Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is made and entered into on July 26, 2022 (the “Effective Date”),
by and between Eoin Elliffe (hereinafter referred to as the “Executive”), and Midwest Holding Inc., a Delaware corporation
(hereinafter referred to as “MHI” or the “Employer”).

 

WHEREAS, MHI operates as a
financial services holding company, and through its subsidiaries, MHI focuses on the underwriting, selling and servicing of multi-year
guaranteed annuities and fixed indexed annuities (the “Business”);

 

WHEREAS, MHI desires to employ
the Executive as Chief Risk Officer (“CRO”) of MHI, on the terms and conditions hereinafter set forth; and

 

WHEREAS, the Executive desires
to accept employment as set forth above on the terms and conditions hereinafter set forth.

 

W I T N E S E T H

 

NOW, THEREFORE, the parties,
in consideration of their respective promises and undertakings as herein set forth, agree as follows:

 

1.             Employment.
As of the Effective Date, the Employer will employ the Executive as its CRO subject to the terms and conditions set forth herein.

 

2.             Term. The
Employer shall employ Executive and Executive shall serve the Employer, for a continuous term beginning on the Effective Date of this
Agreement and ending on the second anniversary of the Effective Date hereof (the “Initial Term”). The Initial Term
shall be extended automatically for additional one-year periods (each a “Renewal Term”), on the same terms and conditions
as set forth in this Agreement (as may be modified from time to time by the parties), beginning on the second anniversary of the date
hereof, unless either party gives the other party written notice of such party’s decision not to renew the terms of this Agreement
at least ninety (90) days prior to the end of the Initial Term or any Renewal Term. The Initial Term, together with all Renewal Terms,
are collectively referred to as the “Employment Term.” Notwithstanding the foregoing, either party may terminate this
Agreement (resulting in the termination of the Employment Term) at any time prior to the expiration of the Employment Term under the terms
and conditions described in Section 6 and 8.

 

3.             Duties.
The duties of the Executive shall be those which are usually and customarily associated with the position of a CRO of a comparably sized
company. The Executive will have the duties, responsibilities and authorities as detailed in Exhibit A attached hereto and incorporated
herein, as well as such other reasonably related duties, responsibilities and authorities as may be specified by the Chief Executive Officer
(“CEO”) of MHI. The Executive shall report directly to the CEO of MHI for the performance of his duties. The Executive shall
devote substantially all of his working time, attention, skill and reasonable best efforts to the performance of his duties hereunder
in a manner that will faithfully and diligently further the business and interests of MHI. During the Employment Term, the Executive shall
refrain from acting as an employee, employer, consultant, agent, principal, partner, stockholder, officer, director, or in any other individual
or representative capacity own, operate, control, assist, or participate in any business that is in competition in any way with the Employer;
provided, that this prohibition shall not preclude the Executive from: (i) serving as a member of the Board of Directors of one additional
for profit company, if and only if the company is not engaged in the Business, does not constitute a conflict of interest and does not
create an appearance of impropriety; (ii) engaging in charitable, civic or other volunteer activities, or (iii) owning stock
of any company whose shares are listed for trading over any public or over-the-counter exchange if, and only if, (a) the Executive
does not own more than five percent (5%) of such shares of any such company, and (b) the Executive does not control such company,
and (c) such ownership does not constitute a conflict of interest, create an appearance of impropriety or otherwise violate any provision
of applicable law. Executive acknowledges and agrees that Executive’s employment relationship is solely with Employer, that Employer
retains all rights and authority to control Executive’s activities in carrying out the terms of this Agreement, and that the subsidiaries
of MHI and its affiliates shall not be considered a joint employer of Executive for any purposes under this Agreement or under any federal,
state or local laws.

 

     

     

    

 

4.             Compensation
for Services. In consideration for the services rendered to the Employer, the Executive shall be compensated as follows:

 

A.            Base
Salary. During the Employment Term, the Executive shall be compensated at the annualized rate of $265,000.00 per calendar year (“Base
Salary”). The Executive’s Base Salary, subject to applicable withholding and authorized deductions, shall be paid in twenty-four
(24) equal semi-monthly installments, in accordance with the usual and customary payroll practices of the Employer. The parties may discuss
renegotiation of the Base Salary each year, but Employer retains sole and absolute discretion to maintain or modify the Base Salary, and
any such modification must be agreed to by the parties in writing. In no event shall the Base Salary be reduced, absent changed economic
circumstances of the Employer, for example, where base salaries are reduced across-the-board for members of senior management of the Employer.

 

B.             Bonus.
In addition to the Base Salary, during the Employment Term, Executive shall be eligible to receive an annual target bonus of 50% of the
Base Salary as in effect for such year, subject to the Executive meeting his performance goals as determined by the Employer. However,
Executive’s actual annual bonus may range from 0% to 100% of the Base Salary, and will be determined based upon achievement of performance
goals established by the CEO (after conferring with Executive) annually at or near the beginning of each calendar year during the Employment
Term (the “Target Bonus”); provided that, it is understood that such performance goals shall be a meaningful
test of Executive’s and MHI’s performance. The determination of (i) whether any Target Bonus will be paid by the Employer
and (ii) if such Target Bonus is to be paid by the Employer, whether the specified performance goals have been satisfied, shall be
made by the CEO in the CEO’s reasonable discretion. The Target Bonus (if any) with respect to any calendar year shall be payable
in the following calendar year no later than the earlier of (i) 30 days from the date on which audited financial statements covering
such calendar year performance period become available to the Employer, or (ii) June 30 of such following calendar year. For
the 2022 performance year, Executive will be paid a minimum bonus of $125,000.00 on or before March 15, 2023, regardless of performance
goals. If Executive is not employed by Employer at the end of a calendar year, and except as otherwise provided in Sections 9(B) or
(C) below with respect to severance, a pro rata Target Bonus based on the period of employment may be paid at the sole discretion
of the CEO; provided, that, a pro rata Target Bonus shall be paid to Executive (or to the heirs or estate of Executive)
with respect to a calendar year if Executive’s employment ceases during that calendar year as a result of Executive’s death
or Employer’s termination of Executive’s employment due to Permanent Disability (as hereinafter defined). The pro rata Target
Bonus, if any, shall be paid to Executive on the date on which the Target Bonus would have been paid to Executive for such calendar year,
but for Executive’s termination.

 

     

     

    

 

C.             Additional
Compensation. In addition to any other compensation set forth in this Section 4, and subject to approval by the Board of Directors
of MHI (the “Board,” with the date of such approval the “Approval Date”), Executive shall receive stock
options to purchase 20,000 shares of common stock as of the Approval Date. The Executive shall be eligible to receive stock options to
purchase additional shares of common stock as part of his annual compensation package, based on his meeting performance goals, and in
the reasonable discretion of the CEO. Any such stock option grant shall be subject to the terms and conditions set forth in either the
MHI 2019 or 2020 Long-Term Incentive Plan, as in effect and as amended from time to time (the “Incentive Plan”), together
with the Stock Option Agreement between MHI and Executive. The stock options shall have an exercise price of the fair market value as
of the date of the grant, which shall be the Approval Date, and shall expire 10 years from the date of grant. The stock options will vest
in equal installments on the second and fourth anniversaries of the date of grant, subject (except as otherwise provided herein or in
the Incentive Plan) to Executive’s continuous employment with the Employer through the applicable vesting date, or as otherwise
provided in Section 9 below. Additional equity grants to Executive may be made by MHI in its reasonable discretion.

 

D.            Benefits.
During Executive’s employment with Employer, subject to the proviso in the final sentence of this Section 4.D, the Executive
shall receive the following benefits (together, the “Other Benefits”):

 

(i)             The
Employer shall pay the full premium required to provide the Executive and the Executive’s spouse and family with coverage under
the Employer’s group health and dental plan as per current practice with comparable executives employed by MHI.

 

(ii)            The
Executive shall be eligible to participate in all leave policies and “fringe” benefit programs, including, but not limited
to, sick leave, personal leave, insurance programs and/or a 401(k) plan, as and to the extent the same are from time to time made
available to employees of the Employer.

 

Anything herein to the contrary
notwithstanding, however, the Other Benefits and the terms and conditions thereof may be hereafter modified or terminated from time to
time by MHI consistent with other similarly situated employees and without amending this Agreement, and the Executive’s eligibility,
participation and benefit entitlement for each of the foregoing policies, plans, programs or Other Benefits shall be subject to all of
the terms and conditions of each such policy, plan or program and any third party contracts, agreements or policies of insurance which
may be applicable thereto.

 

E.             Continuation
of Salary During Illness. If the Executive shall become ill or temporarily disabled and shall be absent from work by reason thereof,
the Employer shall continue the Executive’s salary during said period of illness or disability for up to a maximum of six (6) months
or such lesser time as required to permit the Executive to qualify for any long disability income insurance maintained by the Employer.

 

F.             Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other
compensation, paid to Executive pursuant to this Agreement or any other agreement or arrangement with MHI which is subject to recovery
under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be
required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by MHI pursuant
to any such law, government regulation or stock exchange listing requirement).

 

5.             Expense
Reimbursement. The Employer agrees to reimburse the Executive, in accordance with the Employer’s usual and customary practices,
for all other ordinary and necessary business expenses which are reasonably and necessarily incurred by the Executive in the course of
performing his duties on the Employer’s behalf under this Agreement.

 

     

     

    

 

6.             Termination.
This Agreement, including the Employment Term set forth in Section 2, may be terminated at any time prior to the expiration of the
Employment Term for the following reasons:

 

A.            Death.
This Agreement shall immediately terminate upon the event of the Executive’s death.

 

B.             Disability.
Subject to Section 4.D with respect to applicable leave policies, this Agreement shall immediately terminate in the event the Executive
is Permanently Disabled, has exhausted all available leave, and is unable to return to work and perform the essential functions of his
employment. “Permanently Disabled” shall mean a physical or mental impairment rendering the Executive substantially
unable to carry out his then currently assigned day-to-day functions as CRO for any period of six (6) consecutive months. Any dispute
as to whether the Executive is Permanently Disabled, and the date on which such incapacity commenced, shall be resolved by the Board with
the assistance of a physician mutually selected by the parties. The decision of the Board shall be final and binding upon the Executive
and the Employer. If the Executive does not cooperate in selecting the physician, submit to examination by the physician mutually selected
by the parties, or provide access to needed information upon which such determination can be made, then the Board shall have no continued
obligation to consult with such physician and will have the authority to determine whether Executive is Permanently Disabled on its own.

 

C.            Involuntary
Termination for Good Cause. The Employer may terminate the Executive’s employment at any time for Good Cause. “Good
Cause” shall be deemed to exist if, and only if:

 

(i)             Executive
willfully engages in acts or omissions determined to constitute fraud, breach of fiduciary duty or intentional wrongdoing or malfeasance,
including without limitation knowing falsification of the financial books or records of the Employer (or its subsidiaries or affiliates),
embezzlement of funds from the Employer (or its subsidiaries or affiliates) or other similar fraud; provided, however,
that a breach of fiduciary duty shall not be deemed to occur or exist as a result of any business decision made by Executive that is protected
by the “business judgment rule” as adopted by courts applying the General Corporation Law of the State of Delaware;

 

(ii)            Executive
is convicted of, or enters a plea of guilty or nolo contendere to charges of, any criminal violation involving fraud,
theft or dishonesty;

 

(iii)           Executive
is convicted of, or enters a plea of guilty or nolo contendere to charges of, any non-vehicular felony which has or is
substantially likely to have a material adverse effect on Executive’s ability to carry out his duties under this Agreement or on
the reputation or activities of the Employer (or its subsidiaries or affiliates);

 

(iv)           Executive
habitually abuses alcohol, illegal drugs or controlled substances or non-prescribed prescription medicine, and such abuse materially and
adversely interferes with the performance of the Executive’s duties and responsibilities to the Employer, and such acts remain uncured
for more than 30 days following receipt by Executive of written notice from the Employer specifying the nature of such acts demanding
cure thereof;

 

(v)            Executive
materially breaches the terms of any agreement between Executive and the Employer (or its subsidiaries or affiliates) relating to Executive’s
employment, materially fails to adhere to significant policies of Employer applicable to all employees, including, without limitation,
policies prohibiting sexual harassment in the workplace, or materially fails to satisfy the conditions and requirements of Executive’s
employment with the Employer (or its subsidiaries or affiliates), and such breach or failure remains uncured for more than thirty (30)
days following receipt by Executive of written notice from the Employer specifying the nature of such breach or failure and demanding
cure thereof;

 

     

     

    

 

(vi)          Executive
engages in acts or omissions constituting gross negligence by Executive in the performance (or non-performance) of his duties hereunder,
and such act or omission remains uncured for more than thirty (30) days following receipt by Executive of written notice from the Employer
specifying the nature of such act or omission and demanding cure thereof; or

 

(vii)         Executive
fails to comply with any material directive of the CEO consistent with the position of CRO and such failure remains uncured for more than
thirty (30) days following receipt by Executive of written notice from the Employer specifying the nature of the failure and demanding
cure thereof.

 

7.             Effect
of Termination. In the event the Executive’s employment is terminated pursuant to Section 6.A, 6.B or 6.C above, (i) the
Executive shall only be entitled to receive that portion of his Base Salary and Target Bonus which has been earned but remains unpaid
up to the date of such termination, in addition to Other Benefits through the date of such termination and the reimbursement of any expenses
as provided in Section 4; and (ii) all unvested stock options shall be immediately forfeited as of the date of such termination.
In the event the Executive’s employment is terminated by the Employer for reasons other than those provided in Section 6.A,
6.B. or 6.C., the Executive shall be entitled to the amounts set forth in Section 9 below subject to the terms and conditions contained
therein.

 

8.             Resignation;
Effect. In the event Executive resigns without Good Reason (as defined below), the Executive shall continue to receive payment of
his Base Salary during the term of the Non-Competition Period (as defined in Section 12, below) on a semi-monthly basis, commencing
on the first payroll date falling after sixty (60) days from the effective date of his resignation and shall be paid any earned but unpaid
Target Bonus for the prior calendar year in accordance with the payment timing provisions of Section 4.B., provided that, Executive
signs and does not revoke a Release as defined in Section 9.B below and remains in compliance with Section 12 below with respect
to non-competition. Executive agrees that he will immediately report to the Employer any offer of employment accepted by Executive during
the term of the Non-Competition Period, including the date such employment is to commence, for the purpose of allowing Employer to determine
compliance with Section 12 of this Agreement. Employer’s obligation to pay or continue payment of Base Salary and/or Target
Bonus shall cease in the event Executive fails to timely sign the Release (without revocation) in accordance with the terms of Section 9.D.
or is in breach of Section 12 of this Agreement. Employer may, in discussions with the Executive, agree with Executive in writing
at any time during the Non-Competition Period to terminate its continuing obligation to pay or continue payment of the Base Salary if
Employer waives and releases Executive from his non-competition obligations under Section 12.

 

If the Executive resigns with
Good Reason, he shall be entitled to the amounts set forth in Section 9 below subject to the terms and conditions contained therein.
For purposes of this Agreement, “Good Reason” shall mean:

 

(i)             the
material diminution of any duties, responsibilities, and authorities inconsistent in any respect with the Executive’s position as
a CRO of a comparably sized company (including status, offices, titles and reporting requirements), authority, duties or responsibilities
as contemplated by Sections 1 and 3 of this Agreement, excluding for this purpose an isolated, insubstantial and inadvertent action not
taken in bad faith and which is remedied by MHI within thirty (30) days after receipt of notice thereof given by the Executive;

 

     

     

    

 

(ii)            any
failure by MHI to comply with any of the provisions of Section 4 of this Agreement, other than an isolated, insubstantial, inadvertent
or non-material failure not occurring in bad faith and which is remedied by MHI within thirty (30) days after receipt of written notice
thereof given by the Executive. For clarification purposes, MHI’s failure to grant Executive the stock options described in Section 4.C(i) and
enter into the Stock Option Agreement within six (6) months following the Effective Date shall constitute Good Reason under
this Agreement provided that, MHI shall be entitled to the cure period described in the preceding sentence;

 

(iii)           MHI
materially breaches the terms of any agreement between the Executive and the Employer relating to the Executive’s employment, or
materially fails to satisfy the conditions and requirements of this Agreement, and such breach or failure by its nature is incapable of
being cured, or such breach or failure remains uncured for more than thirty (30) days following receipt by the Employer of written notice
from the Executive specifying the nature of the breach or failure and demanding the cure thereof; or

 

(iv)           Notwithstanding
the foregoing the Executive shall not have Good Reason to terminate his employment unless the event giving rise to Good Reason is not
fully remedied within thirty (30) days after receipt by Employer of a written notice from the Executive of such event, specifying in detail
the reason or reasons constituting Good Reason, which written notice must be provided within ninety (90) days after the initial occurrence
of such event. A termination for Good Reason cannot occur later than one-hundred and twenty (120) days following the initial occurrence
of the applicable event. For the purposes of this Agreement, termination by the Executive “without Good Reason” shall
mean termination by the Executive of his employment for any reasons other than a termination for Good Reason.

 

9.             Severance.

 

A.            If
the Employer terminates the Executive’s employment under this Agreement for any reason other than for Cause pursuant to Section 6C,
(including for clarity, as a result of the Employer electing not to renew this Agreement for an additional one-year term under Section 2),
or if the Executive resigns and terminates this Agreement for Good Reason as provided in Section 8 (each a “Qualifying Termination”),
the Employer shall pay to the Executive that portion of his Base Salary and Target Bonus which has been earned up to the date of such
termination, in addition to Other Benefits through the date of such termination and the reimbursement of any expenses as provided in Section 5.
For the purposes of clarity, the Executive shall have no right to the benefits provided under Section 9 in the event of termination
under Sections 6.A. or 6.B. – neither of which constitute a Qualifying Termination under this Agreement.

 

B.            In
connection with a Qualifying Termination that occurs at any time other than in connection with or within the twelve (12) month period
following the effective date of a Change in Control Event, and provided Executive timely signs and does not revoke as may be permitted
by law a general release of claims in a form similar to that attached as Exhibit C (the “Release”) in accordance
with the terms of Section 9.D. and remains in compliance with Section 12 below with respect to non-competition, the Employer
shall, commencing on the first payroll date following sixty (60) days from the effective date of the Executive’s Qualifying Termination
(i) pay to the Executive on a semi-monthly basis, a Severance equal to (a) the Base Salary for the term of the Non-Competition
Period; and (b) the pro rata Target Bonus based on the term of the Non-Competition Period calculated in reference to the calendar
year of the Executive’s Qualifying Termination (ii) the Board may, in its sole discretion, elect to accelerate the vesting
of any outstanding, unvested stock options and other equity awards granted to Executive pursuant to Section 4.C. above; and (iii) subject
to Executive’s timely election of continuation coverage under COBRA, the Employer shall reimburse the Executive the monthly premium
payable to continue his and his eligible dependents’ participation in the Employer’s group health plan (to the extent permitted
under applicable law and the terms of such plan) which covers the Executive (and the Executive’s eligible dependents) for the term
of the Non-Competition Period, provided that the Executive is eligible and remains eligible for COBRA coverage; and provided, further,
that in the event that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the
Employer shall immediately cease. If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the
reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and
Education Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Employer
paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate
any discriminatory treatment or taxation under the Act or Section 105(h) of the Code. All reimbursements of COBRA premiums under
this Section 9.B. will be paid automatically on a monthly basis in compliance with any applicable requirements of Section 409A
of the Code.

 

     

     

    

 

C.            In
connection with a Qualifying Termination that occurs in connection with or within the twelve (12) month period following the effective
date of a Change in Control Event, and provided Executive timely signs and does not revoke the Release in accordance with the terms of
Section 9.D., the Employer shall, commencing on the sixtieth (60th) day following the effective date of the Executive’s
Qualifying Termination (i) make a lump sum payment to the Executive in an amount equal to two (2) times the sum of the Base
Salary and the Target Bonus relating to the calendar year of the Executive’s Qualifying Termination; (ii) fully vest all of
the stock options and other equity awards (if any) granted to Executive pursuant to Section 4.C. above (with all performance vesting
awards being deemed achieved at target); and (iii) subject to Executive’s timely election of continuation coverage under COBRA,
reimburse the Executive the monthly premium payable to continue his and his eligible dependents’ participation in the Employer’s
group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive’s
eligible dependents) for a period of eighteen (18) months, provided that the Executive is eligible and remains eligible
for COBRA coverage; and provided, further, that in the event that the Executive obtains other employment that
offers group health benefits, such continuation of coverage by the Employer shall immediately cease. If the reimbursement of any COBRA
premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection
and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation Act of 2010 (collectively, the “Act”)
or Section 105(h) of the Code, the Employer paid premiums shall be treated as taxable payments and be subject to imputed income
tax treatment to the extent necessary to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of
the Code. All reimbursements of COBRA premiums provided under this Section 9.C. will be paid automatically on a monthly basis in
compliance with any applicable requirements of Section 409A of the Code.

