parties in respect of the Assets (“Seller Deposits”);

 

(l)            all claims, causes of action and choses in action of Seller against third parties relating to the Assets or Business, but excluding
claims, causes of action and choses in action against third parties related to the Excluded Assets and the Excluded Liabilities;

 

(m)          all intangible assets of Seller relating to the Business not specifically described above; and

 

(n)           available cash of Seller.

 

Section
2.2            Excluded Assets. The following assets of Seller shall
not be acquired by Buyer and shall be deemed excluded assets (the “Excluded Assets”):

 

(a)            Seller’s minute books, organizational documents, and such other books and records of Seller pertaining to the ownership,
organization or existence of Seller and duplicate copies of such records as are necessary to enable Seller to file Tax Returns
and reports, and any other books and records of Seller not related to the Business;

 

(b)            any claim, right or interest of Seller in or to any prepayment, refund, rebate, abatement or other recovery for Taxes, together
with any interest due thereon or penalty rebate arising therefrom;

 

(c)            all Contracts other than Assumed Contracts, and any assets of Seller subject to any Contract of Seller that is not an Assumed
Contract;

 

(d)            non-assignable licenses, permits and authorizations;

 

    	 	6	 

     

    

 

(e)           all insurance policies relating to the Business and those claims of Seller under the insurance policies included within the Excluded
Assets;

 

(f)            all Benefit Plans (and all rights, claims and defenses thereunder), and all assets or funds held in trust for or under such Benefit
Plans;

 

(g)           all claims, causes of action and choses in action of Seller against third parties relating to the Excluded Assets and the Excluded
Liabilities;

 

(h)           the assets, properties and rights specifically set forth on Schedule ‎2.2(h);

 

(i)            the rights which accrue or will accrue to Seller under this Agreement or the Related Documents.

 

Section
2.3            Liabilities.

 

(a)           Assumed Liabilities. On the Effective Date, Buyer shall assume only the following liabilities: (i) all Liabilities of Seller
under the Assumed Contracts from and after the Effective Date; and (ii) the Assumed Current Liabilities ((i) and (ii) collectively,
the “Assumed Liabilities”). No other Liabilities of Seller will be assumed by Buyer other than the Assumed
Liabilities.

 

(b)           Excluded Liabilities. Except for the Assumed Liabilities, neither Buyer nor any of its Affiliates shall assume or otherwise
be liable in respect of, or be deemed to have assumed or otherwise be liable in respect of, any debt, claim, obligation, or other
Liability of Seller, or any of its Affiliates, regardless of whether such debt, claim, obligation, or other Liability is matured
or unmatured, contingent or fixed, known or unknown (the “Excluded Liabilities”). Excluded Liabilities shall
include, without limitation:

 

(i)            any long-term debt or notes payable of Seller and any Liability of Seller to any of its Affiliates;

 

(ii)           any Liability for Taxes of Seller (including liability for Taxes arising from any Tax sharing agreement, Tax indemnity agreement
or Tax allocation agreement) for any Taxable Period, any liability for Taxes of the Business or related to the Assets properly
attributable to the portion of the Taxable Period that includes the Effective Date through and including the Effective Date, and
any Tax Liability arising from the sale of the Business and the Assets to Buyer contemplated herein or from any liquidation and
dissolution of Seller;

 

(iii)          any Liability of or claim against Seller that constitutes or arises from a breach by Seller of any representation, warranty or
covenant herein;

 

(iv)          any Liability of Seller or claim of any kind that may arise from Seller’s operation of the Business, ownership of the Assets
or under the Assumed Contracts relating to the time period prior to the Effective Date or arising out of events occurring prior
to the Effective Date (including liabilities for breach by Seller prior to Closing) or resulting from Seller’s consummation
of the transactions contemplated by this Agreement;

 

    	 	7	 

     

    

 

(v)           any Liability of or claim against Seller that may arise from the rendering of investment banking, brokerage fees, professional,
legal, accounting, appraisal, engineering or other similar services to Seller in connection with the transactions herein;

 

(vi)          any Liability of Seller arising out of or relating to the employment of, performance of services by or termination of any employees,
whether written or oral, express or implied, including any Liability (A) consisting of, arising out of or relating to severance,
accrued vacation, termination, retention bonus, “golden parachute”, any Benefit Plan or corporate policy, unemployment
compensation or any similar or other payment, with respect to any employee of Seller; (B) resulting from the consummation of the
transactions contemplated by this Agreement or the termination of any employees in connection therewith under the Workers Adjustment
and Retraining Notification Act of 1988, as amended from time to time; (C) resulting from workers’ compensation or other
similar claims, or (D) arising out of or relating to any Benefit Plan;

 

(vii)         any and all claims of employees, consultants or independent contractors of Seller in such capacity;

 

(viii)        any Liability under any Contract not included in the Assumed Contracts;

 

(ix)           any Liability under any Assumed Contract for which a Consent, if required, has not been obtained or waived as of the Closing;

 

(x)            any forfeiture, claim or pending litigation, arbitration or proceeding relating to the Business arising prior to the Effective
Date (which shall remain and be the obligation and liability solely of Seller);

 

(xi)           any Liability, other than the Assumed Liabilities; and

 

(xii)          any liability related to any Excluded Asset, unless otherwise expressly assumed by Buyer herein.

 

For
the avoidance of doubt, Seller shall not retain and Buyer is assuming and will pay the Assumed Current Liabilities.

 

Seller
agrees that it shall pay promptly when due any and all Excluded Liabilities not discharged by it at or prior to Closing, including
any of Seller’s Liabilities related to Seller’s employees during the period they are employed by Seller or the Benefit
Plans. Buyer is not the successor employer of Seller’s employees for any purpose and is not required to employ any of such
employees.

 

Section
2.4            Purchase Price. The Purchase Price for
the Assets shall be (i) Buyer’s assumption of the Assumed Liabilities, (ii) plus an unsecured one-year convertible promissory
note in the aggregate principal amount of $2,000,000, in the form of Exhibit D hereto (the “Purchase Price”).
The Purchase Price will be subject to downward or upward adjustment on a dollar-for-dollar basis to the extent current assets
(excluding cash and cash equivalents, which will be remitted directly to Seller at Closing) less current liabilities (“Working
Capital”) of Seller related to the Business on the Effective Date, as reflected on the Closing Balance Sheet, determined
in accordance with GAAP, is less than or greater than zero (the “Working Capital Adjustment”), and as determined
as of the close of business on the Effective Date and using the same adjustment procedures set forth in Section 2.5 below.

 

    	 	8	 

     

    

 

Section
2.5            Purchase Price Adjustments. 

