Document:

Exhibit 4.4

 

PRE-FUNDED COMMON STOCK
PURCHASE WARRANT

 

TOP SHIPS INC.

 

	Warrant Shares: [_______]	 	Initial Exercise Date: June 7, 2022

 

THIS
PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________________
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) until this Warrant is
exercised in full (the “Termination Date”) but not thereafter, to subscribe for and purchase from Top Ships Inc., a
Republic of the Marshall Islands corporation (the “Company”), up to [_______]
common shares (as subject to adjustment hereunder, the “Warrant Shares”)
of the Company, par value $0.01 per share (the “Common Stock”). The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.    Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated June 3, 2022, among the Company and the purchasers signatory thereto.

 

Section 2.    Exercise.

 

a)    Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy
or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the
aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check
drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or
other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation
within three (3) Trading Days of the date on which the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and
the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt
of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.

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b)    Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise
price of $0.0001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The
Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance
or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining
unpaid exercise price per share of Common Stock under this Warrant shall be $0.0001, subject to adjustment hereunder (the “Exercise
Price”).

 

c)    Cashless
Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common
Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s execution
of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such
Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the
close of “regular trading hours” on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares being issued shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

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

 

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

 

d)    Mechanics
of Exercise.

 

i.    Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the
Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of 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 to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of
(i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate
Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the
Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of
Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay
to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading
Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any
Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at
any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s)
by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date
for purposes hereunder.

 

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ii.    Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the
Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.    Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.    Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i)
above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker
to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with
the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at
the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise
of this Warrant to purchase shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under
clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a 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 shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

 

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v.    No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall
round down to the nearest whole share.

 

vi.    Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.    Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

e)    Holder’s
Exercise Limitations.    The Company shall not effect any exercise of this Warrant, and a Holder shall not have
the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to
such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of
the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock
Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the
Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of

 

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Exercise shall be deemed
to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In
addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of
outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement
by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common
Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and
in writing 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 or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was
reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of
this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial
Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

Section 3.    Certain
Adjustments.

 

a)    Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of
Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares
of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after
the effective date in the case of a subdivision, combination or re-classification.

 

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b)    Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time while the Warrant is outstanding
the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro
rata to the record holders of any class of shares 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
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) 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 shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership
of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held
in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

c)    Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock
(and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends but excluding any distribution of
regular quarterly cash dividends), or rights or warrants to subscribe for or purchase any security other than the Common Stock (which
shall be subject to Section 3(b)), then in each such case the Exercise Price shall be decreased, effective immediately after the effective
date of such distribution, by the amount of cash and/or the fair market value (as determined by the Company’s Board of Directors,
in good faith) of any securities or other assets paid on each share of Common Stock in respect of such distribution in order that subsequent
thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such distribution.

 

d)    Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company and all of its Subsidiaries, taken as
a whole, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions other than in the ordinary course of business or in a distribution subject
to Section 2(c), (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person)
is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or
(v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with
another Person or group of Persons (other than a transaction with Evangelos Pistiolis or Lax Trust or their associated or affiliated persons
that does not effect any additional

 

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transaction contained in Sections 3(d)(i), (ii), (iii), or (iv)) whereby such other Person or group
acquires 50% or more of the outstanding shares of Common Stock (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder of the Warrants (as
determined without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, 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 which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable 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 (but 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 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), and which
is reasonably satisfactory in form and substance to the Holder of the Warrants. Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity or Successor Entities, jointly and severally), and
the Successor Entity or Successor Entities may exercise every right and power of the Company prior thereto and the Successor Entity or
Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. 

 

e) Reserved. 

 

f)    Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be
the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

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g)    Notice
to Holder.

 

i.    Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.    Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form excluding
any distribution of regular quarterly cash dividends) on the Common Stock, (B) the Company shall declare a special nonrecurring cash
dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock
rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any
stockholders of the Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of
the Company other than in the ordinary course of business, or any compulsory share exchange whereby the Common Stock is converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days
prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission,
in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock
of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the
period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein.