 

A “Change in Control
Event” means:

 

(i)            Any
transaction in which shares of voting securities of MHI represent more than 50% of the total combined voting power of all outstanding
voting securities of MHI are issued by MHI, or sold or transferred by the stockholders of MHI, in either case resulting in those persons
and entities who beneficially owned voting securities of MHI representing more than 50% of the total combined voting power of all outstanding
voting securities of MHI immediately prior to such transaction ceasing to beneficially own voting securities of MHI representing more
than 50% of the total combined voting power of all outstanding voting securities of MHI immediately after such transaction;

 

(ii)           The
merger or consolidation of MHI with or into another entity resulting in those persons and entities who beneficially owned voting securities
of MHI representing more than 50% of the total combined voting power of all outstanding voting securities of MHI immediately prior to
such transaction ceasing to beneficially own voting securities of MHI representing more than 50% of the total combined voting power of
all outstanding voting securities of the surviving corporation or resulting entity immediately after such merger or consolidation; or

 

     

     

    

 

(iii)          The
sale of all or substantially all of MHI’s assets unless those person or entities who beneficially owned voting securities of MHI
representing more than 50% of the total combined voting power of all outstanding voting securities of MHI immediately prior to such asset
sale beneficially own voting securities of the purchasing entity representing more than 50% of the total combined voting power of all
outstanding voting securities of the purchasing entity immediately after such asset sale.

 

(iv)          Notwithstanding
anything herein to the contrary, with respect to any amounts that constitute deferred compensation under Section 409A of the Code,
to the extent required to avoid accelerated taxation or penalties, no Change of Control Event will be deemed to have occurred unless such
Change of Control Event also constitutes a change in control in the ownership or effective control of MHI or a substantial portion of
MHI’s assets under Treasury Regulation Section 1.409A-3(i)(5).

 

D             The
payments and benefits provided for in Sections 9.B and 9.C are conditioned on the Executive entering into the Release on or before the
sixtieth (60th) day following the date on which the Executive’s termination of employment becomes effective, and not
revoking it. The Employer shall be deemed to execute the Release on the date that the Executive executes the Release. If the Executive
fails to execute the Release without revocation by the sixtieth (60th) day following the effective date of his termination
of employment, he shall be entitled to the benefits set forth in Section 9.A only and no other benefits under Sections 9.B or 9.C.,
if otherwise applicable.

 

E              The
Employer and the Executive agree that the Executive shall have no duty to mitigate his losses or obtain other employment. If the Executive
obtains other employment, it shall not affect his right to payment under this Section.

 

10.            Indemnification;
Directors’ and Officers’ Liability Insurance. As and to the extent provided in MHI’s bylaws, Executive will be entitled
to the indemnification provided to other executive officers and directors of MHI. In addition, MHI agrees to include Executive as a covered
person on a directors’ and officers’ liability insurance policy or policies covering Executive to the same extent that MHI
provides such coverage for its other executive officers and directors.

 

11.            Proprietary
Matters Agreement. Prior to or concurrently with the execution of this Agreement, Executive has signed the Employer’s Proprietary
Matters Agreement attached hereto as Exhibit B, the terms of which are expressly incorporated herein. The termination of this Agreement
or the termination of Executive’s employment with Employer for any reason shall in no way diminish Executive’s continuing
obligations under the Proprietary Matters Agreement signed by Executive.

 

12.            Non-Competition. During
the Employment Term and for a period defined herein of up to twelve (12) months thereafter (the “Non-Competition Period”),
the Executive agrees that he shall not, anywhere in the Territory, directly or indirectly, whether as an officer, director, stockholder,
partner, member, employee, proprietor, associate, representative, investor or consultant, or in any capacity whatsoever, (a) engage
in or own, receive or purchase a financial interest in, make a loan to or make a monetary gift in support of any business competing with
the Business; or (b) provide services that are the same as or similar in function or purpose to the services Executive provided to
Employer during the Employment Term or such services that are otherwise likely or probable to result in the use or disclosure of Confidential
Information by or to another entity engaged in the Business. “Territory” means any state, country or region in which
the Employer conducts Business during the Employment Term. Notwithstanding the foregoing, nothing herein shall prevent the Executive from
owning not more than two percent (2%) of the outstanding shares in any publicly traded corporation or from having an interest in or being
employed by an enterprise having multiple business segments, divisions or product lines one or more of which is in competition with the
Employer, provided that the Executive is not employed by, and does not render any services or support to or otherwise assist, the division
or business segment or product line of such enterprise that is in competition with the Employer.

 

     

     

    

 

The Executive agrees and acknowledges
that the time limitation and scope of activity to be restrained by the restrictions in this Section, combined with the geographic scope,
are reasonable. The Executive also acknowledges and agrees that this Section is reasonably necessary for the protection of the Employer’s
Confidential Information and trade secrets, is supported by adequate consideration, and provides a reasonable way of protecting the business
value of the Employer.

 

The term of the Non-Competition
Period shall be determined based on the length of the Employment Term, as follows:

 

	Employment Term	 	Non-Competition Period
	 	 	 
	At least three (3) months	 	Three (3) months
	At least six (6) months	 	Six (6) months
	At least nine (9) months	 	Nine (9) months
	Twelve (12) months or more	 	Twelve (12) months

 

13.            Remedies
for Breach of Non-Competition Covenant.

 

A.            The
Executive acknowledges that, because the Executive’s services are personal and unique and because the Executive shall have access
to and become acquainted with the Confidential Information of the Employer, the damages that would be suffered by the Employer as a result
of the breach of the provisions of this Agreement contained in Section 12 above may not be calculable, and that an award of a monetary
judgment to Employer for such a breach would be an inadequate remedy. Consequently, Employer shall have the right, in addition to any
other rights it may have under this Agreement or elsewhere at law, to obtain injunctive relief in any court of competent jurisdiction
to restrain any breach or threatened breach hereof or otherwise to specifically enforce any of the provisions of this Agreement.

 

B.            The
covenants made by the Executive in Section 12 above shall be construed as agreements independent of any other provisions of this
Agreement (with the exception of Section 11 and the Proprietary Matters Agreement), and the existence of any claim or cause of action
of the Executive against Employer, whether predicted on this Agreement or otherwise, shall not constitute a defense to the enforcement
by MHI of these covenants.

 

C.            If
a court shall determine that any provision of (or portion of a provision of) Section 12 of this Agreement is unenforceable in accordance
with its terms, either because it extends for too long a period of time or over too great a range of activities or in too broad a geographic
area or for any other reason, it shall nonetheless be enforced on such terms as the court determines are equitable and legally enforceable.

 

14.            Severability.
Invalidity of any provision of this Agreement shall not render invalid any of the other provisions of this Agreement, and if any part
of this Agreement should be determined to be unlawful, unenforceable or against public policy, the remaining parts shall continue to be
fully effective and enforceable.

 

     

     

    

 

15.            Miscellaneous
Provisions.

 

A.            Successor
and Assigns. This Agreement is personal in nature and the Executive may not assign or delegate any rights or obligations hereunder
without first obtaining the express written consent of the Employer. The rights, benefits, and obligations of the Employer under this
Agreement and all covenants and agreements pertaining thereto hereunder shall be assignable by the Employer. Further, this Agreement shall
inure to the benefit of and be enforceable by or against the parties’ successors and assigns, provided the Employer shall remain
liable to the Executive for the performance of all obligations to be performed by it hereunder.

 

B.            Entire
Agreement. This Agreement, together with the Proprietary Matters Agreement, Incentive Plan and Stock Option Agreement, contain
the entire agreement of the parties with respect to the subject matter hereof and supersede and replace all prior agreements or understandings
and all negotiations, discussions, arrangements, and understandings with respect thereto. For purposes of clarification and the avoidance
of doubt, Executive acknowledges and agrees that the terms and provisions contained with the Proprietary Matters Agreement signed by Executive
and attached as Exhibit B shall remain in full force and effect and shall survive following Executive’s employment with Employer.

 

C.            Binding
Effect. This Agreement shall be binding upon the parties and their respective heirs, personal representatives, administrators, trustees,
successors, and permitted assigns.

 

D.            Amendment
or Modification. No amendment or modification of this Agreement shall be binding unless executed in writing by the parties hereto.

 

E.            Governing
Law. Employer and Executive agree that this Agreement shall be governed by and construed according to the laws of the State of Delaware
(without regard to its choice-of-law provisions), which the parties agree bears a substantial relationship to the parties and to this
Agreement. The state and federal courts located in Wilmington, Delaware shall have exclusive jurisdiction of any lawsuit arising from
or relating to Executive’s employment with, or termination from, the Employer, or arising from or relating to this Agreement, and
the parties expressly consent to personal jurisdiction in Delaware courts and waive any right to contest the same. The prevailing party
in any such lawsuit will be entitled to an award of attorneys’ fees and reasonable litigation costs. The foregoing excludes any
claim challenging the validity of Executive’s rights under the Age Discrimination in Employment Act or charge asserting age discrimination.

 

F.            Interpretations.
Any uncertainty or ambiguity existing herein shall not be interpreted against either party because such party prepared any portion of
this Agreement, but shall be interpreted according to the application of rules of interpretation of contracts generally. The headings
used in this Agreement are inserted for convenience and reference only and are not intended to be an integral part of or to affect the
meaning or interpretation of this Agreement.

 

G.            Notices.
Any notice required to be given in writing by any party to this Agreement may be delivered personally or by certified mail. Any such notice
directed to the Employer shall be addressed to the Employer at 2900 South 70th Street, Suite 400, Lincoln, Nebraska
68510, Attention: Secretary, Board of Directors; or to such other address as the Employer may from time to time designate in writing to
the Executive. Any notice addressed to the Executive shall be addressed to his personal residence at 116 Hudson Street, # 2 New York,
NY 10013 or to such other address as the Executive may from time to time designate in writing to the Employer.

 

     

     

    

 

H.            Survival.
Anything herein to the contrary notwithstanding, the rights and obligations of the parties hereunder which by their terms contemplate
or require performance or obligations which extend beyond or occur after the termination of this Agreement (specifically including, but
not limited to, the payments to the Executive provided for in Sections 7, 8 and 9, the indemnification of Executive provided for in Section 10,
the non-competition provisions of Section 12 and the Proprietary Matters Agreement signed by Executive) shall survive termination
of this Agreement and shall be and remain fully enforceable as between the parties in accordance with their terms.

 

I.              Voluntary
Execution; Conflict Waiver. Each of the Executive and the Employer is signing this Agreement knowingly and voluntarily. The Executive
and the Employer have been given the opportunity to consult with independent counsel of their choice regarding their rights under this
Agreement.

 

J.             Signatures.
This Agreement may be executed in counterparts, both of which shall be one and the same Agreement.

 

K.            Section 409A
Compliance.

 

(i)            To
the extent that any of the payments or benefits provided for in Section 8, 9.B or 9.C are deemed to constitute non-qualified deferred
compensation benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”), the following
interpretations apply to Section 8, 9.B or 9.C:

 

(a)            Any
termination of the Executive’s employment triggering payment of benefits under Section 8, 9.B or 9.C must constitute a “separation
from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) for interpreting
a separation from service before distribution of such benefits can commence. To the extent that the termination of the Executive’s
employment does not constitute a separation of service, any benefits payable under Section 8, 9.B or 9.C that constitute deferred
compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation
of service. For purposes of clarification, this Section shall not cause any forfeiture of benefits on the Executive’s part,
but shall only act as a delay until such time as a separation from service occurs.

 

(b)            If
the Executive is a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance
issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 8, 9.B or 9.C (if
any) that constitute non-qualified deferred compensation subject to the requirements of Section 409A of the Code shall be delayed
until the earlier of (1) the business day following the six-month anniversary of the date his separation from service becomes effective,
and (2) the date of the Executive’s death, but only to the extent necessary to avoid penalties under Section 409A of the
Code. On the earlier of (1) the business day following the six-month anniversary of the date his separation from service becomes
effective, and (2) the Executive’s death, the Employer shall pay the Executive in a lump sum the aggregate value of the non-qualified
deferred compensation that the Employer otherwise would have paid the Executive prior to that date under Section 8, 9.B or 9.C of
this Agreement.

 

(ii)            It
is intended that each installment of the payments and benefits provided under Section 8, 9.B or 9.C be treated as a separate “payment”
for purposes of Section 409A of the Code.

 

(iii)           Neither
the Employer nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the
extent specifically permitted or required by Section 409A of the Code.

 

     

     

    

 

(iv)           It
is the intention of both the Employer and the Executive that the benefits and rights to which the Executive could be entitled pursuant
to this Agreement either be exempt from (to the maximum extent possible) or comply with Section 409A of the Code and the Treasury
Regulations and other guidance promulgated or issued thereunder (to the extent that the requirements of Section 409A are applicable
thereto) and the provisions of this Agreement shall be construed in a manner consistent with that intention. If the Executive or the Employer
believes, at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise
the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section 409A
(with the most limited possible economic effect on the Executive and on the Employer) to the extent allowed by applicable law. In no event
whatsoever shall the Employer be liable for additional tax, interest or penalty that may be imposed on the Executive by Section 409A
or damages for any payments or benefits that fail to comply with Section 409A.

 

L.            Excess
Parachute Payments.

 

(i)            Notwithstanding
anything in this Agreement to the contrary, if any of the payments or benefits provided or to be provided by Employer to Executive or
for Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) are determined
to constitute “excess parachute payments” within the meaning of Section 280G of the Code and would, but for this Section 15.L
be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed
by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then
the Covered Payments shall either (a) be paid in full or (b) be reduced (but not below zero) to the minimum extent necessary
to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of (a) or (b) maximizes the after-tax
results applicable to Executive. All determinations required to be made under this Section 15.L, including whether a payment would
result in an “excess parachute payment” and the assumptions utilized in arriving at such determination, shall be made in writing
by an accounting firm selected by Employer, which writings shall be shared with Executive.

 

(ii)            If
a reduction in the Covered Payments is required by the foregoing provisions of this Section 15.L, the reduction shall occur in the
following order: (i) reduction of cash payments for which the full amount is treated as a parachute payment; (ii) cancellation
of accelerated vesting (or, if necessary, payment) of cash awards for which the full amount is not treated as a parachute payment; (iii) cancellation
of any accelerated vesting of equity awards; and (iv) reduction of any continued employee benefits. In selecting the equity awards
(if any), for which vesting will be reduced under clause (iii) of the preceding sentence, awards shall be selected in a manner that
maximizes the after-tax aggregate amount of Covered Payments, provided that if (and only if) necessary in order to avoid the imposition
of an additional tax under Section 409A of the Code, awards instead shall be selected in the reverse order of the date
of grant. In no event shall Executive have any discretion with respect to the ordering of payment reductions.

 

(iii)            If
the Covered Payments to the Executive are reduced in accordance with this Section 15.L, as a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial reduction under Section 15.L, it is possible that Covered Payments to
the Executive which will not have been made by the Employer should have been made (“Underpayment”) or that Covered
Payments to the Executive which were made should not have been made (“Overpayment”). If an Underpayment has occurred,
the amount of any such Underpayment shall be promptly paid by the Employer to or for the benefit of the Executive. In the event of an
Overpayment, then the Executive shall promptly repay to the Employer the amount of any such Overpayment together with interest on such
amount (at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any successor
thereto), from the date the reimbursable payment was received by the Executive to the date the same is repaid to the Employer.

 

     

     

    

 

IN WITNESS WHEREOF, the Employer
and the Executive have caused this Agreement to be signed with the intent it be effective as of the Effective Date, fully intending the
same to be binding upon themselves and their respective heirs, personal representatives, trustees, successors, receivers and assigns.

 

	EXECUTIVE	 
	 	 	 
	By:	 	 
	 	Eoin Elliffe	 

 

	MIDWEST HOLDING INC.	 
	 	 
	By: 	 	 
	 	Georgette Nicholas, Chief Executive Officer	 

 

     

     

    

 

Exhibit A

Duties, Responsibilities and Authorities

 

The Chief Risk Officer (“CRO”) will report
directly to the Chief Executive Officer of MHI. The CRO will be responsible for originating, evaluating, structuring, and managing all
balance sheet risk and investment activity for MHI and its affiliates and clients. The CRO shall have authority to make decisions and
execute binding agreements on behalf of the MHI consistent with the authority granted by the Board of Directors of MHI.

 

Primary Responsibilities

 

		1.	Manage reinsurance capacity and associated counterparty risk

 

		·	Lead third party reinsurance capital raising (passive and active)

		·	Pricing and structuring of reinsurance transactions

		·	Asset management / portfolio construction for MHI-controlled reinsurance assets

		·	Monitoring and proactive risk management of all reinsurance collateral

		·	Develop long term scalable sources of capital

 

		2.	Manage retained balance sheet risk

 

		·	Asset-specific underwriting and credit assessment

		·	Consistent cross asset class relative value underwriting and investment methodology to optimize asset allocation

		·	Macroeconomic risk monitoring and hedging

		·	Distressed / workout / special situation opportunities

		·	Trade execution and street relationships

		·	Product hedging

 

		3.	Risk management infrastructure

 

		·	Lead efforts to structure and implement a proper investment / risk management infrastructure to evaluate MHI’s exposure to reinsurer
portfolio risks

		·	Portfolio systems, risk monitoring systems, compliance, etc.

		·	FHLB Development - Access reliable liquidity source as well as margin expansion available from FHLB financing.

 

		4.	1505 / third party asset management (lower priority)

 

		·	Build third party asset management capabilities if and when opportunities become available

 

Secondary Responsibilities:

 

		·	Assist in product design and pricing

		·	Assist in underwriting and assessment of strategic balance sheet opportunities

		·	MHI (holdco) capital raising and corporate actions

 

     

     

    

 

Exhibit B

Proprietary Matters Agreement

 

     

     

    

 

PROPRIETARY MATTERS AGREEMENT

 

As
a condition of my relationship with Midwest Holding Inc., its affiliates, subsidiaries, and/or its successors or assigns (collectively,
the “Company”), and in consideration of the Confidential Information (as defined below) now and hereafter provided
to me by the Company, and for other good and valuable consideration (including my relationship and/or continued relationship with the
Company), the receipt and sufficiency of which are hereby acknowledged, I hereby agree as follows:

 

 1.     GENERAL. During my employment with the Company under the Employment Agreement effective July 26, 2022 with the Company, as it may be subsequently amended and/or restated (the “Employment Term”), I agree

 

a.            not
to engage, directly or indirectly, in any business, investment or activity that interferes or is contrary to the interests of the Company

 

b.            to
disclose current material outside business activities in the insurance and/or asset management industries and update the Company on any
future material outside business activities in the insurance and/or asset management industries; and

 

c.            to
comply with all laws and regulations and all Company policies.

 

I accept, acknowledge and
agree that I received additional consideration pursuant to the terms and conditions of a related agreement I entered into with the Company.

 

		2.	CONFIDENTIAL INFORMATION.

 

a.            COMPANY
INFORMATION. Except as set forth herein, I hereby agree, at all times during and following my relationship with the Company during
the Restricted Period (defined below), to hold in strictest confidence and not to use, except for the benefit of the Company and as required
in the ordinary course of performing my duties, or to disclose to any person, firm or corporation without written authorization of the
Company, any Confidential Information of the Company. I understand that “Confidential Information” means any and all information
furnished by the Company before or after the date of this Agreement, orally, in writing, or gathered by inspection and regardless of whether
or not specifically marked as “Confidential,” including, without limitation, information relating to the Company’s past,
present, or future research, development or business affairs such as trade secrets, inventions (whether or not patentable), software,
software and technology architecture, networks, business methodologies, facilities, billing records, policies, financial and operational
information, contracts, officer, director and shareholder information, suppliers, client lists, marketing or sales prospects, projected
projects and all copies, reproductions, notes, analyses, compilations, studies, interpretations, summaries and other documents whether
or not prepared by me. I also understand that “Confidential Information” does not include any of the foregoing items which
have become publicly known or generally known in the industry and made generally available through no wrongful act of mine or of others
who were under confidentiality obligations with respect to the item or items involved. Notwithstanding anything to the contrary in this
Agreement, Confidential Information shall not include any information in my possession or known to me prior to my employment with the
Company, my professional knowledge and skill, or my contact lists, whether in electronic or paper form (e.g., rolodex, Outlook contacts, etc.).
To the extent I become a shareholder or an option holder of the Company, I agree that all information distributed to me as a shareholder
or option holder will be treated as Confidential Information, except as otherwise provided herein. I agree I shall not use any Confidential
Information in any manner which may reasonably be expected to materially injure or cause loss to the Company, whether directly or indirectly.

