Document:

SHARE SUBSCRIPTION FACILITY
AGREEMENT

 

	THIS AGREEMENT is made on	19 January 2016

                                                                  

BETWEEN:

 

		(1)	WISeKey International Holding Ltd, a Company registered in Switzerland whose registered address
is at General-Guisan-Strasse 6, 6300 Zug (the “Company”);

 

		(2)	GEM Global Yield Fund LLC SCS (together with its permitted successors and assigns), a company incorporated
under the laws of Luxembourg whose registered office is at 412F, route d’Esch, L-2086 Luxembourg (the “Purchaser”);
and

 

		(3)	GEM Investments America, LLC., a company incorporated in Delaware whose principal place of business
is at 590 Madison Avenue, 36th Floor, New York, NY 10022, USA (“GEMIA”).

 

Whereas:

 

		(A)	The Company intends to launch, among other things, a share exchange offer for all issued and outstanding
shares of WISeKey SA in order for it to become the top holding company of the WISeKey group and list its Ordinary Shares (as defined
herein) on SIX Swiss Exchange. In addition to Ordinary Shares, the Company will have special voting stock in the form of Class
A Shares, each with a par value of CHF 0.01, which will not be listed;

 

		(B)	The Purchaser wishes to grant the Company an option to require it to subscribe, on the terms and
subject to the conditions set out in this Agreement, for Ordinary Shares in the Company at an aggregate subscription price of up
to CHF 60,000,000.

 

		(C)	The Purchaser is to be entitled to receive, on the terms set out in this Agreement, warrants to
subscribe for Ordinary Shares in the Company.

 

		(D)	The Share Providers wish to provide Ordinary Shares to the Purchaser on the terms set out in this
Agreement.

 

It is agreed:

 

		1.	Definitions and Interpretation

 

		1.1	Defined Terms

 

The following terms used in this
Agreement shall, unless the context otherwise requires, bear the following meanings:

 

	“Affiliate”	with respect to any Person, any other Person that gives or receives non-binding investment directions or recommendations to or from such Person or any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, and for the purpose of this definition, ‘control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) shall be interpreted in accordance with Article 963 of the Swiss Code of Obligations;

 

    

    

    

 

	“Black Scholes Value”	as at any date, the value of the Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the relevant date and reflecting (1) a risk-free interest rate corresponding to the treasury rate for a period equal to the remaining term of the Warrant as of such date of request, (ii) an expected volatility equal to the greater of 60% and the 100 day volatility obtained from the HVT function on Bloomberg as of the day immediately following the relevant date and (iii) the underlying price per Ordinary Share used in such calculation shall be the Closing Bid Price on the relevant date
	 	 
	“Bloomberg”	Bloomberg Financial Markets;
	 	 
	“Business Day”	any day (except any Saturday or Sunday) on which banks in the City of Zurich and New York are generally open for business;
	 	 
	“CHF”	the lawful currency of Switzerland;
	 	 
	“Class A Shares”	has the meaning given in clause 6.1(b);
	 	 
	“Closing Bid Prices”	for Ordinary Shares as of any date, the last closing bid price for such shares on the Principal Market as reported by Bloomberg or, if no such closing bid price is reported for such shares by Bloomberg, the last such closing trade price of such shares that is reported by Bloomberg, in each case appropriately adjusted for any Variations (to the extent that any such Variation has not already been reflected in such closing bid or trade price);
	 	 
	“Closing Date”	shall have the meaning given to it in clause 4.4;

 

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	“Closing Date Notice”	a notice from the Purchaser to the Company in the form set out in Exhibit B pursuant to clause 3;
	 	 
	“Commitment Period”	the period commencing on the date of this Agreement and expiring on the earlier of:  (a) the fifth anniversary of the date of this Agreement; and (b) the date on which the Purchaser has subscribed for Ordinary Shares with an aggregate Subscription Price of CHF 60,000,000 pursuant to this Agreement;
	 	 
	“Daily Trading Volume”	with respect to any Trading Day, the trading volume of the Ordinary Shares on the Principal Market, as reported by Bloomberg, provided that block trades as identified by Bloomberg under the code ‘‘BTR” or of a similar type and trades of 25,000 or more Ordinary Shares shall be disregarded for the purpose of calculating such trading volume;
	 	 
	“Designated Officer”	any director of the Company, the secretary of the Company or such other person as is designated by the board of directors of the Company in writing;
	 	 
	“Draw Down Amount”	
        the aggregate number of Ordinary Shares
        stated in each Subscription Notice (which number may be different in each Subscription Notice) that the Company wishes the Purchaser
        to subscribe for provided that:

         

        (i)             the Draw Down Amount in each Subscription Notice shall not exceed 1000 per cent of the average Daily Trading Volume during
the 15 Trading Days immediately preceding the relevant Notice Date; and

         

        (ii)                  the Draw Down Amount in any Subscription Notice shall not exceed such amount as, when multiplied by 90 per cent of the Closing
        Bid Price on the Trading Day immediately prior to the relevant Notice Date and then added to the aggregate Subscription Price of
        all the Ordinary Shares subscribed for pursuant to all prior Closing Notices, would be equal to CHF 60,000,000;

         

 

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	“Fee”	has the meaning given in clause 2.4(a);
	 	 
	“Floor Price”	a price set by the Company in each Subscription Notice (which price may be different In each Subscription Notice) below which the Company does not wish to issue Ordinary Shares pursuant to such Subscription Notice.  The Parties agree that at no time shall the Floor Price be set below CHF 10.00, unless agreed by the Company;
	 	 
	“Group”	the Company and its Subsidiaries collectively and any body corporate which directly or indirectly controls or is under common control with the Company, collectively;
	 	 
	“Knockout Day”	any Trading Day during a Pricing Period:  (a) on which:  (i) the amount equal to 90 per cent of the Closing Bid Price is less than the applicable Floor Price; or (ii) the Ordinary Shares are not traded on the Principal Market; or (b) in respect of which the Purchaser makes an election in accordance with clause 2.3;
	 	 
	“Lien”	with respect to any asset, any mortgage, lien, pledge, encumbrance, charge or security interest of any kind in or on such asset or the revenues or income therefrom save in so far as they arise or are created by operation of law or in the normal course of trading;
	 	 
	“Listing”	admission to listing and trading (if applicable) on the Principal Market, and the term “Listed” shall be construed accordingly;
	 	 
	“Listing Date”	has the meaning given in clause 5.1;
	 	 
	“Listing Rules”	the rules (including any rules of the Principal Market and any relevant listing authority) applicable to a Listed company from time to time;
	 	 
	“Material Adverse Event”	any event or series of events which has led or may reasonably be expected to lead to (a) any material adverse effect on the business, operations, properties, financial condition or prospects of the Group, taken as a whole, (b) the Company being prohibited from performing or otherwise materially interfere with the authority or ability of the Company to perform its obligations under or in respect of this Agreement, the Warrant Agreement or the Ordinary Shares, (c) the Ordinary Shares ceasing to be Listed, or (d) the Listing of the Ordinary Shares, or trading in Ordinary Shares on the Principal Market, being suspended for five or more consecutive Trading Days;

 

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	“Material Change in Ownership”	any sale or disposal of Ordinary Shares or other transaction or event which results in the officers and directors of the Company for the time being collectively owning less than 10 per cent of the Company’s voting rights from time to time;
	 	 
	“Articles”	the Articles of Association (or equivalent constitutional documents) of the Company (as amended from time to time);
	 	 
	“Notice Date”	the date of delivery, in accordance with clause 10.5, of the applicable Subscription Notice;
	 	 
	“Ordinary Shares”	the ordinary shares of the Company with a par value of CHF 0.05 (also referred to as “Class B Shares’) each from time to time in issue and “Ordinary Shareholders” shall be construed accordingly
	 	 
	“Paid Amount”	has the meaning given in clause 2.4(f);
	 	 
	“Person”	an Individual or a corporation, a general or limited partnership, a trust, an incorporated or unincorporated association, a joint venture, a limited liability company, a limited liability partnership, a joint stock company, a government (or an agency or political subdivision thereof) or any other entity of any kind;
	 	 
	“Pricing Period”	the period of 15 Trading Days following the Notice Date of the applicable Subscription Notice;
	 	 
	“Pricing Period Obligation”	with respect to any Pricing Period, a number of Ordinary Shares equal to the Draw Down Amount divided by 15 and multiplied by the number of Trading Days during the Pricing Period which are not Knockout Days;

 

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	“Principal Market”	the SIX Swiss Exchange or any other stock exchange in the European Economic Area on which the Ordinary Shares may be listed;
	 	 
	“Promissory Note”	a promissory note to GEMIA in the form set out in Exhibit D;
	 	 
	“Provided Shares”	has the meaning given in clause 4.2(a);
	 	 
	“Reduced Fee”	has the meaning given in clause 2.4(a);
	 	 
	“Required Approvals”	shall have the meaning given in clause 6.1(g);
	 	 
	“Securities Act”	the United States Securities Act of 1933, as amended;
	 	 
	“Settlement System”	SIX SIS, the system for electronic settlement of trades in Ordinary Shares on the Principal Market;
	 	 
	“Share Provision”	has the meaning given In clause 4.2(c);
	 	 
	“Solvent”	with respect to any Person on a particular date, such Person not being deemed unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986;
	 	 
	“Subscription Notice”	a notice from the Company to the Purchaser executed by a Designated Officer in the form set out in Exhibit A delivered on any Trading Day during the Commitment Period pursuant to clause 2.1;
	 	 
	“Subscription Price”	with respect to any Pricing Period, 90 per cent of the average of the Closing Bid Prices during such Pricing Period, ignoring for the purposes of such calculation any Knockout Day;
	 	 
	“Subsidiary”	any Person which is a subsidiary of the Company pursuant to Article 963 of the Swiss Code of Obligations.
	 	 
	“Trading”	trading of the Ordinary Shares on the Principal Market;

 

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	“Trading Day”	a day on which the Principal Market is open and remains open for not less than five hours;
	 	 
	“Warranties”	the statements made in clause 6.1;
	 	 
	“Warrants”	the Warrants to be issued pursuant to this Agreement in the form set out in Exhibit E.
	 	 
	“Warrant Agreement”	the warrant agreement in respect of Ordinary Shares to be entered into pursuant to this Agreement in the form set out in Exhibit E;
	 	 
	“Warrant Payment”	shall have the meaning set out in clause 5.2

 

		1.2	References

 

References to clauses, Schedules
and Exhibits are, save where the context otherwise requires, to clauses of and schedules and exhibits to this Agreement.

 

		1.3	Including Without Limitation

 

Phrases introduced by the word
“including” and similar expressions do not limit the scope of the meaning of the words to which they relate.

 

		2.	Subscription Notice

 

		2.1	Delivery of Subscription Notice

 

Subject to the satisfaction (or
waiver In writing by the Purchaser) of the conditions set forth in clause 2.2, on any Trading Day during the Commitment Period,
the Company shall be entitled to issue a Subscription Notice to the Purchaser. The Subscription Notice shall be delivered to the
Purchaser in accordance with the notice provisions of clause 10.5 and shall:

 

		(a)	specify the Draw Down Amount;

 

		(b)	specify the Floor Price; and

 

		(c)	contain a certificate, signed by a Designated Officer, certifying that all conditions precedent
to the delivery of a Subscription Notice have been satisfied or waived in writing by the Purchaser.

 

Each Subscription Notice shall
be irrevocable. The Company may issue as many Subscription Notices as it may elect during the Commitment Period, but, after delivery
of a Subscription Notice, may not, without the prior consent of the Purchaser, thereafter deliver a further Subscription Notice
until the expiry of the Pricing Period relating to the Subscription Notice already delivered.

 

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		2.2	Conditions Precedent to the Delivery of a Subscription Notice

 

The Company may deliver a Subscription
Notice only if the following conditions have been and remain satisfied (or waived by the Purchaser in writing in respect of the
relearnt Subscription Notice):

 

		(a)	The Ordinary Shares must be Listed on the SIX (Swiss Stock Exchange);

 

		(b)	The Company shall have delivered and the Purchaser shall have received an original of the Agreement,
Promissory Note and Warrant Agreement;

 

		(c)	the Warrants have been duly issued in favour of and a warrant certificate in respect thereof has
been delivered to the Purchaser;

 

		(d)	the Provided Shares relating to the relevant Subscription Notice have been delivered to the Purchaser’s
account, to the satisfaction of the Purchaser;

 

		(e)	the Promissory Note has been duly executed and delivered to GEMIA;

 

		(f)	the Ordinary Shares remain Listed;

 

		(g)	the Company has obtained all the Required Approvals (in a form reasonably acceptable to the Purchaser)
and such Required Approvals are in full force and effect such that 200 per cent of the Draw Down Amount (or, if 90 per cent of
the Closing Bid Price on the Trading Day on which a Subscription Notice is sent when (i) multiplied by 200 per cent of the Draw
Down Amount and (ii) added to the aggregate Subscription Price of all Ordinary Shares already issued pursuant to Closing Notices
would exceed CHF 60,000,000, such smaller percentage of the Draw Down Amount (being not less than 100 per cent) as is capable of
being issued without exceeding such CHF 60,000,000 limit) may be duly allotted and issued to the Purchaser;

 

		(h)	the representations and warranties of the Company contained herein are true and correct In all
respects as of the relevant Notice Date as repeated at that time (except that representations and warranties that are expressed
by their terms to be made as of a specific date need be true in all respects only as of such date);

 

		(i)	the Company and each Share Provider have performed, satisfied and complied in all material respects
with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company
or the Share Provider (as the case may be) at or prior to the Notice Date;

 

		(j)	no Material Adverse Event has occurred or is reasonably expected to occur;

 

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		(k)	no inquiry, investigation or other proceeding, whether formal or informal, has been commenced,
announced or threatened, no order has been issued by any governmental or regulatory organisation or stock exchange and there has
been no change of law or policy, or the interpretation or administration thereof, in each case which operates or could operate
to prevent, suspend, hinder, delay, restrict or otherwise have a significant adverse effect on the transactions contemplated by
this Agreement or which could have a material adverse effect on the Purchaser; and

 

		(l)	Listing of the issued Ordinary Shares has not been suspended or threatened to be suspended by the
Principal Market during the thirty Trading Days prior to the relevant Notice Date.

 

		2.3	Pricing Period Obligation Limitation and Increase

 

On and subject to the terms and
conditions of this Agreement, the Purchaser shall be obliged, with respect to any Subscription Notice and Pricing Period, to subscribe
for a number of Ordinary Shares which is not less than 50 per cent of the Pricing Period Obligation, and the Purchaser shall be
entitled at its sole discretion to elect to subscribe for up to 200 per cent of the Pricing Period Obligation, provided that the
Purchaser shall not be obliged to subscribe for a percentage of the Pricing Period Obligation that has an aggregate Subscription
Price which, when added to the aggregate Subscription Price of all Ordinary Shares issued pursuant to all prior Closing Notices,
would exceed CHF 60,000,000; and further provided in each case that if, on any Trading Day during any Pricing Period, a Material
Adverse Event occurs, the Purchaser shall be entitled at its sole discretion to elect to treat that Trading Day and any other Trading
Day during the relevant Pricing Period as a Knockout Day. The Purchaser shall not be obliged to purchase any Ordinary Shares pursuant
to this Agreement if the Purchaser would in consequence be required to make a mandatory offer to purchase all or any of the outstanding
Ordinary Shares.