 

(a)           On or before the date which is thirty (30) days after the six-month anniversary of the Effective Date, Buyer shall prepare and
deliver to Seller a written, unaudited statement (the “Six-Month Anniversary EBITDA Calculation Statement”)
setting forth in reasonable detail its determination of the EBITDA of the Business for the six-month period (the “Six-Month
Anniversary EBITDA”) immediately following the Effective Date (the “First Calculation Period”), which
shall be subject to review by Seller pursuant to ‎Section 2.5(c). Within six months of the final determination of the Six-Month
Anniversary EBITDA, Buyer shall pay to Seller an amount equal to the lesser of (i) three times the Six-Month Anniversary EBITDA
and (ii) $1,500,000 (the “Six-Month EBITDA Payment”). The Six-Month EBITDA Payment shall be made, at the sole
option of the Buyer, either in cash, common stock of the Buyer, or a combination thereof.

 

(b)           Seller shall have fifteen (15) days after its receipt of an EBITDA Calculation Statement (the “EBITDA Review Period”)
to review such EBITDA Calculation Statement. During the EBITDA Review Period, Seller and its accountants and representatives shall
have the right to inspect Buyer’s books and records during normal business hours at Buyer’s offices, upon reasonable
prior notice and solely for purposes reasonably related to determinations of the Six-Month Anniversary EBITDA. Prior to the expiration
of the EBITDA Review Period, Seller may object to the Six-Month Anniversary EBITDA set forth in the EBITDA Calculation Statement
by delivering a written notice of objection (an “EBITDA Calculation Objection Notice”) to Buyer which shall
specify the items in the EBITDA Calculation Statement disputed by Seller and shall describe in reasonable detail the basis for
such objection, as well as the amount in dispute. If Seller fails to deliver an EBITDA Calculation Objection Notice to Buyer prior
to the expiration of the EBITDA Review Period, then the Six-Month Anniversary EBITDA set forth in the EBITDA Calculation Statement
shall be final and binding on the parties hereto. If Seller timely deliver an EBITDA Calculation Objection Notice, Buyer and Seller
shall negotiate in good faith to resolve the disputed items and agree upon the Six-Month Anniversary EBITDA. If Buyer and Seller
are unable to reach an agreement within thirty (30) days after such EBITDA Calculation Objection Notice has been given, all unresolved
disputed items shall be promptly referred to the Independent Accountants for resolution. The Independent Accountants shall be
directed to render a written report on the unresolved disputed items with respect to the Six-Month Anniversary EBITDA as promptly
as practicable, but in no event greater than 45 days after such submission to the Independent Accountants, and to resolve only
those unresolved disputed items set forth in the EBITDA Calculation Objection Notice. If issues are submitted to the Independent
Accountants for resolution, (i) Buyer and Seller shall furnish or cause to be furnished to the Independent Accountants all work
papers and other documents and information relating to the disputed issues; (ii) the Independent Accountants shall resolve the
disputed items based solely on the applicable definitions and other terms in the Agreement and the presentations by Buyer and
Seller, and not by independent review; (iii) the determination of the Independent Accountants, as set forth in a notice to be
delivered to both Buyer and Seller within 45 days of the submission to the Independent Accountants of the issues remaining in
dispute, shall be final, binding and conclusive on the parties and shall be used in the calculation of the Six-Month EBITDA Adjustment;
and (iv) the fees and expenses of the Independent Accountants shall be shared equally by Buyer and Seller.

 

    	 	9	 

     

    

 

(c)            Accounting
of Purchase Price Adjustments. The parties further acknowledge and agree that any adjustments to the purchase price made pursuant
to this ‎Section 2.5 (each, a “Purchaser Price Adjustment”), shall be treated as an adjustment to the Purchase
Price by the parties for Tax purposes, unless otherwise required by Law.

 

Section
2.6            Option. For the two year period
following the Effective Date, Buyer shall have the option to purchase the remaining 19.9% of the Assets from Seller, at a valuation
equal to 125% of the valuation of the Assets as of the Effective Date.

 

Section
2.7             Allocation. Seller and Buyer agree to
allocate the Purchase Price among the Assets in accordance with the allocation schedule attached as Schedule ‎2.7 hereto
(the “Allocation Schedule”). Seller and Buyer will each file an IRS Form 8594 consistent with the Allocation
Schedule.

 

ARTICLE
III

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller
represents and warrants to Buyer as follows, that as of the Closing Date, and except as set forth in the Disclosure Schedule:

 

Section
3.1            No Violation; Authorization. The execution and delivery
of this Agreement and each other agreement, instrument, document or certificate related to or arising from this Agreement (the
“Related Documents”) does not, and the consummation of the transactions contemplated hereby and thereby and
compliance with the terms hereof and thereof will not (subject only to obtaining any required consents, approvals, authorizations,
exemptions or waivers set forth on Schedule ‎3.7), (i) to Seller’s Knowledge, result in any violation of, any
statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government, governmental
agency, or court to which Seller is subject; (ii) result in any violation of any provision of its articles of organization, operating
agreement or other organizational documents; or (iii) result in any violation of or default on the part of Seller (with or without
notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any material
Contract or result in the creation of any Encumbrance (except Permitted Encumbrances) upon the Assets. The execution, delivery
and performance of this Agreement and the Related Documents to which Seller is or is to become a party have been duly and validly
authorized by all requisite limited liability company action on the part of Seller.

 

Section
3.2            Due Organization. Seller is an entity
duly organized, validly existing and in good standing under the laws of the state of its organization, and has all necessary limited
liability company power and authority to own, lease and operate the assets that it currently owns, leases or operates and to conduct
the Business as it is now being conducted. Seller is duly licensed, registered and qualified to do business as a foreign entity
and is in good standing in all jurisdictions in which the ownership of its assets, or the conduct of the Business as currently
conducted, requires such qualification except where the failure to be so qualified or in good standing would not have a Material
Adverse Effect. Schedule ‎3.2 sets forth each state or other jurisdiction in which Seller is licensed or qualified
to do business. Seller has delivered to Buyer an accurate and complete copy of the articles of organization and operating agreement
of Seller. Seller has no Subsidiaries.

 

    	 	10	 

     

    

 

Section
3.3            Binding Obligation. This Agreement (and when executed
and delivered at Closing, each Related Document) will be duly executed by Seller and (assuming due authorization, execution and
delivery by the other parties hereto) will constitute the legal, valid, and binding obligation of Seller, enforceable against
Seller in accordance with their respective terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity).

 

Section
3.4            Assets and Title. The Assets include substantially
all assets used by Seller in its operation of the Business. Seller owns and has good and valid title to, or a valid leasehold
interest in, the Assets, and as of the Closing Date, the Assets will be free and clear of all Encumbrances (except for Permitted
Encumbrances). Schedule 3.4 sets forth a list of any Encumbrances on the Assets existing as the Closing Date.