 

     

     

    

 

 

b.            FORMER
EMPLOYER INFORMATION. I hereby agree that I will not, during my relationship with the Company,
improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity
for whom I have worked in the past, for whom I am now working or for whom I may work during the term of my relationship with the Company,
and that I will not bring onto the premises of the Company any unpublished document or proprietary information or property belonging to
any such employer, person or entity unless consented to in writing by such employer, person or entity. I represent and warrant that, except
as set forth on Exhibit 1, I am not subject to any agreement, understanding or other duty (whether pursuant to any noncompetition,
non-solicitation or confidentiality agreement or otherwise) that would in any way restrict or hinder the performance of my duties to the
Company.

 

c.            THIRD
PARTY INFORMATION. I recognize that the Company has received, and in the future will receive,
the confidential or proprietary information of third parties subject to a duty of the Company to maintain the confidentiality of such
information and to use it only for certain limited purposes. I hereby agree to hold all such confidential or proprietary information in
the strictest confidence and not to disclose it to any person, firm, or corporation or to use it except as necessary in carrying out my
work for the Company in accordance with the Company’s agreements
or other arrangements with any such third parties.

 

3.            INVENTIONS.

 

a.            INVENTIONS
RETAINED AND LICENSED. I have attached hereto, as Exhibit 1, a list describing all inventions,
original works of authorship, developments, improvements, and trade secrets which were made by me prior to my relationship with the Company,
including those conceived, developed or reduced to practice prior to execution of this Agreement, or which are owned by me (collectively
referred to herein as “Prior Inventions”), or, if no such
list is attached, I represent that there are no such Prior Inventions. If in the course of my relationship with the Company I incorporate
into a Company product, process, service or machine a Prior Invention owned by me or in which I have an interest, but which is not an
Assigned Invention (defined below), the Company is hereby granted a nonexclusive, transferable, royalty-free, fully paid, irrevocable,
perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product,
process or machine.

 

    	 	17	 

     

    

 

b.            ASSIGNMENT
OF INVENTIONS. I hereby agree that I have made or will promptly make full written disclosure
to the Company of all of my right, title, and interest in and to any and all inventions, original works of authorship, developments, concepts,
improvements, designs, “know how,” discoveries, ideas, trademarks
or trade secrets, whether or not patentable or registrable under copyright, trademark, or similar laws, which I solely or jointly have
conceived, developed or reduced to practice prior to the date hereof, conceive, develop or reduce to practice, or cause to be conceived
or developed or reduced to practice (collectively, “Inventions”),
during my relationship with the Company (collectively, “Assigned
Inventions”). To the extent permitted by applicable law, I hereby assign the Assigned Inventions to the Company. For the purposes
of this paragraph, Inventions shall not include inventions that I develop entirely on my own time without using the Company’s
equipment, supplies, facilities, or Confidential Information, except for those Inventions that either (i) relate at the time of conception
or reduction to practice of the Invention, to the Company’s business
or actual, anticipated or reasonably foreseeable research or development of the Company or to any customer or supplier of the Company’s
business, or (ii) result from any work performed by me for the Company. I understand and agree that the decision whether or not to
commercialize or market any Assigned Invention is within the Company’s
sole discretion and for the Company’s sole benefit and that no royalty
will be due to me as a result of the Company’s efforts to commercialize
or market any such Assigned Invention.

 

c.            MAINTENANCE
OF RECORDS. I hereby agree to keep and maintain adequate and current written records of all Inventions
made by me during the term of my relationship with the Company. The records will be in the form of notes, sketches, drawings, whether
in electronic or hardcopy form, and any other format that may be specified by the Company. The records will be available to and remain
the sole property of the Company at all times.

 

d.            FURTHER
ASSURANCES. I hereby agree to assist the Company, or its designee, at the Company’s
expense, in every proper way to secure the Company’s rights in the
Assigned Inventions and any copyrights, patents, trademarks, mask work rights or other intellectual property rights relating thereto in
any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto, the execution
of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply
for and obtain such rights and in order to assign and convey to the Company, and its successors, assigns, and nominees, the sole and exclusive
rights, title and interest in and to such Assigned Inventions, and any copyrights, patents, mask work rights or other intellectual property
rights relating thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such
instrument or papers shall continue after the termination of this Agreement. If the Company is unable because of my mental or physical
incapacity, death, absence, lack of cooperation or any other reason to secure my signature to apply for or to pursue any application for
any United States or foreign patents or copyright registrations covering Assigned Inventions, then I hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as my agent and attorney-in-fact, to act for and in my behalf and stead
to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters
patent or copyright registrations thereon with the same legal force and effect as if executed by me.

 

    	 	18	 

     

    

 

4.            COMPANY
PROPERTY; RETURN OF COMPANY PROPERTY. I agree that during my relationship with the Company I shall not make, use or permit to be
used any Company Property otherwise than for the benefit of the Company. The term “Company Property” shall include all notes,
memoranda, reports, lists, records, drawings, sketches, specifications, software programs, software code, data, computers, cellular telephones,
pagers, credit and/or calling cards, keys, access cards, documentation or other materials of any nature and in any form, whether written,
printed, electronic or in digital format or otherwise, relating to any matter within the scope of the business of the Company or concerning
any of its dealings or affairs and any other Company Property in my possession, custody or control. I acknowledge and agree that all
Company Property shall be and remain the sole and exclusive property of the Company. I hereby agree that, at the time of ceasing to work
with the Company, I will immediately deliver to the Company (and will not keep in my possession, recreate or deliver to anyone else)
any and all Company Property, Confidential Information, devices, equipment, other documents or property, or reproductions in any medium
of any aforementioned items developed by me or received by me pursuant to my relationship with the Company or otherwise belonging to
the Company, or its successors or assigns. I further agree that I shall not, after the termination of my relationship with the Company,
use or permit others to use any such Company Property or Confidential Information. Notwithstanding anything to the contrary in this Agreement,
nothing herein shall prevent me from retaining my contact lists, whether in electronic or paper form (e.g., Outlook contacts, rolodex, etc.)
and any documents related to my compensation or benefits.

 

5.            NOTIFICATION
OF NEW EMPLOYER. In the event my relationship with the Company ends, I hereby consent to notification by the Company to my new
employer regarding my rights and obligations under this Agreement and any other agreement by which I am bound.

 

6.            NOTIFICATION
OF RIGHT TO DISCLOSE. I acknowledge receipt of notice that an individual may not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official
or to an attorney solely for the purpose of reporting or investigating a suspected violation of law. In addition, I have been given
notice that an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
Finally, I acknowledge receipt of notice that an individual who files a lawsuit for retaliation by an employer for reporting a suspected
violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding,
if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to
court order.

 

    	 	19	 

     

    

 

7.            REPRESENTATIONS.
I hereby represent that my relationship with the Company and my performance of all the terms of this Agreement will not result in
a breach of any agreement with a third party, including the breach of any agreement to keep in confidence proprietary information acquired
by me in confidence or in trust prior to my relationship with the Company or to refrain from competing with any third party. I have not
entered into, and I agree I will not enter into, any oral or written agreement in conflict herewith.

 

8.            NON-SOLICITATION
OF CLIENTS AND CUSTOMERS. I recognize and acknowledge that the Company has a legitimate business interest in protecting the client
and customer goodwill I develop or maintain during my relationship with the Company against solicitation activities and unfair competition
by me for a limited period of time after I leave the Company in order that the Company may maintain, renew or restore its relationships
with such clients or customers. I further recognize and acknowledge that the Company’s relationships with its clients and customers
are among the Company’s most important assets and constitute protectable Confidential Information. Therefore, for a period of two
(2) years following the termination of my direct employment relationship with the Company for any reason whatsoever (whether by
virtue of the Company’s termination, my voluntary termination, or otherwise) (the “Restricted Period”), I shall
not, either individually or on behalf of a person, firm, corporation, partnership, joint venture, association or other entity whatsoever:
(i) directly solicit, or divert business from or endeavor to entice away from the Company, or (ii) directly attempt to solicit
or divert business from, or endeavor to entice away from the Company, any person, firm, corporation, partnership or entity of any kind
whatsoever which was or is a client or customer of the Company and with whom I had personal contact, for which the Company performed
services, with respect to any business, product or service that is competitive with the business, products or services offered by the
Company, as of the date of the termination of the my relationship with the Company.

 

9.            NON-SOLICITATION
OF VENDORS. To prevent the improper use of the Company’s
Confidential Information and the resulting unfair competition and misappropriation of goodwill and other proprietary interests, I
agree that during the Restricted Period, I shall not, either individually or on behalf of a person, firm, corporation, partnership,
joint venture, association or other entity whatsoever, directly interfere with, or otherwise directly cause any provider of services,
business partner, independent contractor, vendor, or supplier of the Company to curtail, sever, or alter its relationship or business
with the Company.

 

10.         NON-SOLICITATION
OF EMPLOYEES. During the Restricted Period, I shall not, either individually or on behalf
of a person, firm, corporation, partnership, joint venture, association or other entity whatsoever, directly or indirectly, solicit, induce
or attempt to solicit or induce any of the Company’s managers, directors,
officers, employees, consultants or advisors with whom I had personal contact during my relationship with the Company and before my separation
from the Company, to discontinue his, her or its relationship with the Company, provided that I am not prohibited from recruiting or hiring
any person who responds to general advertisements in newspapers and/or electronic and online media of general circulation that are not
targeted specifically towards employees of the Company.

 

    	 	20	 

     

    

 

11.         REASONABLENESS.
I acknowledge that the duration of the covenants contained in Sections 8, 9 and 10 is fair and
reasonable in light of the amount of compensation, specialized training, education and access to Confidential Information that I am receiving
in connection with my relationship with the Company. It is the Company and my desire and intent that the provisions of this Agreement
be enforced to the fullest extent permitted under applicable law, whether now or hereafter in effect. I agree and understand that the
covenants in Sections 8, 9 and 10 are reasonable and necessary to protect the Company’s
Confidential Information and goodwill with its clients, customers and vendors as developed and maintained by me during my relationship
with the Company. I further agree that the provisions in Sections 8, 9 and 10 are reasonable and narrowly tailored to protect the Company’s
legitimate business interests and that I will not suffer any substantial hardship as a result of enforcement of these provisions. I further
acknowledge that I am capable of obtaining suitable employment following the termination of my relationship with the Company, even though
I have agreed not to disclose or use the Company’s Confidential
Information and have agreed to the non-solicitation provisions contained in this Agreement. I further agree that the terms of the non-solicitation
provisions, although they may limit future employment opportunities, do not amount to an industry-wide employment exclusion and, as such,
are neither unduly harsh nor oppressive in curtailing my legitimate efforts to earn a livelihood.

 

12.         EQUITABLE
REMEDIES. I AGREE THAT ANY BREACH OF THE COVENANTS SET FORTH IN THIS AGREEMENT WILL CAUSE THE
COMPANY SUBSTANTIAL AND IRREVOCABLE DAMAGE AND IRREPARABLE INJURY, AND THAT IT WOULD BE IMPOSSIBLE OR INADEQUATE TO MEASURE AND CALCULATE
THE COMPANY’S DAMAGES FROM ANY SUCH BREACH. ACCORDINGLY, I
AGREE THAT IF I BREACH THIS AGREEMENT, THE COMPANY WILL HAVE AVAILABLE, IN ADDITION TO ANY OTHER RIGHT OR REMEDY AVAILABLE, INCLUDING
THE RECOVERY OF DAMAGES FROM ME, THE RIGHT TO SEEK AN INJUNCTION FROM A COURT OF COMPETENT JURISDICTION RESTRAINING SUCH BREACH OR THREATENED
BREACH AND TO SPECIFIC PERFORMANCE OF ANY SUCH PROVISION OF THIS AGREEMENT. I FURTHER AGREE THAT NO BOND OR OTHER SECURITY SHALL BE REQUIRED
IN OBTAINING SUCH EQUITABLE RELIEF AND I HEREBY CONSENT TO THE ISSUANCE OF SUCH INJUNCTION AND TO THE ORDERING OF SPECIFIC PERFORMANCE.

 

    	 	21	 

     

    

 

13.         GOVERNING
LAW, ARBITRATION. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE. THE PARTIES AGREE TO USE THEIR BEST EFFORTS TO AMICABLY RESOLVE ANY DISPUTE ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE RELATIONSHIP. ANY CONTROVERSY, CLAIM OR DISPUTE THAT CANNOT BE SO RESOLVED SHALL BE SETTLED BY FINAL BINDING ARBITRATION
IN ACCORDANCE WITH THE EMPLOYMENT RULES OF THE AMERICAN ARBITRATION ASSOCIATION AND JUDGMENT UPON THE AWARD RENDERED BY THE ARBITRATOR
MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. ANY SUCH ARBITRATION SHALL BE CONDUCTED IN WILMINGTON, DELAWARE OR SUCH
OTHER PLACE AS MAY BE MUTUALLY AGREED UPON BY THE PARTIES. WITHIN FIFTEEN (15) DAYS AFTER THE COMMENCEMENT OF THE ARBITRATION, THE
PARTIES SHALL MUTUALLY AGREE UPON A SINGLE ARBITRATOR, AND IF THEY CANNOT SO AGREE WITHIN SUCH TIME PERIOD, THE SINGLE ARBITRATOR SHALL
BE APPOINTED BY THE AMERICAN ARBITRATION ASSOCIATION. THE ARBITRATOR SHALL HAVE EXCLUSIVE AUTHORITY TO DETERMINE THE FORMATION, EXISTENCE,
VALIDITY, ENFORCEABILITY, INTERPRETATION OR SCOPE OF THE PARTIES’
AGREEMENT TO ARBITRATE. UPON APPLICATION OF ANY PARTY, THE ARBITRATOR MAY REQUIRE SPECIFIC PERFORMANCE OF ANY PROVISION OF
ANY AGREEMENT BETWEEN THE PARTIES, INCLUDING THE AWARD OF EMERGENCY, TEMPORARY OR PRELIMINARY INJUNCTIVE RELIEF. A PARTY ALSO MAY,
WITHOUT WAIVING ANY OTHER REMEDY, SEEK FROM ANY COURT HAVING JURISDICTION ANY INTERIM OR PROVISIONAL RELIEF THAT IS NECESSARY TO PROTECT
THE RIGHTS OR PROPERTY OF THAT PARTY PENDING THE ARBITRATOR’S APPOINTMENT
OR DECISION ON THE MERITS OF THE DISPUTE. IN ADDITION, A PARTY MAY, WITHOUT WAIVING ANY OTHER REMEDY, SEEK RELIEF FROM ANY COURT HAVING
JURISDICTION FOR ANY CLAIM THAT IS NON-ARBITRABLE UNDER APPLICABLE STATE OR FEDERAL LAW. THE COMPANY SHALL COVER THE INITIAL COSTS OF
ARBITRATION, INCLUDING THE ARBITRATOR’S EXPENSES AND ADMINISTRATIVE FEES. THE PREVAILING PARTY WILL BE ENTITLED TO AN AWARD
OF REASONABLE ATTORNEYS’ FEES AND REASONABLE COSTS INCURRED RELATED TO ANY ARBITRATION, INCLUDING THE ARBITRATOR’S EXPENSES
AND ADMINISTRATIVE FEES. THE PARTIES AGREE (I) NO ARBITRATION PROCEEDING HEREUNDER SHALL BE CERTIFIED AS A CLASS ACTION OR PROCEED
AS A CLASS ACTION, COLLECTIVE ACTION OR ON A BASIS INVOLVING CLAIMS BROUGHT IN A PURPORTED REPRESENTATIVE CAPACITY ON BEHALF OF OTHER
PERSONS SIMILARLY SITUATED, AND (II) NO ARBITRATION PROCEEDING HEREUNDER SHALL BE CONSOLIDATED WITH, OR JOINED IN ANY WAY WITH, ANY
OTHER ARBITRATION PROCEEDING.

 

14.         ASSISTANCE
IN LITIGATION. During and following my relationship with the Company, I agree, upon reasonable
notice and for a reasonable time following the termination of my relationship with the Company, to furnish such information and proper
assistance to the Company as may be reasonably required by the Company with any litigation or audit in which it is, or may become, a party.
The Company’s requests pursuant to this Section shall take
into consideration my personal and business commitments and the amount of notice provided to me. The Company will also reimburse me, if
legally permissible, for reasonable out of pocket and other incidental expenses that I incur as a result of my cooperation pursuant to
this paragraph (including reasonable attorneys’ fees, if reasonably
necessary).

 

    	 	22	 

     

    

 

15.            ENTIRE
AGREEMENT. This Agreement sets forth the entire agreement and understanding between the Company
and the undersigned relating to the subject matter hereof and merges all prior discussions between the parties with respect to such subject
matter.

 

16.            AMENDMENTS.
The parties hereby agree that, notwithstanding the provisions of the Electronic Signatures in
Global and National Commerce Act, no modification of or amendment to this Agreement, or any waiver of any rights under this Agreement,
will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in duties, salary, or compensation
will not affect the validity or scope of this Agreement.

 

17.            SEVERABILITY.
If one or more of the provisions in this Agreement are deemed void or voidable under applicable
law, then the remaining provisions will continue in full force and effect without the inclusion of any such provisions.

 

18.            SUCCESSORS
AND ASSIGNS. I agree that I will not assign this Agreement or any rights and obligations hereunder
to any third party. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be
for the benefit of the Company and its successors and assigns.

 

19.            HEADINGS.
The section headings herein contained have been inserted for convenience of reference only and
shall not be used to interpret, construe or in any way affect the meaning or interpretation of the terms and provisions hereof. Without
limiting the generality of the foregoing, the restrictions and obligations set forth herein shall remain in full force and effect whether
the undersigned’s efforts on behalf of the Company are performed
as an employee, consultant or as a member providing services for the benefit of the Company.

 

21.            WAIVER.
A waiver by any party hereto of any condition or the breach of any term, covenant, representation
or warranty contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall not be deemed or construed
as a further or continuing waiver of any such condition or the breach of any other term, covenant, representation or warranty set forth
in this Agreement.

 

22.            SURVIVAL.
Sections 2, 4, 6, 8, 9, 10, 12, 13, 14, 15, 16, 17, 18 and 21 shall survive any termination or
expiration of this Agreement.

 

23.            COUNTERPARTS.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

[Remainder of Page Intentionally Left Blank
 – Signature Page Follows]

 

    	 	23	 

     

    

 

In Witness Whereof, this Proprietary
Matters Agreement has been executed with the intent it be effective as of July 26, 2022.

 

	 	MIDWEST HOLDING INC.
	 	 
	 	By:	                         
	 	Name:	Georgette C. Nicholas
	 	Its:	Chief Executive Officer
	 	 
	 	Eoin Elliffe
	 	 
	 	By:	 
	 	Name:	Eoin Elliffe
	 	Date:	July 26, 2022

 

THIS
AGREEMENT CONTAINS AN ARBITRATION PROVISION

WHICH MAY BE ENFORCED

 

    	 	24	 

     

    

 

EXHIBIT 1

 

		1.	List of Prior Inventions and Original Works of Authorship

 

	Title	Date	Identifying Number or
    Brief Description

 

 

If no Prior Inventions are listed above, I
represent that there are no such Prior Inventions.

 

		2.	List of Prior Non-competition
and Non-solicitation Restrictions

 

	Title	Date	Identifying Number or
    Brief Description

 

 

If no prior non-competition and non-solicitation
restrictions are listed above, I represent that there are no such restrictions.

 

	 	Eoin Elliffe
	 	 
	 	By:	 
	 	Name:	Eoin Elliffe

	 	Date:	July 26, 2022

 

    	 	25	 

     

    

 

Exhibit C

 

SEVERANCE AGREEMENT AND RELEASE

 

This
Severance Agreement and Release (this “Agreement”) is entered into by and between Eoin
Elliffe (“Employee”) and Midwest Holding Inc. (the “Company”).
Employee and the Company are sometimes collectively referred to as the “Parties.”
All terms not otherwise defined herein shall have the same meaning as set forth in the Employment Agreement between the Parties
effective as of July 26, 2022.

 

1.            Employee’s
employment with the Company is terminated effective _____________, 20___ (the “Termination
Date”). The Parties have agreed to avoid and resolve any alleged existing or potential disagreements between them arising out of
or connected with Employee’s employment with the Company and the
termination of such employment. The Company expressly disclaims any wrongdoing or any liability to Employee.

 

2.            The
Company acknowledges that it will pay Employee for Base Salary earned through the Termination Date and reimburse Employee for properly
documented and timely submitted business expenses, if any, pursuant to the Company’s
expense reimbursement policies. All benefits that Employee currently receives from the Company shall terminate on the Termination Date;
provided, however, that Employee’s health and dental benefits (if
applicable) may continue, consistent with Company policy, through the last day of the month that includes the Termination Date. Moreover,
the termination of any health insurance benefits is subject to Employee’s
rights under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).