 

		2.4	Fee

 

		(a)	The Company shall pay to GEMIA a fee of CHF 1,200,000 (which sum shall be deemed to be exclusive
of any applicable taxes and duties) (the “Fee”), payable upon proceeds from the first few Drawdowns; provided
however, that the Fee shall be reduced to CHF 500,000 (the “Reduced Fee”) in the event that the Ordinary Shares
have not been Usted on a Principal Market twelve (12) months after the date of this Agreement. The Company shall, on the date of
this Agreement, provide a Promissory Note as evidence of its obligation to pay the Fee.

 

		(b)	The Purchaser shall deduct from the sum payable by it In respect of the aggregate Subscription
Price payable by it pursuant to a Closing Notice on a Closing Date the amount of the Fee or, If less, the portion thereof equal
to such aggregate Subscription Price and shall pay such amount to GEMIA on behalf of the Company. Such deduction shall be a full
discharge to the Company of its obligation to pay the Fee or the relevant portion thereof (as the case may be).

 

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		(c)	If on the expiry of twelve (12) months from the date of this Agreement the Usting of the Ordinary
Shares has occurred, but no Closing Date has occurred, the Company shall pay the total outstanding amount of the applicable Fee
to GEMIA.

 

		(d)	If on the expiry of twelve (12) months from the date of this Agreement no Listing of the Ordinary
Shares has occurred, the Company shall pay the total outstanding amount of the outstanding Reduced Fee to GEMIA.

 

		(e)	It is therefore expressly acknowledged that the Fee or, as the case may be, the Reduced Fee shall
be due on the first anniversary of the Agreement, regardless of whether a Closing Date has occurred (in case of the Fee) or whether
a Listing has occurred (in the case of the Reduced Fee) before that date.

 

		(f)	It is hereby acknowledged that if, on any date prior to the Payment Date (as that term is defined
in the Promissory Note) the Company pays any portion of the Fee (the “Paid Amount”) to GEMIA the amount due
to GEMIA under the Promissory Note shall be reduced by an amount equal to the Paid Amount. In such circumstances, the Company shall
issue a new Promissory Note to GEMIA for an amount equal to the Fee minus the Paid Amount (or if a number of payments have been
made, the aggregate of all such Paid Amounts) against surrender by GEMIA of its existing Promissory Note to the Company.

 

		(g)	If for any reason:

 

		(i)	the Company fails to comply with its obligations to pay the Fee or any portion thereof in accordance
with any of the provisions of this clause 2.4;

 

		(ii)	the Company or any Share Provider has breached in any material respect any representation, warranty,
covenant or agreement contained in this Agreement and (if such breach is curable) such breach is not cured within five Business
Days following receipt by the Company of notice of such breach or there has been any Material Adverse Event;

 

		(iii)	the Company ceases to carry on business at any time before the Fee is paid in full; or

 

		(iv)	any steps are taken by any person to initiate any form of insolvency or administration proceedings
in relation to the Company before the Fee is paid in full;

 

the outstanding balance of the
Fee at that time shall become immediately due and payable.

 

		(h)	If any sum payable under this clause 2.4 is not paid on the due date of payment, interest shall
accrue on such sum from and including the due date for payment to but excluding the date on which payment is made at a rate of
four per cent per annum above the CHF-LIBOR base rate of Barclays Bank PLC from time to time, compounded monthly.

 

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		3.	Closing Notice

 

At or before 9.00 a.m. (Swiss
time) on the first Trading Day immediately following the end of each Pricing Period, the Purchaser shall deliver to the Company
a Closing Notice stating the exact number of Ordinary Shares for which it wishes to subscribe in accordance with clause 2.3 stating
the applicable Subscription Price and attaching copy extracts from Bloomberg showing each of the Closing Bid Prices during the
Pricing Period.

 

		4.	Subscription For Ordinary Shares

 

		4.1	Prior Notification of a Subscription Notice

 

Not later than five (5) Trading
Days prior to the delivery of a Subscription Notice, the Company shall notify each of the Share Providers and the Purchaser in
writing of Its intention to deliver a Subscription Notice on a Notice Date and shall specify in such notification the Draw Down
Amount and the Notice Date. For the avoidance of doubt the Company shall not be obliged to proceed to issue a Subscription Notice
following such notification but in the event that it decides not to do so it shall notify the Share Providers and the Purchaser
thereof promptly in writing.

 

		4.2	Share Provision

 

The Share Providers shall be
deemed upon receipt of any such notification to offer (the “Offer”) and shall be obliged to provide, as a lender,
Ordinary Shares to the Purchaser on the following terms:

 

		(a)	the total number of Ordinary Shares which the Share Providers shall offer to provide (excluding
any Ordinary Shares which have already been provided and which have not yet been returned to the relevant Share Provider by the
Purchaser pursuant to this Agreement) (the “Provided Shares”) shall be equal to 100 per cent of the Draw Down
Amount;

 

		(b)	the Purchaser shall be deemed to accept the Offer in full unless it shall have notified the Share
Providers otherwise on or prior to the date which is four Trading Days prior to the Notice Date;

 

		(c)	the Share Providers shall together deliver the Provided Shares which are to be delivered (the “Share
Provision”) to the Settlement System account of the Purchaser prior to the Notice Date; and

 

		(d)	the Settlement System account to be used for each delivery of Provided Shares shall be designated
by the Purchaser not later than three Trading Days prior to the relevant Notice Date, such designation being binding with respect
to all future deliveries of Provided Shares unless the Share Providers are informed by the Purchaser in writing of the details
of a new account to be used for deliveries of Provided Shares on a Notice Date on or prior to the date which is three Trading Days
prior to such Notice Date.

 

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In the event that the Company
does not proceed to issue a Subscription Notice following the making of a notification of an intention to do so under clause 4.1
on the Notice Date specified in the notification from the Company under clause 4.1 or within a period of three Trading Days thereafter,
the Offer made by the Share Providers in relation thereto and any contract with the Purchaser in respect of Provided Shares relating
thereto shall be deemed to be terminated with immediate effect and the Purchaser shall, at the cost of the Share Providers, procure
that any Provided Shares which have been delivered to the Purchaser’s Settlement System account pursuant to such Offer shall
be promptly returned to the relevant Share Providers.

 

		4.3	Further Terms of Share Provision

 

		(a)	Each Share Provision shall be concluded for a term commencing on the date of delivery of the Provided
Shares to the Purchaser and, subject to clause 4.6, ending on the day on which the Purchaser shall have discharged its obligations
in respect thereof under this clause 4.3.

 

		(b)	The number of Ordinary Shares to be subscribed by the Purchaser on a Closing Date shall be referred
to as the “Issue Amount”. Where the number of Provided Shares transferred to the Purchaser by the Share Providers
in connection with a Subscription Notice is greater than the Issue Amount specified in the corresponding Closing Notice, the Purchaser
shall return to the Share Provider any Provided Shares received in excess of the Issue Amount without undue delay, but in any case
by no later than the first Business Day on which the Settlement System is in operation following the Closing Date.

 

		(c)	After the Ordinary Shares issued pursuant to this Agreement have been Listed, the Purchaser shall
repay the balance of the relevant Share Provision by either transferring a number of Ordinary Shares which is equal to the number
of outstanding Provided Shares to the Share Providers or giving instructions for such repayment to be effected by direct issue
of that number of Ordinary Shares to the Share Providers in accordance with clause 4.5. The Purchaser discharges all its obligations
to the Share Providers in respect of the delivery of such number of Ordinary Shares to the Share Providers by giving such instructions
in accordance with clause 4.5. if the Purchaser performs its obligations to pay the money due under clause 4.4(d) in respect of
the Ordinary Shares to be subscribed pursuant to any Closing Notice, it shall have no liability or responsibility to the Share
Providers if the Company fails to comply with Its obligation in respect of the issue or delivery of the relevant Ordinary Shares
and in such event the Purchaser shall discharge all its obligations to the Share Providers under this clause 4.3(c) by assigning
to the Share Providers its rights to receive from the Company the relevant number of Ordinary Shares.

 

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		(d)	Where there is at any time more than one Share Provider, their obligations under this Agreement
are undertaken by them jointly and severally and the Share Providers shall be responsible for informing the Purchaser to which
of them any Ordinary Shares are to be transferred or rights to receive Ordinary Shares are to be assigned in accordance with clause
4.3(c) and any Provided Shares are to be returned to in accordance with clause 4.2 or clause 4.3(b).

 

		4.4	Subscription Closing

 

Subject to:

 

		(a)	the satisfaction (or waiver in writing by the Purchaser) of the conditions set out in clause 2.2
as at the Closing Date (but so that all references in such conditions to “the Notice Date” shall for the purposes
of this clause 4.4 be treated as referring to “the Closing Date”);

 

		(b)	the subscription and payment for the Ordinary Shares pursuant to the relevant Closing Notice and
Listing of such Ordinary Shares not being prohibited or enjoined (temporarily or permanently) by any applicable law or governmental
or other regulation including the Listing Rules (other than by reason of the Purchaser’s breach of its representations, warranties
and/or undertakings in this Agreement);and

 

		(c)	no change having become effective between the date of this Agreement and each Closing Date, in
any law or regulation (whether governmental or otherwise) which would adversely affect in any material aspect the holding or disposal
of Ordinary Shares by the Purchaser or the Purchaser’s rights in respect thereof:

 

on the first Trading Day following
the applicable Pricing Period or, if the Settlement System is not in operation on that day, the next Trading Day on which the Settlement
System is In operation (each, a “Closing Date”):

 

		(d)	the Purchaser shall apply to the Company to subscribe for the number of Ordinary Shares set out
in the relevant Closing Notice and shall remit by wire transfer to an account designated by the Company an amount equal to the
product of (A) such number of Ordinary Shares and (B) the applicable Subscription Price; the Parties acknowledge and agree that
this payment will be made as an advance payment by the Purchaser of the aggregate Subscription Price for the Ordinary Shares to
be issued pursuant to the relevant Closing Notice and the Company will apply the relevant sum in full (without deduction) towards
the fulfilment of the Purchaser’s obligation to pay the Subscription Price applicable to the Ordinary Shares; and

 

		(e)	the Company shall acknowledge in writing to the Purchaser that It has received an application from
the Purchaser to subscribe for the relevant number of Ordinary Shares and an amount equal to the aggregate Subscription Price for
such Ordinary Shares, and shall send a copy of such acknowledgment to the Share Providers.

 

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		4.5	Issue of Ordinary Shares to the Purchaser or the Share Providers

 

Within twelve months of any Closing
Date the Company shall issue or deliver to the Purchaser the number of Ordinary Shares subscribed for by the Purchaser on the relevant
Closing Date. This issue or delivery shall be made, at the Purchaser’s option, either by way of crediting such aggregate
number of Listed Ordinary Shares to the Purchaser’s Brokerage Account specified in the Closing Notice (provided that an account
with the account number set forth in the Closing Notice has been opened and remains open) or by crediting them to another account
or accounts designated by the Purchaser. The Purchaser may, as provided in clause 4.3(c), instruct the Company to book such Ordinary
Shares in a freely tradable and Listed form on its behalf to an account or accounts designated by the Share Providers as are required
to be booked to the Share Providers in fulfilment of its obligation to repay the equivalent number of Ordinary Shares to the Share
Providers under the relevant Share Provision. The Purchaser may revoke the foregoing instruction to the Company if the Share Providers
are in breach of any material term of this Agreement. The Company hereby undertakes to the Share Providers and the Purchaser that
It shall comply with all instructions from the Purchaser given pursuant to this clause 4.5.

 

To the extent required under
applicable Swiss corporate law, the Purchaser or the Share Provider(s) shall execute a subscription form in accordance with Article
652 para. 1 and 2 in connection with Article 630 para. 1 no. 2 of the Swiss Code of Obligations.

 

		4.6	No Claim by Share Providers against Purchaser

 

The Share Providers shall have
no claim against the Purchaser in respect of any failure to deliver to them a number of Ordinary Shares equal to the number of
Provided Shares if and to the extent that (i) the Purchaser has subscribed for the number of Ordinary Shares set out in the relevant
Closing Notice, and (ii) the Purchaser has instructed the Company to deliver a number of Ordinary Shares equal to the number of
Provided Shares which remain outstanding pursuant to the relevant Share Provision to the Share Providers.

 

		4.7	Replacement of Share Providers

 

A Share Provider may withdraw
from this Agreement subject to notifying the Company and the Purchaser of its intention thereof and subject to a notice period
of three months. The Purchaser shall thereafter not have any obligations under this Agreement until one or more persons has executed
a deed of adherence in which they confirm that they have become a party to this Agreement in the capacity of a Share Provider and
agree to be bound by all applicable terms of this Agreement.

 

		4.8	Warranties of the Share Providers

 

The warranties in this clause 4.8 shall be deemed to have been
repealed as at each Notice Date, as at each Closing Date and as at each date on which Ordinary Shares are issued or delivered to
the Purchaser’s Settlement System account pursuant to this Agreement with reference to the facts and circumstances existing
on that date. Each Share Provider hereby represents, warrants and undertakes to the Purchaser that the following statements are
true and accurate in all respects:

 

    14

    

    

 

		(a)	such Share Provider has the requisite power and authority to enter into and to consummate the transactions
contemplated hereby and otherwise to carry out its obligations hereunder;

 

		(b)	such Share Provider is the legal and beneficial owner of any Provided Shares it provides pursuant
to this Agreement; and

 

		(c)	such Share Provider is not required to obtain any consent, waiver, authorisation or order of, or
make any filing (other than making the necessary disclosures pursuant to the Swiss Financial Markets Infrastructure Act and its
implementing ordinances and regulations) or registration with, any court or other governmental or regulatory authority or other
Person (including the approval of its director) in connection with the execution, delivery and performance by it of this Agreement
and as of the Notice Date and as of the Closing Date any necessary consents and approvals have been obtained and remain in full
force in respect of the provision of the Provided Shares.

 

		5.	Issue of Warrant

 

		5.1	The Company shall as soon as reasonably practicable after the date of this Agreement, but in any event no later than 30 Business
Days after the date on which the Listing of the Ordinary Shares becomes effective (the date on which the Listing of the Ordinary
Shares becomes effective, the “Listing Date”), issue and deliver to the Purchaser Warrants in the form and terms
set out in Exhibit E to subscribe for Ordinary Shares in the Company representing six per cent (6%) of the Company on a fully diluted
basis as of the Listing Date (taking into account, for the avoidance of doubt, all share classes of the Company) at an exercise
price per Ordinary Share equal to 120% of the volume-weighted average price of all transactions executed on the Principal Market
on which the Ordinary Shares are initially Listed during the first Trading Day after the Ordinary Shares become Listed on such
Principal Market. The Warrant shall be exercisable for a period of five (5) years after the Listing Date. No additional consideration
shall be payable by the Purchaser for the issue of the Warrants.