 

Section 4.    Transfer
of Warrant.

 

a)    Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to
the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder
for the purchase of Warrant Shares without having a new Warrant issued.

 

    	9

     

    

b)    New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be
identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)    Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes.

 

Section 5.    Miscellaneous.

 

a)    No
Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.  Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,”
and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net
cash settle a Warrant exercise.

 

b)    Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

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

 

    	10

     

    

d)    Authorized
Shares.

 

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

 

Except
and to the extent as waived or consented to by the Holder of the Warrants, the Company shall not by any action, including, without limitation,
amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue 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,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

e)    Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

f)    Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

    	11

     

    

g)    Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results
in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)    Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Purchase Agreement.

 

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

 

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

 

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

 

l)    Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

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

 

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

 

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

 

(Signature Page Follows)

 

    	12

     

    

 

 

 

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

 

TOP SHIPS
INC.

 

 

By: ___________________________

Name:

Title:

 

    	13

     

    

NOTICE OF EXERCISE

TO:    TOP
SHIPS INC.

 

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

 

(2)
Payment shall take the form of (check applicable box):

 

☐ in
lawful money of the United States; or

 

☐ if
permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

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

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:
___________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:_____________________________________

 

Name of Authorized Signatory:_______________________________________________________

 

Title of Authorized Signatory:________________________________________________________

 

Date: ___________________________________________________________________________

 

 

 

     
	

     

    

ASSIGNMENT FORM

 

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

 

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

 

	 	 	 	 	 
	Name: ___________________________________________	 	 	 	 
	 	 	 	 	(Please Print)
	 	 	 
	Address: _________________________________________	 	 	 	 
	 	 	 	 	(Please Print)
	 	 	 
	Phone Number: ____________________________________	 	 	 	 
	 	 	 
	Email Address: ____________________________________	 	 	 	 

 

	 	 	 
	 
	Dated:                                                  ,                 

 

	 	 
	Holder’s Signature:	 	 

 

	 	 
	Holder’s Address:Exhibit 4.1

 

STOCK PURCHASE AGREEMENT

 

between

 

BIMI MEDICAL INTERNATIONAL INC.

 

and

 

FNU OUDOM

 

dated as of

June 9, 2022

 

     

     

    

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”),
dated as of June 9, 2022, is entered into by and between BIMI Medical International Inc., a Delaware corporation (the “Company”),
and Fnu Oudom, a citizen of Vanuatu (the “Buyer”).

 

RECITALS

 

WHEREAS, the Company wishes to sell to the Buyer,
and the Buyer wishes to purchase from the Company, 12,500,000 shares of the Common Stock, par value $0.001 per share (the “Shares”),
subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

Purchase and sale

 

Section
1.01  Purchase and Sale. Subject to the terms and conditions
set forth herein, at the Closing, the Company shall sell to the Buyer, and the Buyer shall purchase from the Company, the Shares, free
and clear of any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment or other similar encumbrance
(each, an “Encumbrance”).

 

Section
1.02  Purchase Price. The aggregate purchase price
for the Shares shall be $5,000,000 (the “Purchase Price”). The Buyer shall pay the Purchase Price to the Company at the
Closing by means of the conversion of the $5,000,000 subordinated note issued by the Company to the Buyer on June 9, 2022.

 

ARTICLE
II

CLOSING

 

Section 2.01
Closing. The closing of the
transactions contemplated by this Agreement (the “Closing”) shall take place within three business days of the receipt
of shareholder approval of the purchase of the Shares pursuant to this Agreement (the “Closing Date”) at the offices
of the Company, or remotely by exchange of documents and signatures (or their electronic counterparts).

 

Section 2.02
The Company’s Closing Deliverables.
At the Closing, the Company shall deliver to the Buyer the following:

 

(a) Electronic
confirmation of the deposit of the Shares into an electronic DRS account maintained by the Company’s transfer agent on behalf of
the Buyer.