 

3.            In
exchange for Employee’s execution of this Agreement, and Employee’s
performance of his/her obligations hereunder, the Company agrees to provide Employee the following severance benefits after the expiration
of the revocation period described in Paragraph 20, below, at which time this Agreement becomes effective (“Effective
Date”), provided Employee has not revoked this Agreement as described in Paragraph 20:

 

[Insert Applicable Severance Benefits]

 

Employee
specifically acknowledges and agrees that this consideration exceeds the amount Employee would otherwise be entitled to receive upon termination
of Employee’s employment and that such severance benefits are in exchange for entering into and performing this Agreement.
Employee agrees that Employee will not at any time seek consideration from the Company other than what is set forth in this Agreement.
Employee specifically acknowledges and agrees that the Company has made no representations to Employee regarding the tax consequences
of any amounts received by Employee or for Employee’s benefit pursuant
to this Agreement, and Employee has not relied on any representation or lack of representation by the Company. Employee remains wholly
responsible for the tax consequences regarding the amounts to be received.

 

    	 	26	 

     

    

 

4.            Except
to the extent prohibited by law, Employee and Employee’s heirs, executors, administrators, successors and assigns hereby fully
RELEASE the Company and each of its direct and indirect subsidiaries, affiliates and parents and each of their respective predecessors,
successors and past and present direct and indirect stakeholders, directors, officers, employees, contractors, representatives, agents
and assigns (the “Company Releasees”) from any and all claims, complaints, causes of action or demands, of whatever kind
or nature, that Employee now has or has ever had against the Company or any of the Company Releasees, arising from or relating to Employee’s
employment with or discharge from the Company, whether known or unknown to Employee at the time of Employee’s execution of this
Agreement, including, but not limited to: wrongful or tortious termination, specifically including, but not limited to, actual or constructive
termination in violation of public policy; military leave, reinstatement, or related rights; claims under common law, statute or contract,
specifically including, but not limited to, implied or express employment contracts and/or estoppel; discrimination, retaliation and/or
any other claims under any federal, state or local statute or regulation, specifically including but not limited to any claims Employee
may have under the WARN Act, the Fair Labor Standards Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, 42 U.S.C.
Section 1981, the Family and Medical Leave Act, and the Employee Retirement Income Security Act, all as amended; any and all claims
brought under any applicable state or local employment, discrimination or other statutes; any claims brought under any federal, state
or local statute or regulation with respect to nonpayment of wages, severance pay, or other compensation (including, but not limited
to, bonuses); and libel, slander, fraud, misrepresentation, or breach of contract other than a breach of this Agreement. THIS AGREEMENT
CONTAINS A GENERAL RELEASE OF ALL CLAIMS. This release specifically excludes claims, charges, complaints, causes of action or demands
of whatever kind or nature: (a) that arise after the Termination Date, including the right to enforce this Agreement; (b) that
cannot be released as a matter of law, including Employee’s rights to COBRA, workers’ compensation, and unemployment insurance;
(c) to accrued, vested benefits under any employee benefit, stock, savings, insurance or pension plan of the Company; or (d) to
indemnification, contribution, advancement or defense as provided by and in accordance with the terms of the Company by-laws, articles
of incorporation, liability insurance coverage, or applicable law.

 

    	 	27	 

     

    

 

5.            Nothing
in this Agreement shall preclude or interfere with Employee’s rights
under federal, state or local civil rights or employment discrimination laws to file a complaint with any federal, state or local agency
or self-regulatory organization charged with enforcing such laws, including, but not limited, to the Equal Employment Opportunity Commission
(“EEOC”). Nor shall this Agreement be construed to prevent
Employee from assisting in, cooperating with or participating in any investigations or proceedings by such agency or self-regulatory organization
pursuant to a lawful subpoena or equivalent order. None of the foregoing acts by Employee shall constitute a breach of any non-disparagement,
confidentiality or cooperation clauses or any other clause of this Agreement. Notwithstanding the foregoing, Employee acknowledges and
agrees that Employee hereby waives any and all rights Employee may have to recovery of any damages (whether monetary or otherwise) in
connection with any complaint or charge Employee may file pursuant to this Paragraph and that the amount specified in Paragraph 3 herein
is sufficient consideration for any such claims.

 

6.            Employee
represents and warrants that Employee has no pending disputes, differences, grievances, charges, complaints, litigation, lawsuits, or
actions against any of the Company Releasees or with any local, state or federal agency or court arising from or related to Employee’s
employment relationship with or separation from the Company. Employee hereby warrants and represents that Employee has not assigned, alienated,
hypothecated or in any other way transferred (in whole or in part) to any other person, organization or entity any claims, demands, losses,
actions or rights of action against the Company, known or unknown, of whatever character and nature, arising from or related in any way
to Employee’s employment with or separation from the Company, or
any claim Employee may have against any of the Company Releasees.

 

7.            Employee
affirmatively states and represents that upon Employee’s receipt
of pay for Employee’s hours worked through Termination Date, as
provided in Paragraph 2 above, Employee will have received all compensation to which Employee became entitled during Employee’s
employment with the Company and that no other wages or compensation remain payable to Employee.

 

8.            Employee
will not make any disparaging remarks regarding the Company, its business, products and services, or any of its directors, officers, employees,
contractors, representatives, agents and assigns, to any third party, whether in private or in public. The Company will direct its directors
and senior management not to make any disparaging remarks regarding Employee, whether in private or in public. Nothing in this Paragraph
is intended to restrict Employee from engaging in activity protected by the National Labor Relations Act or prohibit Employee, the Company
or any of its’ directors or senior managers from testifying truthfully
under oath.

 

    	 	28	 

     

    

 

9.            Employee
will not disclose any Confidential Information (as herein defined) and (a) shall not permit any third party access to the Confidential
Information; (b) shall use the same degree of care to protect the Confidential Information as the Company uses to protect its Confidential
Information; and (c) shall take any other actions that are reasonable, necessary or appropriate to ensure the continued confidentiality
and protection of the Confidential Information. “Confidential Information”
means proprietary information of the Company, including, but not limited to, customer information, customer or vendor lists or information
obtained through customer, customer or vendor contacts, trade secrets, business plans, marketing plans, financial information or reports
and any other information relating to the business of the Company or any affiliate that would be detriment of the Company if disclosed
or to any other third party; provided, however, that “Confidential
Information” shall not include information that is (i) part of the public domain (other than as a result of a breach of this
Agreement); (ii) generally known within the industry; or (iii) known to Employee prior to her employment with the Company. Employee
shall treat all Confidential Information and all other nonpublic information obtained during Employee’s
employment by the Company as confidential and shall not, without written authorization from the Company, release or share such information
with any third party, except as may be required by law or pursuant to an order by any court or tribunal of competent jurisdiction.

 

10.          Employee
affirmatively states and represents that the Company has not taken any retaliatory personnel action against Employee because Employee
disclosed, or threatened to disclose, to any appropriate governmental agency, an activity, policy, or practice of the Company that Employee
believes to be in violation of a law, rule, or regulation; for providing information to, or testifying before, any appropriate governmental
agency, person, or entity conducting an investigation, hearing, or inquiry into an alleged violation of a law, rule, or regulation by
the Company; or for objecting to, or refusing to participate in, any activity, policy, or practice by the Company which Employee believes
to be in violation of a law, rule, or regulation.

 

11.          Employee
warrants that Employee has, or, prior to becoming entitled to any payment hereunder, Employee shall, deliver to the Company all memoranda,
notes, plans, records, reports, computer files, printouts and software and other documents and data (and copies thereof) relating to the
Confidential Information, or the business of the Company that Employee may then possess or have under his/her control; provided, however,
nothing herein shall prevent Employee from retaining documents related to her compensation and benefits. If Employee fails or refuses
to comply with the provisions of this Paragraph, the Company may, at its option, cancel and revoke this Agreement.

 

12.          The
Company requests that prior to reporting any actual or perceived violation of law to any governmental entity, Employee first notify the
Company of any potential legal or compliance issue to allow the Company the opportunity to investigate and appropriately report any compliance
matter brought to its attention by Employee. Nothing in this Paragraph is intended to impede Employee’s
right to report possible violations of law that are protected under the whistleblower provisions of local, state or federal law, including
reports to any governmental agency or entity, and Employee is not required to seek the Company’s
permission prior to making such reports.

 

    	 	29	 

     

    

 

13.          Employee
acknowledges receipt of notice that an individual may not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney
solely for the purpose of reporting or investigating a suspected violation of law. In addition, Employee has been given notice that an
individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Finally, Employee
acknowledges receipt of notice that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court
order.

 

14.          In
response to inquiries regarding Employee’s employment with the Company,
the Company, by and through its speaking agent(s), agrees to provide a neutral reference and to report the following information: Employee’s
date of hire, the date Employee’s employment ended, and Employee’s
rates of pay.

 

15.          Employee
warrants that no promise or inducement has been offered for this Agreement other than as set forth herein and that this Agreement is executed
without reliance upon any other promises or representations, oral or written.

 

16.          This
Agreement constitutes the entire understanding between the Parties on the subject matter contained herein and supersedes all negotiations,
representations, prior discussions and preliminary agreements between the Parties with respect to the subject matter herein. This Agreement
does not supersede any agreements, including, but not limited to, the Proprietary Matters Agreement or any restrictive covenants that
were in effect immediately prior to the date of this Agreement and which, by their terms, survive the termination of Employee’s
employment. Employee acknowledges that provisions contained within any agreements that Employee signed with the Company, and which expressly
survive Employee’s employment, shall remain in full force and effect
and survive his/her employment with the Company as provided by the terms of any such agreements. Such terms are expressly incorporated
herein.

 

17.          If
any provision of this Agreement or compliance by Employee or the Company with any provision of this Agreement constitutes a violation
of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of law, unenforceable
or void, shall be modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such provision
will be enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to the extent it is in
violation of law, unenforceable or void, will be deemed severable from the remaining provisions of this Agreement, which remaining provisions
will remain binding on both Employee and the Company.

 

    	 	30	 

     

    

 

18.          This
Agreement will be governed by the laws of the State of Delaware (without regard to its choice-of-law provisions), which Employee agrees
bears a substantial relationship to the Parties and to this Agreement. The state and federal courts located in Wilmington, Delaware shall
have exclusive jurisdiction of any lawsuit arising from or relating to Employee’s
employment with, or termination from, the Company, or arising from or relating to this Agreement, and Employee expressly consents to personal
jurisdiction in Delaware courts and waives any right to contest the same. The prevailing party in any such lawsuit will be entitled to
an award of attorneys’ fees and reasonable litigation costs. The foregoing excludes any claim challenging the validity of Employee’s
waiver of rights under the Age Discrimination in Employment Act or charge asserting age discrimination.

 

19.          Employee
agrees that Employee will indemnify and hold the Company harmless from and against any and all losses, liabilities, costs, damages or
expenses incurred by the Company or any Company Releasee (including, without limitation, reasonable attorneys’
fees) arising out of or resulting from any breach of this Agreement by Employee. Employee further agrees that if Employee challenges
this Agreement, files any claims against the Company arising from or relating to Employee’s
employment with, or termination from, the Company, excluding any claim challenging the validity of Employee’s
waiver of rights under the Age Discrimination in Employment Act, or otherwise fails to abide by the terms of this Agreement, as determined
by a court of competent jurisdiction, (a) Employee will return all moneys and benefits received by Employee from the Company pursuant
to this Agreement and (b) the Company may elect, at its option and without waiver of any other rights or remedies it may have, not
to pay or provide any unpaid moneys or benefits.

 

20.          Employee
specifically agrees and acknowledges that (A) Employee’s waiver
of rights under this Agreement is knowing and voluntary as required under the Older Workers’
Benefit Protection Act and Age Discrimination in Employment Act; (B) Employee understands the terms of this Agreement; (C) Employee
has been advised in writing by the Company to consult with an attorney prior to executing this Agreement; (D) the Company has given
Employee a period of up to twenty-one (21) days within which to consider this Agreement and that if Employee executes this Agreement within
such period, Employee waives the remainder of the period and that modifications to this Agreement during such period, whether material
or immaterial, do not restart the running of such period; (E) following Employee’s
execution of this Agreement, Employee has seven (7) days in which to revoke Employee’s
agreement to this Agreement and that if Employee chooses not to so revoke, this Agreement shall then become effective and enforceable
and the payment and extension of benefits listed below shall then be made to Employee in accordance with the terms of this Agreement;
and (F) nothing in this Agreement shall be construed to prohibit Employee from filing a charge or complaint, including a challenge
to the validity of the waiver provision of this Agreement, with the Equal Employment Opportunity Commission or participating in any investigation
conducted by the Equal Employment Opportunity Commission; provided, however, that Employee has waived any right to monetary relief. To
cancel this Agreement, Employee understands that Employee must deliver a written revocation to 2900 South 70th Street, Suite 400,
Lincoln, Nebraska 68510, Attention: General Counsel, by 5:00 p.m. on the seventh day after Employee executes this Agreement. If Employee
revokes this Agreement, it will not become effective or enforceable and Employee will not be entitled to any of the benefits set forth
in this Agreement.

 

    	 	31	 

     

    

 

21.          EMPLOYEE
ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS AGREEMENT, THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO
CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE, AND THAT EMPLOYEE
SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING THE COMPANY AND ITS OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, REPRESENTATIVES, AGENTS
AND ASSIGNS FROM ANY AND ALL CLAIMS.

 

22.          This
Severance Agreement and Release shall inure to the benefit of and be binding upon the Parties, as well as their successors, heirs and
assigns.

 

23.          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, including any signed electronic
facsimile copies of this Agreement, and all such counterparts together shall be deemed to constitute one and the same instrument.

 

24.          Changes
in this Agreement, whether by additions, waivers, deletions, amendments or modifications, may be accomplished only by a writing signed
by both Employee and the Company.

 

[Remainder of Page Intentionally Left Blank
 – Signature Page Follows]

 

    	 	32	 

     

    

 

ACCEPTED AND AGREED TO:

 

	Midwest Holding Inc.	 	Eoin Elliffe
	 	 	 
	By:	                 	 	By:	 
	     [Name]	 	Eoin Elliffe
	     [Title]	 	 
	Date:	 	 	Date:	 

 

    	 	33Exhibit 10.1

 

SECURITIES Subscription
and Warrant PURCHASE AGREEMENT

 

Dated June 30, 2022

 

among

 

Dragon Victory International Limited,

 

and

 

The Purchasers Listed on Schedule A Attached
Hereto

 

     

     

    

 

SECURITIES Subscription
and Warrant PURCHASE AGREEMENT

 

THIS SECURITIES
Subscription and Warrant PURCHASE AGREEMENT (this “Agreement”), dated June 30, 2022, is entered into by
and among (i) Dragon Victory International Limited, an exempted company with limited liability, organized and existing under the laws
of the Cayman Islands (the “Company”), and (ii) each of the Persons whose name is set forth in Schedule A attached
hereto (the “Purchasers” and each a “Purchaser”; together with the Company, the “Parties”
and each a “Party”).

 

RECITALS

 

WHEREAS, the Purchasers desire to subscribe for
and purchase, and the Company desires to issue and sell, certain newly issued Ordinary Shares (as defined below) pursuant to the terms
and conditions set forth in this Agreement;

 

WHEREAS, the Purchasers desire to subscribe for
and purchase, and the Company desires to issue and sell, certain Warrants (as defined below), in the form attached hereto as Exhibit A,
pursuant to the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual representations, warranties, covenants and agreements set forth herein, as well as other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of the Parties hereto, intending to be legally bound, agrees as follows:

 

ARTICLE I

DEFINITION AND INTERPRETATION

 

Section 1.01    Definition,
Interpretation and Rules of Construction

 

(a)   As
used in this Agreement, the following terms have the following meanings:

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such
Person; provided that none of the Company, nor any of its Subsidiaries shall be considered an Affiliate of the Purchaser.
For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the
terms “controlling” and “controlled” have correlative meanings.

 

“Applicable Law”
means, with respect to any Person, any transnational, domestic or foreign, state or local law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted,
adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly
specified otherwise.

 

    2

     

    

 

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

 

“Business Day”
means any day other than a Saturday, Sunday or another day on which commercial banks in the Cayman Islands, the People’s Republic
of China (the “PRC” or “China”, which for the purpose of this Agreement shall exclude Hong Kong,
Macau SAR and Taiwan), Hong Kong or New York are required or authorized by law or executive order to be closed.

 

“Company Fundamental
Warranties” means any representations and warranties of the Company contained in Section 4.01(a) to 4.01(d) and Section 4.01(g).

 

“Company SEC Documents”
means all registration statements, proxy statements and other statements, reports, schedules, forms and other documents required to be
filed or furnished by the Company with the SEC pursuant to the Exchange Act and the Securities Act and all exhibits included therein and
financial statements, notes and schedules thereto and documents incorporated by reference therein, in each case, filed or furnished with
the SEC.

 

“Condition”
means any condition to any Party’s obligation to effect the Closing as set forth in Article III, and collectively,
the “Conditions.”

 

“Employee Benefit
Plan” means any written plan, program, policy, contract or other arrangement providing for severance, termination pay, deferred
compensation, performance awards, share or share-related awards, housing funds, insurance arrangements, fringe benefits, perquisites,
superannuation funds retirement benefits, pension schemes or other employee benefits, that is maintained, contributed to or required to
be contributed to by the Company or any of its Subsidiaries for the benefit of any current or former employee, director, officer or independent
contractor of the Company or any of its Subsidiaries, or with respect to which the Company or any of its Subsidiaries has or would reasonably
expect to have any liability or obligation, other than, in each case, one that is sponsored and maintained by a Governmental Authority.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

“Governmental Authority”
means any supranational, national, provincial, state, municipal, local or other government, whether U.S., PRC or otherwise, any instrumentality,
subdivision, administrative agency or commission thereof, court, other governmental authority or regulatory body or instrumentality, or
any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority
or any self-regulatory agency (including any stock exchange).

 

    3

     

    

 

“Material
Adverse Effect” with respect to a Party means any event, fact, circumstance or occurrence that, individually or in the aggregate
with any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse
change in or a material adverse effect on (i) the condition (financial or otherwise), prospects, assets, business or operations of such
Party and its Subsidiaries taken as a whole, or (ii) the ability of such Party to consummate the transactions contemplated by the Transaction
Agreements and to timely perform its obligations hereunder and thereunder; provided that in determining whether a Material
Adverse Effect has occurred under clause (i) above, there shall be excluded any events, facts, circumstances or occurrences relating
to or arising in connection with (a) changes in generally accepted accounting principles that are generally applicable to comparable companies
(to the extent not materially disproportionately affecting such Party and its Subsidiaries), (b) changes in general economic and market
conditions and capital market conditions or changes affecting any of the industries in which such Party and its Subsidiaries operate generally
(in each case to the extent not materially disproportionately affecting such Party and its Subsidiaries), (c) the announcement or disclosure
of this Agreement or any other Transaction Agreement or the consummation of the transactions hereunder or thereunder, or any act or omission
required or specifically permitted by this Agreement and/or any other Transaction Agreement, (d) in the case of the Company, any change
in the Company’s stock price or trading volume, in and of itself, (e)
any pandemic (including the COVID-19 pandemic (or any mutation or variation of the underlying virus thereof or related health condition)),
earthquake, typhoon, tornado or other natural disaster or similar force majeure event, (e) in the case of the Company, any failure to
meet any internal or public projections, forecasts, or guidance; provided further that the underlying causes giving rise
to or contributing to any such change or failure under sub-clause (e) or (f) shall not be excluded in determining whether a Material
Adverse Effect has occurred except to the extent such underlying causes are otherwise excluded pursuant to any of sub-clauses (a)
through (d).

 

 

“Nasdaq”
means The Nasdaq Stock Market.

 

“Ordinary Shares”
means Ordinary Shares of the Company, par value US$0.0001 per share.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization.

 

“Purchaser Fundamental
Warranties” means any representations and warranties of the Purchasers contained in Section 4.02(a) to Section 4.02(c) and Section 4.02(i).

 

“Purchase Price”
means, with respect to each Purchaser, the amount set forth opposite such Purchaser’s name under the column titled “Purchase
Price” under Schedule A.

 

“SEC” means
the Securities and Exchange Commission of the United States of America or any other federal agency at the time administering the Securities
Act.

 

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

 

“Subject Securities”
means, collectively, the Subscription Shares and the Subscription Warrants.

 

“Subscription Shares”
shall have the meaning assigned to such term in Section 2.01.

 

“Subscription Warrants”
shall have the meaning assigned to such term in Section 2.01.

 

    4

     

    

 

“Subsidiary”
of a Party means any organization or entity, whether incorporated or unincorporated, which is controlled by such Party and, for the avoidance
of doubt, the Subsidiaries of a Party shall include any variable interest entity over which such Party or any of its Subsidiaries effects
control pursuant to contractual arrangements and which is consolidated with such Party in accordance with generally accepted accounting
principles applicable to such Party and any Subsidiaries of such variable interest entity.

 

“Trading Day”
means any day on which the primary market on which the Company’s Ordinary Shares are listed is open for trading.