 

		5.2	If the Warrants are not issued and delivered by the Company In accordance with clause 5.1 within 30 Business Days after the
Listing Date (the “Warrants Delivery Date”), the Company shall indemnify the Purchaser, with the sum of the higher
of CHF 9,500,000 and the Black Scholes Value of the Warrants as calculated on the Warrants Delivery Date (the “Warrants
Payment”). For the avoidance of doubt, the Purchaser shall only be entitled to claim either the Warrants Payment or the
issuance and delivery of the Warrants.

 

    15

    

    

 

		5.3	The Warrants Payment shall be payable in cash on the first Business Day as follows;

 

		(a)	the Warrants Payment may be payable by the Company either in cash or in free unrestricted Ordinary
Shares; and

 

		(b)	that part of the Warrants Payment payable in cash must be paid by the Company by telegraphic transfer
(for same day value on the first Business Day after the Warrants Delivery Date) to an account of which the Purchaser shall have
given written details to the Company for this purpose; and

 

		(c)	if part of the Warrants Payment is to be paid with Ordinary Shares:

 

		(i)	such part of the Warrants Payment must be paid by the Company by delivering to the Purchaser (at
the securities account that it designates for such purposes) the relevant Ordinary Shares on the first Business Day after the Warrants
Delivery Date; and

 

		(ii)	In order to calculate the number of Ordinary Shares to be delivered by the Company to the Purchaser,
the relevant Ordinary Shares shall be valued at their value weighted average price during the five Trading Days immediately prior
to the Warrants Delivery Date.

 

		6.	Representations, warranties, and Undertakings of the Company

 

		6.1	Representations, Warranties and Undertakings

 

The Company hereby represents,
warrants and undertakes to the Purchaser that the Warranties are true and accurate in all respects as at the date of this Agreement.
The Warranties shall be deemed to have been repeated as at each Notice Date, as at each Closing Date and as at each date on which
Ordinary Shares become issued and Listed pursuant to this Agreement, each date on which a Warrant is exercised and each date on
which Ordinary Shares are transferred pursuant to the Warrant Agreement with reference to the facts and circumstances existing
on that date with reference to the facts and circumstances existing on that date.

 

		(a)	Organisation and Qualification

 

Each of the Company and each of
its Subsidiaries is duly Incorporated and validly existing under the laws of its country of Incorporation with the requisite corporate
power and authority to own and use its properties and assets and to carry on its business as currently conducted.

 

		(b)	Organisation of Share Capital

 

The Ordinary Shares are and, for
so long as this Agreement remains in force, will remain, but for the Class A Shares, par value CHF 0.01 each, to be issued prior
to the Listing in connection with the reorganization of the Company for it to become the holding company of the WiSeKey group of
companies and from time to time (the “Class A Shares”), the only class of shares in the equity share capital
of the Company (where “equity share capital” refers to the issued shares of capital stock of the Company excluding
any class of shares which neither as respects dividends nor as respects capital carry any right to participate beyond a specified
amount in the distribution) and the Company shall not, but for the Class A Shares, for so long as this Agreement remains in force
issue any shares which have rights differing from those attaching to the equity share capital in issue as at the date of this Agreement.

 

    16

    

    

 

		(c)	Authorisation; Enforcement

 

		(i)	The Company has the requisite corporate power and authority to enter into this Agreement and on
each Closing Date, to consummate the transactions contemplated by this Agreement that are to be consummated on that Closing Date
and otherwise to carry out its obligations under this Agreement.

 

		(ii)	The execution and delivery of this Agreement and the completion by it of the transactions required
hereby have been duly authorised by all necessary action on the part of the Company, its directors and Its shareholders.

 

		(iii)	This Agreement has been duly executed and delivered by the Company or on its behalf and the obligations
assumed by the Company under this Agreement constitute valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms.

 

		(d)	Share Capital and Warrants

 

As at the Notice Date, the issue
of Ordinary Shares which may be issued as a result of the relevant Subscription Notice will not be subject to any pre-emptive or
similar rights. The issue of Warrants and of Ordinary Shares pursuant to the exercise of any Warrants will not be subject to any
pre-emptive or similar rights.

 

		(e)	Issue of Ordinary Shares and Warrants

 

The Company has at the Notice Date,
and thereafter during each Pricing Period immediately prior to the corresponding Closing Date, an adequate authorized and/or conditional
share capital allowing it to issue Ordinary Shares, and/or holds a sufficient number of Ordinary Shares in treasury, to enable
it to allot and issue or deliver the number of Ordinary Shares equal to 200 per cent of the Draw Down Amount set forth in the relevant
Subscription Notice. The Ordinary Shares shall be free of any Liens, duly authorised, validly issued, fully paid and freely tradable,
and application shall be made forthwith for the Ordinary Shares to be Listed.

 

    17

    

    

 

		(f)	No Conflicts

 

The execution, delivery and performance
of this Agreement and the issue of Ordinary Shares by the Company pursuant to this Agreement, and the completion by the Company,
as applicable, of the transactions contemplated hereby, do not and will not conflict with or violate any provision of the Articles.

 

		(g)	Consents and Approvals

 

Except for any necessary approvals
from the Principal Markel for the Listing of Ordinary Shares issued pursuant to a Subscription Notice, the internal approvals referred
to in clause 6.1(c)(ii), disclosures pursuant to the Swiss Financial Markets Infrastructure Act and its implementing ordinances
and regulations, the registration of any newly issued Ordinary Shares with the commercial register, neither the Company nor any
Subsidiary is required to obtain any consent, waiver, authorisation or order of, or make any filing or registration with, any court
or other governmental or regulatory authority or other Person in connection with the execution, delivery and performance by the
Company of this Agreement and the issue of Ordinary Shares pursuant to a Closing Notice. The Company shall procure that all Provided
Shares are Listed at all times, that all Ordinary Shares issued pursuant to this Agreement shall, subject to the Listing of the
Ordinary Shares already in issue remaining effective, be Listed as soon as possible under the Listing Rules after their issue date.

 

		(h)	Litigation; Proceedings

 

There is no action, suit, notice
of violation, proceeding or investigation pending or, to the best knowledge of the Directors of the Company, threatened against
the Company or any of its Subsidiaries or any of their respective properties or assets before or by any court, governmental or
administrative agency or regulatory authority which (i) relates to or challenges the legality, validity or enforceability of this
Agreement or Warrant Agreement or (ii) could, individually or in the aggregate, be reasonably expected to impair materially the
ability of the Company to perform fully on a timely basis its obligations under this Agreement or the Share Lenders to perform
fully on a timely basis Its obligations under the Warrant Agreement.

 

		(i)	Exchange/Market

 

Upon delivery of a Subscription
Notice, the Ordinary Shares in issue will be duly Listed. After consultation prior to each Notice Date with the Company’s
relevant advisers and brokers, the Company knows of no reason why the Principal Market will not admit to Listing the maximum number
of Ordinary Shares which may be issued pursuant to this Agreement.

 

		(j)	Non-Public information

 

The Company acknowledges that neither
it nor any of its representatives or agents has provided the Purchaser or any of its representatives or agents identified to or
known by the Company as such with what it reasonably believes to be any material non-public information regarding or related to
the Company or its respective operations, personnel, technologies or prospects that has not otherwise been made publicly available.

 

    18

    

    

 

		(k)	Solvency

 

The Company and its Subsidiaries
are Solvent. No transfer of property has been or is being made by the Company or its Subsidiaries and no obligation has been or
is being incurred by the Company or its Subsidiaries in connection with the transactions contemplated by this Agreement or related
documents with the intent to hinder, delay or defraud creditors of the Company or any Subsidiary.

 

		6.2	Material Adverse Events

 

The Company hereby agrees that
as at each Closing Date and as at each date on which Ordinary Shares are to be issued pursuant to this Agreement it shall be deemed
to represent and warrant to the Purchaser that there shall have been no Material Adverse Event which occurred or became public
or generally known since the Immediately preceding Notice Date (in relation to Ordinary Shares to be issued pursuant to this Agreement)
or which is reasonably expected to occur.

 

		6.3	Purchaser’s Reliance

 

The Company acknowledges that
the Purchaser is entering into this Agreement and will subscribe for Ordinary Shares pursuant to this Agreement and enter into
and exercise its rights under the Warrant Agreement in reliance on the representations, warranties, undertakings and covenants
of the Company contained in this Agreement, including those contained in clauses 6.1 and 6.2.

 

		7.	Representations and Warranties of the Purchaser

 

The Purchaser hereby represents,
warrants and undertakes to the Company that the following statements are true and accurate in all respects. The warranties are
deemed to be repeated on each Notice Date, each Closing Date and each date on which Ordinary Shares become issued pursuant to the
Agreement with reference to the facts and circumstances existing at that date.

 

		7.1	Organisation; Authority

 

The Purchaser is a company duly
formed and validly existing under the laws of Luxembourg. The Purchaser has the requisite power and authority to enter into and
to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder. The subscription of the
Ordinary Shares pursuant to this Agreement and the Warrant Agreement by the Purchaser have been duly authorised by all necessary
action on part of the Purchaser, its directors and shareholders. This Agreement has been duly executed and delivered by the Purchaser
or on its behalf and the obligations assumed by the Purchaser pursuant to this Agreement constitute valid and legally binding obligations
of the Purchaser, enforceable against the Purchaser.

 

    19

    

    

 

		7.2	Sale and Purchase of Ordinary Shares

 

		(a)	The Purchaser agrees that it shall not at any time during the Commitment Period sell Ordinary Shares
exceeding the number of Ordinary Shares which it owns and/or has the right to subscribe for pursuant to an outstanding Subscription
Notice or the Warrants. For the avoidance of doubt, during each Pricing Period the Purchaser shall have the right to sell an amount
of Ordinary Shares equal to the Draw Down Amount stated in the relevant Subscription Notice.

 

		(b)	The Purchaser undertakes that, during a Pricing Period, it shall not on any Trading Day sell Ordinary
Shares exceeding such number as represent one 15th of the Draw Down Amount specified in the relevant Subscription Notice.

 

		8.	Other Agreements of the Parties

 

		8.1	Application of Proceeds

 

The Company covenants and undertakes
with the Purchaser and GEMIA that it shall procure that the subscription monies received by the Company pursuant to this Agreement
shall be used by the Company primarily for general corporate purposes and for working capital purposes.

 

		8.2	Solicitation Materials

 

Other than as may be required
by law or any regulation, the Company, its Affiliates and any Person acting on their behalf have not and shall not: (i) distribute
any offering materials in connection with the offering and Issue of Ordinary Shares pursuant to this Agreement, except as required
under the Listing Rules; (ii) solicit any offer to buy or sell such securities by means of any form of general solicitation or
advertising; (iii) engage in any “directed selling efforts” as such term is defined in Rule 902 under the Securities
Act; or (iv) take any action which would subject the issue of such Ordinary Shares to the registration requirements of section
5 of the Securities Act or to any securities laws of any applicable jurisdiction.

 

		9.	Termination

 

		9.1	Termination by Mutual Consent

 

This Agreement may be terminated
at any time during the Commitment Period by the mutual consent of the Company, the Purchaser and GEMIA.

 

		9.2	Termination by the Purchaser

 

This Agreement may be terminated
forthwith during the Commitment Period by the Purchaser by giving written notice of such termination to the Company if: (a) the
Company or any Share Provider has breached in any material respect any representation, warranty, covenant or agreement contained
in this Agreement (including any failure to issue and/or, procure the Listing of Ordinary Shares on time) and (if such breach is
curable) such breach is not cured within five Business Days following receipt by the Company of notice of such breach; (b) there
has been a change in applicable law which materially impacts the Purchasers obligations under this Agreement; or (c) there has
been any Material Adverse Event; or (d) there has been a Material Change in Ownership.

 

    20

    

    

 

		9.3	Effect of Termination

 

In the event of the termination
of this Agreement pursuant to this clause 9 by the Purchaser the parties shall retain all accrued rights and shall retain all rights
and remain bound by all obligations under this Agreement as respects Ordinary Shares previously issued to the Purchaser (or its
nominee) hereunder and pursuant to the Warrant Agreement, and nothing herein shall relieve any terminating party from liability
for any prior breach of any of its agreements, covenants, representations, warranties or other obligations under this Agreement
or for fraud.

 

		10.	Miscellaneous

 

		10.1	Fees and Expenses

 

		(a)	The Company shall pay all and any stamp duty or share transfer or registration or similar duties,
taxes or fees arising under the laws of any jurisdiction in connection with the subscription by the Purchaser (or its nominee(s))
for Ordinary Shares pursuant to this Agreement, the entry into the Warrant Agreement, the exercise of Warrant and each other transaction
pursuant to this Agreement.

 

		(b)	Other than as expressly set out in this Agreement, each of the Company, the Purchaser and GEMIA
and each party to the Warrant Agreement shall pay its own costs, fees and expenses in connection with the negotiation and execution
of this Agreement and the completion of the transactions contemplated by this Agreement.

 

		10.2	Indemnity

 

In addition to all of the Company’s
other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the Purchaser, GEMIA and
any assignee of their rights under this Agreement or transferee of Warrants and their respective directors, partners, members,
shareholders, managers, officers, employees and agents (collectively, the “Indemnified Persons”) from and against
any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in
connection therewith (irrespective of whether any such indemnified Person is a party to the action for which indemnification hereunder
is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”)
incurred by any Indemnified Person as a result of, arising out of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated hereby, (b) any
breach of any covenant, agreement or obligation of the Company contained in this Agreement or any other certificate, instrument
or document contemplated thereby, and (c) any proceeding, investigation, cause of action, suit or claim brought, made or threatened
against such indemnified Person as a result of, arising out of, or relating to (I) the execution, delivery, performance or enforcement
of this Agreement or any other certificate, instrument or document contemplated hereby or (ii) the Indemnified Person being an
investor in the Company. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible
under applicable law.

 

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		10.3	Amendments Regarding Swiss Law and Primary Market Regulations

 

To the extent required or practical
due to the requirements under Swiss law and the Primary Market regulations, the Parties shall amend this Agreement as necessary
or practicable to comply with Swiss law and/or the Primary Market regulations, in particular with regard to the mechanics of the
issuance, deliver and Listing of the Ordinary Shares.

 

		10.4	Entire Agreement

 

This Agreement (including the
Exhibits to it) contains the entire agreement and understanding of the parties with respect to the subject matter of this Agreement
and supersedes all prior agreements and understandings, oral or written, relating to the subject matter of this Agreement. For
the avoidance of doubt, all letters and any other arrangements between the Company, the Purchaser and GEMIA written or entered
into prior to the date of this Agreement shall cease to be of any effect and no party shall have any claim or right of action pursuant
thereto.

 

		10.5	Notices

 

Any notice or other communication
required or permitted to be given under the terms of this Agreement shall be in writing and shall be deemed to have been received
upon hand delivery (receipt acknowledged), facsimile transmission (with transmission confirmation report) (if a fax number has
been provided for such purposes) or email (if an email address has been provided for such purposes) to the address or number designated
below (if delivered on a Business Day prior to 5:00 p.m., Swiss time), or on the first Business Day following such delivery (if
delivered other than prior to 5:00 p.m., Swiss time on a Business Day). The addresses and numbers for such communications shall
be: for the Purchaser and GEMIA, as specified in Schedule 1; for the Share Providers, as specified in Schedule 2; and for the Company,
its registered office for the time being and email address raffaele@petrone.it, each such communication being marked for the attention
of Raffaele Petrone, in all cases, such other address and fax number as shall be notified in writing by the recipient party to
the sending party from time to time.