 

(b) A
certificate of the Secretary (or other officer) of the Company certifying: (i) that attached thereto are true and complete copies of all
resolutions of the board of directors and the stockholders of the Company authorizing the execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby, and that such resolutions are in full force and effect; (ii) the
names, titles and signatures of the officers of the Company authorized to sign this Agreement; and (iii) that attached thereto are true
and complete copies of the governing documents of the Company, including any amendments or restatements thereof, and that such governing
documents are in full force and effect.

 

    1

     

    

 

Section 2.03
The Buyer’s Deliveries. At
the Closing, the Buyer shall deliver the following to the Company:

 

(a) The
Purchase Price pursuant to Section 1.02.

 

ARTICLE
III

Representations and warranties of the Company

 

The Company represents and warrants to the Buyer
that the statements contained in this ARTICLE III are true and correct as of the date hereof.

 

Section
3.01. Organization and Authority of the Company. The Company is a corporation duly organized, validly existing and in good
standing under the Laws (as defined in Section 3.05) of the state of Delaware and is owner, free and clear, of all of the outstanding
shares of the companies identified in Section 3.01 of the Disclosure Schedules (the “Subsidiaries”). The Company has all necessary
corporate power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution and delivery by the Company of this Agreement, the performance by the Company of its obligations hereunder,
and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all requisite corporate action
on the part of the Company. This Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company
in accordance with its 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
3.02. Capitalization.

 

(a) The
authorized capital stock of the Company consists of 200,000,000 shares of common stock, $0.001 par value (the “Common Stock”),
of which 15,079887 shares are issued and outstanding. All of the outstanding shares of Common Stock have been duly authorized, are validly
issued, fully paid and non-assessable.

 

(b) Except
as set out in Section 3.02(b) of the Disclosure Schedules, there are no outstanding or authorized options, warrants, convertible securities,
stock appreciation, phantom stock, profit participation or other rights, agreements or commitments relating to the shares of the Company
or obligating The Company or the Company to issue or sell any shares of, or any other interest in, the Company. There are no voting trusts,
stockholder agreements, proxies, or other agreements in effect with respect to the voting or transfer of any of the Shares.

 

    2

     

    

 

Section
3.03. No Conflicts or Consents. The execution, delivery and performance by the Company of this Agreement, and the consummation
of the transactions contemplated hereby, do not and will not: (a) violate or conflict with any provision of the certificate of incorporation
or by-laws of the Company or the Subsidiaries; (b) violate or conflict with any provision of any Law or Governmental Order applicable
to the Company or the Subsidiaries; (c) except as set forth in Section 3.03 of the Disclosure Schedules, require the consent, notice
or other action by any Person under, violate or conflict with, or result in the acceleration of any Material Contract; or (d) except
as set forth in Section 3.03 of the Disclosure Schedules, require any consent, permit, Governmental Order, filing or notice from, with
or to any Governmental Authority; except, in the cases of clauses (b) and (c), where the violation, conflict, acceleration or failure
to obtain consent or give notice would not have a Material Adverse Effect and, in the case of clause (d), where such consent, permit,
Governmental Order, filing or notice which, in the aggregate, would not have a Material Adverse Effect. For purposes of this Agreement:
(i) “Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law or other
requirement or rule of law of any Governmental Authority; (ii) “Governmental Order” means any order, writ, judgment,
injunction, decree, stipulation, determination or award entered by or with any Governmental Authority; (iii) “Governmental Authority”
means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any arbitrator, court or tribunal of competent jurisdiction; (iv) “Person” means an individual,
corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association
or other entity; and (v) “Material Adverse Effect” means any event, occurrence, fact, condition or change that is materially
adverse to the business, results of operations, financial condition or assets of the Company, taken as a whole.