 

“Transaction Agreements”
means, collectively, this Agreement, the Warrants and each of the other agreements and documents entered into or delivered by the parties
hereto or their respective Affiliates in connection with the transactions contemplated by this Agreement.

 

“Warrants”
means collectively, the warrants and any replacement warrants to purchase certain Ordinary Shares of the Company to be issued by the Company
to the Purchasers on the Closing Date in the form attached hereto as Exhibit A.

 

“Warrant Shares”
means collectively, the Ordinary Shares issued or issuable upon exercise of the Warrants.

 

(b)
In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

(i)   The
words “Party” and “Parties” shall be construed to mean a party or the parties to this Agreement, and any reference
to a party to this Agreement or any other agreement or document contemplated hereby shall include such party’s successors and permitted
assigns.

 

(ii)   When
a reference is made in this Agreement to an Article, Section, Exhibit, Schedule or clause, such reference is to an Article, Section, Exhibit,
Schedule or clause of this Agreement.

 

(iii)   The
headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement.

 

(iv)   Whenever
the words “include,” “includes” or “including” are used in this Agreement, they are deemed to be followed
by the words “without limitation.”

 

(v)   The
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

    5

     

    

 

(vi)   All
terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto,
unless otherwise defined therein.

 

(vii)   The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms.

 

(viii)   The
use of “or” is not intended to be exclusive unless expressly indicated otherwise.

 

(ix)   The
term “$” or “US$” means United States Dollars.

 

(x)   The
word “will” shall be construed to have the same meaning and effect as the word “shall.”

 

(xi)   References
to “law,” “laws” or to a particular statute or law shall be deemed also to include any and all Applicable Law.

 

(xii)   A
reference to any legislation or to any provision of any legislation shall include any modification, amendment, re-enactment thereof, any
legislative provision substituted therefor and all rules, regulations and statutory instruments issued or related to such legislation.

 

(xiii)   References
herein to any gender include the other gender.

 

(xiv)   The
parties hereto have each participated in the negotiation and drafting of this Agreement and if any ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall
arise favoring or burdening any Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts thereof.

 

ARTICLE II

PURCHASE AND SALE; CLOSING

 

Section 2.01    Purchase
and Sale of Securities.

 

Upon the terms and subject
to the conditions of this Agreement and the Applicable Laws, at Closing (as defined below), each Purchaser hereby agrees to subscribe
for and purchase, and the Company hereby agrees to issue and sell to each Purchaser, for a maximum purchase price payable by such Purchaser
as set forth opposite such Purchaser’s name under the column titled “Purchase Price” under Schedule A attached
hereto, (A) such number of Ordinary Shares (with respect to such Purchaser, its “Subscription Shares”) calculated by
dividing (a) the Purchase Price paid by such Purchaser to the Company pursuant to this Section 2.01, by (b) the per share purchase
price (the “Per Share Purchase Price”) that is the higher of (i) US$1.00 and (ii) 88% of the lowest daily dollar volume-weighted
average price (“VWAP”) of the Ordinary Shares on the NASDAQ Capital Market (as reported by Bloomberg) during the last
10 Trading Days immediately preceding the date hereof; and (B) certain Warrants, in substantially the form attached hereto as Exhibit
A, to purchase an aggregate number of Ordinary Shares that equals twice the number of its Subscription Shares (with respect to such
Purchaser, its “Subscription Warrants”). The aggregate Purchase Price payable by all the Purchasers is no more than
US$3,300,000 (the “Aggregate Purchase Price”).

 

    6

     

    

 

Notwithstanding any provision
contained in this Agreement to the contrary, the Company shall not issue fractional shares. If, the calculation of a Purchaser’s
Subscription Shares in this Section 2.01 would result in fractional shares, the Purchase Price paid by such Purchaser shall be
adjusted down to the nearest number which would not result in the Company issuing fractional shares.

 

Section 2.02    Closing.

 

(a)   Closing.
Subject to satisfaction or, to the extent permissible, waiver by the Party or Parties entitled to the benefit of the relevant Conditions,
of all the Conditions (other than Conditions that by their nature are to be satisfied at Closing, but subject to the satisfaction or,
to the extent permissible, waiver of those Conditions at Closing), the closing of the sale and purchase of the Subject Securities pursuant
to this Section 2.02(a) (the “Closing”) shall take place remotely by electronic means on (i) the thirtieth (30th)
calendar day after the date on which the Conditions (other than the Conditions that by their nature are to be satisfied at Closing, but
subject to the satisfaction or, to the extent permissible, waiver of those Conditions at the Closing) are satisfied, or (ii) any other
date as may be agreed by the Purchasers and the Company in writing (each a “Closing Date”); provided that the Closing
Date shall be no later than [three (3) months following the date hereof] (the “Closing Deadline”).

 

    

(b)   Payment
and Delivery. At Closing,

 

(i)   each
Purchaser shall deliver to the Company:

 

(1)
the Purchase Price payable by such Purchaser, by wire transfer of immediately available funds in U.S. dollars to such bank account designated
in writing by the Company to each Purchaser no later than the Closing Date;

 

(2)
a copy of the Subscription Warrants in the form attached hereto as Exhibit A, duly executed by such Purchaser.

 

(ii)   the
Company shall deliver to each Purchaser:

 

(1)   a
copy of the duly executed share certificates representing the Subscription Shares registered in the name of such Purchaser (the original
copy of which shall be delivered to the Purchaser as soon as practicable following the Closing Date), or effect such delivery in book-entry
form;

 

    7

     

    

 

(2)   an
updated certified true copy of the register of members of the Company evidencing the ownership of the Subscription Shares by such Purchaser;
and

 

(3)   a
copy of the Subscription Warrants in the form attached hereto as Exhibit A, duly executed by the Company.

 

ARTICLE III

CONDITIONS TO CLOSING

 

Section 3.01    Conditions
to Obligations of All Parties.

 

(a)   No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any law, rule, regulation, judgment, injunction, order
or decree (in each case, whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or
otherwise makes illegal the consummation of the transactions contemplated by the Transaction Agreements.

 

(b)   No
action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental Authority or any third party that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by the Transaction
Agreements.

 

Section 3.02    Conditions
to Obligations of Purchasers.

 

The obligations of each Purchaser
to subscribe for, purchase and pay for the Subject Securities as contemplated by this Agreement are subject to the satisfaction, on or
before the Closing Date, of the following conditions, any of which may be waived in writing by such Purchaser in its sole discretion:

 

(a)   The
Company Fundamental Warranties shall have been true and correct in all respects on and as of the Closing Date as though such representations
and warranties were made on and as of the Closing Date (except for representations and warranties that expressly speak as of a specified
date, in which case on and as of such specified date). Other representations and warranties of the Company contained in Section 4.01 of
this Agreement shall have been true and correct in all material respects (or, if qualified by “materiality,” “Material
Adverse Effect” or similar qualifications, true and correct in all respects) on and as of the Closing Date as though such representations
and warranties were made on and as of the Closing Date (except for representations and warranties that expressly speak as of a specified
date, in which case on and as of such specified date).

 

(b)   The
Company shall have duly executed and delivered or shall have caused to be duly executed and delivered each Transaction Agreement to which
it is a party to the Purchaser at or prior to Closing.

 

    8

     

    

 

(c)   The
Company shall have performed and complied with all, and not be in breach or default under any, agreements, covenants, conditions and obligations
contained in this Agreement and the other Transaction Agreements to which the Company and such Purchaser are parties that are required
to be performed or complied with on or before the Closing Date.

 

Section 3.03    Conditions
to Obligations of the Company.

 

The obligations of the Company
to issue and sell the Subject Securities to each Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before
the Closing Date, of each of the following conditions with respect to such Purchaser, any of which may be waived in writing by the Company
in its sole discretion:

 

(a)   The
Purchaser Fundamental Warranties shall have been true and correct in all respects on and as of the Closing Date as though such representations
and warranties were made on and as of the Closing Date (except for representations and warranties that expressly speak as of a specified
date, in which case on and as of such specified date). Other representations and warranties of the Purchaser contained in Section 4.02 of
this Agreement shall have been true and correct in all material respects (or, if qualified by “materiality,” “Material
Adverse Effect” or similar qualifications, true and correct in all respects) on and as of the Closing Date as though such representations
and warranties were made on and as of the Closing Date (except for representations and warranties that expressly speak as of a specified
date, in which case on and as of such specified date).

 

(b)   Each
Purchaser shall have performed and complied with all, and not be in breach or default under any, agreements, covenants, conditions and
obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date.

 

(c)   Each
Purchaser shall have duly executed and delivered each Transaction Agreement to which it is a party to the Company at or prior to Closing.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.01    Representations
and Warranties of the Company.

 

The Company hereby represents
and warrants to each Purchaser that, except as set forth in the Company SEC Documents:

 

(a)   Due
Formation. The Company is an exempted company, duly incorporated, validly existing and in good standing under the laws of the Cayman
Islands. Each of the Company and the Company’s Subsidiaries is duly formed, validly existing and in good standing in the jurisdiction
of its organization. Each of the Company and its Subsidiaries has all requisite power and authority to carry on its business as it is
currently being conducted.

 

    9

     

    

 

(b)   Authority;
Valid Agreement. The Company has all requisite legal power and authority to execute, deliver and perform its obligations under the
Transaction Agreements to which it is a party and each other agreement, certificate, document and instrument to be executed by the Company
pursuant to this Agreement and each other Transaction Agreement. The execution, delivery and performance by the Company of this Agreement
and each other Transaction Agreement to which it is a party and the performance by the Company of its obligations hereunder and thereunder
have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been, and each other Transaction
Agreement to which it is a party will be duly executed and delivered by the Company and, assuming due authorization, execution and delivery
by the relevant Purchaser(s), constitutes (or, when executed and delivered in accordance herewith will constitute) a legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforcement may be limited
by general principles of equity, whether applied in a court of law or a court of equity, and by applicable bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar law affecting creditors’ rights and remedies generally (the “Bankruptcy
and Equity Exception”).

 

(c)   Capitalization.

 

(i)   [The
authorized capital stock of the Company is US$50,000 divided into 500,000,000 shares of US$0.0001 par value each share in accordance with
the Amended and Restated Memorandum of Association of the Company. As of the date of this Agreement, 23,598,371 Ordinary Shares are issued
and outstanding. As of the date of this Agreement, the maximum aggregate number of Ordinary Shares which may be issued under the Company’s
share incentive plan is 3,300,000. As of the date of this Agreement, 3,300,000 Ordinary Shares are available for future issuances under
the Company’s share incentive plan. Except as disclosed herein and in the Company SEC Documents, the Company has no outstanding
bonds, debentures, notes or other obligations, the holders of which have been granted the right to vote (or which are convertible into
or exercisable for securities having the right to vote) with the shareholders of the Company on any matter. All issued and outstanding
Ordinary Shares have been duly authorized and validly issued and are fully paid and non-assessable, are free of preemptive rights, were
issued in compliance with applicable U.S. and other applicable securities laws and were not issued in violation of any preemptive right,
resale right, right of first refusal, or similar right.]

 

(ii)   Except
as provided in the Transaction Agreements, or as disclosed in the Company SEC Documents, and except the Company’s share incentive
plans, there are no outstanding (A) shares of capital stock or voting securities of the Company, (B) securities of the Company convertible
into or exchangeable for shares of capital stock or voting securities of the Company or (C) preemptive or other outstanding rights, options,
warrants, conversion rights, “phantom” stock rights, stock appreciation rights, redemption rights, repurchase rights, agreements,
arrangements, calls, commitments or rights of any kind that obligate the Company to issue or sell any shares of capital stock or other
securities of the Company or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person a
right to subscribe for or acquire, any securities of the Company, and no securities or obligations evidencing such rights are authorized,
issued or outstanding.

 

    10

     

    

 

(iii)   Except
as disclosed in the Company SEC Documents or provided in the Transaction Agreements, to the knowledge of the Company, there are no registration
rights, rights of first offer, rights of first refusal, tag-along rights with respect to the securities of the Company or any Subsidiary
of the Company that have been granted to any Person.

 

(iv)   All
outstanding shares of capital stock or other securities or ownership interests of the “significant subsidiaries” (“Significant
Subsidiaries”) as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act are duly authorized, validly
issued, fully paid and non-assessable and all such shares or other securities or ownership interests in any Significant Subsidiary are
owned, directly or indirectly, by the Company free and clear of any Encumbrance.

 

(d)   Valid
Issuance. The Subject Securities have been duly and validly authorized for issuance by the Company. The Subscription Shares, when
issued and delivered by the Company to the Purchasers and registered in the register of members of the Company will (i) be duly and validly
issued, fully paid and non-assessable, (ii) rank pari passu with, and carry the same rights in all respects as, the other
Ordinary Shares then in issue, (iii) be entitled to all dividends and other distributions declared, paid or made thereon, and (iv) be
free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption,
third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or
as disclosed in the Company SEC Documents or created by virtue of the transactions under this Agreement (collectively, the “Encumbrances”).

 

(e)   Non-contravention.
None of the execution and the delivery of this Agreement and other Transaction Agreements, nor the consummation of the transactions contemplated
hereby or thereby, will (i) violate any provision of the organizational documents of the Company, (ii) violate any constitution, statute,
regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or
court to which the Company is subject, or (iii) conflict with, result in a breach of, constitute a default under, result in the acceleration
of or creation of any Encumbrances under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement,
contract, lease, license, instrument, or other arrangement to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound or to which any of the Company’s or any of its Subsidiaries’ assets are subject,
except, in the case of (ii) and (iii) above, for such conflicts, breach, defaults, rights or violations, which would not reasonably be
expected to result in a Material Adverse Effect. There is no action, suit or proceeding, pending or, to the knowledge of the Company,
threatened against the Company that questions the validity of the Transaction Agreements or the right of the Company to enter into this
Agreement or to consummate the transactions contemplated hereby or thereby.

 

(f)   Consents
and Approvals. None of the execution and delivery by the Company of this Agreement or any Transaction Agreement, nor the consummation
by the Company of any of the transactions contemplated hereby or thereby, nor the performance by the Company of this Agreement or other
Transaction Agreements in accordance with their respective terms requires the consent, approval, order or authorization of, or registration
with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have
been obtained, made or given on or prior to the Closing Date and except for any filing or notification required to made with the SEC or
the Nasdaq regarding the issuance of the Subject Securities.

 

    11

     

    

 

(g)   Brokers.
No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s
or other similar fee or commission from the Company in connection with the transactions contemplated by this Agreement based upon arrangements
made by or on behalf of the Company.

 

(h)   Compliance
with Laws. The Company and each of its Subsidiaries have conducted at any time during the three years prior to the date hereof, their
businesses in compliance with all Applicable Laws, except where the failure to be in compliance, individually or in the aggregate, do
not and would not reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Company SEC Documents, the Company
and each of its Subsidiaries have all material permits, licenses, authorizations, consents, orders and approvals (collectively, “Permits”)
that are required in order to carry on their business as presently conducted. Except as disclosed in the Company SEC Documents, all such
Permits are in full force and effect and, to the knowledge of the Company, no suspension or cancellation of any of them is threatened.
The Company has complied with the applicable listing and corporate governance rules and regulations of Nasdaq in all material respects.
The Company and its Subsidiaries have taken no action designed to, or reasonably likely to have the effect of, delisting the Ordinary
Shares from Nasdaq. Except as disclosed in the Company SEC Documents, there are no proceedings pending or, to the Company’s knowledge,
threatened against the Company relating to the continued listing of the Ordinary Shares on Nasdaq and the Company has not received any
notification that the SEC or Nasdaq is contemplating suspending or terminating such listing (or the applicable registration under the
Exchange Act related thereto).

 

(i)   SEC
Matters. The Company has filed or furnished, as applicable, on a timely basis, all Company SEC Documents pursuant to the Exchange
Act and the Securities Act. None of the Subsidiaries are required to file periodic reports with the SEC pursuant to the Exchange Act.
As of their respective effective dates (in the case of the Company SEC Documents that are registration statements filed pursuant to the
requirements of the Securities Act) and as of their respective SEC filing dates (in the case of all other Company SEC Documents), or in
each case, if amended prior to the date hereof, as of the date of the last such amendment: (A) each of the Company SEC Documents complied
in all material respects with the applicable requirements of the Securities Act or the Exchange Act and the Sarbanes-Oxley Act of 2002,
as amended, and any rules and regulations promulgated thereunder applicable to the Company SEC Documents (as the case may be) and (B)
none of the Company SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading.

 

    12

     

    

 

(j)   Financial
Statements. 

 

(i)   The
financial statements (including any related notes) contained in the Company SEC Documents: (A) complied as to form in all material respects
with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, (B) were prepared in
accordance with GAAP applied on a consistent basis throughout the periods covered thereby (except (1) as may be otherwise specifically
provided in such financial statements or the notes thereto, or (2) in the case of unaudited interim statements, to the extent they may
exclude footnotes or may be condensed to summary statements) and (C) fairly present in all material respects the consolidated financial
position of the Company and the Subsidiaries as of the respective dates thereof and the consolidated results of operations and cash flows
of the Company and its Subsidiaries for the periods covered thereby (other than as may have corrected or clarified in a subsequent Company
SEC Document), in each case except as disclosed therein and as permitted under the Exchange Act.

 

(ii)   Neither
the Company nor any of its Subsidiaries is a party to, nor has any commitment to become a party to, any joint venture, off-balance sheet
partnership or any similar contract, agreement, arrangement or undertaking (including any contract, agreement, arrangement or undertaking
relating to any transaction or relationship between or among one or more of the Company and/or any of its Subsidiaries, on the one hand,
and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other
hand), or any “off-balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K promulgated by the SEC), where
the result, purpose or intended effect of such contract, agreement, arrangement or undertaking is to avoid disclosure of any material
transaction involving, or material liabilities of, the Company or any of the Subsidiaries in the Company’s or such Subsidiary’s
published financial statements or other Company SEC Documents.

 

(iii)   WWC,
P.C., who has certified certain financial statements of the Company, are independent public accountants as required by the Securities
Act and the rules and regulations of the SEC thereunder and are independent in accordance with the requirements of the U.S. Public Company
Accounting Oversight Board.

 

(k)
Internal Control and Procedures. The Company plans to establish and improve our system of internal control over financial reporting
(as defined in Rule 13a-15(f) or 15d-15(f), as applicable, under the Exchange Act) sufficient to provide reasonable assurance regarding
the reliability of financial reporting, including policies and procedures that (i) mandate the maintenance of records that in reasonable
detail accurately and fairly reflect the material transactions and dispositions of the assets of the Company, (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that
receipts and expenditures of the Company are being made only in accordance with appropriate authorizations of management and the Board
and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the
assets of the Company. As disclosed in the Company SEC Documents, the lack of effective internal controls of the Company over financial
reporting may affect its ability to accurately report its financial results or prevent fraud, which may affect the market for, and price
of, the Ordinary Shares. However, as of the date hereof, the Company’s auditors and the audit committee of the Board have not been
advised of any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal controls over financial reporting. Since the last annual report on Form 20-F filed on August 2, 2021, for the fiscal year ended
March 31, 2021, there has been no change in the Company’s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting, except for the implementation
of certain measures to address the material weakness in the Company’s internal control over financial reporting that has been disclosed
in the Company SEC Documents.

 

    13

     

    

 

(l)   No
Undisclosed Liabilities. There are no material liabilities of the Company or any Subsidiary of any kind, whether accrued, contingent,
absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances which could reasonably
be expected to result in such a liability, other than: (i) liabilities reflected on, reserved against, or disclosed in the Company’s
consolidated balance sheet as of March 31, 2021, (ii) liabilities incurred since March 31, 2021 in the ordinary course of business consistent
with past practices, (iii) any other undisclosed liabilities that are not material to the Company and its Subsidiaries on a consolidated
basis, and (iv) any liabilities incurred as a result of the Company’s performing the transactions contemplated by any Transaction
Agreement. There are no unconsolidated Subsidiaries of the Company or any off-balance sheet arrangements of any type (including any off-balance
sheet arrangement required to be disclosed pursuant to Item 303(a)(4) of Regulation S-K promulgated under the Securities Act) that have
not been so described in the Company SEC Documents nor any obligations to enter into any such arrangements.

 

(m)   No
Undisclosed Events, Developments or Circumstances. No event, development or circumstance has occurred or exists, or is reasonably
expected to exist or occur specific to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities,
prospects, operations (including results thereof) or condition (financial or otherwise), that has not been publicly disclosed and would
reasonably be expected to have a Material Adverse Effect.

 

(n)   Investment
Company. The Company is not and, after giving effect to the offering and sale of the Subject Securities, the consummation of the offering
and the application of the proceeds hereof, will not be an “investment company,” as such term is defined in the U.S. Investment
Company Act of 1940, as amended.