 

Section
3.5           Title to and Condition of Personal Property. Schedule
‎3.5 hereto contains a list of Seller’s Personal Property with a value in excess of $1,000.00 used in connection
with the Business. Seller owns and has good and valid title to all Personal Property free and clear of any Encumbrances, except
for Permitted Encumbrances or Encumbrances that shall be discharged or removed by Seller prior to or at Closing. Except as otherwise
disclosed on Schedule ‎3.5 hereto, the Personal Property constituting tangible property is in good operating condition (ordinary
wear and tear excepted).

 

Section
3.6           Contracts. Schedule ‎3.6 hereto lists
all Contracts related to the Business or the Assets in effect as of the Closing Date, including, without limitation, the following:

 

(a)           any pension, profit sharing, stock option, employee stock purchase or other material plan or arrangement providing for deferred
compensation to employees, former employees or consultants, or any collective bargaining agreement or any other Contract with
any labor union;

 

(b)           any employment Contract for the employment of any officer, individual employee or other Person and providing for annual base compensation
in excess of $50,000;

 

(c)           any Contract under which Seller has advanced or loaned any other Person amounts in the aggregate exceeding $10,000 except for
advances to employees in the ordinary course of business for valid business reasons and not in excess of $5,000 in the aggregate;

 

(d)           any Contract relating to borrowed money or other indebtedness (including any earnout obligations) or the mortgaging, pledging
or otherwise placing an Encumbrance (excluding Permitted Encumbrances) on the Assets;

 

(e)           any Contract under which Seller is lessee of or holds or operates any Real Property owned by any other Person;

 

(f)            any Contract under which Seller is lessor of or permits any third party to hold or operate any property, real or personal, owned
or controlled by Seller;

 

    	 	11	 

     

    

 

(g)           any Contract with respect to any Intellectual Property granted or made to Seller, or granted or made by Seller to third parties,
except licenses to Seller of commercially available, unmodified, “off the shelf” software used for Seller’s
own internal use;

 

(h)           any Contract (including any exclusivity, nondisclosure or confidentiality agreement) prohibiting Seller from freely engaging in
any business or competing anywhere in the world;

 

(i)            any Contract with any vendor or customer of Seller requiring payments to or from Seller in excess of $5,000 each year during the
term thereof; and

 

(j)            any Contract not listed in clauses ‎(a)-‎(i) above which is material to the operation of the Business.

 

On
or prior to the date hereof, Seller has provided Buyer with, or made available to Buyer, true and complete copies of all written
Contracts responsive to items (a)-(j) above. All of the Contracts listed on Schedule ‎3.6 are in full force
and effect, and are valid, binding and enforceable in accordance with their terms and comprise all of the Contracts material for
the operation of the Business. Except as otherwise disclosed on Schedule ‎3.6: (i) there is no default or breach
by Seller, or to the Knowledge of Seller, any other party to any Contract set forth on Schedule ‎3.6, (ii) there
is no fact or circumstance that exists that, with or without the passage of time or giving of notice or the happening of any further
event or condition, would constitute a default, or would entitle any party to terminate any such Contracts or to make a claim
or set-off against Seller, any of its Subsidiaries or any of their respective Affiliates, or otherwise to amend such Contract
or prevent such Contract from being renewed in accordance with its terms; and (iii) there are no negotiations pending or in progress
to revise any Contract, other than negotiations in the ordinary course of business intended to make the terms of certain Contracts
more favorable to Seller and its Subsidiaries. The Seller has not received any written notice of default, termination, or nonrenewal
under any Contract listed on Schedule ‎3.6.

 

Section
3.7            Consents. Except for the Consents described in Schedule
‎3.7 hereto, no consent, authorization, approval, order, license, certificate or permit of or from, or declaration or
filing with, any federal, state, local or other governmental authority or any court or other tribunal, and no consent or waiver
of any party to any Contract to which Seller is a party is required or declaration to or filing with any governmental or regulatory
authority, or any other third party is required to (a) execute this Agreement, (b) consummate this Agreement and the transactions
contemplated hereby, (c) permit Seller to sell the Assets to Buyer, or (d) enable Buyer to operate the Business after the Closing
Date in the same manner as it is presently operated.

 

Section
3.8            Undisclosed Liabilities. Except as set forth on Schedule
‎3.8 hereto or on the Financial Statements or the notes thereto, Seller and the Business do not have and will not have
any indebtedness, duty, responsibility, liability or obligation of any nature, whether absolute, accrued, contingent or otherwise,
and whether due or to become due, related to or arising from the operation of the Business or the ownership, possession or use
of the Assets. There are no extraordinary claims against Seller or the Business by third parties relating to acts or omissions
by Seller arising outside the ordinary course of the Business.

 

    	 	12	 

     

    

 

Section
3.9            Books and Records. The books of account of Seller,
and other such records, are complete and correct in all material respects, and fully and fairly reflect bona fide transactions
set forth therein. At the Closing, all such books and records shall be located at the business office of Seller.

 

Section
3.10         Full Disclosure. No representation or warranty made by Seller herein or
in any certificate, document or other written instrument furnished or to be furnished pursuant hereto contains or will contain
any untrue statement of any fact, nor shall any such certificate, document or written instrument omit any fact necessary in order
to make any statement herein or therein, in light of the circumstances in which it was made, not misleading. Seller has disclosed
to Buyer all facts known to it that are material to the ownership of the Assets or the business, liabilities, prospects, condition
(financial or otherwise) or results of operations of the Business.

 

ARTICLE
IV

 

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to Seller as follows:

 

Section
4.1            Organization; Due Authorization. Buyer is a corporation
duly organized, validly existing, and in good standing under the laws of British Columbia, and has full corporate power and authority
to execute, deliver and perform this Agreement and any Related Document to which it is a party. The execution, delivery and performance
of this Agreement and the Related Documents have been duly and validly authorized by all necessary corporate actions on the part
of Buyer.

 

Section
4.2            Binding Obligation. Assuming due authorization, execution
and delivery of this Agreement by the other parties hereto, this Agreement (and when executed and delivered at Closing, each Related
Document) will be duly executed by Buyer and (assuming due authorization, execution and delivery by the other parties hereto)
will constitute the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with their respective
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding
at low or in equity).

 

Section
4.3           Absence of Consents; No Violation.
Subject to Seller obtaining the Consents, no consent, authorization, approval, order, license, certificate or permit of or from,
or declaration or filing with any federal, state, local or other governmental authority or any court or other tribunal, and no
consent or waiver of any party to any material contract to which Buyer is a party is required for the execution, delivery and
performance of this Agreement and each of the Related Documents. Subject to Seller obtaining the Consents, the execution and delivery
of this Agreement and each Related Document by Buyer, and the consummation of the transactions contemplated hereby and thereby
and compliance with the terms hereof and thereof does not (i) to the Knowledge of Buyer, result in any violation of any statute,
regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government or governmental agency,
or court to which Buyer is subject; (ii) result in any violation of any provision of its the certificate of incorporation, by-laws
or other organizational documents of Buyer; or (iii) result in any violation of or default on the part of Buyer (with or without
notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any note, bond,
mortgage, indenture, deed of trust, license, lease, contract, commitment or loan or other agreement to which Buyer is a party
or by which any of its properties or assets are bound.