 

		10.6	Amendments; Waivers

 

No provision of this Agreement
may be waived or amended except in a written instrument signed, in the case of an amendment, by each of the Company and the Purchaser,
or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought.

 

    22

    

    

 

		10.7	Headings

 

The headings in this Agreement
are for convenience only, and shall be ignored in construing its terms.

 

		10.8	Assignment

 

		(a)	The Company may not assign or otherwise transfer any of its rights under this Agreement.

 

		(b)	The Purchaser shall be entitled to assign its rights and obligations (in whole or in part) under
this Agreement to any Affiliate of the Purchaser or GEMIA, but not to any other Person. Any permitted assignment of the Purchaser’s
rights or obligations shall be effected by the entry by the Purchaser and the assignee into a deed of novation in the form set
out in Exhibit C (into which the Company shall promptly enter on the request of the Purchaser).

 

		10.9	No Third-Party Beneficiaries

 

A person who is not a party to
this Agreement (other than a permitted transferee or assignee to whom rights have been transferred in accordance with clause 10.8)
has no rights under Article 112 of the Swiss Code of Obligations (or under equivalent legislation in any Jurisdiction) to enforce
any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from
that Act.

 

		10.10	Remedies and Waiver

 

The remedies provided in this
Agreement shall be cumulative and in addition to all other remedies available under this Agreement or otherwise provided by law.
Any delay by either party in exercising or falling to exercise any right or remedy under this Agreement shall not constitute a
waiver of the right or remedy or a waiver of any other rights or remedies and no single or partial exercise of any rights or remedy
under this Agreement or otherwise shall prevent any further exercise of the right or remedy or the exercise of any other right
or remedy. Any waiver of a breach of any of the terms of this Agreement or of any default hereunder shall not be deemed to be a
waiver of any subsequent breach or default and shall in no way affect the other terms of this Agreement.

 

		10.11	Survival

 

The representations, warranties,
covenants and agreements of the Company, the Share Providers and the Purchaser contained in this Agreement shall survive the signing
of this Agreement, each Notice Date, each Closing Dale, the termination of the Commitment Period and the termination of this Agreement
to the extent provided in clause 9.3.

 

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		10.12	Counterpart Signatures

 

This Agreement may be executed
in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other parties, it being understood that the parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force
and effect as if such facsimile signature page were an original thereof.

 

		10.13	Severability

 

In case any one or more of the
provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Agreement shall not in any way be affected or impaired thereby.

 

		10.14	Publicity

 

The Company covenants to the
Purchaser that: (a) on or prior to the date of delivery of the first Subscription Notice to the Purchaser pursuant to this Agreement,
it shall make an announcement to the Principal Market, in terms agreed with the Purchaser and in accordance, where applicable,
with the requirements of the Principal Market, of the fact that this Agreement has been entered into by the Company; and (b) in
the event that a Subscription Notice or a Closing Notice is issued and the fact of such issue can reasonably be expected to constitute
inside information within the meaning of the Swiss Financial Markets Infrastructure Act and its implementing ordinances and regulations
or any other relevant legislation concerning the use of inside information in relation to listed securities, it shall forthwith
upon such issue announce details thereof in accordance, where applicable, with the requirements of the Principal Market. Save to
the extent required by law or by the Principal Market or any other regulatory authority (in which case the Company and the Purchaser
shall be obligated to use their respective reasonable endeavours to consult with one another), the Company and the Purchaser shall
have the right to approve before issue any press releases or any other public statement which the other may propose to issue or
make with respect to any aspect of the transactions contemplated hereby (other than any announcement required pursuant to part
(b) of the first sentence of this clause 10.14).

 

		10.15	Withholding and Deductions

 

All payments and transfers to
be made by the Company pursuant to this Agreement or any document entered into pursuant to it shall be made without set-off or
counterclaim and free and clear of and without deduction or withholding for or on account of any tax except to the extent, if any,
required by any applicable law. If the Company is required to make any deduction or withholding from any sum payable or transfer
to be made by the Company to the Purchaser or GEMIA, the Company shall pay an additional amount or make an additional transfer
to the Purchaser or GEMIA so as to ensure that, after the making of the deduction or withholding, the Purchaser or GEMIA (as the
case may be) receives and retains (free from any liability in respect of any such deduction or withholding) a net payment or transfer
equal to that which it would have received and so retained had no such deduction or withholding been made.

 

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		10.16	Further Assurances

 

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

 

		10.17	Cost of Enforcement of this Agreement

 

In the event that either the
Purchaser or GEMIA takes any action to enforce any of the terms of, or preserve any rights under, this Agreement or to recover
any sum owed to it in accordance with this Agreement, the Company shall forthwith on demand reimburse the Purchaser and/or GEMIA
and/or any of their Affiliates, as the case may be, for all costs and expenses (including legal fees and applicable taxes) reasonably
incurred in connection with such enforcement.

 

		10.18	Acknowledgment by the Company

 

The Company hereby acknowledges
that:

 

		(a)	it has read and understood fully the content of this Agreement, including, but not limited to,
the pricing mechanisms, the Knockout Days, the number of Ordinary Shares to be subscribed for at the end of each Pricing Period,
the payment of the Fee and, the issue of Warrants, and that it is entering into this Agreement on the basis of its own independent
assessment of the risks and liabilities undertaken hereunder, without any representation having been made by the Purchaser or GEMIA
or any of their Affiliates as to the effect, operation or results of this Agreement; and

 

		(b)	it has been advised by its own legal and financial advisers in relation to its assessment of the
risks and liabilities undertaken hereunder and that neither the Purchaser nor GEMIA nor any of their Affiliates has provided investment
advice to the Company in connection with the matters agreed in this Agreement or has solicited or induced the Company to enter
into this Agreement.

 

		10.19	Governing Law and Jurisdiction

 

		(a)	This Agreement (together with ail documents to be entered into pursuant to it which are not expressed
to be governed by another law) and any dispute or claim arising out of or in connection with it or its subject matter existence,
validity or termination (including non-contractual disputes or claims) is governed by and shall be construed and take effect in
accordance with the laws of Switzerland.

 

		(b)	All disputes, controversies or claims between the Parties arising out of or in connection with
this agreement (including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and
settled under the LCIA Rules (the “Rules”). The arbitration tribunal shall be composed of three (3) arbitrators.
The arbitration will take place in London, UK, and shall be conducted in the English language. The arbitration award shall be final
and binding on the Parties.

 

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Schedule 1 – Contact
Details of the Purchaser and GEM Management

 

	Name	Address and Facsimilie Number	Percentage Allocation of Ordinary Shares and Warrants
	 	 	 
	GEM Global Yield Fund LLC SCS	
        GEM Global Yield Fund LLC SCS

        c/o GEM North America

        590 Madison Avenue, 36th Floor

        New York

        NY 10022

        USA

         

        Tel.: 001 (212) 582 3400

        Fax: 001 (212) 265 4035

         

        FAO: Chris Brown

cbrown@gemny.com
	100 per cent
	 	 	 
	GEM Investments America, LLC.	
        GEM Investments America, LLC

        590 Madison Avenue, 36th Floor

        New York

        NY 10022

        USA

         

        Tel.: 001 (212) 582 3400

Fax: 001 (212) 265 4035

FAO: Chris Brown

cbrownCoemnv.com
	None

 

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SCHEDULE 2 – Details
of Share Providers

 

	Share Provider’s Name	Share Provider’s Address and Facsimile Number	Initial Percentage Commitment of Provided Shares
	 	 	 
	Carlos Moreira	 	 

 

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Execution Page

 

	Executed by the Parties:	 
	 	 
	
        The Company:

         

        /s/ Peter Ward

         

        /s/ Carlos moreira
	
        Executed by

        WISeKey

         

        /s/ Peter Ward

         

	 	 
	The Purchaser:

         

        /s/ 
	
        Executed by

        GEM Global Yield Fund LLC SCS

        acting by:

         

        /s/ Carlos Moreira

         

	 	Authorised signatory
	 	 
	GEMIA:

         

        /s/ 
	Executed by 

GEM Investments America, LLC

acting by
	 	 
	 	Authorised signatory
	 	 
	 	/s/

 

    28

    

    

 

Exhibit A – Form of
Subscription Notice

 

To:GEM Global
Yield Fund LLC SCS

 

We refer to the subscription and share
provision agreement (the “Agreement”) dated poi 20[.] between (amongst others) us, GEM Investments America,
LLC and yourselves. Terms defined In the Agreement have the same meaning herein. This Subscription Notice is being delivered to
you pursuant to clause 2.1 of the Agreement.

 

We understand that the Closing Bid Price
for the Trading Day immediately preceding the date of this notice was CHFM.

 

The Draw Down Amount applicable to this
Subscription Notice shall be [●] Ordinary Shares. The Floor Price applicable to this Subscription Notice shall be CI-IF[●].

 

We hereby certify that that all conditions
precedent to the delivery of this Subscription Notice pursuant to the Agreement have been satisfied (or waived in writing by you.)

 

	Purchaser’s Name	 	
        Allocated

        Proportion
	 
	GEM Global Yield Fund LLC SCS	 	100 per cent	 

 

	 	Signed
by:
	/s/ Carlos Moreira  /s/ Peter Ward
	 

	 	Name:	Carlos Moreira  Peter Ward	 
	 	Date:	CEO and CFO	 
	 	 
	 	For and on behalf of
	 	 
	 	WISeKey
International Holding Ltd

 

    29

    

    

 

Exhibit B – Form of
Closing Notice

 

WISeKey International
Holding AG

 

Attention: Board of Directors

 

We refer to the subscription and share
provision agreement (the “Agreement”) dated [4.] 20[s] between us, GEM Investments America, LLC, the Share Providers
and yourselves and to the Subscription Notice delivered to us on [•] 20[__]. Terms defined in the Agreement have the same
meaning herein.

 

We hereby give you notice pursuant to clause
3 of the Agreement that we accept the Subscription Notice for [•] Ordinary Shares, being [•] per cent of the Ordinary
Shares stated therein. [The reason that such number of Ordinary Shares represents a smaller/greater number than the number of Ordinary
Shares set forth in the Subscription Notice is as follows: [•].]

 

The average of the Closing Bid Prices in
the Pricing Period (excluding any Closing Bid Prices on Knockout Days) is CHF [a] and the resulting Subscription Price Is CHF [4.]
([a] per cent of such average Closing Bid Price). The aggregate Subscription Price pursuant to this Closing Notice is therefore
CHF[ ].

 

Copy extracts from Bloomberg showing each
of the Closing Bid Prices during the Pricing Period are attached.

 

Please deliver such Ordinary Shares in
accordance with the following instructions: [•].

 

Electronic book entry transfer requested
(check one) (1) YES ___ NO___

 

Settlement System Participant ID: _________________

 

Settlement System Account ID: _________________

 

	 	Signed by:____________________________

 

Name:_______________________________

 

Date:________________________________

 

For and on behalf of

 

GEM
GLOBAL YIELD FUND LLC SCS

 

    30

    

    

 

Exhibit C – Form of
Deed of Novation on Assignment by the Purchaser

 

	THIS DEED is made on	([●] 20[●]

 

Between

 

		(1)	GEM Global Yield Fund LLC SCS (together with its permitted successors and assigns), a company incorporated
under the laws of Luxembourg whose registered office is at 412F, route diEsch, L-2086 Luxembourg (the “Assignor”);

 

		(2)	WISEKEY INTERNATIONAL HOLDING LTD, a Company registered In Switzerland whose registered address
is at General-Gulsan-Strasse 6, 6300 Zug (the “Company”), and

 

		(3)	[•], [details] (the “Assignee”).

 

Whereas

 

		(1)	By a subscription and share provision agreement dated [•] 20[•] (the “Agreement”) the Assignor
granted to the Company an option to require the Assignor to subscribe, on the terms and subject to the conditions set out in the
Agreement, for up to an aggregate of CHF 60,000,000 in value of Ordinary Shares.

 

		(2)	The Assignor wishes to transfer its rights and obligations under the Agreement to the Assignee in accordance with clause 10.8
of the Agreement.

 

It is agreed:

 

		1.	Definitions

 

Words and expressions defined
in the Agreement shall have the same meanings In this Deed.

 

		2.	Novation

 

For value received the Assignor
sells assigns and transfers to the Assignee all its rights deriving under the Agreement. The Company hereby releases the Assignor
from all of its obligations pursuant to the Agreement and the Assignee hereby agrees to assume responsibility for the performance
of all such obligations. The Assignor hereby releases the Company from all its obligations pursuant to the Agreement and the Company
hereby agrees that the Assignee shall be entitled to enforce all such obligations directly against the Company as if the Assignee
were the Purchaser named in the Agreement.

 

		3.	Warranties and
Undertakings

 

		3.1	The Assignee hereby represents, warrants and undertakes to the Company that it shall perform and
comply with all terms of the Agreement in all respects as If it were the Purchaser originally named therein.

 

    31

    

    

 

		3.2	Without prejudice to the generality of the foregoing, the Assignee hereby represents warrants and
undertakes to the Company that the statements set out in clause 7 of the Agreement (which statements shall be deemed to refer to
the Assignee as the Purchaser) are now and will be true and accurate in all respects as at each Notice Date and at each Closing
Date and on each date on which Ordinary Shares are due to be subscribed by and issued to the Assignee pursuant to the Agreement.

 

		4.	Governing Law

 

This Deed and any dispute or
claim arising out of or in connection with it shall be governed by the laws of Switzerland and the parties hereby submit to the
exclusive jurisdiction of the Swiss courts for the purposes of any suit, action or proceeding arising out of or in connection with
this Deed.

 

IN WITNESS WHEREOF the Assignor, the Company
and the Assignee have executed and delivered this Deed the day and year first before written.

 

    32

    

    

 

Exhibit D – Form of
Promissory Note

 

Promissory Note

Of

WISeKey

 

Date: 19 January 2016

 

In consideration for entry by GEM Investment
America, LLC (the “Beneficiary”) into the Subscription and Share Provision Agreement entered into between
WISeKey International Holding Ltd, a Company registered in Switzerland whose registered address is at General-Guisan-Strasse 6,
6300 Zug, Switzerland (the “Company”), the Share Providers, GEM Global Yield Fund LLC SCS and the Beneficiary on or
about the date of this Promissory Note, the Company hereby PROMISES TO PAY to the order of the Beneficiary the principal sum of

 

CHF 1,200,000 (the Fee)

 

ON DEMAND at any time on or after the first
few Drawdowns (the “Payment Date”) together with interest on such principal sum at a rate of four per cent per
annum above the base rate of Barclays Bank PLC from time to time, provided, however, that the Fee shall be reduced to CHF 500,000
in the event that the Ordinary Shares have not been Listed on a Principal Market twelve (12) months after the date of this Promissory
Note. Interest at such rate shall accrue daily from the Payment Date, shall be calculated on the basis of the actual number of
days elapsed in a year of 365 days, shall be compounded monthly and shall be payable on demand.