 

Section
3.04. Financial Statements. Copies of the Company’s consolidated audited financial statements for the year ended December
31, 2021 and the quarterly unaudited financial statements for the quarter ended March 31, 2022 (together the “Financial Statements”)
have been provided to the Buyer. The Financial Statements have been prepared in accordance with generally accepted accounting principles
in effect in the United States from time to time (“GAAP”), applied on a consistent basis throughout the period involved.
The Financial Statements fairly present in all material respects the financial condition of the Company as of the respective dates they
were prepared and the results of the operations of the Company for the periods indicated.

 

Section
3.05. Undisclosed Liabilities. The Company and its Subsidiaries have no liabilities, obligations or commitments of a type
required to be reflected on a balance sheet prepared in accordance with GAAP, except (i) those which are adequately reflected or reserved
against in the Balance Sheet as of the Balance Sheet Date; and (ii) those which have been incurred in the ordinary course of business
since the Balance Sheet Date and which are not material in amount.

 

Section
3.06. Legal Proceedings; Governmental Orders. 

 

(a) There
are no claims, actions, suits, investigations or other legal proceedings (collectively, “Actions”) pending or, to the
Company’s knowledge, threatened against or by the Company any of its Subsidiaries affecting any of its properties or assets (or by or
against the Company or any Affiliate thereof and relating to the Company), which if determined adversely to the Company (or to the Company
or any Affiliate thereof) would result in a Material Adverse Effect. For purposes of this Agreement: (x) “Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person; and (y) 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.

 

(b)  There
are no outstanding Governmental Orders against, relating to, or affecting the Company or any material Subsidiary, or any of their properties
or assets which would have a Material Adverse Effect.

 

    3

     

    

 

Section
3.07  Compliance with Laws; Permits. 

 

(a) The
Company and its material Subsidiaries are in compliance with all Laws applicable to them or their business, properties or assets, except
where the failure to be in compliance would not have a Material Adverse Effect.

 

(b) All
permits, licenses, franchises, approvals, authorizations and consents required to be obtained from Governmental Authorities (collectively,
“Permits”) for the Company and its material Subsidiaries to conduct their business have been obtained and are valid and
in full force and effect, except where the failure to obtain such Permits would not have a Material Adverse Effect.

 

(c) None
of the representations and warranties contained in this Section 3.07 shall be deemed to relate to environmental matters (which are governed
by Section 3.08), or tax matters (which are governed by Section 3.09).

 

Section 3.08
Environmental Matters.

 

(a) The
terms: (i) “Environmental Laws” means all Laws, now or hereafter in effect, in each case as amended or supplemented from
time to time, relating to the regulation and protection of human health, safety, the environment and natural resources, including any
federal, state or local transfer of ownership notification or approval statutes; and (ii) “Hazardous Substances” means:
(A) “hazardous materials,” “hazardous wastes,” “hazardous substances,” “industrial wastes,” or
“toxic pollutants,” as such terms are defined under any Environmental Laws; (B) any other hazardous or radioactive substance,
contaminant or waste; and (C) any other substance with respect to which any Environmental Law or Governmental Authority requires environmental
investigation, regulation, monitoring or remediation.

 

(b) Except
as would not have a Material Adverse Effect, to the Company’s knowledge, the Company and its Subsidiaries are in compliance with all Environmental
Laws and neither the Company nor its Subsidiaries have received notice from any Person that the they, their business or assets, or any
Real Property currently owned, leased, or used by them is in violation of any Environmental Law or any applicable Law regarding Hazardous
Substances.

 

(c) Except
as would not have a Material Adverse Effect, to the Company’s knowledge, there has not been any spill, leak, discharge, injection, escape,
leaching, dumping, disposal or release of any kind of any Hazardous Substances in violation of any Environmental Law with respect to the
business or assets of the Company and its Subsidiaries or any Real Property currently owned, leased or used by the them. Neither the Company
nor its Subsidiaries have received notice from any Person that any Real Property currently owned, leased or used by them has been contaminated
with any Hazardous Substances which would reasonably be expected to result in an environmental claim against, or a violation of Environmental
Laws by, the Company or its Subsidiaries.