 

    	 	13	 

     

    

 

Section
4.4           Experience of Buyer. Buyer has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective transactions
contemplated by this Agreement, and has so evaluated the merits and risks of such transaction. Buyer is able to bear the economic
risk of an investment in the Business and the Assets and, at the present time, is able to afford a complete loss of such investment.

 

Section
4.5           Brokerage. Buyer has not incurred any liability for
brokerage commissions, finders’ fees or other similar compensation in connection with the transactions contemplated by this
Agreement based on any arrangement or agreement binding upon Buyer.

 

ARTICLE
V

 

COVENANT OF SELLER

 

Section
5.1            Pre-Closing Covenants. Except as contemplated or
required by this Agreement, commencing on the Effective Date until the Closing Date, Seller shall use commercially reasonable
efforts to (1) maintain and preserve the Assets and the Business, (2) retain the services of present key employees and (3) maintain
and preserve consistent with the ordinary course of business, the goodwill of and present relationships with suppliers, advertisers,
customers and others having business relations with Seller and its Subsidiaries.

 

ARTICLE
VI

 

SPECIAL COVENANTS AND AGREEMENTS

 

Section
6.1            Taxes, Fees and Expenses. All sales, use, transfer,
and purchase taxes and fees, if any, arising out of the transfer of the Assets pursuant to this Agreement shall be paid by Seller.
Except as otherwise provided in this Agreement, each party shall pay its own expenses incurred in connection with the authorization,
preparation, execution and performance of this Agreement, including all fees and expenses of counsel, accountants, agents and
other representatives; provided that expenses of Seller incurred up to the Closing Date (“Seller Transaction Expenses”)
shall be paid by Seller and shall not be assumed by Buyer as Assumed Current Liabilities.

 

Section
6.2            Bulk Sales Law. Buyer hereby waives compliance by
Seller with the provisions of any applicable bulk sales laws, and Seller warrants and agrees to pay and discharge when due all
claims of creditors that could be asserted against Buyer by reason of such noncompliance to the extent that such liabilities arise
before or as a result of the Closing, and Seller agrees to protect, defend, save harmless and indemnify Buyer from and against
any and all such claims and demands pursuant to the procedures set forth in Article X hereof that shall apply thereto in all respects.

 

    	 	14	 

     

    

 

Section
6.3            Announcements. Commencing on the
date hereof, neither Buyer nor Seller shall make any public announcement or press release concerning the transactions contemplated
hereby without the written consent of the other party, except to the extent such disclosure is required under the federal securities
laws.

 

Section
6.4            Cooperation. Prior to the Closing: (a) the parties
hereto shall reasonably cooperate with each other and their respective counsel and accountants in connection with any actions
required to be taken as a part of their respective obligations under this Agreement, including, but not limited to, the obtaining
of Consents (provided that this sentence shall not require any party to make any payments as a condition to obtaining any Consent);
and (b) shall use commercially reasonable efforts to satisfy the conditions to Closing in ‎Article VII. After the Closing,
each of the parties hereto shall take such actions, and shall execute and deliver to any other party such further documents as
may be reasonably requested to ensure, complete and evidence the full and effective consummation of the transactions contemplated
by this Agreement.

 

Section
6.5            Litigation Support. In the event
and for so long as Buyer or any of its Affiliates actively is contesting or defending against any action, suit, proceeding, hearing,
investigation, charge, complaint, claim, or demand in connection with (i) any transaction contemplated under this Agreement, or
(ii) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure
to act, or transaction on or prior to the Closing Date involving the Business, Seller will cooperate in the contest or defense,
make available its personnel, and provide such testimony and access to its books and records as shall be necessary in connection
with the contest or defense, all at the sole cost and expense of Buyer unless the action, suit, proceeding, hearing, investigation,
charge, complaint, claim, or demand is directly related to the Seller’s actions, in which event it shall be at the sole
cost and expense of the Seller, with reimbursement to Buyer for their reasonable costs and expenses.

 

Section
6.6             Transition. Except as otherwise expressly set forth
in this Agreement, each of Buyer and Seller will not take, and will cause the Company not to take, any action that is designed
or intended to have the effect of discouraging any lessor, licensor, customer, supplier, or other business associate of the Company
from maintaining the same business relationships with the Company after the Closing as it maintained with the Company prior to
the Closing. Seller will refer all customer inquiries relating to the Company to Buyer or the Company from and after the Closing.
Each Seller shall use his reasonable best efforts to obtain authorizations, approvals, orders, licenses, certificates and permits
as may be required to permit the consummation of the transactions contemplated hereby and the transfer of any and all Licenses
necessary for Buyer to operate the Business after the Closing in a form reasonably satisfactory in form and substance to Buyer
and its counsel.

 

Section
6.7             No Other Bids. From and after the Effective Date
until this Agreement is terminated in accordance with the terms hereof, Seller shall not authorize or knowingly permit any equity
holder, officer, director, manager or employee of, or any investment banker, attorney, accountant or other representative retained
by Seller or its direct or indirect equity holders to solicit, initiate or encourage submission of or engage in any negotiations
relating to any Acquisition Proposal or enter into any agreement to effectuate the same. Seller shall promptly communicate to
Buyer the terms of any proposal or offer received by it (no matter how preliminary), and the identity of the party making such
proposal, in respect of any actual or potential Acquisition Proposal.

 

    	 	15	 

     

    

 

Section
6.8            Confidentiality. Except as necessary
for the consummation of the transactions contemplated hereby, each party hereto shall keep confidential any information which
is obtained from the other party in connection with the transactions contemplated hereby; and except to the extent that such materials
or information are or become readily available to the industry, have been obtained from independent sources, were known to Buyer
or Seller (as the case may be) on a non-confidential basis prior to disclosure or are required to be disclosed in public filings
or by law. In the event this Agreement is terminated and the purchase and sale contemplated hereby abandoned, each party will
return to the other party all documents, work papers and other written material obtained by it in connection with the transaction
contemplated hereby. This ‎Section 6.8 shall survive the termination or cancellation of this Agreement for a period of two
(2) years from the date of termination or cancellation.

 

Section
6.9            Employees. Buyer may extend offers of employment
to any of Seller’s employees on such terms as Buyer shall determine in its sole discretion, it being understood that (i)
Buyer is not the successor employer of Seller’s employees and shall be under no obligation to offer employment to any such
employees, and (ii) unless otherwise specified in this Agreement, Seller shall be responsible for, and shall defend, indemnify
and hold harmless (as set forth in Article X) Buyer from and against any and all severance, accrued vacation, termination, retention
bonus, “golden parachute,” unemployment compensation or any similar or other payment, or any other liabilities or
obligations of Seller, with respect to any of Seller’s employees, whether or not Buyer extends an offer of employment to
such employee, whether or not such employee accepts Buyer’s offer of employment, whether or not pursuant to an individual
agreement or commitment or group plan or corporate policy, or required by Law, including any liability under any of Seller’s
Benefit Plans, the Workers Adjustment and Retraining Notification Act of 1988 as it may be amended from time to time and the provisions
of Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA. Buyer shall not assume any of Seller’s Benefit
Plans.