 

This note and any dispute or claim arising
out of or in connection with it or its subject matter (including non-contractual disputes or claims) is governed by and shall be
construed and take effect in accordance with the laws of Switzerland. The Company: (a) hereby irrevocably submits to the exclusive
jurisdiction of the Swiss Courts for the purposes of any suit, action or proceeding arising out of or in connection with this note;
and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of
the suit, action or proceeding is improper.

 

Defined terms used in this Promissory Note
and not defined therein shall have the same meaning as in the Share Subscription Facility executed between the Company, the Beneficiary
and GEM Global Yield Fund LLC SCS on the date hereof.

 

IN WITNESS WHEREOF this promissory note
is executed as a deed on the date first above written.

 

	Executed as a deed	)
	By:  WISeKey International Holding Ltd	)
	acting by 	)
	In the presence of 	)

 

    33

    

    

 

	/s/	 	Signature of Witness
	 	 	 
	/s/	 	Name of Witness
	 	 	Address of Witness
	 	 	 
	 	 	 

 

Exhibit E – Form of
Warrant

 

34Dated	as of May 6, 2016

 

WISeKey
International Holding Ltd

 

Warrants

 

- to purchase -

 

Ordinary
Shares

 

    

    

    

 

Contents

 

	1.	Interpretation	4
	2.	Exercise	10
	3.	Adjustments	13
	4.	Fractional Interests	19
	5.	Form, Title and Transfer	20
	6.	Maintenance of Registers	20
	7.	Taxes	20
	8.	Organic Changes	21
	9.	Covenants as to Ordinary Shares	21
	10.	Miscellaneous	22

 

    1

    

    

 

WISeKey International Holding Ltd

Warrant to Purchase Ordinary Shares

 

Issue Date: as of May 6, 2016

 

Number of Ordinary Shares: 1,459,127 Ordinary
Shares, representing 6% of the Ordinary Shares, calculated on a fully diluted basis as of the date on which the Listing
of the Ordinary Shares becomes effective (taking into account, for the avoidance of doubt, all share classes of the Company).

 

WISeKey International Holding Ltd, a
company incorporated in Switzerland (registration number CHE-143.782.707), whose registered office is at General-Guisan-Strasse
6, 6300 Zug (the “Company”), hereby certifies that GEM Global Yield Fund LLC SCS, a company incorporated
under the laws of Luxembourg, whose registered office is at 412F, route d’Esch, L-2086 Luxembourg (the “Holder”),
or its assignees, is/are entitled to purchase, upon exercise of this Warrant at any time or times on or after the Issue Date (as
defined herein), but not after 4.00 p.m., Swiss time, on the Expiry Date (as defined herein) the number of Ordinary Shares stated
under ‘Number of Ordinary Shares’ above as adjusted in accordance with the terms hereof (the “Warrant Shares”)
at the Exercise Price (as defined herein) per Warrant Share, on the terms and subject to the conditions attached to this Warrant
(the “Conditions”).

 

Words and expressions defined or set out
in the Conditions, or the Share Subscription Agreement, shall have the same meaning when used in this Warrant. This Warrant is
issued subject to, and with the benefit of, the Conditions. The Company covenants and undertakes to the Holder that it will perform
and comply with the obligations on its part set out in the Conditions.

 

Exercise Price: 120% of the volume-weighted
average price of all transactions executed on the Principal Market on which the Ordinary Shares are initially Listed during the
first Trading Day after the Ordinary Shares become Listed on such Principal Market.

 

Expiry Date: the fifth anniversary of the
Issue Date of this Warrant.

 

The Company has agreed to issue this Warrant
pursuant to a Resolution of the Board of Directors of the Company passed on January 19, 2016.

 

The provisions of this Warrant and the
Conditions and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual
disputes or claims) shall be governed by and construed in accordance with the laws of Switzerland. All disputes, controversies
or claims between the Parties arising out of or in connection with the Warrant and the Conditions (including its existence, validity
or termination) which cannot be amicably resolved shall be finally resolved and settled under the LCIA Rules. The arbitration tribunal
shall be composed of three (3) arbitrators. The arbitration will take place in London, UK, and shall be conducted in the English
language. The arbitration award shall be final and binding on the Parties.

 

This document and the Conditions do not
constitute a prospectus according to art. 652a or art. 1156 of the Swiss Code of the Obligations or Art. 27 et seq. of the Listing
Rules of SIX Swiss Exchange.

 

The Warrant and the Warrant Shares deliverable
upon exercise of the Warrant have not been and will not be registered under the Securities Act or with any securities authority
of any state of the United States and may not be offered, sold or delivered within the United States or to, or for the account
or benefit of U.S. persons absent the registration under or an applicable exemption from the registration requirements of the U.S.
securities laws.

 

    2

    

    

 

In
witness whereof, the Company has caused this Warrant to be duly executed on its behalf as a Deed.

 

Dated: as of May 6, 2016

 

Executed and delivered

 

as a deed by

 

WISeKey International Holding
Ltd

 

acting by:

 

	 	/s/ Carlos Moreira	 	/s/ Peter Ward	 
	 	Carlos Moreira	 	Peter Ward	 
	 	CEO and Chairman	 	CFO | Member of the Board of Directors	 

 

    3

    

    

 

Conditions
of the Warrants

 

of
WISeKey International Holding Ltd

 

with
Issue Date as of May 6, 2016

 

(the or these “Conditions”)

 

		1.	Interpretation

 

For the purposes of these Conditions,
unless the context otherwise requires, the following words shall have the meaning set out opposite them:

 

		“Acquiring Entity”	has the
meaning given in Condition 8;

 

		“Aggregate Exercise Price”	has the meaning given in Condition
2(b);

 

		“Average Price”	as of any date: (i) in respect
of Ordinary Shares the volume weighted average price for an Ordinary Share on the Principal Market as reported by Bloomberg through
its “Volume at Price” functions; (ii) in respect of any other security, the volume weighted average price for such
security on the Principal Market as reported by Bloomberg through its “Volume at Price” functions; (iii) if the Principal
Market is not the principal securities exchange or trading market for such other security, the volume weighted average price of
such security on the principal securities exchange or trading market on which such security is listed or traded as reported by
Bloomberg through its “Volume at Price” functions; (iv) if the foregoing do not apply, the last closing trade price
of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg; or
(v) if no last closing trade price is reported for such security by Bloomberg, the last closing ask price of such security as
reported by Bloomberg. If the Average Price cannot be calculated for such security on such date on any of the foregoing bases,
the Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the Majority
Holders within five Business Days of a written request for such approval made by the Company. If the Company and the holders of
the Warrants are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to
Condition 2(d).

 

		“Bloomberg”	Bloomberg Financial Markets;

 

		“Business Day”	any day (except any Saturday or
Sunday) on which banks in Zurich are generally open for business;

 

    4

    

    

 

		“Capital Distribution”	(a) any dividend which is expressed
by the Company or declared by the shareholders of the Company to be a capital distribution, extraordinary dividend, extraordinary
distribution, special dividend, special distribution or return of value to shareholders of the Company or any analogous or similar
term, including any payment in respect of a capital reduction (not including a purchase by the Company of its own shares into
treasury), in which case the Capital Distribution shall be the Fair Market Value of such dividend or (b) any dividend which is,
or to the extent determined to be, a capital distribution in accordance with the following formula:

 

E = A + B - C

 

Where:

 

A is the Fair
Market Value of the relevant dividend (“Dividend A”) (such Fair Market Value being determined as at the date
of announcement of Dividend A);

 

B is the Fair
Market Value of all other dividends (other than any dividend or portion thereof previously deemed to be a Capital Distribution)
made in respect of the same financial year as Dividend A (“Financial Year A”) (such Fair Market Value being
determined in each case as at the date of announcement of the relevant dividend);

 

C is equal to
the Fair Market Value of all dividends (other than any dividend or portion thereof previously deemed to be a Capital Distribution)
made in respect of the financial year immediately preceding Financial Year A (such Fair Market Value being determined, in each
case, as at the date of announcement of the relevant dividend); and

 

E is the Capital
Distribution (provided that if E is less than zero, the Capital Distribution shall be deemed to be zero);

 

Provided that:

 

(a) where a Cash
Dividend is announced which is to be, or may at the election of a holder or holders of Ordinary Shares be, satisfied by the issue
or delivery of Ordinary Shares or other property or assets, then for the purposes of the above formula the dividend in question
shall be treated as a dividend of (i) the Cash Dividend so announced or (ii) of the Fair Market Value on the date of announcement
of such dividend, of the Ordinary Shares or other property or assets to be issued or delivered in satisfaction of such dividend
(or which would be issued if all holders of Ordinary Shares elected therefore, regardless of whether any such election is made)
if the Fair Market Value of such Ordinary Shares or other property or assets is greater than the Cash Dividend so announced; and

 

(b) for the purposes
of the definition of Capital Distribution, any issue of Ordinary Shares falling within Condition 3(d) shall be disregarded;

 

    5

    

    

 

		“Cash Dividend”	any final, interim, special, extraordinary,
non-recurring or other dividend or other distribution that is paid by the Company in cash;

 

		“Class A Shares”	registered shares of the Company,
each with a nominal value of CHF 0.01;

 

		“Convertible Securities”	any shares or securities (other
than Options) directly or indirectly convertible into or exchangeable or exercisable for Ordinary Shares;

 

		“Current Market Price”	in respect of an Ordinary Share
at a particular date, the arithmetic average of the Average Price for an Ordinary Share for the five consecutive Trading Days
ending on the Trading Day immediately preceding such date provided that if at any time during the said five-day period the Ordinary
Shares shall have been quoted ex-dividend (or ex- any other entitlement) and during some other part of that period the Ordinary
Shares shall have been quoted cum-dividend (or cum- any other entitlement), then: (i) if the Ordinary Shares to be issued do not
rank for the dividend (or entitlement) in question, the quotations on the dates on which the Ordinary Shares shall have been quoted
cum-dividend (or cum any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced
by an amount equal to the Fair Market Value of any such dividend or entitlement per Ordinary Share as at the date of first public
announcement of such dividend (or entitlement); or (ii) if the Ordinary Shares to be issued do rank for the dividend (or entitlement)
in question, the quotations on the dates on which the Ordinary Shares shall have been quoted ex-dividend (or ex- any other entitlement)
shall for the purpose of this definition be deemed to be the amount thereof increased by such similar amount,

 

and provided
further that if the Ordinary Shares on each of the said five Trading Days have been quoted cum-dividend (or cum-any other entitlement)
in respect of a dividend (or other entitlement) which has been declared or announced but the Ordinary Shares to be issued do not
rank for that dividend (or other entitlement) the quotations on each of such dates shall for the purposes of this definition be
deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend or entitlement per Ordinary
Share as at the date of the first public announcement of such dividend or entitlement,

 

and provided
further that, if such Average Prices are not available on one or more of the said five Trading Days, then the arithmetic average
of such Average Prices which are available in that five Trading Day period shall be used (subject to a minimum of two such Average
Prices) and if only one or no such Average Price is available in the relevant period the Current Market Price shall be determined
in good faith by an independent investment bank of international repute selected by the Company and approved in writing by the
Majority Holders within five Business days of a written request for such approval from the Company;

 

    6

    

    

 

		“Exercise Date”	in relation to any exercise of
a Warrant, the date on which a copy of a duly completed Exercise Notice is delivered to the Company in accordance with Condition
2(b);

 

		“Exercise Notice”	a notice to the Company to exercise
a Warrant, pursuant to Condition 2(b) and in the form as set out in Appendix B and in such additional form as may be required
under Swiss law if the Warrant Shares are issued out of conditional share capital;

 

		“Exercise Price”	CHF 8.85432, such price corresponding
to 120% of the volume-weighted average price of all transactions executed on the Principal Market on which the Ordinary Shares
are initially Listed during the first Trading Day after the Ordinary Shares become Listed on such Principal Market.

 

		“Expiry Date”	the fifth anniversary of the Issue
Date or, if such day is not a Business Day, the immediately following Business Day;

 

		“Fair Market Value”	with respect to any property on
any date, the fair market value of that property as determined in good faith by an independent investment bank of international
repute selected by the Company and approved by the Majority Holders, provided that (i) the Fair Market Value of a Cash Dividend
paid or to be paid shall be the amount of such Cash Dividend; (ii) the Fair Market Value of any cash amount (other than a Cash
Dividend) shall be the amount of such cash; (iii) where Spin-Off Securities, options, warrants or other rights are publicly traded
in a market of adequate liquidity (as determined by an independent investment bank of international repute selected by the Company
and approved in writing by the Majority Holders within five Business Days of a written request for such approval from the Company),
the Fair Market Value (a) of such Spin-Off Securities shall equal the arithmetic mean of the daily Average Prices of such Spin-Off
Securities and (b) of such options, warrants or other rights shall equal the arithmetic mean of the daily closing prices of such
options, warrants or other rights, in the case of both (a) and (b) during the period of five Trading Days on the relevant market
commencing on the first such Trading Day such Spin-Off Securities options, warrants or other rights are publicly traded; and (iv)
in the case of (i) converted into the currency in which the Ordinary Shares are traded on the Principal Market (if declared or
paid in another currency) at the rate of exchange used to determine the amount payable to Ordinary Shareholders who were paid
or are to be paid the Cash Dividend in that currency of trading; and in any other case, converted at such rate of exchange as
may be determined in good faith by an independent investment bank of international repute selected by the Company and approved
in writing by the Majority Holders within five Business Days of a written request for such approval made by the Company to be
the spot rate ruling at the close of business on that date (or if no such rate is available on that date the equivalent rate on
the immediately preceding date on which such a rate is available);

 

    7

    

    

 

		“Franc” or “Swiss franc”
                              or “CHF”	the legal currency of Switzerland;

 

		“Holder” or “Holders”	the Person or Persons in whose
name or names a Warrant is registered in the Warrant Register for the time being;

 

		“Issue Date”	the date of issue of this Warrant
(as given at the top of these Conditions);

 

		“Lien”	with respect to any asset or property, any mortgage, lien, pledge, encumbrance, charge or security
interest of any kind in or on such asset or the revenues or income thereon or therefrom or any other agreement or arrangement having
similar effect;

 

		“Listing”	admission
                                         to listing (if applicable) on the Principal Market and any applicable official list and
                                         trading on the Principal Market, and the terms “List” and “Listed”
                                         shall be construed accordingly;

 

		“Listing Rules”	the rules (including any rules
of the Principal Market and any relevant listing authority) applicable to a Listed company from time to time;

 

		“Majority Holders”	Holders of the majority of the
Warrants representing a majority of the Warrant Shares capable of being purchased or, if any request for approval is made in writing
to all the Holders which requires the Holders, pursuant to this warrant instrument, to respond to such a request within five Business
Days of such request, Holders of the majority of the Warrants representing a majority of the Warrant Shares capable of being purchased
under such Warrants whose Holders respond to such request on or before the fifth Business Day following receipt of such request;

 