 

(o)   No
Registration. Assuming the accuracy of the representations and warranties set forth in Section 4.02 of this
Agreement, it is not necessary in connection with the issuance and sale of each of the Subject Securities to register any Subject Securities
under the Securities Act or to qualify or register them under applicable U.S. state securities laws. No directed selling efforts (as defined
in Rule 902 of Regulation S under the Securities Act) have been made by any of the Company, any of its Affiliates or any Person acting
on its behalf with respect to any Subject Securities; and none of such Persons has taken any actions that would result in the sale of
any of the Subject Securities to the Purchasers under this Agreement requiring registration under the Securities Act; and the Company
is a “foreign issuer” (as defined in Regulation S).

 

    14

     

    

 

(p)   Absence
of Changes. Except for the execution and performance of this Agreement and the other Transaction Agreements and the discussions, negotiations
and transactions related thereto, since March 31, 2021, the Company and its Subsidiaries have conducted their business in the ordinary
course of business consistent with past practice and there has not been:

 

(i)   any
declaration, setting aside or payment of any dividend or other distribution with respect to any securities of the Company or any of its
Subsidiaries (except for dividends or other distributions by any Subsidiary to the Company or to any of the Company’s wholly owned
Subsidiaries);

 

(ii)   any
issuances or sales of shares of capital stock or other securities or obligations convertible or exchangeable into or exercisable for,
or giving any person a right to subscribe for or acquire, any securities of the Company or any of its Subsidiaries or any redemption,
share splits, reclassifications, share dividends, share combinations or other recapitalizations of any such securities other than pursuant
to any existing obligation of the Company as of the date of this Agreement or share incentive plan effective as at the date of this Agreement;

 

(iii)   any
amendment to the constitutional documents of the Company; or

  

(iv)   any
entry into any contract, agreement, instrument or other document in respect of any of the foregoing.

 

(q)   Contracts.
The Company has filed as exhibits to the Company SEC Documents all contracts, agreements and instruments (including all amendments thereto)
to which the Company or any of its Subsidiaries is a party or by which it is bound and which is material to the business of the Company
and its Subsidiaries, taken as a whole, and are required to be filed as an exhibit to the Company SEC Documents pursuant to Item 601(b)(4)
or Item 601(b)(10) of Regulation S-K promulgated by the SEC (the “Material Contracts”). Each Material Contract is in
full force and effect and, to the knowledge of the Company, enforceable against the counterparties of the Company or any of its Subsidiaries
which it is party thereto, except for the contracts and agreements that have already expired pursuant to the terms therein (which, for
the avoidance of doubt, excludes those contracts or agreements that had been terminated by the other party thereto for cause). The Company
and its Subsidiaries and, to the knowledge of the Company, each other party thereto, are not in default under, or in breach or violation
of, any Material Contract, except where such breach, defaults, or violations would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect. To the Company’s knowledge, no event, fact or circumstance has occurred that will have
or is reasonably expected to have a material adverse impact on the renewal or extension of any Material Contract.

 

(r)   Litigation.
Except as disclosed in the Company SEC Documents and to the knowledge of the Company, there are no pending or threatened actions, claims,
demands, investigations, examinations, indictments, litigations, suits or other criminal, civil or administrative or investigative proceedings
before or by any Governmental Authority or by any other person against the Company or any of its Subsidiaries, which would, individually
or in the aggregate, have a Material Adverse Effect.

 

(s)   Ownership
of Assets. The Company and its Subsidiaries have good and marketable title to, or in the case of leased property and assets, have
valid leasehold interests in, all property and assets (whether real, personal, tangible or intangible) reflected on the Company’s
consolidated balance sheet as of March 31, 2021 or acquired thereafter, except for properties and assets sold since such date in the ordinary
course of business consistent with past practices and except where the failure to have such good and marketable title or valid leasehold
interests would not have a Material Adverse Effect.

 

    15

     

    

 

(t)   Intellectual
Property. All registered or unregistered, (i) patents, patentable inventions and other patent rights (including any divisions, continuations,
continuations-in-part, reissues, reexaminations and interferences thereof); (ii) trademarks, service marks, trade dress, trade names,
taglines, brand names, logos and corporate names and all goodwill related thereto; (iii) copyrights, mask works and designs; (iv) trade
secrets, know-how, inventions, processes, procedures, databases, confidential business information and other proprietary information and
rights; (v) computer software programs, including all source code, object code, specifications, designs and documentation related thereto;
and (vi) domain names, Internet addresses and other computer identifiers, in each case, that is material to the business of the Company
or any of its Subsidiaries as currently being conducted (the “Intellectual Property”) is either (A) owned by the Company
or one or more of its Subsidiaries, except where failure to so own would not reasonably be expected, individually or in the aggregate,
to result in any liability, limitation or restriction that is material and adverse to the Company and its Subsidiaries, taken as a whole;
or (B) is used by the Company or one or more of its Subsidiaries pursuant to a valid license, except where failure to be so licensed would
not reasonably be expected, individually or in the aggregate, to result in any liability, limitation or restriction that is material and
adverse to the Company and its Subsidiaries, taken as a whole. To the knowledge of the Company, there are no infringements or other material
violations of any Intellectual Property owned by the Company or any of its Subsidiaries by any third party, except where such infringement
or violations would not have a Material Adverse Effect. The Company and its Subsidiaries have taken all necessary actions to maintain
and protect each item of Intellectual Property. The conduct of the business of the Company and its Subsidiaries does not infringe or otherwise
violate any intellectual property or other proprietary rights of any other Person in any material respects, and there is no action pending
or, to the knowledge of the Company, threatened alleging any such infringement or violation or challenging the Company’s or any
of its Subsidiaries’ rights in or to any Intellectual Property which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

(u)   Employment
Matters.

 

(i)   Neither
the Company nor any of its Subsidiaries is a party to or bound by any collective bargaining agreement or other labor union contract applicable
to persons employed by the Company or any of its Significant Subsidiaries. There are no unfair labor practice complaints pending, or to
the knowledge of the Company, threatened, against the Company or any of its Significant Subsidiaries before any Governmental Authority.
Each of the Company and its Subsidiaries complies with all Applicable Laws relating to employment and employment practices (including
without limitation, terms and conditions of employment, termination of employment, mandatory severance benefits, pension programs, social
insurance programs, employee health and safety, equal employment, employment of veterans and the handicapped, and prohibition of discrimination)
in all material aspects. There is no material claim with respect to payment of wages, salary, overtime pay, withholding individual income
taxes, social security fund or housing fund that has been asserted and is now pending or, to the knowledge of the Company, threatened
before any Governmental Authority with respect to any persons currently or formerly employed by the Company or any of its Significant
Subsidiaries.

 

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(ii)   Each
Employee Benefit Plan is in compliance in all material respects with its terms and the requirements of all Applicable Laws. All employer
and employee contributions to each Employee Benefit Plan required by the terms of such Employee Benefit Plan or by the Applicable Laws
have been made, or, if applicable, accrued in accordance with normal accounting practices and in compliance in all material respects with
its terms and the requirements of all Applicable Laws. Each Employee Benefit Plan required to be registered has been registered and has
been maintained in good standing with applicable Governmental Authorities.

 

(v)   Tax
Status. Except as disclosed in the Company SEC Documents, each of the Company and its Subsidiaries (i) has made or filed in the appropriate
jurisdictions all material foreign, federal and state income and all other tax returns required to be filed or maintained in connection
with the calculation, determination, assessment or collection of any and all federal, state, local, foreign and other taxes, levies, fees,
imposts, duties, governmental fees and charges of whatever kind (including any interest, penalties or additions to the tax imposed in
connection therewith or with respect thereto) (each a “Tax”), including all amended returns required as a result of
examination adjustments made by any Governmental Authority responsible for the imposition of any Tax (collectively, the “Returns”),
and such Returns are true, correct and complete in all material respects, and (ii) has paid all material Taxes and other governmental
assessments and charges shown or determined to be due on such Returns, except those being contested or will be contested in good faith.
Except as disclosed in the Company SEC Documents, neither the Company nor any of its Subsidiaries has received notice regarding unpaid
foreign, federal and state income in any amount or any Taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the Company is not aware of any reasonable basis for such claim. No Returns filed by or on behalf of the Company or any of its Subsidiaries
with respect to material Taxes are currently being audited, and neither the Company nor any of its Subsidiaries has received notice of
any such audit.

 

(w)   Solvency.
Both before and after giving effect to the transactions contemplated by this Agreement and other Transaction Agreements, each of the Company
and its Subsidiaries (i) will be solvent (in that both the fair value of its assets will not be less than the sum of its debts and that
the present fair saleable value of its assets will not be less than the amount required to pay its probable liability on its recourse
debts as they mature or become due) and (ii) will have adequate capital and liquidity with which to engage in the their businesses as
currently conducted and as described in the Company SEC Documents.

 

(x)   Transactions
with Affiliates and Employees. All related party transactions required to be disclosed under applicable rules of Nasdaq or the applicable
securities law have been accurately described in the Company SEC Documents in all material respects. Any such related party transaction
was entered into on terms and conditions no less favorable to the Company or its applicable Subsidiary than those applicable in comparable
transactions between independent parties acting at arm’s length.

 

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(y)   Use
of Proceeds. The proceeds from the issue and sale of the Subject Securities shall be used for the development of blockchain related
business of the Company. Such use of proceeds will not (i) contravene any provision of any Applicable Laws or the constitutional documents
of the Company or any of its Subsidiaries, (ii) contravene the terms or provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement, note, lease or other agreement or instrument binding upon the Company or any of its Subsidiaries, or (iii)
contravene or violate the terms or provisions of any order or decree of any government entity having jurisdiction over the Company or
any Subsidiary.

 

(z)   Labor
disputes. No material labor dispute with the employees of the Company or any of its Subsidiaries exists, except as described in the
Company SEC Documents, or, to the knowledge of the Company, is imminent; and, to the Company’s knowledge, there is no existing,
threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that could have
a Material Adverse Effect.

 

(aa) No Additional Representations.
The Company makes no representations or warranties as to any matter whatsoever except as expressly set forth in this Agreement or in any
certificate delivered by the Company to the Purchasers in accordance with the terms thereof.

 

Section 4.02    Representations
and Warranties of Each Purchaser.

 

Each Purchaser hereby severally,
and not jointly, represents and warrants to the Company as follows:

 

(a)   Due
Formation. Such Purchaser, if not an individual, is duly formed, validly existing and in good standing in the jurisdiction of its
organization. Such Purchaser has all requisite power and authority to carry on its business as it is currently being conducted.

 

(b)   Authority.
Such Purchaser, if not an individual, has full power and authority to enter into, execute and deliver this Agreement and other Transaction
Agreements to which it is or is to become a party and each other agreement, certificate, document and instrument to be executed and delivered
by such Purchaser pursuant to this Agreement and each other Transaction Agreement and to perform its obligations hereunder and thereunder.
The execution and delivery by such Purchaser of this Agreement and each other Transaction Agreement to which it is or is to become a party
and the performance by such Purchaser of its obligations hereunder and thereunder have been duly authorized by all requisite actions on
its part.

 

(c)   Valid
Agreement. This Agreement has been, and each other Transaction Agreement to which such Purchaser is or is to become a party will be,
duly executed and delivered by such Purchaser and, assuming the due authorization, execution and delivery by the Company, constitutes
(or, when executed and delivered in accordance herewith will constitute), the legal, valid and binding obligation of such Purchaser, enforceable
against such Purchaser in accordance with its terms, subject to the Bankruptcy and Equity Exception and except as limited by laws relating
to the availability of specific performance, injunctive relief, or other equitable remedies.

 

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(d)   Non-contravention.
None of the execution and the delivery of this Agreement or any other Transaction Agreement, nor the consummation of the transactions
contemplated hereby or thereby, by such Purchaser will violate any provision of the organizational documents of such Purchaser, if applicable,
or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any
government, governmental entity or court to which such Purchaser is subject.

 

(e)   Consents
and Approvals. None of the execution and delivery by such Purchaser of this Agreement and the Transaction Agreements to which such
Purchaser is to become a Party, nor the consummation by such Purchaser of any of the transactions contemplated hereby or thereby, nor
the performance by such Purchaser of this Agreement or any such Transaction Agreement in accordance with its terms requires the consent,
approval, order or authorization of, or registration with, or the giving notice to, any governmental or public body or authority or any
third party, except such as have been or will have been obtained, made or given at or prior to Closing and except for any filing or notification
required to made with the SEC regarding the issuance of the Subject Securities.

 

(f)   Status
and Investment Intent.

 

(i)   Experience.
Such Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits
and risks of its investment in the Subject Securities. Such Purchaser is capable of bearing the economic risks of such investment, including
a complete loss of its investment. Such Purchaser has carefully reviewed all documents relating to the transactions contemplated by this
Agreement and has been provided with all other materials that it considers relevant to the transactions contemplated by this Agreement,
has had a full opportunity to ask questions of and receive answers from the Company or any person acting on behalf of the Company concerning
the terms and conditions of transactions contemplated by this Agreement. In making its decision to invest in the Company, such Purchaser
is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, except for the statements,
representations and warranties contained in this Agreement.

 

(ii)   Purchase
Entirely for Own Account. Such Purchaser is acquiring the Subject Securities pursuant to this Agreement for investment for its own
account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof
in a manner that would violate the Applicable Laws. Such Purchaser is not a broker-dealer registered with the SEC under the Exchange Act
or an entity engaged in a business that would require it to be so registered as a broker-dealer.

 

(iii)   Status.
Such Purchaser is not a “U.S. person” as defined in Rule 902 of Regulation S. Such Purchaser has not been subject to any “directed
selling efforts” within the meaning of Rule 903 of Regulation S under the Securities Act in connection with its execution of this
Agreement.

 

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(g)   Transfer
or Resale. The Purchaser understands that: (A) the Subject Securities have not been registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder, (2) such
Purchaser shall have delivered to the Company an opinion of counsel, in a generally acceptable form to the Company, to the effect that
such Subject Securities, in all or in part, to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption
from such registration requirements, or (3) such Purchaser provides the Company with reasonable assurances (in the form of seller and
broker representation letters and an opinion of counsel) that such Subject Securities can be sold, assigned or transferred pursuant to
Rule 144 promulgated under the Securities Act, as amended (or a successor rule thereto) (collectively, “Rule 144”),
in each case following the applicable holding period set forth therein; and (B) any sale of the Subject Securities made in reliance on
Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Subject
Securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as
that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and
regulations of the SEC thereunder.

 

(h)   Legends.
The Purchaser agrees to the imprinting, so long as its required by this Section 4.02(h), of a restrictive legend on the Subject
Securities in substantially the following form:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED
SOLELY FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL DELIVERED TO THE COMPANY, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR APPLICABLE STATE SECURITIES LAWS.

 

Notwithstanding the foregoing, certificates evidencing
the Subscription Shares shall not contain any legend (including the legend set forth above), (i) while a registration statement covering
the resale of such security is effective under the Securities Act, (ii) following any sale of the Subscription Shares pursuant to Rule
144, or (iii) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and
pronouncements issued by the staff of the SEC).

 

(i)   Brokers.
No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s
or other similar fee or commission from such Purchaser in connection with the transactions contemplated by this Agreement based upon arrangements
made by or on behalf of such Purchaser.

 

(j)   Sufficient
Funds. Such Purchaser has at its disposal sufficient funding to pay its Purchase Price and consummate the transactions contemplated
hereby.

 

(k)   No
Additional Representations. Such Purchaser makes no representations or warranties as to any matter whatsoever except as expressly
set forth in this Agreement or in any certificate delivered by such Purchaser to the Company in accordance with the terms thereof.

 

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ARTICLE V

COVENANTS AND RIGHTS OF PURCHASERS

 

Section 5.01    Registration
Rights.

 

The Company hereby grants
each Purchaser, and each Purchaser shall be entitled to, the registration rights as specified in Schedule B attached
hereto.

 

Section 5.02    FPI
Status.

 

Following the Closing Date,
the Company shall promptly take all necessary or desirable actions required to duly and validly rely on the exemption for foreign private
issuers from applicable rules and regulations of Nasdaq with respect to corporate governance to rely on “home country practice”
in connection with the transactions contemplated hereunder (including an exemption from any Nasdaq rules that would otherwise require
seeking shareholder approval in respect of such transactions), including without limitation, to the extent necessary, making disclosures,
notices and filings to or with the Nasdaq and obtaining an adequate opinion of counsel in respect of the home country practice exemption.
The Company shall use commercially reasonable efforts to continue the listing and trading of the Ordinary Shares on Nasdaq and, in accordance,
therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations
under any Nasdaq rules.

 

Section 5.03    Further
Assurances.

 

From the date of this Agreement
until Closing, the Parties shall each use their respective reasonable best efforts to fulfill or obtain the fulfillment of the conditions
precedent to the consummation of the transactions contemplated hereby and by the Transaction Agreements.

 

Section 5.04    No
Adverse Change.

 

Without limiting the generality
of the foregoing, the Company agrees that from the date hereof until the earlier of the termination of this Agreement pursuant to Section 7.13 and
the Closing Date, it shall not make (or otherwise enter into any contract with respect to) (a) any material change in any method of accounting
or accounting practice by the Company or any of its Subsidiaries; (b) any declaration, setting aside or payment of any dividend or other
distribution with respect to any securities of the Company or any of its Subsidiaries (except for dividends or other distributions by
any Subsidiary to the Company or to any of the Company’s Subsidiaries) or (c) any redemption, repurchase or other acquisition of
any share capital of the Company or any of its Subsidiaries, except in each case, for the avoidance of doubt, as contemplated by the Transaction
Agreements or required by Applicable Law or specifically requested or permitted in writing by or on behalf of the Purchasers.

 

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Section 5.05    Reservation
of Shares.

 

The Company shall ensure that
it has sufficient number of duly authorized Ordinary Shares to comply with its obligations to issue the Subscription Shares pursuant to
the terms of the Transaction Agreements.

 

Section 5.06    No
Integrated Offering.

 

The Company shall not, and
shall cause its Affiliates and any Person acting on its or their behalf not to, directly or indirectly, make any offers or sales of any
security or solicit any offers to buy any security, under circumstances that would require registration of the issuance of any of the
Subject Securities (and, when issued, the Warrant Shares) under the Securities Act whether through integration with prior offerings or
otherwise.

 

ARTICLE VI

INDEMNIFICATION

 

Section 6.01    Indemnification.

 

(a)   Indemnification
by the Company. From and after the Closing Date and subject to Section 6.03, the Company shall indemnify and hold
each Purchaser, its Affiliates and their respective directors, officers, agents, successors and assigns (the “Purchaser Indemnitees”)
harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, cost and expenses, including but not
limited to any investigative, legal and other expenses (collectively, “Losses”) incurred by any Purchaser Indemnitee
as a result of or arising out of: (i) breach of any representation or warranty of the Company; or (ii) violation or nonperformance, partial
or total, of any covenant or agreement of the Company, contained in this Agreement.

 

(b)   Indemnification
by the Purchasers. From and after the Closing Date and subject to Section 6.03, each Purchaser shall indemnify and
hold the Company, its Affiliates and their respective directors, officers, agents, successors and assigns (the “Company Indemnitees”)
harmless from and against any Losses incurred by any Company Indemnitee as a result of or arising out of: (i) breach of any representation
or warranty of such Purchaser; or (ii) violation or nonperformance, partial or total, of any covenant or agreement of such Purchaser,
contained in this Agreement.

 

(c)   The
amount of any and all Losses under this Article VI shall be determined net of any insurance or other indemnification
proceeds received by the Indemnified Party or its Affiliates in connection with the facts giving rise to the right of indemnification
and any increased insurance costs resulting from such claim, including any retroactive or prospective premium adjustments associated with
such coverage, as such amounts are determined in accordance with those policies and programs generally applicable from time to time, and
only after first applying any available insurance to the portion of a Loss that is not indemnified hereunder.

 

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Section 6.02    Procedures
Relating to Indemnification.

 

(a)   Any
party seeking indemnification under Section 6.01 (an “Indemnified Party”) shall promptly give
the Party from whom indemnification is being sought (an “Indemnifying Party”) notice of any matter which such Indemnified
Party has determined has given or would reasonably be expected to give rise to a right of indemnification under this Agreement stating
in reasonable detail the factual basis of the claim to the extent known by the Indemnified Party, and containing a reference to the provisions
of this Agreement in respect of which such right of indemnification is claimed or arises; provided that the failure to
provide such notice shall not release the Indemnifying Party from any of its obligations under this Article VI except
to the extent the Indemnifying Party is materially prejudiced by such failure. With respect to any recovery or indemnification sought
by an Indemnified Party from the Indemnifying Party that does not involve a Third Party Claim, if the Indemnifying Party does not notify
the Indemnified Party within thirty (30) days from its receipt of the notice from the Indemnified Party that the Indemnifying Party disputes
such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. If the Indemnifying Party has disputed
a claim for indemnification (including any Third Party Claim), the Indemnifying Party and the Indemnified Party shall proceed in good
faith to negotiate a resolution to such dispute. If the Indemnifying Party and the Indemnified Party cannot resolve such dispute in thirty
(30) days after delivery of the dispute notice by the Indemnifying Party, such dispute shall be resolved by arbitration pursuant to Section 7.02.