 

Section
6.10          Maintenance of Books and Records. Each of the
parties hereto shall preserve, until at least the fifth (5th) anniversary of the Closing Date or longer period as
may be required by law, all pre-closing records possessed or to be possessed by such party relating to Seller or the
Business. After the Closing Date and up until at least the fifth (5th) anniversary of the Closing Date, upon any
reasonable request from a party hereto or its representatives, the party holding such records shall (x) provide to the
requesting party or its representatives reasonable access to such records during normal business hours and (y) permit the
requesting party or its representatives to make copies of such records, at the requesting party’s or its
representatives’ cost. Such records may be sought under this ‎Section 6.11 for any reasonable purpose including to
the extent reasonably required in connection with the audit, accounting, tax, litigation, federal securities disclosure or
other similar needs of the party seeking such records.

 

Section
6.11          Accounts Receivable. Seller agrees that after
the Effective Date, Buyer shall have the right and authority to (i) collect for the account of Buyer all Accounts Receivable and
other items that shall be transferred to Buyer as provided herein, and (ii) solely for the purpose of collecting such Accounts
Receivable and for no other purpose, to endorse with the name of Seller any checks received on account of any such Accounts Receivable
or other items. Seller agrees that it will promptly, within two (2) Business Days, transfer and deliver to Buyer any cash, checks
or other property that Seller may receive after the Effective Date in respect of any such Accounts Receivable acquired hereunder.

 

    	 	16	 

     

    

 

ARTICLE
VII

 

CONDITIONS TO OBLIGATIONS OF BUYER AND SELLER

 

Section
7.1            Conditions to Obligations of Buyer.
Each and all of the obligations of Buyer to consummate the transactions contemplated by this Agreement are subject to fulfillment
prior to or at the Closing of the following conditions, except to the extent that Buyer may waive any one or more thereof in its
sole discretion:

 

(a)            Representations
and Warranties. All representations and warranties of Seller contained in ‎Article III of this Agreement shall be true
and complete in all material respects, except for those representations and warranties that are qualified by materiality or Material
Adverse Effect, which shall be true and correct in all respects as though such representations and warranties were made as of
the Closing Date, except for representations and warranties that speak as of a specific date or time, which need only be true
and correct as of such date and time.

 

(b)           Covenants and Conditions. Seller shall have in all material respects performed and complied with all covenants, agreements
and conditions required by this Agreement to be performed or complied with by them on or prior to the Closing Date.

 

(c)           Adverse
Change. Since the Effective Date, there shall not have occurred a Material Adverse Effect.

 

(d)           Deliveries. Seller shall have made or cause to be made, or stand willing and able to make or cause to be made, all the
deliveries to Buyer set forth in ‎Section 8.2 hereof.

 

(e)           No
Adverse Proceedings. No action, suit, proceeding or investigation before any court, administrative agency or other governmental
authority shall be pending or, to the Knowledge of Seller, threatened against Seller wherein an unfavorable judgment, decree or
order would prevent the carrying out of this Agreement or any of the transactions contemplated hereby, declare unlawful the transactions
contemplated hereby or cause such transactions to be rescinded, or which could reasonably be expected to materially adversely
affect the Assets or the Business operations (financial or otherwise) of Seller.

 

(f)            Consents. All Consents shall have been obtained and copies shall have been delivered to Buyer.

 

(g)           Regulatory Approvals. All authorizations, approvals, orders, licenses, certificates and permits as may be required to permit
the consummation of the transactions contemplated hereby and the transfer of any and all Licenses necessary for Buyer to operate
the Business after the Closing shall have been obtained and shall remain in full force and effect.

 

Section
7.2            Conditions to Obligations of Seller. Each and all
of the obligations of Seller to consummate the transactions contemplated by this Agreement are subject to fulfillment prior to
or at the Closing of the following conditions, except to the extent that Seller may waive one or more thereof:

 

(a)            Representations and Warranties. All representations and warranties of Buyer contained in ‎Article IV of this Agreement
shall be true and complete in all material respects, except for those representations and warranties that are qualified by materiality,
which shall be true and correct in all respects as though such representations and warranties were made at and as of such time,
except for representations and warranties that speak as of a specific date or time, which need only be true and correct as of
such date and time.

 

    	 	17	 

     

    

 

(b)           Covenants
and Conditions. Buyer shall have in all material respects performed and complied with all covenants, agreements, and conditions
required by this Agreement to be performed or complied with by it prior to or on the Closing Date.

 

(c)           Deliveries. Buyer shall have made or cause to be made, or stand willing and able to make or cause to be made, all the deliveries
set forth in ‎Section 8.3 hereof.

 

(d)           No Adverse Proceeding. No action, suit, proceeding or investigation before any court, administrative agency or other governmental
authority shall be pending or, to the knowledge of Buyer, threatened against Buyer wherein an unfavorable judgment, decree or
order would prevent the carrying out of this Agreement or any of the transactions contemplated hereby, or declare unlawful the
transactions contemplated hereby or cause such transactions to be rescinded.

 

ARTICLE
VIII

 

CLOSING AND CLOSING DELIVERIES

 

Section
8.1            Closing. The Closing shall take place within three
days following the satisfaction or waiver by Buyer and Seller, in their respective sole discretion, of all of the conditions to
Closing set forth in ‎Article VII hereof, or such other time, place and date as may be mutually agreed upon by the parties
hereto (the “Closing Date”). Buyer shall notify Seller of the Closing Date not less than three days before
the Closing Date. The Closing shall be held at the offices of Buyer’s counsel or such other place as shall be mutually agreed
upon by Buyer and Seller.

 

Section
8.2            Deliveries by Seller. At the Closing, Seller shall
deliver or cause to be delivered to Buyer the following, in form and substance reasonably satisfactory to Buyer and its counsel:

 

(a)            Bill of Sale. Duly executed Bill of Sale, substantially in the form of Exhibit A hereto;

 

(b)           Assignment and Assumption Agreement. A duly executed counterpart of executed Assignment and Assumption Agreement, substantially
in the form of Exhibit B hereto;

 

(c)           Intellectual Property Assignment. A duly executed counterpart of Intellectual Property Assignment, substantially in the
form of Exhibit C hereto;

 

(d)           Transition Services Agreement. Buyer and Seller shall enter into that certain transition services agreement, in the form
attached hereto as Exhibit E;

 

(e)            Consents. A copy of each Consent listed on Schedule ‎3.7 attached hereto;

 

    	 	18	 

     

    

 

(f)            Closing Purchase Price Certificate. A certificate dated as of a date within three days of the Closing Date, signed by Seller,
certifying as to the Pre-Closing Purchase Price Statement and the Estimated Closing Cash Balance.