		“Nominal Value”	the nominal value from time to
time of one Ordinary Share, being CHF 0.05, as adjusted in accordance with Condition 3;

 

		“Option”	any rights, warrants or options to subscribe for or acquire Ordinary Shares;

 

		“Ordinary Shares”	the common shares of the Nominal
Value in the capital of the Company from time to time in issue and “Ordinary Shareholders” shall be construed
accordingly;

 

		“Organic Change”	has the meaning given in Condition
8;

 

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

 

    8

    

    

 

		“Principal Market”	the SIX Swiss Exchange or any
stock exchange in the European Economic Area; ;

 

		“Registrars”	the registrars of the Company from time to time (if any) as specified in writing by the
                                                                                                                                                                                   Company to the Holders;

 

		“Relevant Effective Date”	has the meaning given in Condition
2(e);

 

		“Relevant Price”	in relation to any issue, grant
or modification referred to in Condition 3(c), 3(f), 3(g) or 3(h), the Current Market Price per Ordinary Share on the date of
the first public announcement of the terms of the issue, grant or modification referred to in the relevant Condition;

 

		“Settlement System”	SIX SIS, the system for electronic
settlement of trades in Ordinary Shares on the Principal Market, or any equivalent system of another Principal Market;

 

		“Share Subscription Agreement”	the Share Subscription Agreement
dated January 19, 2016;

 

		“Spin-Off”	a distribution of Spin-Off Securities by the Company to Ordinary Shareholders;

 

		“Spin-Off Securities”	equity securities of a Person
other than the Company which are, or are intended to be, publicly traded in a market of adequate liquidity (as determined by an
independent investment bank of international repute selected by the Company and approved in writing by the Majority Holders within
five Business days of a written request for such approval from the Company);

 

		“Subscription Agreement”	the subscription agreement dated
on or about the Issue Date between (amongst others) the Company, GEM Global Yield Fund LLC SCS and GEM Investments America, LLC
in respect of an equity line of credit;

 

		“Subsidiary”	any Person in which the Company holds more than 50% of the voting rights (or equivalent
                                                                                                                                                                                   rights);

 

		“Trading Day”	any day on which the Principal
Market is open and remains open for not less than five hours for the general trading of securities;

 

		“Warrant” or “Warrants”	this Warrant and any other Warrants
which may from time to time be outstanding in consequence of the splitting or transfer of this Warrant (in whole or in part),
provided always that such splitting or transfer occurs in accordance with these Conditions;

 

		“Warrant Register”	the register kept pursuant
to Condition 6(a);

 

		“Warrant Share Delivery Date”	has the meaning given in Condition
2(e); and

 

		“Warrant Shares”	has the meaning given on the first
page of this Warrant.

 

    9

    

    

 

References to Conditions and
Appendices are, save where the context otherwise requires, to conditions endorsed on this Warrant and appendices to this Warrant.
Condition headings are included for the convenience of the parties only and do not affect the interpretation of this Warrant. Phrases
introduced by the word “including” and similar expressions do not limit the scope of the meaning of the words to which
they relate.

 

If for the purpose of any determination
or calculation to be made under this Warrant any sum in one currency needs to be converted into another currency, it shall be converted
as of the date of the relevant determination or calculation at such rate of exchange as may be determined in good faith by an independent
investment bank of international repute selected by the Company and approved in writing by the Majority Holders to be the spot
rate ruling at the close of business on the immediately preceding Business Day (or if no such rate is available on that date the
equivalent rate on the immediately preceding date on which such a rate was available).

 

		2.	Exercise

 

		a)	Exercise

 

Subject to the conditions and
limitations specifically provided herein, this Warrant may be exercised by the Holder, in whole or in part, (i) forty Business
Days after the first trading day after the Listing at any time and from time to time on any Business Day on or after the opening
of business up to (ii) 4.00 p.m., Swiss time, on the Expiry Date and any Warrant which has not been exercised by that time shall
become null and void and the rights of the Holder to exercise such Warrant shall lapse.

 

Each Holder is deemed and required
to:

 

		(i)	acknowledge that the Warrant and the Warrant Shares deliverable upon the exercise of a Warrant
have not been and will not be registered under the Securities Act or with any securities authority of any state of the United States
and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons and that, accordingly,
Warrants may not be exercised by or on behalf of any person in the United States or U.S. person (in each case, except (A) pursuant
to the registration requirements of the Securities Act or (B) in a transaction which is exempt from or otherwise not subject to
the registration requirements of the Securities Act); and

 

		(ii)	confirm that he is outside of the United States (as defined in Regulation S), that is acquiring
the Warrant Shares in the context of an Offshore Transaction (as defined in Regulation S) in accordance with Rule 903 and 904 of
the Securities Act.

 

		b)	Exercise Notice and Payment of Exercise Price

 

In order to exercise this Warrant,
the Holder shall

 

		(i)	send by facsimile transmission or email a duly completed and signed Exercise Notice in the form
and of the contents as per Annex B, signed by a duly authorized representative of the Holder, at any time prior to 4.00 p.m., Swiss
time, on any Business Day up to and including the Expiry Date, and specify the Holder’s election to exercise this Warrant,
which Exercise Notice shall specify the number of Warrant Shares to be purchased; Exercise Notices must not contain conditions;
and

 

		(ii)	make payment to the Company of an amount equal to the Exercise Price multiplied by the number of
Warrant Shares in respect of which a Warrant is being exercised (the “Aggregate Exercise Price”) by wire transfer
of immediately available funds in Swiss Francs, free of any foreign exchange commissions, remittance charges or other deductions;
and

 

    10

    

    

 

		(iii)	surrender to a common carrier for delivery to the Company the Warrant (or an indemnification undertaking
with respect to the Warrant in the case of its loss, theft or destruction). For the avoidance of doubt there may be more than one
Exercise Notice and more than one purchase of Warrant Shares pursuant to a Warrant.

 

The Holder shall provide the
Company with a list of authorized representatives and signature specimens substantially in the form attached hereto as Appendix
D. At any time, the Holder is entitled to replace its list by notifying the Company and submitting a new list. An Exercise Notice
shall be regarded as validly signed if this is done in accordance with the current list of authorized representatives and signature
specimens at the time the Exercise Notice is received by the Company. The Holder agrees and accepts that in connection with an
Exercise Notice the Company may fully rely on such current list of authorized representatives and signature specimens.

 

		c)	Confirmation of Exercise

 

Upon receipt by the Company of
an Exercise Notice in accordance with Condition 2(b) and Annex B, the Company shall as soon as practicable, but in no event later
than within oneBusiness Day following the receipt of the Exercise Notice, send, via facsimile or email, a confirmation of receipt
of such Exercise Notice in the form of the notice at Appendix C to the Holder.

 

		d)	Disputes

 

In the case of a dispute as to
the determination of the Exercise Price or the Average Price of a security or the arithmetic calculation of the number of Warrant
Shares, the Company shall, or shall cause the Registrars to, deliver to the Holder the number of Ordinary Shares that is not disputed
in accordance with Condition 2(e) and shall submit the disputed determinations or arithmetic calculations to the Holder via facsimile
or email within one Business Day of receipt of the Holder’s Exercise Notice. If the Holder and the Company are unable to
agree upon the determination of the Exercise Price or the Average Price or arithmetic calculation of the number of Warrant Shares
within one Business Day of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company
shall immediately submit via facsimile or email (i) the disputed determination of the Exercise Price or the Average Price to an
independent, reputable investment bank or firm of chartered accountants selected by the Company and approved by the Majority Holders
(or, in the event of such a selection not having been made or such approval not having been given within such one further Business
Day, such an investment bank or firm of chartered accountants as may be appointed on the application of the Company or the Holder
by the President for the time being of the Institute of Chartered Accountants of England and Wales) or (ii) the disputed arithmetic
calculation of the number of Warrant Shares to the Company’s auditors. The Company shall cause the investment bank, accountants
or auditors (including any investment bank or accountants appointed by the President for the time being of the Institute of Chartered
Accountants of England and Wales) as the case may be, to perform the determinations or calculations (acting as an expert and not
an arbitrator) and notify the Company and the Holder of the results no later than the second Business Day after the date it receives
the disputed determinations or calculations. Such investment bank’s, accountants’ or auditors’ determination
or calculation, as the case may be, shall be binding upon all parties, absent manifest error. The costs of any such investment
bank’s, accountants’ or auditors’ determination or calculation shall be borne (on an indemnity basis) by the
Company and the Holder in equal parts.

 

		e)	Delivery of Warrant Shares upon Exercise

 

Subject to Condition 2(d), in
the event of any exercise of the rights represented by a Warrant in accordance with Condition 2(b), the Company shall allot and
issue or otherwise deliver to the Holder (or its designee) the Warrant Shares (either newly issued or already in issue) to which
the Holder thereby becomes entitled five Business Days after the date on which a copy of the relevant Exercise Notice is received
by the Company by facsimile transmission or email in accordance with Condition 2(b) or, if later, on the date on which the Aggregate
Exercise Price is received by the Company in cleared funds (the “Relevant Effective Date”). In such event the
Company shall, or shall cause the Registrars to, on or before the Trading Day (the “Warrant Share Delivery Date”)
following the Relevant Effective Date, (i) provided the Company is participating in the Settlement System or another electronic
or book-entry delivery system in respect of Ordinary Shares and also provided the Settlement System is in operation on that Trading
Day (and if not, on the next Trading Day on which the Settlement System is in operation again), upon the request of the Holder,
credit such aggregate number of Ordinary Shares to which the Holder is entitled to the Holder’s or its designee’s Settlement
System stock account or its balance account with such electronic or book-entry delivery system; or (ii) issue a written confirmation
confirming that these Ordinary Shares are held by that person according to the share register to an express courier service for
guaranteed second day service to the address specified in the Exercise Notice.

 

    11

    

    

 

The Company’s obligation
to deliver Ordinary Shares upon exercise of a Warrant shall not be subject to (i) any set-off or defence or (ii) any claims against
any Holder howsoever arising except as provided for in these Conditions.

 

		f)	Delivery of New Warrant

 

Unless the rights represented
by a Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as practicable and in no event later
than five Business Days after any exercise and at its own expense, but subject to physical receipt of the Warrant, issue a new
Warrant (identical in all respects to the respective Warrant) for the balance of the Warrant which has not been exercised.

 

		g)	Failure to Deliver Warrant Shares

 

If the Company fails to comply
with its obligations under Condition 2(e) then, in addition to all other available remedies which such Holder may pursue, the Company
shall pay additional damages to such Holder for each day after the Warrant Share Delivery Date or, respectively, in the case mentioned
in Condition 2(e)(i), the first Trading Day on which the Settlement System is in operation again, on which the Company has failed
to comply with its obligations under Condition 2(e) in an amount equal to 1 per cent. of the product of (i) the sum of the number
of Ordinary Shares not properly delivered or in respect of which the Company has (where applicable) failed to deliver a confirmation
pursuant to Condition 2(e) and (ii) the Exercise Price of the Ordinary Shares on the Relevant Effective Date.

 

		h)	Dividends and Other Distributions

 

Warrant Shares allotted pursuant
to an Exercise Notice will not rank for any dividends or other distributions declared made or paid on the Ordinary Shares for which
the record date is a date prior to the Relevant Effective Date but, subject thereto, will rank in full for all dividends and other
distributions declared, made or paid on the Warrant Shares on or after the Relevant Effective Date pari passu in all other respects
with the Ordinary Shares in issue at that date.

 

		i)	Loan of Ordinary Shares

 

In order to comply with the obligation
under this Warrant to deliver the Warrant Shares to the Holder on the Relevant Effective Date, the Company shall be entitled to
agree that a third party (the “Share Lender”) lends Ordinary Shares to the Holder for delivery on the Relevant
Effective Date.

 

In such cases, if the Share Lender
offers a loan of Ordinary Shares to the Holder, the Holder shall accept such loan provided it is made in the following terms:

 

		(aa)	the total number of Ordinary Shares which shall be offered for loan (the “Loan Shares”)
shall be equal to the Warrant Shares to be delivered by the Company to the Holder on the Relevant Effective Date;

 

		(bb)	the Holder shall be deemed to accept the offer for the loan in full and the Share Lender shall
deliver on the Relevant Effective Date the Loan Shares which are to be loaned (the “Loan”) to the securities
account designated by the Holder in the Notice of Exercise;

 

    12

    

    

 

		(cc)	each Loan shall be concluded for a term commencing on the date of delivery of the Loan Shares to
the Holder (which must not be later than the Relevant Effective Date) and ending on the day set out in paragraph (f) below;

 

		(dd)	if the Company pays a dividend or makes a distribution to the holders of the Ordinary Shares during
the term of any Loan, the Holder shall pay to the Share Lender (at the time when the Holder receives the corresponding payment
from the Company in accordance with indemnity set out further in this paragraph) in cash an amount equal to such dividend or distribution
so made by the Company in respect to the Loan Shares. If the Company pays a dividend or makes any other distribution to the holders
of Ordinary Shares during the term of any Loan, the Company shall indemnify the Holder in respect of any and all sums that the
Holder may incur in order to comply with this paragraph in order to pay the Share Lender the sums of any dividends or distributions,
and from such sums will be deducted any net sum received by the Holder as dividend in respect to the Loan Shares;

 

		(ee)	each Loan shall be instrumental to the Company for the purpose of this Warrant and it shall carry
no consideration payable by the Holder to the Share Lender irrespective of any arrangements that may be agreed between the Company
and the Share Lender in relation to the Loan;

 

		(ff)	within one Trading Day after the Warrant Shares to be issued and delivered to the Holder pursuant
to this Warrant have been Listed and delivered to the Holder, the Holder shall repay the balance of the relevant Loan by transferring
a number of Ordinary Shares which is equal to the number of outstanding Loan Shares to the Share Lender;

 

		(gg)	the Holder shall have no obligation to repay the balance of the relevant Loan, and the Share Lender
shall have not right to claim for any outstanding Loan Shares, until the Warrant Shares issued pursuant to this Warrant have been
issued, delivered to the Holder, registered with the share register and Listed;

 

		3.	Adjustments

 

For the avoidance of doubt, the
issuance of Class A Shares after the date hereof shall not be considered an adjustment event pursuant to any of the clauses in
this Section 3.

 

The Exercise Price and the number
of Warrant Shares will be subject to adjustment from time to time as follows:

 

		a)	If, at any time or from time to time on or after the Issue Date, there shall be an alteration to
the Nominal Value of the Ordinary Shares as a result of the consolidation or subdivision thereof, the Exercise Price shall be adjusted
by multiplying the Exercise Price in force immediately before such alteration by the following fraction:

 

A

—

B

 

		where:	

 

		A	equals the nominal amount of one Ordinary Share immediately after such alteration; and

 

		B	equals the nominal amount of one Ordinary Share immediately before such alteration.

 

Such adjustment
shall become effective on the date on which the alteration takes effect.