 

(b)   If
an Indemnified Party shall receive notice of any claim or demand asserted by a third party (each, a “Third Party Claim”)
against it or which may give rise to a claim for Loss under this Article VI, within thirty (30) days of the receipt of
such notice, the Indemnified Party shall give the Indemnifying Party notice of such Third Party Claim; provided that
the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this Article VI except
to the extent that the Indemnifying Party is materially prejudiced by such failure. If the Indemnifying Party acknowledges in writing
its obligation to indemnify the Indemnified Party hereunder against any Losses that may result from such Third Party Claim, then the Indemnifying
Party shall be entitled to assume and control the defense of such Third Party Claim at its expense and through counsel of its choice if
it gives notice of its intention to do so to the Indemnified Party within fifteen (15) days of the receipt of such notice from the Indemnified
Party; provided that that if there exists or is reasonably likely to exist a conflict of interest that would make it
inappropriate in the judgment of the Indemnified Party in its sole and absolute discretion for the same counsel to represent both the
Indemnified Party and the Indemnifying Party, then the Indemnified Party shall be entitled to retain its own counsel in each jurisdiction
for which the Indemnified Party determines counsel is required, at the Indemnifying Party’s expense. In the event that the Indemnifying
Party exercises the right to undertake any such defense against any such Third Party Claim as provided above, the Indemnified Party shall
cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying Party’s
expense, all witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified
Party’s control relating thereto as is reasonably required by the Indemnifying Party. Similarly, in the event the Indemnified Party
is, directly or indirectly, conducting the defense against any such Third Party Claim, the Indemnifying Party shall cooperate with the
Indemnified Party in such defense and make available to the Indemnified Party, at the Indemnifying Party’s expense, all such witnesses,
records, materials and information in the Indemnifying Party’s possession or under the Indemnifying Party’s control relating
thereto as is reasonably required by the Indemnified Party. No such Third Party Claim may be settled by the Indemnifying Party without
the prior written consent of the Indemnified Party.

 

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Section
6.03 Limitation on Liability. Absent fraud, intentional misrepresentation or willful breach:

 

(a)
In no event shall any Indemnified Party be entitled to indemnification for any Losses arising from a claim for indemnification pursuant
to Section 6.01(a)(i) (other than Company Fundamental Warranties) or 6.01(b)(i) (other than Purchaser Fundamental Warranties)
unless and until the aggregate amount of all Losses suffered or incurred by the Indemnified Party thereunder exceeds five percent (5%)
of the Purchase Price (in the event the Indemnified Party is a Company Indemnitee) or five percent (5%) of the Aggregate Purchase Price
(in the event the Indemnified Party is a Purchaser), as applicable (the “Deductible”), in which case the Indemnifying
Party shall be liable only for Losses in excess of the Deductible.

 

(b)
the maximum aggregate liabilities of the Indemnifying Party in respect of Losses suffered by the Indemnified Parties pursuant to Section 6.01(a)(i)
(other than Company Fundamental Warranties) or 6.01(b)(i) (other than Purchaser Fundamental Warranties) shall not in any event
be greater than the Purchase Price (in the event the Indemnified Party is a Purchaser) or the Aggregate Purchase Price (in the event the
Indemnified Party is a Company Indemnitee), as applicable; and

 

(c)
notwithstanding any other provision contained herein, from and after the Closing, the right to indemnity pursuant to Article VI
shall be the sole and exclusive remedy of any of the Indemnified Party for any claims against the Indemnifying Party arising out of or
resulting from this Agreement; provided that the Indemnified Party shall also be entitled to specific performance or other equitable
remedies in any court of competent jurisdiction pursuant to Section 7.12 hereof.

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.01    Survival
of the Representations and Warranties.

 

(a)   The
Company Fundamental Warranties and Purchaser Fundamental Warranties shall survive until the latest date permitted by law or indefinitely
if such date is not provided. All other representations and warranties contained in Section 4.01 and Section 4.02 of
this Agreement as between the Company and a Purchase shall survive Closing until twenty-four (24) months after the Closing Date.

 

(b)   Notwithstanding
anything to the contrary in the foregoing clauses, (i) any breach of representation or warranty in respect of which indemnity may be sought
under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentences, if notice of the
inaccuracy or breach thereof giving rise to such right of indemnity shall have been given to the Party against whom such indemnity may
be sought in accordance with this Agreement prior to such time and (ii) any breach of representation or warranty in respect of which indemnity
may be sought that was caused as a result of fraud or intentional misrepresentation shall survive until the latest date permitted by law.

 

Section 7.02    Governing
Law; Arbitration.

 

This Agreement and all questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed in accordance
with the laws of the state of New York without giving effect to any choice of law rule that would cause the application of the laws of
any jurisdiction other than the internal laws of New York to the rights and duties of the Parties hereunder. Any dispute, controversy
or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall be submitted
to arbitration upon the request of any Party with notice to the other Party. The arbitration shall be conducted in Hong Kong under the
auspices of the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with the HKIAC Administered Arbitration
Rules then in effect, which rules are deemed to be incorporated by reference into this Section 7.02. There shall be three
(3) arbitrators. The complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving
or receiving the demand for arbitration. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice
law in New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate within the aforementioned
30-day period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings shall be conducted in
English. Each party irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have
to the laying of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of HKIAC in
any such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the disputing parties, and any party
to the dispute may apply to a court of competent jurisdiction for enforcement of such award. Any party to the dispute shall be entitled
to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral
tribunal.

 

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Section 7.03    No
Third Party Beneficiaries.

 

A person who is not a party
to this Agreement has no right to enforce any term of this Agreement.

 

Section 7.04    Amendment.

 

This Agreement shall not be
amended, changed or modified, except by another agreement in writing executed by the Parties hereto.

 

Section 7.05    Binding
Effect.

 

This Agreement shall inure
to the benefit of, and be binding upon, each of the parties and their respective heirs, successors and permitted assigns and legal representatives.

 

Section 7.06    Assignment.

 

Neither this Agreement nor
any of the rights, duties or obligations hereunder may be assigned, as between each Purchaser and the Company, without the express written
consent of such Purchaser and the Company. Any purported assignment in violation of the foregoing sentence shall be null and void.

 

Section 7.07    Notices.

 

Any notices, consents, waivers
or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have
been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when sent by facsimile or email (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party); (c) one (1) Business Day after deposit
with an internationally recognized overnight courier service, or (d) when sent by confirmed electronic mail if sent during normal business
hours of the recipient, and if not, then on the next Business Day, in each case properly addressed to the party to receive the same. The
addresses and facsimile numbers for such communications shall be:

 

If to the Company, to: 

 

DRAGON VICTORY INTERNATIONAL
LIMITED

Room 1803, Yintai International
Building

Kejiguan Road, Binjiang District,
Hangzhou, Zhejiang Province

China

Attention: Amanda Yang

Telephone: +86 137-3814-6896

Email: yangy@dvintinc.com
 

 

With Copy to (which does not
constitute notice):

Hunter Taubman Fischer &
Li LLC

48 Wall Street, Suite 1100

New York, NY 10005

Attention: Ying Li, Esq.

Telephone: 212 530-2206

Email: yli@htflawyers.com

 

If to a Purchaser, to:

 

The address and other contact
information described under the signature block of such Purchaser

 

Any Party may change its address
for purposes of this Section 7.07 by giving the other Parties hereto written notice of the new address in the manner
set forth above. For the avoidance of doubt, only notice delivered to the address and person of the Parties to this Agreement shall constitute
effective notice to such Party for the purposes of this Agreement.

 

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Section 7.08    Entire
Agreement.

 

This Agreement and the other
Transaction Agreements including the schedules and exhibits hereto and thereto constitutes the entire understanding and agreement between
the Parties with respect to the matters covered hereby and thereby, and all prior agreements and understandings, oral or in writing, if
any, between the Parties with respect to the matters covered hereby and thereby are merged and superseded by this Agreement and the other
Transaction Agreements.

 

Section 7.09    Severability.

 

If any provisions of this
Agreement shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion,
then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remainder
of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately
therefrom and shall not be affected thereby.

 

Section 7.10    Fees
and Expenses.

 

The expenses incurred in connection
with the negotiation, preparation and execution of this Agreement and other Transaction Agreements and the transactions contemplated hereby
and thereby, including fees and expenses of attorneys, accountants, consultants and financial advisors, shall be the responsibility of
the Party incurring such expenses.

 

Section 7.11    Confidentiality.

 

(a)   Each
Party shall keep confidential any non-public material or information with respect to the business, technology, financial conditions, and
other aspects of the other Parties which it is aware of, or have access to, in signing or performing this Agreement (including written
or non-written information, hereinafter the “Confidential Information”). Confidential Information shall not include
any information that is (i) previously known on a non-confidential basis by the receiving Party, (ii) in the public domain through no
fault of such receiving Party, its Affiliates or its or its Affiliates’ officers, directors or employees, (iii) received from a
party other than the Company or the Company’s representatives or agents, so long as such party was not, to the knowledge of the
receiving party, subject to a duty of confidentiality to the Company or (iv) developed independently by the receiving Party without reference
to confidential information of the disclosing Party. No Party shall disclose such Confidential Information to any third Party. Either
Party may use the Confidential Information only for the purpose of, and to the extent necessary for performing this Agreement; and shall
not use such Confidential Information for any other purposes. The Parties hereby agree, for the purpose of this Section 7.11,
that the existence and terms and conditions of this Agreement and schedule hereof shall be deemed as Confidential Information.

 

    26

     

    

 

(b)   Notwithstanding
any other provisions in this Section 7.11, if any Party believes in good faith that any announcement or notice must be
prepared or published pursuant to Applicable Laws (including any rules or regulations of any securities exchange or valid legal process)
or information is otherwise required to be disclosed to any Governmental Authority, such Party may, in accordance with its understanding
of the Applicable Laws, make the required disclosure in the manner it deems in compliance with the requirements of Applicable Laws; provided that
the Party who is required to make such disclosure shall, to the extent permitted by law and so far as it is practicable, provide the other
Parties with prompt notice of such requirement and cooperate with the other Parties at such other Parties’ request and at the requesting
Party’s cost, to enable such other Parties to seek an appropriate protection order or remedy. In addition, each Party may disclose,
after giving prior notice to the other Parties to the extent practicable under the circumstances and subject to any practicable arrangements
to protect confidentiality, Confidential Information to the extent required under judicial or regulatory process or in connection with
any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement or any Transaction Agreement; provided that
the Party who is required to make such disclosure shall, to the extent permitted by law and so far as it is practicable, at the other
Parties’ request and at the requesting Party’s cost, cooperate with the other Parties to enable such other Parties to seek
an appropriate protection order or remedy.

 

(c)   Each
Party may disclose the Confidential Information only to its Affiliates and its and its Affiliates’ officers, directors, employees,
agents and representatives on a need-to-know basis in the performance of the Transaction Agreements; provided that such
Party shall ensure such persons strictly abide by the confidentiality obligations hereunder.

 

(d)   The
confidentiality obligations of each Party hereunder shall survive the termination of this Agreement. Each Party shall continue to abide
by the confidentiality clause hereof and perform the obligation of confidentiality it undertakes until the other Party approves release
of that obligation or until a breach of the confidentiality clause hereof will no longer result in any prejudice to the other Party.

 

Section 7.12    Specific
Performance.

 

The Parties agree that irreparable
damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties
shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity.

 

Section 7.13    Termination.

 

(a)   This
Agreement shall automatically terminate as between the Company and a Purchaser upon the earliest to occur of:

 

(i)   the
written consent of each of the Company and such Purchaser;

 

(ii)   the
delivery of written notice to terminate by either the Company or such Purchaser if the Closing applicable to such Purchaser shall not
have occurred by the Closing Deadline; provided that such right to terminate this Agreement under this Section 7.13(a)(ii) shall
not be available to any Party whose failure to fulfill any obligation under this Agreement shall have been the principal cause of, or
shall have resulted in, the failure of Closing to occur on or prior to such date; or

 

(iii)   by
the Company or such Purchaser in the event that any Governmental Authority shall have issued a judgment or taken any other action restraining,
enjoining or otherwise prohibiting the transactions contemplated by the Transaction Agreements and such judgment or other action shall
have become final and non-appealable.

 

(b)   Upon
the termination of this Agreement, this Agreement will have no further force or effect, except for the provisions of Sections 7.02, 7.07, 7.10,
7.11, 7.13 and 7.16 hereof, which shall survive any termination under this Section 7.13; provided that
neither the Company nor the Purchaser shall be relieved or released from any liabilities or damages arising out of (i) fraud or (ii) any
breach of this Agreement prior to such termination.

 

    27

     

    

 

Section 7.14    Headings.

 

The headings of the various
articles and sections of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit,
define or extend the specific terms of the section so designated.

 

Section 7.15    Execution
in Counterparts.

 

For the convenience of the
Parties and to facilitate execution, this Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute but one and the same instrument. Signatures in the form of facsimile or electronically
imaged “PDF” shall be deemed to be original signatures for all purposes hereunder.

 

Section 7.16    Public
Disclosure.

 

Without limiting any other
provision of this Agreement, both the Purchaser and the Company shall consult and agree with each other on the terms and content of a
joint press release with respect to the execution of this Agreement and any other Transaction Agreements and the transactions contemplated
hereby and thereby and no press release shall be issued by any Party hereto without the prior written consent of the other Parties. Thereafter,
neither the Company nor the Purchaser, nor any of their respective Affiliates, shall issue any press release or other public announcement
or communication (to the extent not previously publicly disclosed or made in accordance with this Agreement or any other Transaction Agreements)
with respect to the transactions contemplated hereby or thereby without the prior written consent of the other parties (such consent not
to be unreasonably withheld, conditioned or delayed), except to the extent a party’s counsel deems such disclosure necessary or
desirable in order to comply with any law or the regulations or policies of any securities exchange or other similar regulatory body (in
which case the disclosing party shall give the other parties notice as promptly as is reasonably practicable of any required disclosure
to the extent permitted by Applicable Law), shall limit such disclosure to the information such counsel advises is required to comply
with such law or regulations, and if reasonably practicable, shall consult with the other party regarding such disclosure and give good
faith consideration to any suggested changes to such disclosure from the other party. Notwithstanding anything to the contrary in this Section 7.16,
the Purchaser and the Company may make public statements in response to specific questions by the press, analysts, investors or those
attending industry conferences or financial analyst conference calls, so long as any such statements are not materially inconsistent with
previous press releases, public disclosures or public statements made by the Company or the Purchaser and do not reveal material, non-public
information regarding the other Parties or the transactions contemplated by this Agreement.

 

Section 7.17    Waiver.

 

No waiver of any provision
of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving such provision. No failure or
delay by a Party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy.

 

Section 7.18    Adjustment
of Share Numbers.

 

If there is a subdivision,
split, stock dividend, combination, reclassification or similar event with respect to any of the shares of Ordinary Shares referred to
in this Agreement, then, in any such event, the numbers and types of shares of such Ordinary Shares referred to in this Agreement shall
be equitably adjusted as appropriate to the number and types of shares of such stock that a holder of such number of shares of such stock
would own or be entitled to receive as a result of such event as if such holder had held such number of shares immediately prior to the
record date for, or effectiveness of, such event.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed on the date first above written.

 

	THE ISSUER:	 
	 	 
	Dragon Victory International Limited	 
	 	 	 
	By:	/s/ Liu
    Limin	 
	Name:  	Liu Limin	 
	Title:	Chairman & CEO	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	HERMITAGE MANAGEMENT LIMITED 	 
	 	 	 
	By: 	/s/ Yoon Jung Hyun	 

 

Address:
 [*]

Telephone:
[*]

Email: [*]

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

    30

     

    

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	HU JING	 
	 	 
	/s/ Hu
    Jing	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	ZHOU YINGJUN	 
	 	 
	/s/ Zhou
    Yingjun	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	ZHANG AILING	 
	 	 
	/s/ Zhang
    Ailing	 
	 	 
	Address: [*]	 
	Telephone[*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	WANG BINGZHONG	 
	 	 
	/s/ Wang Bingzhong	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES
SUBSCRIPTION AND WARRANT PURCHASE AGREEMENT]

 

    34

     

    

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	HU XIANQUN	 
	 	 
	/s/ Hu Xianqun	 
	 	 
	Address: [*]	 
	Telephone[*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	NI MING	 
	 	 
	/s/ Ni Ming	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES
SUBSCRIPTION AND WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	NI MING	 
	 	 
	/s/ Li Jiarui	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	CAI YING	 
	 	 
	/s/ Cai Ying	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES
SUBSCRIPTION AND WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	YAN LIN	 
	 	 
	/s/ Yan Lin	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES SUBSCRIPTION AND
WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	KHOR SEK YEE	 
	 	 
	/s/ Khor Sek Yee 	 
	 	 
	Address: [*]	 
	Telephone: [*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES
SUBSCRIPTION AND WARRANT PURCHASE AGREEMENT]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the date first above written.

 

	LIU LIMIN	 
	 	 
	/s/ Liu Limin 	 
	 	 
	Address: [*]	 
	Telephone[*]	 
	Email: [*]	 

 

[Signature Page to SECURITIES
SUBSCRIPTION AND WARRANT PURCHASE AGREEMENT]

 

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Schedule A

Schedule of Purchased Price

 

	Name of the Purchasers	 	Purchased Price
	 Hu Jing 
	 	 US$200,000 

	 Zhou Yingjun 
	 	US$220,000
	 Zhang Ailing 
	 	 US$150,000
	 Wang Bingzhong	 	 US$600,000
	 Hu Xianqun	 	 US$960,000
	 Ni Ming	 	 US$400,000
	 Hermitage Management Limited	 	 US$330,000
	 Li Jiarui	 	 US$100,000
	 Cai Ying	 	 US$100,000
	 Yan Lin	 	 US$50,000
	 Khor Sek Yee	 	 US$70,000
	 Liu Limin	 	 US$120,000

 

Schedule A Schedule of Purchased Price

 

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Schedule B

Registration Rights

 

Section 1. Form F-3 Demand.
If at any time when it is eligible to use a Form F-3 registration statement, the Company receives a request from Holders holding at least
a majority of the then outstanding Registrable Securities held by all Holders (the “Initiating Holders”) (such request,
a “Demand Registration”) that the Company file a Form F-3 registration statement with respect to outstanding Registrable
Securities, then the Company shall (i) within ten (10) days after the date such request is given, give notice thereof (the “Demand
Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five
(45) days after the date such request is given by the Initiating Holders, file a Form F-3 registration statement under the Securities
Act covering all Registrable Securities requested to be included in such registration by the Holders, as specified by notice given by
each such Holder to the Company within twenty (20) days of the date the Demand Notice is given. The Company shall use its commercially
reasonable efforts to cause such registration statement to be declared effective by the SEC as soon as practicable. Notwithstanding the
foregoing, if the Company furnishes to the Initiating Holders a certificate signed by the Company’s chief executive officer stating
that, in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration
statement to either become effective or remain effective for as long as such registration statement would remain effective, then the Company
shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness
thereof shall be tolled correspondingly. Additionally, the Company shall not be required to effect, or take any action to effect, any
registration pursuant to this Section 1 (i) during the period that is thirty (30) days before the Company’s good faith estimate
of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company registration, or (ii) if
the Company has effected two (2) registrations pursuant to this Section 1 within the twelve (12) month period immediately preceding the
date of such request. A registration shall not be counted as “effected” for purposes of this Section 1 until such time as
the applicable registration statement has been declared effective by the SEC, unless Holders holding at least a majority of the Registrable
Securities to be registered withdraw their request for such registration and forfeit their right to one demand registration statement,
in which case, such withdrawn registration statement shall be counted as “effected” for purposes of this Section 1; provided,
that if such withdrawal is during a period the Company has deferred taking action pursuant to this Section 1, then the Initiating Holders
may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Section
1.

 

Section 2. Piggyback Rights.
If the Company proposes to file a registration statement under the Securities Act with respect to an offering of equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of shareholders of the Company (excluding registration statements relating to any registration under Section 1 above or to any
employee benefit plan or a corporate reorganization or other Rule 145 transaction, an offer and sale of debt securities, or a registration
on any registration form that does not permit secondary sales), then the Company shall give written notice of such proposed filing to
each Holder as soon as practicable but not less than ten (10) days before the anticipated filing date of such registration statement,
which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing underwriter or underwriters, if any, in such offering, and (B) offer to each Holder the opportunity
to register the sale of such number of Registrable Securities as such Holder may request in writing within five (5) days after receipt
of such written notice (such registration a “Piggyback Registration”). The Company shall, in good faith, cause such
Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing underwriter
or underwriters of a proposed underwritten offering to permit the Registrable Securities requested by such Holder pursuant to this Section
2 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such
registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. For purposes of clarity, any registration effected pursuant to this Section 2 shall not be counted as a registration pursuant
to a Demand Registration effected under Section 1 above.