 

(g)           Licenses, Contracts, Business Records, Etc. To the extent they are in possession of Seller, copies of all Licenses, Assumed
Contracts, blueprints, schematics, working drawings, plans, projections, statistics, engineering records, and all files and records
used by Seller and necessary to conduct the Business, which copies shall be available at the Closing or at Seller’s principal
business office;

 

(h)           Web Sites. All documents necessary to transfer to Buyer the registered domain names related to the web sites of Seller
included in the Intellectual Property; and

 

(i)            Other. Duly executed copies of all other deeds, endorsements, assignments, consents and instruments as are reasonably necessary
to transfer the Assets and carry out all other transactions contemplated by this Agreement.

 

Section
8.3            Deliveries by Buyer. At the Closing, Buyer shall
deliver or cause to be delivered to Seller (or a designee of Seller) the following, in form and substance reasonably satisfactory
to Seller:

 

(a)           Purchase Price. The Purchase Price as provided in ‎Section 2.4 hereof;

 

(b)           Management and Board of Directors Resignation. Prior to the Closing, the existing management and board of directors of
Buyer shall resign, effective immediately upon the Closing.

 

(c)           Management and Board of Directors Reconstitution. Effectively immediately upon the Closing, Buyer shall name Roger Ponder
and Keith Hayter as (1) its Chief Executive Officer and President, respectively, and (2) the only two members of Buyer’s
Board of Directors.

 

(d)           Employment Agreements. Buyer shall enter into employment agreements with each of Roger Ponder and Keith Hayter, in substantially
the form attached hereto as Exhibit F.

 

(e)           Capitalization Table. Buyer shall provide Roger Ponder and Keith Hayter with a capitalization table, in the form attached
hereto as Exhibit G.

 

(f)            Debt Conversion. All debts of Buyer existing as of the Closing shall either be waived in a writing acceptable to Seller,
or converted into equity of the Buyer effective no later than the Closing.

 

(g)           Kristof Equity Instrument. Effective as of the Closing, Larry Kristof, the current Chief Executive Office of Buyer, shall
be granted preferred stock of the Buyer enabling him to convert into 2% of the issued and outstanding capital stock of Buyer as
of the Closing Date.

 

(h)           Transition Services Agreement. Buyer and Seller shall enter into that certain transition services agreement, in the form
attached hereto as Exhibit E;

 

 

    	 	19	 

     

    

(i)             Assignment and Assumption Agreement. A duly executed counterpart of the Assignment and Assumption Agreement, substantially
in the form of Exhibit B hereto;

 

(j)             Intellectual Property Assignment. A duly executed counterpart of the Intellectual Property Assignment, substantially in
the form of Exhibit C hereto; and

 

(k)            Other. Duly executed copies of all other instruments and documents as are reasonably necessary to carry out all other transactions
contemplated by this Agreement.

 

ARTICLE
IX

 

TERMINATION

 

Section
9.1            Termination. This Agreement may be terminated by
Seller or Buyer, if the terminating party is not then in breach of any material obligation under this Agreement (provided that
‎Section 6.8 will continue in full force and effect), on written notice to the other at any time prior to Closing as follows:

 

(a)            by mutual consent of Buyer and Seller;

 

(b)            by Buyer, if there has been a material misrepresentation, material breach of warranty or material breach of a covenant by Seller
set forth in this Agreement, the Related Documents or the Schedules and Exhibits hereto, which has not been cured or waived within
ten (10) Business Days after written notification thereof by Buyer to Seller;

 

(c)            by Seller, if there has been a material misrepresentation, material breach of warranty or material breach of a covenant by Buyer
set forth in this Agreement, the Related Documents, or the Schedules and Exhibits hereto, which has not been cured or waived within
ten (10) Business Days after written notification thereof by Seller to Buyer; or

 

(d)            by either Buyer or Seller by notice to the other, if the Closing shall not have been consummated on or before May 1, 2017 (the
“Final Termination Date”), unless extended by written agreement of Buyer and Seller, so long as the party giving
such notice shall be in compliance with the terms of this Agreement.

 

Section
9.2           Effect of Termination. In the event of termination
of this Agreement as provided above, this Agreement shall forthwith become void and of no further force and effect, except that
the covenants and agreements set forth in ‎Section 6.1, ‎Section 6.3, ‎Section 6.8, ‎Section 9.2, ‎Section
9.3 and ‎Section 11.9, and except that nothing in ‎Section 9.1 or this ‎Section 9.2 shall be deemed to release any
party from any liability for any breach by such party of the terms and provisions of this Agreement or to impair the right of
any party to compel specific performance by another party of its obligations under this Agreement.

 

Section
9.3            Specific Performance. The parties recognize that
in the event Seller should refuse to perform under the provisions of this Agreement, monetary damages alone will not be adequate.
Seller shall not oppose Buyer seeking, in addition to any other remedies which may be available, including money damages, to seek
specific performance of the terms of this Agreement. In the event of any action to enforce this Agreement specifically, Seller
hereby waives the defense that there is an adequate remedy at law.

 

    	 	20	 

     

    

 

ARTICLE
X

 

SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND
INDEMNIFICATION

 

Section
10.1        Survival. Subject to the limitations and other provisions of this Agreement,
all representations and warranties contained in this Agreement shall survive the Closing and shall be fully effective and enforceable
for a period of two (2) years following the Closing Date, but shall thereafter be of no further force or effect, except as they
relate to claims for indemnification timely made pursuant to this ‎Article X; provided, however, that the representations
and warranties contained in the Fundamental Representations shall survive until ninety (90) days after the expiration of the applicable
statute of limitations period. Any claim for indemnification asserted in writing before the two (2) year anniversary of the Closing
Date or the other applicable survival period set forth in this ‎Section 10.1 shall survive until resolved or judicially determined.

 

Section
10.2        Indemnification.

 

(a)         Indemnification
by Seller. Subject to the limitations and the provisions set forth in this Agreement, Seller shall indemnify and hold harmless
Buyer and its Affiliates (including any officer, director, stockholder, partner, member, manager, employee, agent or representative
of any thereof) from and against any and all loss, damage, expense (including court costs, amounts paid in settlement, judgments,
reasonable attorneys’ fees or other expenses for investigating and defending), suit, action, claim, liability or obligation
(collectively, “Damages”) related to, caused by or arising from:

 

(i)            any misrepresentation or breach of any representation or warranty contained herein or in any Related Document by Seller;

 

(ii)           the failure to fulfill any covenant or agreement contained herein or in any Related Document by Seller;

 

(iii)          any and all obligations or Liabilities of Seller relating to the Excluded Assets and the Excluded Liabilities and any obligation
or liability imposed on Buyer by process of law as a successor to the Business;

 

(iv)          third party claims arising in breach of contract, breach of warranty, product liability, unfair competition, personal or other
injury, tort or infringement of property rights of others or other third party claims, in each case which claim is with respect
to any and all activities of Seller or any Affiliate thereof in connection with the conduct of the Business on or before the Closing
Date; and

 

(v)           any and all actions, suits, proceedings, claims, demands, assessments, judgments, costs and expenses, including reasonable legal
fees and expenses, incident to any of the foregoing or in enforcing this indemnity.