 

    13

    

    

 

		b)	If, at any time or from time to time on or after the Issue Date, the Company shall issue any securities
(other than Ordinary Shares or options, warrants or other rights to subscribe for or purchase or otherwise acquire any Ordinary
Shares) to Ordinary Shareholders as a class by way of rights or grant to Ordinary Shareholders as a class by way of rights any
options, warrants or other rights to subscribe for or purchase or otherwise acquire any securities (other than Ordinary Shares
or options, warrants or other rights to subscribe for or purchase Ordinary Shares) then, on the occasion of each such issue or
grant, the Company shall either:

 

		(i)	adjust the Exercise Price for each Warrant Share not entitled to such issuance or grant by multiplying
the Exercise Price in force immediately prior to such issue or grant by the following fraction:

 

A - B

———

A

 

		where:	

 

		A	equals the Current Market Price of an Ordinary Share on the date on which the terms of such offer
or grant are publicly announced; and

 

		B	equals the Fair Market Value on the date of such announcement of the portion of the rights attributable
to one Ordinary Share; or

 

		(ii)	make a like issue or grant of options, rights, warrants or securities to each Holder as if each
Holder had submitted an Exercise Notice in respect of the entire Warrant on the record date applicable to such issue or grant at
the Exercise Price per Warrant Share then applicable.

 

Such adjustment
shall become effective on the date on which the issue or grant is made.

 

		c)	If, at any time or from time to time on or after the Issue Date, the Company shall issue Ordinary
Shares to Ordinary Shareholders as a class by way of rights, or issue or grant to Ordinary Shareholders as a class by way of rights,
options, warrants or other rights to subscribe for or purchase any Ordinary Shares, in each case at less than the Relevant Price,
the Exercise Price of each Warrant Share not entitled to such issuance or grant shall be adjusted by multiplying the Exercise Price
in force immediately prior to such issue or grant by the following fraction:

 

A + B

————

A + C

 

		where:	

 

		A	equals the number of Ordinary Shares in issue immediately before such announcement;

 

		B	equals the number of Ordinary Shares which the aggregate amount (if any) payable for the Ordinary
Shares being issued by way of rights, or for the options or warrants or other rights being issued by way of rights and for the
total number of Ordinary Shares comprised therein would purchase at the Relevant Price; and

 

		C	equals the number of Ordinary Shares being issued or, as the case may be, comprised in the grant.

 

Such adjustment
shall be effective from the date of such issue or grant.

 

    14

    

    

 

		d)	If, at any time or from time to time on or after the Issue Date, the Company shall issue any Ordinary
Shares credited as fully paid to the Ordinary Shareholders as a class by way of rights, by way of capitalization of profits or
reserves (including any share premium account or capital redemption reserve), other than to the extent that any such Ordinary Shares
are issued instead of the whole or part of a Cash Dividend, the Exercise Price shall be adjusted by multiplying the Exercise Price
in force immediately prior to such issue by the following fraction:

 

A

—

B

 

		where:	

 

		A	equals the aggregate nominal amount of the issued Ordinary Shares immediately before such issue;
and

 

		B	equals the aggregate nominal amount of the issued Ordinary Shares immediately after such issue.

 

Such adjustment
shall become effective on the date of issue of such Ordinary Shares.

 

		e)	If, at any time or from time to time on or after the Issue Date, the Company shall pay or make
any Capital Distribution to the Ordinary Shareholders as a class by way of rights, the Exercise Price shall be adjusted by multiplying
the Exercise Price in force immediately prior to such Capital Distribution by the following fraction:

 

A - B

———

A

 

		where:	

 

		A	equals the Current Market Price of one Ordinary Share on the first public announcement of the relevant
Capital Distribution or, in the case of a Spin-Off, is the mean of the Average Prices of an Ordinary Share for the five consecutive
Trading Days ending on the Trading Day immediately preceding the date on which the Ordinary Shares are traded ex- the relevant
Spin-Off; and

 

		B	equals the portion of the Fair Market Value of the Capital Distribution attributable to one Ordinary
Share, determined by dividing the Fair Market Value of the aggregate Capital Distribution by the number of Ordinary Shares entitled
to receive the Capital Distribution.

 

Such adjustment shall become effective
on the date on which such Capital Distribution is made or if later, the first date upon which the Fair Market Value of the Capital
Distribution is capable of being determined as provided herein.

 

		f)	If, at any time or from time to time on or after the Issue Date, the Company shall issue (otherwise
than as mentioned in Condition 3(c)) wholly for cash or for no consideration any Ordinary Shares (other than Ordinary Shares issued
upon exercise of the Warrants) or issue or grant (otherwise than as mentioned in Condition 3(c)) wholly for cash or for no consideration
any options, warrants or other rights to subscribe for or purchase any Ordinary Shares, at a price per Ordinary Share which is
less than the Relevant Price, the Exercise Price shall be adjusted by multiplying the Exercise Price in force immediately prior
to such issue or grant by the following fraction:

 

    15

    

    

 

A + B

———

A + C

 

		where:	

 

		A	equals the number of Ordinary Shares in issue immediately before the issue of such Ordinary Shares
or the grant of such options, warrants or rights;

 

		B	equals the number of Ordinary Shares which the aggregate consideration (if any) receivable for
the issue of such additional Ordinary Shares or, as the case may be, for the Ordinary Shares to be issued or otherwise made available
upon the exercise of any such options, warrants or rights, would purchase at the Relevant Price; and

 

		C	equals the number of Ordinary Shares to be issued pursuant to such issue or, as the case may be,
the maximum number of Ordinary Shares which may be issued upon exercise of such options, warrants or rights.

 

Such adjustment shall become effective
on the date of issue of such additional Ordinary Shares or, as the case may be, the grant of such options, warrants or rights.

 

		g)	If, at any time or from time to time on or after the Issue Date, the Company or any Subsidiary
or (at the direction or request of or pursuant to any arrangements with the Company or any Subsidiary) any other Persone (otherwise
than as mentioned in Condition 3(c) or 3(f)) shall issue wholly for cash or for no consideration any securities (or enter into
any contractual arrangements which would have an equivalent economic effect of issuing securities) which by their terms of issue
carry (directly or indirectly) rights of conversion into, or exchange or subscription for, Ordinary Shares (other than Ordinary
Shares already in issue at the time of the issue of the securities referred to) (or shall grant any such rights in respect of existing
securities so issued) or securities which by their terms might be redesignated as Ordinary Shares, and the consideration per Ordinary
Share receivable upon conversion, exchange, subscription or redesignation is less than the Relevant Price, the Exercise Price shall
be adjusted by multiplying the Exercise Price in force immediately prior to such issue (or grant) by the following fraction:

 

A + B

————

A + C

 

		where:	

 

		A	equals the number of Ordinary Shares in issue immediately before such issue or grant (but where
the relevant securities carry rights of conversion into or rights of exchange or subscription for Ordinary Shares which have been
issued by the Company for the purposes of or in connection with such issue, less the number of such Ordinary Shares so issued);

 

		B	equals the number of Ordinary Shares which the aggregate consideration (if any) receivable for
the Ordinary Shares to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription
attached to such securities or, as the case may be, for the Ordinary Shares to be issued or to arise from any such redesignation
would purchase at the Relevant Price; and

 

		C	equals the maximum number of Ordinary Shares to be issued or otherwise made available upon conversion
or exchange of such securities or upon the exercise of such right of subscription attached thereto at the initial conversion, exchange
or subscription price or rate or, as the case may be, the maximum number of Ordinary Shares which may be issued or arise from any
such redesignation,

 

    16

    

    

 

provided that if at any time of
issue of the relevant securities or date of grant of such rights (the “Condition 3(g) Specified Date”) such
number of Ordinary Shares is to be determined by reference to the application of a formular or other variable feature or the occurrence
of any event at some subsequent time (which may be when such securities are converted or exchanged or rights of subscription are
exercised or, as the case may be, such securities are redesignated or at such other time as may be provided) then for the purpose
of this Condition 3(g), “C” shall be determined by the application of such formula or variable feature or as if the
relevant event occurs or had occurred as at the Condition 3(g) Specified Date and as if such conversion, exchange, subscription,
purchase or acquisition or, as the case may be, redesignation had taken place on the Condition 3(g) Specified Date.

 

Such adjustment shall become effective
on the date of issue of such securities or, as the case may be, the grant of such rights.

 

		h)	If, at any time or from time to time on or after the Issue Date, there shall be any modification
of the rights of conversion, exchange or subscription attaching to any such securities as are mentioned in Condition 3(g) other
than in accordance with the terms (including terms as to adjustment) applicable to such securities upon issue) so that following
such modification the consideration per Ordinary Share receivable has been reduced and is less than the Relevant Price, the Exercise
Price shall be adjusted by multiplying the Exercise Price in force immediately prior to such modification by the following fraction:

 

A + B

————

A + C

 

		where:	

 

		A	equals the number of Ordinary Shares in issue immediately before such modification (but where the
relevant securities carry rights of conversion into or rights of exchange or subscription for Ordinary Shares which have been issued
by the Company for the purposes of or in connection with such issue, less the number of such Ordinary Shares so issued);

 

		B	equals the number of Ordinary Shares which the aggregate consideration (if any) receivable for
the Ordinary Shares to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription
attached to the securities so modified would purchase at the Relevant Price; and

 

		C	equals the maximum number of Ordinary Shares which may be issued or otherwise made available upon
conversion or exchange of such securities or upon the exercise of such rights of subscription attached thereto at the modified
conversion, exchange or subscription price or rate but giving credit in such manner as an independent investment bank of international
repute, selected by the Company and approved in writing by the Majority Holders within five Business Days of a written request
for such approval from the Company shall, acting as an expert, consider appropriate for any previous adjustment under this Condition
3(h)or Condition 3(g),

 

provided that if at any time of
such modification (the “Condition 3(h) Specified Date”) such number of Ordinary Shares is to be determined by
reference to the application of a formular or other variable feature or the occurrence of any event at some subsequent time (which
may be when such securities are converted or exchanged or rights of subscription are exercised or at such other time as may be
provided) then for the purpose of this Condition 3(h), “C” shall be determined by the application of such formula or
variable feature or as if the relevant event occurs or had occurred as at the Condition 3(g) Specified Date and as if such conversion,
exchange, subscription had taken place on the Condition 3(h) Specified Date.

 

    17

    

    

 

Such adjustment shall become effective
on the date of modification of the rights of conversion, exchange or subscription attaching to such securities.

 

		i)	If, at any time or from time to time on or after the Issue Date, the Company or any Subsidiary
or (at the direction or request of or pursuant to any arrangements with the Company or any Subsidiary) any other Person shall offer
any securities in connection with which offer Ordinary Shareholders as a class are entitled to participate in arrangements whereby
such securities may be acquired by them (except where the Exercise Price falls to be adjusted or an offer falls to be made to Holders
under Conditions 3(b), 3(c), 3(d), 3(e), 3(f) or 3(g), or would fall to be so adjusted or made if the relevant issue or grant was
at less than the Relevant Price) the Exercise Price shall be adjusted by multiplying the Exercise Price in force immediately before
the making of such offer by the following fraction:

 

A - B

———

A

 

		where:	

 

		A	equals the Current Market Price of one Ordinary Share on the date on which the terms of such offer
are first publicly announced; and

 

		B	equals the Fair Market Value on the date of such announcement of the portion of the relevant offer
attributable to one Ordinary Share.

 

Such adjustment shall become effective
on the first date on which the Ordinary Shares are traded ex-rights on the Principal Market.

 

		j)	The Company shall not, and shall procure that none of its Subsidiaries shall, issue or sell Ordinary
Shares, Options or Convertible Securities at a price that would require an adjustment pursuant to this Condition 3 unless the Company
has obtained all consents and approvals necessary (including, but not limited to, any applicable approvals and consents of the
Board of Directors of the Company, the Ordinary Shareholders, the Principal Market, the Settlement System and any relevant listing
or regulatory authority) to issue in addition all Warrant Shares which may be required to be issued upon exercise of the Warrants
at the adjusted Exercise Price.

 

		k)	Concurrently with the public announcement by the Company of the making of an offer, grant or issue
to which Condition 3(b) applies, the Company shall notify the Holder in writing whether it shall adjust the Exercise Price or extend
the offer, grant or issue to the Holder as set out in Condition 3(b)(ii) (as the case may be).

 

		l)	If the Relevant Effective Date in relation to any Warrant shall be after the record date for any
such issue, distribution, grant or offer (as the case may be) as is mentioned in Conditions 3(b) to 3(i), but before the relevant
adjustment becomes effective or the relevant offer is made to Holders, the Company shall (conditional upon the relevant adjustment
becoming effective) procure that there shall be issued or otherwise delivered to the converting Holder or in accordance with the
instructions contained in the Exercise Notice such additional number of Ordinary Shares or other securities as, together with the
Ordinary Shares issued or otherwise delivered, as the case may be, on exercise, is equal to the number of Ordinary Shares which
would have been required to be issued or otherwise delivered, as the case may be, on exercise if the relevant adjustment or offer
had in fact been made and accepted and become effective immediately after the relevant record date. Such additional Ordinary Shares
or other securities shall be issued or otherwise delivered as at, and within one month after, the Relevant Effective Date or within
one month after the date of issue of Ordinary Shares or other securities if the relevant adjustment results from the issue or transfer
of Ordinary Shares and certificates for such Ordinary Shares (if such Ordinary Shares are in certificated form) will be despatched
within such period of one month.

 

    18

    

    

 

		m)	If the Company and the Majority Holders (acting reasonably and in good faith and after a reasonable
period of consultation with each other) determine that an adjustment should be made to the Exercise Price as a result of one or
more events or circumstances not referred to above in this Condition 3 (even if the relevant event or circumstance is specifically
excluded from the operations of Conditions 3(a) to 3(1)), such Holders and the Company shall (within 21 days of such event or circumstance
arises) jointly request an independent investment bank of international repute, acting as expert, to determine as soon as practicable
what adjustment (if any, and provided that it shall result in a reduction of the Exercise Price) to the Exercise Price is fair
and reasonable to take account thereof and the date on which such adjustment (if any) should take effect and upon such determination
such adjustment (if any) shall be made and shall take effect in accordance with such determination. The firm of accountants shall
be appointed at the expense of the Holders if the adjustment determined by the bank is greater than that required pursuant to this
Condition 3 and at the expense of the Company if the adjustment determined by the bank is less than that required pursuant to this
Condition 3.

 

		n)	The Company covenants and undertakes to each Holder that it shall not do anything which would give
rise to an adjustment pursuant to this Condition 3 which would cause the Exercise Price per Ordinary Share to be reduced to an
amount that is less than the Nominal Value of an Ordinary Share.

 

		o)	References to any issue or offer to Ordinary Shareholders “as a class” or “by
way of rights” shall be taken to be references to an issue or offer to all or substantially all Ordinary Shareholders by
reason of being holders of Ordinary Shares other than Ordinary Shareholders to whom, by reason of laws of any territory or requirements
of any recognized regulatory body or any stock exchange in any territory or in connection with fractional entitlements, it is determined
not to make such issue or offer.

 

		p)	Simultaneously with any adjustment to the Exercise Price pursuant to this Condition 3, the number
of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that
after such adjustment the Aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall
be the same as the Aggregate Exercise Price in effect immediately prior to such adjustment.

 

		q)	On any adjustment pursuant to this Condition 3, the resultant Exercise Price shall be rounded to
the nearest CHF 0.0001.