 

    4

     

    

 

Section
3.09  Taxes.

 

(a) Since
January 2019,

 

(i) The
Company and its Subsidiaries have filed (taking into account any valid extensions) all material returns, declarations, reports, information
returns and statements and other documents required to be filed by them with respect to Taxes (including amended returns and claims for
refund) (collectively, “Tax Returns”). Such Tax Returns are true, complete and correct in all material respects. The
Company and its Subsidiaries are not currently the beneficiary of any extension of time within which to file any material Tax Return other
than extensions of time to file Tax Returns obtained in the ordinary course of business. All material Taxes due and owing by the Company
and its Subsidiaries have been paid or accrued. For purposes of this Agreement, “Taxes” means all federal, state, local,
foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease,
service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation,
premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges
of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest in respect of such additions
or penalties.

 

(ii) No
extensions or waivers of statutes of limitations have been given or requested with respect to any material Taxes of the Company.

 

(iii) There
are no ongoing Actions by any taxing authority against the Company.

 

(iv) All
material Taxes which the Company is obligated to withhold from amounts owing to any employee, creditor or third party have been paid or
accrued.

 

(b) Except
for certain representations related to Taxes in Section 3.16, the representations and warranties set forth in this Section 3.18 are the
Company’s sole and exclusive representations and warranties regarding Tax matters.

 

Section 3.10
Brokers. No broker, finder
or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated
by this Agreement based upon arrangements made by or on behalf of the Company.

 

Section
3.11 Stock Exchange Listing. The Shares, upon the issuance thereof to the Buyer under this Agreement, will be duly authorized for
listing on NASDAQ, subject to all necessary regulatory approvals. The Company is not in default in any material respect of any of the
listing or other requirements of NASDAQ.

 

    5

     

    

 

Section
3.12 SEC Filings. The Company has filed with or furnished to, as applicable, the SEC all registration statements, prospectuses, reports,
schedules, forms, statements and other documents (including exhibits and all other information incorporated by reference) required to
be filed or furnished by it with the SEC since January 1, 2019, not necessarily on a timely basis.

 

Section
3.13   Exclusions. Except for the representations
and warranties contained in this ARTICLE III (including the related portions of the Disclosure Schedules), none of the Company, its Subsidiaries,
or any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the
Company or the Company, including any representation or warranty as to the accuracy or completeness of any information regarding the Company
furnished or made available to the Buyer.

 

ARTICLE
IV

Representations and warranties of buyer

 

The Buyer represents and warrants to the Company
that the statements contained in this Article IV are true and correct as of the date hereof.

 

Section
4.01  No Conflicts; Consents. The execution, delivery
and performance by the Buyer of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a)
violate or conflict with any provision of any Law or Governmental Order applicable to the Buyer; (b) require the consent, notice or other
action by any Person under, violate or conflict with, or result in the acceleration of any agreement to which the Buyer is a party; or
(c) require any consent, permit, Governmental Order, filing or notice from, with or to any Governmental Authority.

 

Section
4.02  Investment Purpose. The Buyer is acquiring the
Shares solely for his own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution
thereof or any other security related thereto within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).
The Buyer acknowledges that the Company has not registered the offer and sale of the Shares under the Securities Act or any state securities
laws, and that the Shares may not be pledged, transferred, sold, offered for sale, hypothecated or otherwise disposed of except pursuant
to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities
laws and regulations, as applicable. The Buyer is able to bear the economic risk of holding the Shares for an indefinite period (including
total loss of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risk of its investment.

 

Section 4.03
Brokers. No broker, finder,
or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated
by this Agreement based upon arrangements made by or on behalf of the Buyer.