 

Section 3. Reduction of
Underwritten Offerings. If a registration initiated pursuant to Sections 1 or 2 above is in the form of an Underwritten Offering,
and the managing Underwriter or Underwriters in such Underwritten Registration, in good faith, advises the Company and the Holders in
writing that the dollar amount or number of Registrable Securities that the Holders desire to sell, taken together with all other equity
securities that the Company desires to sell (if any) and the equity securities, if any, as to which a Registration has been requested
pursuant to separate written contractual registration rights held by any other shareholders of the Company who desire to sell, exceeds
the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar
amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall
include in such Underwritten Offering the Registrable Securities of the Holders (pro rata based on the respective number of Registrable
Securities that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities
that the Holder have requested be included in such Underwritten Registration) that can be sold without exceeding the Maximum Number of
Securities.

 

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Section 4. Re-sale Rights.
The Company shall at its own cost use its best efforts to assist each Holder in the sale or disposition of, and to enable each Holder
to sell under Rule 144 promulgated under the Securities Act the maximum number of, its Registrable Securities, including without limitation
(a) the prompt delivery of applicable instruction letters to the Company’s transfer agent to remove legends from certificates representing
such Holder’s ownership in the Company, and (b) causing the prompt delivery of appropriate legal opinions from the Company’s
counsel in forms reasonably satisfactory to the Holder’s counsel.

 

Section 5. Reports Under
Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the
SEC that may at any time permit the Holders to sell securities of the Company to the public without registration or pursuant to a registration
on Form F-3, the Company shall:

 

(a) make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times;

 

(b) use
commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

 

(c) furnish
to any Holder, so long as such Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement
by the Company that it has complied with the reporting requirements of SEC Rule, the Securities Act, and the Exchange Act, or that it
qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a copy
of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such
other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling
of any such securities without registration or pursuant to Form F-3 (at any time after the Company so qualifies to use such form).

 

Section 6. Expenses of
Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant
to this Schedule B, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements
of counsel for the Company, reasonable fees and disbursements of one counsel for the Holders (“Selling Holder Counsel”),
shall be borne and paid by the Company; provided that the Company shall not be required to pay for any expenses of any Registration proceeding
begun pursuant to Section 1 above if the Registration request is subsequently withdrawn at the request of the Holders holding at least
a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon
the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders holding at least a majority
of the Registrable Securities agree to forfeit their right to one Demand Registration. Each Holder participating in a Registration pursuant
to this Schedule B shall bear such Holder’s proportionate share (based on the total number of shares sold in such Registration other
than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in connection with
such offering by the Holders.

 

Section 7. Indemnification.

 

(a) The
Company agrees to indemnify, to the extent permitted by law, each Holder, its officers and directors and each person who controls such
Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’
fees) (collectively, the “Damages”) caused by any untrue or alleged untrue statement of material fact contained in
any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as
the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein.

 

(b) Each
Holder, severally and not jointly, agrees to indemnify, to the extent permitted by law, the Company, and each of its directors, each of
its officers who has signed the registration statement, each Person (if any) who controls the Company within the meaning of the Securities
Act, any underwriter, any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter
or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or on behalf of such Holder expressly for use in connection
with such Registration.

 

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Section 8. Termination.
The registration rights under this Schedule B with respect to any Registrable Securities proposed to be sold by a Holder shall terminate
on the earlier of (i) the date that is five (5) years from the Closing Date, and (ii) the date on which such Holder may sell all of its
Registrable Securities under Rule 144 (a) in one three (3) month period without exceeding the volume limitations thereunder or (b) without
volume limitations.

 

Section 9. Definitions.
As used in this Schedule B, the following terms have the following meanings. Capitalized terms used but not defined below shall have the
meanings ascribed to them in this Agreement to which this Schedule B is attached.

 

(a) “Holder”
means any holder of Registrable Securities.

 

(b) “Registrable
Securities” means (i) any Subscription Shares; (ii) any Ordinary Shares issued or issuable upon exercise of the Subscription Warrants;
and (iii) any other securities that may be issued as (or issuable upon the conversion or exercise of any warrant, right, or other security
that is issued as) upon any split, dividend, combination or consolidation, recapitalization, reclassification or other similar event with
respect to, or in exchange for or in replacement of, the Ordinary Shares referenced in clauses (i) and (ii) above.

 

(c) “Registration”
means a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

(d) “Selling
Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, depositary charges applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder,
except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 6 above.

 

(e) “Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s
market-making activities.

 

(f) “Underwritten
Registration” or “Underwritten Offering” means a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public.

 

    45

     

    

 

EXHIBIT A

 

WARRANT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    46

     

    

 

Warrant No.: [ ]

Date of Issuance: , 2022 (the “Issuance Date”)

 

WARRANT TO PURCHASE

ORDINARY SHARES

OF

DRAGON VICTORY INTERNATIONAL LIMITED

 

This Warrant (the “Warrant”)
certifies that, for value received,                                       
, and/or such entity that such person may designate in accordance with the Purchase Agreement (as defined below) (collectively being
referred to herein as the “Holder”), is entitled to purchase                                     
ordinary shares, with par value $0.0001 per share (“Ordinary Shares”) of Dragon Victory International Limited
(“Warrant Shares”), an exempted company incorporated with limited liability under the laws of the Cayman Islands (the
“Company”), on the terms set forth herein.

 

This Warrant is issued pursuant
to a Share Subscription and Warrant Purchase Agreement (the “Purchase Agreement”) dated as of ___________, 2022 and
entered into among the Company, the Holder and certain other parties thereto. Capitalized terms used herein without definition shall have
the meanings ascribed to them in the Purchase Agreement.

 

1.
Definitions. The following terms shall have the following meanings:

 

“Determination
Date” means the date set forth in Exhibit B hereto, or such other date as may be determined by the Company, on which the Company
determines whether the relevant Company Performance Goals with respect to a Performance Period have been achieved.

 

“Metalpha”
means Metalpha Limited, a subsidiary of the Company in which the Company holds 51% shares as at the date hereof.

 

“Performance Period”
means the each period set forth in Exhibit B hereto.

 

“Vesting Proportion”
means the percentage of Warrant Shares vested if the corresponding Company Performance Goals are attained as set forth in Exhibit B hereto.

 

2. Purchase of
Shares. Subject to the terms and conditions hereinafter set forth, the Company hereby grants the Holder the right to purchase
from the Company up to
                                       Ordinary
Shares of the Company at the Exercise Price (as defined below), subject to adjustment and change as provided herein.

 

3.
Exercise.

 

(a) Exercise
Price. Unless otherwise mutually agreed by the Holder and the Company, and subject to adjustment and change as provided herein,
the per share purchase price for the Warrant Shares shall be the Per Share Purchase Price paid by the Holder for the Subscription
Shares under the Purchase Agreement (the “Exercise Price”).

 

Notwithstanding any adjustment
made in accordance with this Warrant or anything to the contrary in this Warrant, the aggregate Exercise Price shall in no event be less
than the aggregate par value of the Warrant Shares at the time of exercise (the “Minimum Consideration”).

 

    47

     

    

 

(b) Exercise
Period. Any Warrant Shares vested pursuant to Section 3(c) are exercisable, in whole or in part, by the Holder on any day
during the period (the “Exercise Period”) commencing on the date of the issuance of this Warrant, and ending on
the fifth (5th) anniversary date of Issuance Date.

 

(c) Vesting. The
vesting of the Warrant Shares is conditioned upon the attainment of the performance goals of the Company (the “Company
Performance Goals”) and any other vesting schedule/conditions as set forth in Exhibit B to this Warrant. The Warrant
Shares will not become vested on the applicable Determination Date unless the Company determines that the relevant Company
Performance Goals with respect to the applicable Determination Date have been attained. If any Company Performance Goal is not
attained as determined by the Company, the corresponding Vesting Proportion of the Warrant Shares shall be immediately cancelled and
forfeited as of the relevant Determination Date.

 

The Company shall notify the
Holder of the number of vested Warrant Shares within seven (7) Business Days (as defined in the Purchase Agreement) following a Determination
Date in the form attached hereto as Exhibit C (the “Vesting Notice”).

 

(d)
Form of Payment. Subject to Section 3(a), the aggregate Exercise Price for the Warrant Shares may be settled, in part or
in whole, no later than the close of business on the tenth (10th) Business Day following the receipt of the Notice of Exercise (as defined
below) by the Company from the Holder, by

 

(i)
Cash Exercise. The purchase rights represented by this Warrant may be exercised by the Holder, in whole or in part, by the surrender
of this Warrant (with the Notice of Exercise form attached hereto as Exhibit A duly executed) at the principal office of the Company,
and by the payment to the Company, by certified, cashier’s or other check acceptable to the Company or by wire transfer to an account
designated by the Company, of an amount equal to the aggregate Exercise Price of the Warrant Shares being purchased.

 

(ii)
Cashless (Net Issue) Exercise. In lieu of exercising this Warrant, the Holder may elect to receive Warrant Shares equal to the
value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together
with notice of such election, in which event the Company shall issue to the Holder a number of Warrant Shares computed using the following
formula:

 

	
     

    X=

     
	Y(A-B)	 
	A	 

 

Where:

 

X = the number of the Warrant Shares to be issued
to the Holder.

Y = the number of the Warrant Shares purchasable
under this Warrant.

A = the fair market value of one Ordinary Share
on the date of determination.

B = the Exercise Price (as adjusted to the date
of such calculation).

 

For purposes of this Section
3(d)(ii), the fair market value of an Ordinary Share is defined as follows:

 

(i) if
the Company’s Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the volume-weighted average price
(“VWAP”) quoted for the Ordinary Shares on such exchange for the 10- Trading Day period immediately prior to the Notice of
Exercise (defined in Section 3(e)) submitted in connection with the exercise of this Warrant;

 

(ii) if
the Company’s Ordinary Shares are quoted over-the-counter, the value shall be deemed to be the VWAP for the Ordinary Shares for
the 10-Trading Day period immediately prior to the Notice of Exercise being submitted in connection with the exercise of the Warrant;
or

 

(iii)  if
there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

(e)
Issuance of Warrant Shares; Acknowledgement. The exercise of this Warrant shall be effected by the delivery of the Warrant, together
with a duly executed copy of the Notice of Exercise in the form attached hereto as Exhibit A (the “Notice of Exercise”),
to the Company and the payment of the Exercise Price in accordance with Section 3(d). The Company agrees that the Warrant Shares
purchased under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares as of the close of
business on the date the purchase price for the Warrant Shares is paid to the Company. The Company shall, within three (3) Business Days
after its receipt of the executed Notice of Exercise: (i) deliver to the Holder a duly issued share certificate representing the Warrant
Shares being acquired, or, provided that the transfer agent of the Company is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of such Holder, credit such aggregate number of Warrant Shares to the Holder’s,
or its designees’, balance account with DTC through its Deposit Withdrawal At Custodian (“DWAC”) system, provided
the Holder causes its bank or broker to initiate the DWAC transaction, and (ii) deliver to the Holder a certified true copy of the updated
register of members of the Company reflecting the Holder’s ownership of the Warrant Shares with the issuance date of the Warrant
Shares being the purchase price payment date, provided, however, that the aggregate Exercise Price shall be paid in accordance with Section
3(d).

 

    48

     

    

 

4.
Reservation of Shares. The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance and after payment of the aggregate Exercise Price in accordance with Section 3(d),
be duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any shareholder and free of all
taxes, liens and charges with respect to the issue thereof, except as provided under applicable law, this Warrant and the memorandum and
articles of association of the Company then in effect. The Company further covenants and agrees that the Company will, at all times during
the Exercise Period, have authorized and reserved a sufficient number of Ordinary Shares to provide for the exercise of the rights represented
by this Warrant.

 

5.
Adjustment of Exercise Price and Warrant. The Exercise Price and/or Warrant shall be subject to adjustment from time to time as
follows:

 

(a)
Share Splits, Share Subdivisions. In the event the Company shall at any time, or from time to time, effect a split or subdivision
of the outstanding ordinary shares, the Exercise Price of this Warrant shall be proportionally decreased and the number of Ordinary Shares
issuable upon exercise of this Warrant (or any shares or other securities at the time issuable upon exercise of this Warrant) shall be
proportionally increased to reflect any such share split or subdivision of the Ordinary Shares. Conversely, if the Company shall at any
time, or from time to time, combine the outstanding ordinary shares into a smaller number of shares, the Exercise Price of this Warrant
shall be proportionally increased and the number of ordinary shares issuable upon exercise of this Warrant (or any shares or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally decreased to reflect any such combination of the ordinary
shares. Any adjustment under this paragraph shall become effective at the close of business on the date the share split, subdivision or
combination becomes effective.

 

(b)
Dividends or Distributions of Shares or Other Securities or Property. In the event the Company shall make or issue, or shall fix
a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Ordinary
Shares (or any shares or other securities at the time issuable upon exercise of this Warrant) payable in (i) shares or other securities
of the Company; or (ii) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, the
Holder, upon exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution,
shall receive, in addition to the Ordinary Shares (or such other shares or securities) issuable upon such exercise prior to such date,
and without the payment of additional consideration therefor, the shares or other securities of the Company or such other assets to which
it would have been entitled upon such date as if it had exercised this Warrant on the date hereof and had thereafter, during the period
from the date hereof to and including the date of such exercise, retained such shares and/or all other additional shares or securities
available to it as aforesaid during such period, giving effect to all adjustments called for by this Section 5.

 

(c)
Reclassification. If the Company, by reclassification of shares or otherwise, shall change any of the shares as to which purchase
rights under this Warrant exist into the same or a different number of shares of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of shares as would have been issuable as the result of such change with respect to
the shares that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and
the Exercise Price therefor shall be equitably adjusted, all subject to further adjustment as provided in this Section 5.

 

(d)
Capital Reorganization, Merger or Consolidation. In case of any reorganization of the share capital of the Company (other than
a combination, reclassification or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company
with or into another corporation, or the sale or transfer of all or substantially all the assets of the Company, then, and in each such
case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder shall
thereafter be entitled to receive, upon exercise of this Warrant, during the period specified herein and upon payment in accordance with
Section 3(d), the number of shares or other securities or property of the successor corporation resulting from such reorganization,
merger, consolidation, sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been entitled
to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such
reorganization, merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 5. The foregoing
provisions of this Section 5(d) shall similarly apply to successive reorganizations, consolidations, mergers, sales and transfers
of the shares or securities of any other corporation that are at the time receivable upon the exercise of this Warrant. In all events,
appropriate adjustment (as determined in good faith by the Company’s board of directors) shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions
of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable
after that event upon exercise of this Warrant.

 

    49

     

    

 

(e)
Notice of Adjustment. The Company shall promptly give the Holder of this Warrant written notice of each adjustment or readjustment
of the Exercise Price or the number of Warrant Shares or other securities issuable upon exercise of this Warrant. The notice shall describe
the adjustment or readjustment and show in reasonable detail the facts on which the adjustment or readjustment is based.

 

6.
Transfers of Warrant. This Warrant and all rights and obligations hereunder are transferable and assignable in whole or in part
by the Holder (subject to compliance with the applicable securities laws and constitutional documents of the Company).

 

7.
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the event of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the
Company, or in the event of any such mutilation, upon surrender and cancellation of such Warrant, the Company will execute and deliver
a new Warrant of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

8.
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the
Holder.

 

9.
Successors and Assigns. This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their respective
successors and permitted assigns.

 

10.
Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either personally
or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below (or at
such other address as such party may designate by fifteen (15) days’ advance written notice to the Company or Holder, as applicable,
given in accordance with this Section 10). Where such notice is sent by next-day or second-day courier service, service of the
notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized
courier a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of sixty (60) hours
after the letter containing the same is sent as aforesaid. Where a notice is sent by facsimile, service of the notice shall be deemed
to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery,
and to have been effected on the day the same is sent as provided above.

 

If notice to the Company:

Attn: Yang Lin

Address: Suite 1508, Central Plaza, 18 Harbour
Road, Wan Chai, Hong Kong, China

Email: liny@dvintinc.com

Contact No.: +86 138-6711-4559

 

If notice to the Holder:

Address:

Email:

Contact No.:

 

    50

     

    

 

11.
Headings. The section and subsection headings of this Warrant are inserted for convenience only and shall not constitute a part
of this Warrant in construing or interpreting any provision hereof.

 

12.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of State of New York without giving
effect to any choice or conflict of law provision or rule thereof.

 

13.
Dispute Resolution.

 

(a)
Any dispute, controversy, difference or claim arising out of or relating to this Warrant, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it (the
“Dispute”) shall be submitted to arbitration upon the request of any party with notice to the other party. The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the HKIAC Administered Arbitration Rules then in effect, which rules are deemed to be incorporated by reference into
this Section 13.

 

(b)
There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one arbitrator within thirty
(30) days after giving or receiving the demand for arbitration. The Chairman of the HKIAC shall select the third arbitrator, who shall
be qualified to practice law in New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate
within the aforementioned 30-day period, the relevant appointment shall be made by the Chairman of the HKIAC. The arbitration proceedings
shall be conducted in English.

 

(c)
Each party irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the
laying of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of the HKIAC in any
such arbitration. The award of the arbitration tribunal shall be conclusive and binding upon the disputing parties, and any party to the
dispute may apply to a court of competent jurisdiction for enforcement of such award. Any party to the dispute shall be entitled to seek
preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal.

 

14.
Interpretation. For all purposes of this Warrant, except as otherwise expressly provided, (i) the term “or” is not
exclusive, (ii) the terms defined herein and any capitalized terms used herein without definition shall include the plural as well as
the singular, (iii) unless otherwise provided for, all references in this Warrant to designated “Sections” and other subdivisions
are to the designated Sections and other subdivisions of the body of this Warrant, (iv) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Warrant as a whole and not to any particular Section or other subdivision, and (vi) “include,”
“including,” “are inclusive of” and similar expressions are not expressions of limitation and shall be construed
as if followed by the expression “without limitation”.

 

15.
No Presumption. The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in
this Warrant against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating to
any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will be implied
because this Warrant was prepared by or at the request of any party or its counsel.

 

16.
Counterparts. This Warrant may be executed in two or more counterparts and may be delivered by electronic PDF or facsimile transmission,
all of which shall be considered one and the same agreement and each of which shall be deemed an original.

 

17.
Severability. If one or more provisions of this Warrant is held to be unenforceable under any applicable law, such provision shall
be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

18.
Entire Agreement. This Warrant together with the other instruments and agreements referenced herein constitutes the entire agreement
between the Parties with respect to the subject matter hereof.

 

[The remainder of this page has been intentionally
left blank.]

 

    51

     

    

 

IN WITNESS WHEREOF, the Company caused this Warrant
to be executed by a director thereunto duly authorized.

 

	 	COMPANY:
	 	 	 
	 	Dragon Victory International Limited
	 	 	 
	 	By:	 
	 	Name:	Limin Liu 
	 	Title:	Chairman & CEO

 

	ACCEPTED BY:	 
	 	 
	[Holder]	 
	 	 
		 

 

[Signature Page to Warrant]

 

    52

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE

 

To: Dragon Victory International Limited

 

The undersigned hereby elects to purchase ___________________
ordinary shares of Dragon Victory International Limited, pursuant to the terms of the attached Warrant.

 

The undersigned hereby represents and warrants
that the undersigned is acquiring such shares for its own account for investment purposes only, and not for immediate resale or with a
view to distribution of such shares or any part thereof.

 

	 	WARRANT HOLDER:
	 	 
	 	 
	 	 Address:

 

	Date:	 	 

 

	Name in which shares should be registered:	 
	 	 
		 

 

    A-1

     

    

 

EXHIBIT B

 

Company
Performance GoalS

 

	Performance Period	Determination Date	Company Performance Goals	Vesting Proportion
	April 1, 2022 to March 31, 2023	The earliest practicable date after the auditors of the Company (or any third party advisor engaged by the Company) confirms the notional amount of the all derivative products issued by Metalpha in the relevant Performance Period.	The aggregate notional amount (as defined in the product selling documents) of all derivative products issued by Metalpha exceeds US$100 million.	50%
	April 1, 2022 to March 31, 2024	The aggregate notional amount (as defined in the product selling documents) of all derivative products issued by Metalpha exceeds US$500 million.	50%

 

    B-1

     

    

 

EXHIBIT C

 

FORM OF VESTING NOTICE

 

To: [Name of Holder]

 

We are pleased to inform you that, pursuant
to Section 3(c) of the Warrant issued to you dated ___________ , you are entitled to exercise ___________ Warrant Shares effective from
___________.

 

Dragon Victory International Limited

 

	Date:	 	 

 

 

C-1

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