 

		r)	No adjustment shall be made to the Exercise Price or the number of Warrant Shares on account of
the issue of Ordinary Shares pursuant to (i) the Share Subscription Agreement and (ii) stock options or similar arrangements granted
or to be granted at market by the Company to employees and consultants.

 

		4.	Fractional Interests

 

No fractional shares shall be
deliverable upon the exercise of a Warrant. If, on exercise of a Warrant, the Holder would otherwise be entitled to purchase a
fractional amount of Ordinary Shares, the number of Ordinary Shares deliverable upon exercise shall be rounded to the nearest whole
number of Ordinary Shares, with 0.5 of an Ordinary Share being rounded upwards.

 

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		5.	Form, Title and Transfer

 

		a)	Title

 

The Holder shall (to the fullest
extent permitted by applicable laws) be treated at all times by the Company for all purposes as the absolute owner of this Warrant
(regardless of any notice of ownership, trust or any interest in it or its theft or loss). Title to this Warrant will pass upon
the registration of the transfer of this Warrant in accordance with the provisions of Condition 5(b). The Company shall have the
right not to register a holder of a Warrant if the conditions for transfer or assignment pursuant to Condition 5(b) are not complied
with.

 

		b)	Transfer or Assignment

 

Subject to the following paragraph,
the Holder shall be entitled freely to transfer or assign this Warrant without the consent of the Company. Notwithstanding anything
to the contrary contained in a Warrant, the Holder shall be entitled to charge or pledge this Warrant and the Ordinary Shares deliverable
upon exercise thereof in connection with any loan or financial transaction that is secured on this Warrant or the Ordinary Shares
deliverable upon exercise thereof.

 

This Warrant may be transferred
in whole or in denominations of not less than 1,000,000 Ordinary Shares, but in no event and at not time to more than ten (10)
Holders, always in accordance with these Conditions, by the transferor depositing this Warrant for registration of the transfer
at the specified office of the Company, together with an instrument of transfer in the form set out in Appendix A or in any other
form which may be approved for the time being by the Company. Upon the Company, after due and careful enquiry, being satisfied
with the documents of title and the identity of the Person making the request and the right of the transferor to transfer this
Warrant and subject to such reasonable regulations as the Company may prescribe, the Company shall, within five Business Days of
the request (or such longer period as may be required to comply with any applicable fiscal or other laws or regulations), execute
and deliver at its specified office to the transferee or (at the risk of the transferee) send by mail to such address as the transferee
may request a new Warrant in the name of the transferee in respect of the number of Warrant Shares transferred. If this Warrant
has not been transferred in whole, the Company shall on the same date execute and deliver at its specified office to the Holder
or (at the risk of the Holder) send by mail to such address as the Holder may request a new Warrant in the name of the Holder in
respect of the balance of Warrant Shares not transferred.

 

		6.	Maintenance of Registers

 

The Company shall so long as
any Warrants are outstanding:

 

		a)	maintain at its registered office the Warrant Register which shall, to the extent the Company is
notified of the same in accordance with the terms of this Warrant, show (i) the name and address of the registered Holder of each
Warrant (including, for the avoidance of doubt, all transfers and changes of ownership of Warrants), (ii) all cancellations of
each Warrant following its exercise and (iii) all replacements of Warrants; and

 

		b)	subject to applicable laws and regulations at all reasonable times during office hours and on prior
written notice by the Holder, make the Warrant Register available to the Holder for inspection and for the taking of copies or
extracts.

 

		7.	Taxes

 

The Company shall pay or reimburse
any and all documentary, stamp, transfer, registration and other similar duties, taxes and fees which may be payable by the Company
under the laws of Switzerland (and any other jurisdictions in which from time to time the Company is resident for tax purposes
or Ordinary Shares are listed or publicly traded) with respect to the issue and delivery of Warrant Shares upon exercise of this
Warrant.

 

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		8.	Organic Changes

 

		a)	Any reorganisation, merger, reconstruction or amalgamation of the Company and/or its Subsidiaries
or any sale of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole) to another Person
or any other transaction which in any such case is effected in such a way that holders of Ordinary Shares are entitled to receive
shares, securities or assets of any Person other than the Company (including cash) in exchange for or by way of consideration for
the cancellation of, or with respect to, Ordinary Shares is referred to herein as “Organic Change”.

 

		b)	Prior to the completion of any:

 

		(i)	sale of all or substantially all of the assets of the Company and its Subsidiaries; or

 

		(ii)	any Organic Change following which the Company is to become the subsidiary of another Person or
to be wound up, the Company shall use all reasonable endeavours to secure from the Person purchasing such assets or the acquiring
company or successor resulting from such Organic Change (in each case, the “Acquiring Entity”) a written agreement
(in form and substance reasonably satisfactory to the Majority Holders) to deliver to each Holder, in exchange for such Warrants,
a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
and reasonably satisfactory to the Majority Holders (and the terms of such security (including, for the avoidance of doubt, the
exercise price and the number of shares in the Acquiring Entity in respect of which such new warrant may be exercised) shall, without
limitation, reflect the value of the Ordinary Shares at the time of such sale or Organic Change).

 

		c)	Prior to the consummation of any other Organic Change, the Company shall use best efforts to make
appropriate provision (in form and substance reasonably satisfactory to the Majority Holders) to ensure that each Holder will thereafter
have the right to acquire and receive, in lieu of or in addition to (as the case may be) the Ordinary Shares immediately theretofore
acquirable and receivable upon the exercise of such Holder’s Warrants, such shares, securities or assets that would have
been issued or transferred in such Organic Change with respect to or in exchange for the number of Ordinary Shares which would
have been acquirable and receivable upon the exercise of such Holder’s Warrants as of the date of such Organic Change.

 

		d)	At the same time as any public announcement is released in relation to any Organic Change, the
Company shall send a copy of that announcement to each Holder by facsimile transmission or email.

 

		9.	Covenants as to Ordinary Shares

 

The Company hereby covenants
and agrees as follows:

 

		a)	this Warrant is, and any Warrants issued in substitution for or replacement of this Warrant in
accordance with Condition 5(b) will upon issue be, duly authorized and validly issued;

 

		b)	all Warrant Shares which may be issued or otherwise delivered upon the exercise of the rights represented
by this Warrant in accordance with the terms of this Warrant will, upon issue, be validly issued, fully paid, freely tradable (subject
to any restrictions in the trading or in the offer, sale and/or delivery of securities in the Company pursuant to laws other than
those of Switzerland (and any other jurisdictions in which from time to time the Company is resident for tax purposes or Ordinary
Shares are listed or publicly traded) and free from all Liens;

 

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		c)	during the period within which the rights represented by this Warrant may be exercised, the Company
shall at all times ensure best efforts that it is subject to no restrictions which would prevent it from allotting and issuing,
or that it is otherwise able to procure the delivery of, at least 100 per cent. of the number of Ordinary Shares needed to provide
for the exercise of the rights then represented by the Warrants;

 

		d)	the Company shall maintain, so long as any Ordinary Shares in issue shall be Listed, the Listing
of all Ordinary Shares from time to time deliverable upon the exercise of this Warrant and all Ordinary Shares delivered upon such
exercise shall be duly Listed as soon as practicable after the Warrant Share Delivery Date;

 

		e)	the Company shall not increase the Nominal Value of any Ordinary Shares receivable upon the exercise
of this Warrant above the Exercise Price then in effect;

 

		f)	the Company shall take all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue or otherwise deliver fully paid Ordinary Shares upon the exercise of this Warrant; and

 

		g)	the Company shall not in any way modify the rights attaching to the Ordinary Shares with respect
to voting, dividends or liquidation nor issue any other class of equity share capital carrying any economic rights which are more
favourable than such rights attaching to the Ordinary Shares.

 

The Company shall take best efforts
to avoid any shareholders resolution which would contravene with the above.

 

		10.	Miscellaneous

 

		a)	Amendments Regarding Swiss Law and Primary Market Regulations

 

To the extent required or practical
due to requirements under Swiss law and Primary Market Regulations, the Parties shall amend this Agreement, in particular with
regard to the mechanics of the issuance, delivery and listing of the Ordinary Shares.

 

		b)	Failure to Exercise Rights Not Waiver

 

Without prejudice to the expiry
of the Warrants on the Expiry Date, no failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
any other or further exercise thereof. All rights and remedies of the Holder hereunder are cumulative and not exclusive of any
rights or remedies otherwise available.

 

		c)	Notices

 

Except as stated in Condition
2 hereof, any notice or other communication required or permitted to be given under the terms of this Warrant shall be in writing
and shall be deemed to have been received (a) upon hand delivery (receipt acknowledged) or facsimile transmission (with transmission
confirmation report) or email transmission at the address or number designated below (if delivered on a Business Day prior to 4:00
p.m., local time, where such notice is to be received), or the first Business Day following such delivery (if delivered other than
on a Business Day prior to 4:00 p.m., local time, where such notice is to be received) or (b) on the third Business Day following
the date of posting by inland recorded delivery or following its delivery into the custody of a generally recognised international
courier service if sent overseas, in each case, addressed to such address, or upon actual receipt, whichever shall first occur.
The addresses and numbers for such communications shall be such address and email address and telephone and facsimile numbers as
such Holder and the Company, respectively shall have last so communicated in writing to each other with a copy to the Registrars
at their address as notified by the Company from time to time (if any).

 

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		d)	Warrant Holder Not Deemed a Shareholder

 

Nothing contained in this Warrant
shall be construed as imposing any liabilities on any Holder to purchase any securities, (upon exercise of this Warrant or otherwise)
other than the Warrant Shares, or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

Notwithstanding the above, the
Holder acknowledges that it will be responsible for its own compliance with its obligations in respect of any applicable notification
and disclosure required pursuant to Swiss stock exchange laws and regulations.

 

		e)	Amendments

 

No amendment, modification or
other change may be made to the Warrants or the Conditions unless such amendment, modification or change is set forth in writing
and is signed by the Company and the Majority Holders, provided that no such action may increase the Exercise Price or decrease
the number of shares obtainable upon exercise of any Warrants without the written consent of the Majority Holders. The Company
may from time to time without the consent of the Holder create and issue further warrants substantially in the same form as the
Warrants.

 

		f)	Cost of Enforcement of this Agreement

 

In the event that any Holder
takes any action to enforce any of the terms of, or preserve any rights under, this Warrant or to recover any sum owed to it in
accordance with this Warrant, the Company shall forthwith on demand reimburse the Holder, as the case may be, for all costs and
expenses (including legal fees and applicable taxes) incurred in connection with such enforcem ent.

 

		g)	Replacement of Warrants

 

If this Warrant is lost, stolen,
mutilated, defaced or destroyed, it may be replaced at the registered office of the Company, upon payment by the claimant of the
expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as the
Company may require (provided that the requirement is reasonable in the light of prevailing market practice). If mutilated or defaced
this Warrant must be surrendered before a replacement will be issued.

 

		h)	Severability

 

In case any one or more of the
provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms
and provisions of this Warrant shall not in any way be affected or impaired thereby.

 

		i)	Governing Law and Jurisdiction

 

This Warrant and any dispute
or claim arising out of or in connection with it or its subject matter existence, validity or termination (including non-contractual
disputes or claims) is governed by and shall be construed and take effect in accordance with the laws of Switzerland.

 

All disputes, controversies or
claims between the Parties arising out of or in connection with the Warrant and the Conditions (including its existence, validity
or termination) which cannot be amicably resolved shall be finally resolved and settled under the LCIA Rules. The arbitration tribunal
shall be composed of three (3) arbitrators. The arbitration will take place in London, UK, and shall be conducted in the English
language. The arbitration award shall be final and binding on the Parties.

 

		j)	Third-Party Rights

 

This Warrant confers no right
on any person other than the Holder to enforce any of these Conditions or any other term of this Warrant.

 

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Appendix
A - Form of Transfer of Warrant

 

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s)
and transfer(s) to:

	  

	  

	  

 

(Please print or type name and address
(including postal code) of transferee)

 

this Warrant and all rights under this
Warrant in respect of __________ Warrant Shares, irrevocably authorizing WISeKey International Holding Ltd to record the above
transfer in the Warrant Register maintained by it.

 

	 	Signature of transferor

 

_________________________________

 

Signature of transferee

 

_________________________________

 

Date:_______________

 

NOTE:

 

This form of transfer must be accompanied
by such documents, evidence and information as may be required pursuant to the Conditions endorsed on this Warrant to which this
form of transfer relates and must be executed under the hand of the transferor or, if the transferor is a corporation, either under
its common seal or under the hand of one authorized signatory.

 

    

    

    

 

Appendix
B - Form of Exercise Notice

Exercise Notice

 

Reference is made to the Warrant, issued
as of May 6, 2016, by WISeKey International Holding Ltd, a company incorporated in Switzerland (registration number CHE-143.782.707),
whose registered office is at General-Guisan-Strasse 6, 6300 Zug (the “Company”). In accordance with and pursuant
to the terms of the Warrants, and by express reference to the Company’s conditional share capital as included in the Company’s
articles of association (Statuten) in Article 4b, the undersigned hereby elects to exercise the rights to purchase Ordinary
Shares of the Company (i.e. common shares of a nominal value of CHF 0.05 each) at a price of CHF__________ (as adjusted in accordance
with those terms) per Ordinary Share in respect of __________ Warrant Shares (the “Exercised Shares”).

 

Purchase Date: _________________________________

 

Please confirm the following information:

 

Exercise Price per Exercised
Share: _________________________________

 

Number of Exercised Shares to
be delivered: _________________________________

 

Aggregate Exercise Price: _________________________________

 

Electronic book entry transfer
requested: (check one) (1) YES____NO____

 

We confirm that payment of the Aggregate
Exercise Price and surrender of the Warrant have been made in accordance with Condition 2(b) of the Warrant to the following account:

 

	Account holder:	WISeKey International Holding AG, Zug
	Bank:	ZCircher Kantonalbank, Bahnhofstrasse 6, 8001 Zurich, Switzerland
	IBAN:	CH50 0070 0110 0060 2632 1
	BIC / SWIFT:	ZKBKCHZZ80A
	Reference / Text:	WISeKey International Holding AG Warrants Exercise

 

We herewith:

 

		(i)	acknowledge that the Warrant and the Warrant Shares deliverable upon the exercise of a Warrant
have not been and will not be registered under the Securities Act or with any securities authority of any state of the United States
and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons and that, accordingly,
Warrants may not be exercised by or on behalf of any person in the United States or U.S. person (in each case, except (A) pursuant
to the registration requirements of the Securities Act or (B) in a transaction which is exempt from or otherwise not subject to
the registration requirements of the Securities Act); and

 

		(ii)	confirm that we are outside of the United States (as defined in Regulation S), that we are acquiring
the Warrant Shares in the context of an Offshore Transaction (as defined in Regulation S) in accordance with Rule 903 and 904 of
the Securities Act; and

 

		(iii)	confirm that the exercise of a Warrant by us will not violate any law applicable to us.

 

Please deliver the Exercised Shares in
the following name and to the following address: Deliver to:

 

	 	Deliver to:	 	_________________________________
	 	 	 	_________________________________

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