 

    6

     

    

 

Section 4.04
Legal Proceedings. There are
no Actions pending or, to the Buyer’s knowledge, threatened against or by the Buyer that challenge or seek to prevent, enjoin or otherwise
delay the transactions contemplated by this Agreement.

 

Section 4.05
Independent Investigation.
The Buyer has conducted its own independent investigation, review and analysis of the Company, and acknowledges that it has been provided
adequate access to the personnel, properties, assets, premises, books and records and other documents and data of the Company and the
Company for such purpose. The Buyer acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate
the transactions contemplated hereby, the Buyer has relied solely upon its own investigation and the express representations and warranties
of the Company set forth in ARTICLE III of this Agreement (including related portions of the Disclosure Schedules); and (b) none of the
Company, the Company or any other Person has made any representation or warranty as to the Company, its Subsidiaries or this Agreement,
except as expressly set forth in Article III of this Agreement (including the related portions of the Disclosure Schedules).

 

ARTICLE
V Covenants

 

Section
5.01  Further Assurances. Following the Closing, each
of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents and instruments
and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated
by this Agreement.

 

Section 5.02
Transfer Taxes. All transfer,
documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred
in connection with this Agreement (including any real property transfer Tax and any other similar Tax) shall be borne and paid by the
Buyer when due. The Buyer shall, at its own expense, timely file any Tax Return or other document with respect to such Taxes or fees (and
the Company shall cooperate with respect thereto as necessary).

 

Section 5.03 Securities Laws; Restrictions
on Transfers. The Buyer acknowledges and understands that until such time as the same is no longer required under the requirements
of the Securities Act or applicable state securities laws, the certificates representing the Shares, and all certificates representing
any securities issued in exchange thereof or in substitution therefor, will bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF BIMI INTERNATIONAL MEDICAL INC. (THE “CORPORATION”)
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY: (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES
IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT (“REGULATION S”), (C) IN ACCORDANCE WITH (1) RULE
144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION OR
EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, AND IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS,
AFTER, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C)(2) OR (D) (OR IF REQUIRED BY THE CORPORATION, OR ITS TRANSFER AGENT, CLAUSE (B))
ABOVE, THE HOLDER HAS PROVIDED TO THE CORPORATION A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, REASONABLY SATISFACTORY
TO THE CORPORATION, TO THE EFFECT THAT THE SALE OF SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIES ACT OR APPLICABLE
STATE SECURITIES LAWS.” 

 

    7

     

    

 

ARTICLE
VI

Indemnification

 

Section
6.01  Indemnification by the Company. Subject to the
other terms and conditions of this ARTICLE VI, the Company shall indemnify the Buyer against, and shall hold the Buyer harmless from and
against, any and all losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses
of whatever kind, including reasonable attorneys’ fees (collectively, “Losses”), incurred or sustained by, or imposed
upon, the Buyer based upon, arising out of, with respect to or by reason of:

 

(a) any
inaccuracy in or breach of any of the representations or warranties of the Company contained in this Agreement; or

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by the Company pursuant to this Agreement.

 

Section
6.02  Indemnification by the Buyer. Subject to the
other terms and conditions of this ARTICLE VI, the Buyer shall indemnify the Company against, and shall hold the Company harmless from
and against, any and all Losses incurred or sustained by, or imposed upon, the Company based upon, arising out of or with respect to:

 

(a) any
inaccuracy in or breach of any of the representations or warranties of the Buyer contained in this Agreement; or

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by the Buyer pursuant to this Agreement.

 

ARTICLE
VII

Miscellaneous

 

Section 7.01
Expenses. Except as otherwise
expressly provided herein (including Section 5.06 hereof), all costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the Company.

 

Section 7.02
Notices. All notices, claims,
demands and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with
written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested);
(c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal business hours
of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the
date mailed, by certified or registered mail, return receipt requested, postage prepaid, if sent to the respective parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.02):

 

	If to the Company:	
    Name: BIMI International medical
    inc.