 

    	 	21	 

     

    

 

(b)           Indemnification by Buyer. Subject to the limitations and provisions set forth in this Agreement, Buyer shall indemnify
and hold harmless Seller and its Affiliates (including any officer, director, stockholder, partner, member, manager, employee,
agent or representative of any thereof) against any Damages related to, caused by or arising from:

 

(i)            any misrepresentation or breach of any representation or warranty contained herein or in any Related Document by Buyer;

 

(ii)           the failure to fulfill any covenant or agreement contained herein or in any Related Document by Buyer (including, without limitation,
the covenant and agreement of Buyer to pay, perform and discharge the Assumed Liabilities in accordance with their respective
terms) and

 

(iii)          any and all actions, suits, proceedings, claims, demands, assessments, judgments, costs and expenses, including reasonable legal
fees and expenses, incident to any of the foregoing or in enforcing this indemnity.

 

Section
10.3          Limitations on Indemnification Obligation. Seller shall not be liable for
indemnification to Buyer under ‎Section 10.2(a)(i), and Buyer shall not be liable for indemnification to Seller under ‎Section
10.2(b)(i), until the aggregate amount of all Claims of Buyer or Seller, as the case may be, exceeds Ten Thousand Dollars ($10,000.00)
(the “Threshold Amount”), at which time Buyer or Seller, as the case may be, shall be entitled to recover the
aggregate amount of all Claims in excess of the Threshold Amount. The maximum liability of Buyer under this Agreement for indemnification
obligations under ‎Section 10.2(b)(i) shall not exceed the Purchase Price, as adjusted, in the aggregate (such maximum liability
amount, the “Cap”). Notwithstanding the foregoing, the Threshold Amount and the Cap shall not apply: (i) in
the event of fraud or willful misrepresentation by the Indemnifying Party; or (ii) to indemnification obligations for Damages
in connection with a breach of the representations and warranties contained in the Fundamental Representations.

 

Section
10.4          Notice of Claims. Subject to the obligation to assert any indemnification
claim within the survival period set forth in ‎Section 10.1, any party entitled to indemnification under this Article X (“Indemnified
Party”) who believes it has a right of indemnification under this Agreement and any Related Document (a “Claim”)
shall give prompt written notice to the indemnifying party (“Indemnifying Party”) of (i) the facts and circumstances
giving rise to the claim, (ii) a good faith estimate of the amount of Damages, and (iii) the specific representation, warranty
or covenant alleged to have been breached (the “Notice”). Subject to the obligation to assert any Claim within
the survival period set forth in ‎Section 10.1, failure to give Notice shall not relieve any Indemnifying Party of any obligations
that the Indemnifying Party may have to Indemnified Party under this Article X, except to the extent that such failure has prejudiced
the Indemnifying Party under the provisions for indemnification contained in this Agreement. Within 20 days of receipt of the
Notice (the “Objection Period”), Indemnifying Party may object (a “Claim Objection”) to
any matter, including the basis and amount of such Claim, set forth in such Notice by delivering to Indemnified Party written
notice setting forth such objections in reasonable detail. If Indemnified Party does not receive a Claim Objection within the
Objection Period, then Indemnifying Party shall be deemed to have acknowledged and agreed with the correctness of such Claim amount
for the full amount thereof and shall thereafter be precluded from disputing such Claim amount. If Indemnifying Party delivers
a timely Claim Objection to Indemnified Party, Indemnified Party shall not be entitled to recoupment until Indemnified Party shall
have received either a certified copy of the final decision (by a court of competent jurisdiction) or Indemnified Party and the
Indemnifying Party shall have executed a written agreement resolving such dispute (such final determination by a court of competent
jurisdiction or written agreement being a “Final Determination”) setting forth the amount, if any, which Indemnified
Party is entitled to receive.

 

    	 	22	 

     

    

 

Section
10.5          Assumption and Defense of Third-Party Action.
If any third party shall notify (whether written, verbal or otherwise) any Indemnified Party with respect to any matter (a “Third
Party Claim”) which may give rise to a Claim (subject to the rights, terms and conditions herein) against any other
party under this Agreement, then the Indemnified Party shall promptly notify each Indemnifying Party thereof in writing; provided,
however, that no delay on the part of the Indemnified Party in notifying any Indemnifying Party shall relieve the Indemnifying
Party from any obligation hereunder unless (and then solely to the extent) the Indemnifying Party thereby is prejudiced. Any Indemnifying
Party will have the right to defend the Indemnified Party against the Third Party Claim with counsel of its choice reasonably
satisfactory to the Indemnified Party so long as (A) the Indemnifying Party notifies the Indemnified Party in writing within 15
days after the Indemnified Party has given notice of the Third Party Claim that the Indemnifying Party will indemnify the Indemnified
Party from and against the entirety of any Damages the Indemnified Party may suffer directly resulting from, directly relating
to, or caused by the Third Party Claim, (B) the Third Party Claim involves only money damages and does not seek an injunction
or other equitable relief, and (C) the Indemnifying Party conducts the defense of the Third Party Claim actively and diligently.
So long as the Indemnifying Party is conducting the defense of the Third Party Claim in accordance with this ‎Section 10.5,
(A) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third
Party Claim, (B) the Indemnified Party will not consent to the entry of any judgment or enter into any settlement with respect
to the Third Party Claim without the prior written consent of the Indemnifying Party (not to be withheld unreasonably), and (C)
the Indemnifying Party will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party
Claim without the prior written consent of the Indemnified Party (not to be withheld unreasonably). In the event any of the conditions
in this ‎Section 10.5 is or becomes unsatisfied, however, (A) the Indemnified Party may defend against, and consent to the
entry of any judgment or enter into any settlement with respect to, the Third Party Claim in any manner it reasonably may deem
appropriate (and the Indemnified Party need not consult with, or obtain any consent from, any Indemnifying Party in connection
therewith), and (B) the Indemnifying Party will remain responsible for any Damages the Indemnified Party may suffer directly resulting
from, directly relating to, or caused by the Third Party Claim to the fullest extent provided in this Article X.