    Address: 9th floor, Building 2, Chongqing Corporation Avenue, Yuzhong
    District, Chongqing City, PRC

    Attention: Mr. Tiewei Song

    Telephone: +86 18804085858

    Email:  song@usbimi.com 

	
     

    If to the Buyer:
	
     

    Name: Fnu Oudom

    Address: 40 Wall Street, 60th Floor

    Telephone: +1 626 495 5950

    Email: fnu.oudom@gmail.com

     

 

    8

     

    

 

Section
7.03  Interpretation; Headings. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument
or causing any instrument to be drafted. The headings in this Agreement are for reference only and shall not affect the interpretation
of this Agreement.

 

Section
7.04  Severability. If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other term or provision of this Agreement.

 

Section
7.05  Entire Agreement. This Agreement and the Subordinated
Note constitute the entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes
all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such
subject matter. In the event of any inconsistency between the statements in the body of this Agreement and the Disclosure Schedules (other
than an exception expressly set forth as such in the Disclosure Schedules), the statements in the body of this Agreement and the Subordinated
Note will control.

 

Section
7.06  Successors and Assigns. This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party
may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably
withheld or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder.

 

Section 7.07
Amendment and Modification; Waiver.
This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any
party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No
failure to exercise or delay in exercising, any right or remedy arising from this Agreement shall operate or be construed as a waiver
thereof. No single or partial exercise of any right or remedy hereunder shall preclude any other or further exercise thereof or the exercise
of any other right or remedy.

 

Section
7.08  Governing Law; Submission to Jurisdiction; Waiver of Jury
Trial.

 

(a) All
matters arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).
Any Action arising out of or related to this Agreement or the transactions contemplated hereby may be instituted in the federal courts
of the United States of America or the courts of the State of New York in each case located in the city of New York and county of New
York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such Action.

 

(b) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS AND SCHEDULES ATTACHED
TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE OF THE OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL
ACTION; (II) EACH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) EACH PARTY MAKES THIS WAIVER KNOWINGLY AND VOLUNTARILY;
AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

 

Section 7.09
Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the
same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the
same legal effect as delivery of an original signed copy of this Agreement.

 

Section 7.10
Representation by Counsel. Each of the parties hereto has been represented or has had the opportunity to be represented by
legal counsel of their own choice.

 

[signature page follows]

 

    9

     

    

 

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

 

	 	BIMI International Medical Inc.
	 	 	 
	 	By:	/s/ Tiewei Song
	 	Name:	Tiewei Song
	 	Title:	Chief Executive Officer
	 	 	 
	 	Fnu Oudom
	 	 	 
	 	By:	/s/ Fnu Oudom
	 	Name:	Fnu Oudom

 

    10

     

    

 

Disclosure Schedules 

 

Section
3.01 subsidiaries

 

	Name	 	Place
    of incorporation and 

    kind of legal entity	 	Principal
    activities and 

    place of operation	 	Effective
    interest held	 
	Lasting
    Wisdom Holdings Limited (“Lasting”)	 	British
    Virgin Island, a limited liability company	 	Investment
    holding	 	100	%
	 	 	 	 	 	 	 	 
	Pukung
    Limited (“Pukung”)	 	Hong
    Kong, a limited liability company	 	Investment
    holding	 	100	%
	 	 	 	 	 	 	 	 
	Beijing
    Xinrongxin Industrial Development Co., Ltd. (“Xinrongxin”)	 	The
    PRC, a limited liability company	 	Investment
    holding 	 	100	%
	 	 	 	 	 	 	 	 
	Boyi
    (Liaoning) Technology Co., Ltd (“Liaoning Boyi”)	 	The
    PRC, a limited liability company	 	IT
    Technology service research and development	 	100	%
	 	 	 	 	 	 	 	 
	Dalian
    Boyi Technology Co., Ltd (“Dalian Boyi”)	 	The
    PRC, a limited liability company	 	IT
    Technology service research and development 	 	100	%
	 	 	 	 	 	 	 	 
	Chongqing
    Guanzan Technology Co., Ltd. (“Guanzan”)	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of medical devices in the PRC	 	100	%
	 	 	 	 	 	 	 	 
	Chongqing
    Shude Pharmaceutical Co., Ltd.(“Shude”)	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of generic drugs in the PRC	 	95	%
	 	 	 	 	 	 	 	 
	Chongqing
    Lijiantang Pharmaceutical Co., Ltd.(“Lijiantang”)	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of generic drugs in the PRC	 	100	%
	 	 	 	 	 	 	 	 
	Bimai
    Pharmaceutical (Chongqing) Co., Ltd. 	 	The
    PRC, a limited liability company	 	Investment
    holding	 	100	 

 

    11

     

    

  

	Chongqing
    Guoyitang Hospital Co., Ltd. 	 	The
    PRC, a limited liability company	 	Hospital
    in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Chongqing
    Huzhongtang Healthy Technology Co., Ltd. 	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of generic drugs in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Chaohu
    Zhongshan Minimally Invasive Hospital Co.,Ltd. 	 	The
    PRC, a limited liability company	 	Hospital
    in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Yunnan
    Yuxi Minkang Hospital Co., Ltd. 	 	The
    PRC, a limited liability company	 	Hospital
    in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Wuzhou
    Qiangsheng Hospital Co., Ltd. 	 	The
    PRC, a limited liability company	 	Hospital
    in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Suzhou
    Eurasia Hospital Co., Ltd.	 	The
    PRC, a limited liability company	 	Hospital
    in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Bimai
    Hospital Management (Chongqing) Co. Ltd 	 	The
    PRC, a limited liability company	 	Hospital
    management in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Pusheng
    Pharmaceutical Co., Ltd 	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of generic drugs in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Chongqing
    Zhuoda Pharmaceutical Co., Ltd(“Zhuoda”)	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of generic drugs in the PRC	 	100	 
	 	 	 	 	 	 	 	 
	Chongqing
    Qianmei Medical Devices Co., Ltd (“Qianmei”)	 	The
    PRC, a limited liability company	 	Wholesale
    distribution of medical devices in the PRC	 	100	 

 

    12

     

    

 

Section
3.02 (b)

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to HUDSON
                                            BAY MASTER FUND LTD. on June 2, 2020

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to FT
                                            Global Capital Inc. on June 2, 2020

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to CVI
                                            Investments, Inc. on February 26, 2021

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to HUDSON
                                            BAY MASTER FUND LTD. February 26, 2021

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to FT
                                            Global Capital Inc. on February 26, 2021

 

		●	A
                                            convertible promissory note issued to CVI Investments, Inc. on November 22, 2021

 

		●	A
                                            convertible promissory note issued to HUDSON BAY MASTER FUND LTD on November 22, 2021

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to CVI
                                            Investments, Inc. on November 22, 2021

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to HUDSON
                                            BAY MASTER FUND LTD on November 22, 2021

 

		●	A
                                            warrant to purchase shares of common stock of BIMI International Medical Inc. issued to FT
                                            Global Capital Inc. on November 22, 2021

 

    13

     

    

 

Section
3.03 (c)

 

Consents
and waivers are required from CVI Investments, Inc. and HUDSON BAY MASTER FUND LTD (collectively, the “Investors”) with respect
to the Company’s entry into this Agreement and the issuance of the Shares contemplated hereby and the subordinated note, and the
Investors’ right of participation as set forth in Section 4(o) of the Securities Purchase Agreement dated as of November 17, 2021
among the Company and the Investors.

 

Section
3.03 (d)

 

Listing
of Additional Shares Notification Form to be filed with NASDAQ for the issuance of the Shares.

 

 

 

14

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