 

Section
10.6         Right of Set-Off. Buyer shall have a right, but not an obligation, to set-off,
in its sole and absolute discretion, against any and all amounts payable to Seller under this Agreement or any Related Document
(whether such amounts are payable in cash or shares of Common Stock), including, without limitation (i) the Six Month Anniversary
EBITDA Adjustment and (ii) any other amounts or property payable or distributable to Seller after the Closing Date and any Damages
or other amounts to which Seller is entitled and has not already been paid pursuant to the indemnification provisions of this
Agreement or any Related Document.

 

Section
10.7         Remedies Exclusive. The remedies provided in ‎Section 10.2 shall be
the exclusive remedies of the parties with respect to the transactions contemplated hereby, and the parties waive any other remedies
however arising. Notwithstanding the foregoing, nothing herein shall limit the rights of the parties to seek equitable remedies
(including specific performance or injunctive relief) or any remedy based upon fraud or criminal misconduct.

 

    	 	23	 

     

    

 

ARTICLE
XI

 

MISCELLANEOUS

 

Section
11.1           Notices. All notices, demands and requests
required or permitted to be given under the provisions of this Agreement shall be (i) in writing, (ii) delivered by personal delivery,
or sent by commercial delivery service or registered or certified mail, return receipt requested or sent by telecopy, (iii) deemed
to have been given on the date of personal delivery or the date set forth in the records of the delivery service or on the return
receipt or, in the case of a telecopy, upon receipt thereof if received during normal business hours and otherwise on the next
Business Day and (iv) addressed as follows:

 

If
to Seller:

 

InterCloud
Systems Inc.

1030
Broad Street, Suite 102

Shrewsbury,
NJ 07702

Telecopy
No.: (732) 796-6936

Attention:
Chief Financial Officer

 

With
a copy to:

 

Pryor
Cashman LLP

7
Times Square, 40th Floor

New
York, NY 10036

Telecopy
No.: (212) 798-6319

Attention:
M. Ali Panjwani, Esq.

 

If
to Buyer:

 

Mantra
Venture Group Ltd.

c/o
AW Solutions, Inc.

300
Crown Oak Centre Drive

Longwood,
FL 32750

Telecopy
No.: (407) 260-0749

Attention:
President

 

With
a copy to:

 

or
to any such other or additional persons and addresses as the parties may from time to time designate in a writing delivered in
accordance with this ‎Section 11.1.

 

Section
11.2           Benefit and Binding Effect. None of the
parties hereto may assign this Agreement without the prior written consent of the other parties, provided, however,
that Buyer may assign this Agreement without prior written consent of Seller. No assignment shall relieve the assigning party
of any of its obligations hereunder. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as specifically set forth or referred to herein, nothing herein expressed
or implied is intended or shall be construed to confer upon or give to any Person other than the parties hereto and their respective
successors or assigns any rights or remedies under or by reason of this Agreement.

 

    	 	24	 

     

    

 

Section
11.3          Headings. The headings herein are included
for ease of reference only and shall not control or affect the meaning or construction of the provisions of this Agreement.

 

Section
11.4          Counterparts. This Agreement may be signed in any number of counterparts
with the same effect as if the signature on each such counterpart were upon the same instrument.

 

Section
11.5          Entire Agreement. This Agreement, all Schedules and Exhibits hereto, the
Related Documents and all documents, writings, instruments and certificates delivered or to be delivered by the parties pursuant
hereto collectively represent the sole and entire understanding and agreement between the parties hereto with respect to the subject
matter hereof. All Schedules and Exhibits attached to this Agreement shall be deemed part of this Agreement and incorporated herein,
as if fully set forth herein. This Agreement supersedes all prior negotiations and understandings between the parties hereto whatsoever
with respect to the subject matter hereof, and all letters of intent and other writings relating to such negotiations and understandings.

 

Section
11.6         Amendment. This Agreement shall not be amended, supplemented or modified
except by an agreement in writing which makes specific reference to this Agreement or an agreement delivered pursuant hereto,
as the case may be, and which is signed by each party hereto.

 

Section
11.7          Severability. If in any jurisdiction any provision of this Agreement or
its application to any party or circumstance is restricted, prohibited or held unenforceable, such provision shall, as to such
jurisdiction, be ineffective only to the extent of the restriction, prohibition or unenforceability without invalidating the remaining
provisions hereof and without affecting the validity or enforceability of such provision in any other jurisdiction or its application
to other parties or circumstances. In addition, if any one or more of the provisions contained in this Agreement shall for any
reason in any jurisdiction be held excessively broad as to time, duration, geographical scope, activity or subject, it shall be
construed, by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law of such jurisdiction
as it shall then appear.

 

Section
11.8          Governing Law; Consent to Jurisdiction.

 

(a)           The parties acknowledge and agree that this Agreement constitutes a contract pertaining to a transaction covering in the aggregate
not less than $1,000,000 and that their choice of law and choice of jurisdiction specified below have been made pursuant to and
in accordance with Sections 5-1401 and 5-1402, respectively, of the New York General Obligations Law. Accordingly, the parties
acknowledge and agree that this Agreement shall be governed by the laws of the State of New York, as to all matters including
matters of validity, construction, effect, performance and liability, without consideration of conflicts of laws provisions contained
therein, and the courts of the State of New York have exclusive jurisdiction of all disputes with respect to an alleged breach
of any representation, warranty, agreement or covenant of this Agreement, including, but not limited to, any dispute relating
to the construction or interpretation of the rights and obligations of any party, which is not resolved through discussion between
the parties.

 

(b)           The parties hereby irrevocably and unconditionally submit to the exclusive jurisdiction of any New York State or Federal court
sitting in New York County in any action or proceeding commenced by the other party or to which such party is a party arising
out of or relating to this Agreement or any Related Document or any transaction contemplated hereby or thereby. The parties hereby
irrevocably waive, to the fullest extent they may effectively do so under applicable law, the defense of an inconvenient forum
to the maintenance of such action or proceeding. The parties also irrevocably and unconditionally consent to the service of any
and all process in any such action or proceeding by the mailing of copies of such process by overnight courier to such party and
its counsel at their respective addresses specified in ‎Section 11.1. The parties further irrevocably and unconditionally
agree that a final judgment in any such action or proceeding (after exhaustion of all appeals or expiration of the time for appeal)
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

[remainder
of page left intentionally bank; signature page follows]

 

    	 	25	 

     

    

 

This
Asset Purchase Agreement has been executed by the undersigned parties hereto as of the date first above written.

 

	 	BUYER:
	 	 
	 	MANTRA VENTURE GROUP LTD.
	 	 	 
	 	By:	/s/
    Larry Kristof
	 	Name:	Larry
    Kristof  
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	SELLER:
	 	 	 
	 	INTERCLOUD SYSTEMS, INC.
	 	 
	 	By:	/s/
    Timothy A. Larkin
	 	Name:	Timothy
    A. Larkin
	 	Title:	Chief
    Financial Officer

 

 

25

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