Document:

EX-4.1

 Exhibit 4.1 

BANK OF AMERICA CORPORATION 

4.375% FIXED-RATE RESET NON-CUMULATIVE PREFERRED STOCK, SERIES RR 

DEPOSIT AGREEMENT 
 among 

BANK OF AMERICA CORPORATION, 

COMPUTERSHARE INC., 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., together, the Depository, 

and 
 THE HOLDERS FROM TIME TO TIME
OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of January 24, 2022 

							
	ARTICLE I	  

	DEFINED TERMS	  

			
	 Section 1.1.
	 	Definitions	  	 	1	 
	
	ARTICLE II	  

	 APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS;

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER

AND REDEMPTION OF RECEIPTS
	  

 

 

			
	 Section 2.1.
	 	Appointment of Depository	  	 	2	 
	 Section 2.2.
	 	Book-Entry System; Form and Transfer of Receipts	  	 	2	 
	 Section 2.3.
	 	Deposit of Stock; Execution and Delivery of Receipts	  	 	5	 
	 Section 2.4.
	 	Registration of Transfer of Receipts	  	 	5	 
	 Section 2.5.
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	 	6	 
	 Section 2.6.
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	 
	 Section 2.7.
	 	Lost Receipts, etc.	  	 	7	 
	 Section 2.8.
	 	Cancellation and Destruction of Surrendered Receipts	  	 	7	 
	 Section 2.9.
	 	Redemption of Stock	  	 	8	 
	 Section 2.10.
	 	Deposits	  	 	9	 
	
	ARTICLE III	  

	CERTAIN OBLIGATIONS OF HOLDERS OF 	  

	RECEIPTS AND THE CORPORATION	  

			
	 Section 3.1.
	 	Filing Proofs; Certificates and Other Information	  	 	10	 
	 Section 3.2.
	 	Payment of Taxes or Other Governmental Charges	  	 	10	 
	 Section 3.3.
	 	Warranty as to Stock	  	 	10	 
	 Section 3.4.
	 	Warranty as to Receipts	  	 	10	 
	
	ARTICLE IV	  

	THE DEPOSITED SECURITIES; NOTICES	  

			
	 Section 4.1.
	 	Cash Distributions	  	 	11	 
	 Section 4.2.
	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	11	 
	 Section 4.3.
	 	Subscription Rights, Preferences or Privileges	  	 	12	 
	 Section 4.4.
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	13	 
	 Section 4.5.
	 	Voting Rights	  	 	13	 
	 Section 4.6.
	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	13	 
	 Section 4.7.
	 	Delivery of Reports	  	 	14	 
	 Section 4.8.
	 	Lists of Receipt Holders	  	 	14	 
	
	ARTICLE V	  

	THE DEPOSITORY, THE DEPOSITORY’S	  

	AGENTS, THE REGISTRAR AND THE CORPORATION	  

			
	 Section 5.1.
	 	Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents	  	 	14	 

  
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	 Section 5.2.
	 	Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation	  	 	15	 
	 Section 5.3.
	 	Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation	  	 	16	 
	 Section 5.4.
	 	Resignation and Removal of the Depository; Appointment of Successor Depository	  	 	18	 
	 Section 5.5.
	 	Corporate Notices and Reports	  	 	18	 
	 Section 5.6.
	 	Indemnification by the Corporation	  	 	19	 
	 Section 5.7.
	 	Fees, Charges and Expenses	  	 	19	 
	 Section 5.8.
	 	Tax Compliance	  	 	20	 
	
	ARTICLE VI	  

	AMENDMENT AND TERMINATION	  

			
	 Section 6.1.
	 	Amendment	  	 	20	 
	 Section 6.2.
	 	Termination	  	 	21	 
	
	ARTICLE VII	  

	MISCELLANEOUS	  

			
	 Section 7.1.
	 	Counterparts	  	 	21	 
	 Section 7.2.
	 	Exclusive Benefit of Parties	  	 	21	 
	 Section 7.3.
	 	Invalidity of Provisions	  	 	21	 
	 Section 7.4.
	 	Notices	  	 	21	 
	 Section 7.5.
	 	Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent	  	 	22	 
	 Section 7.6.
	 	Holders of Receipts Are Parties	  	 	23	 
	 Section 7.7.
	 	Governing Law	  	 	23	 
	 Section 7.8.
	 	Headings	  	 	23	 
			
	 Exhibit A
	 	Form of Receipt	  	 	A-1	 

  
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 THIS DEPOSIT AGREEMENT dated as of January 24, 2022 (this
“Agreement”), among (i) BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a national
banking association and affiliate of Computershare (the “Trust Company” and together with Computershare, the “Depository”), and (iii) the Holders from time to time of the Receipts described in this Agreement. 

RECITALS 
 WHEREAS,
the parties desire to provide, as set forth in this Agreement, for the deposit of shares of the Corporation’s perpetual 4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series RR, $0.01 par value,
from time to time with the Depository for the purposes set forth in this Agreement and for the issuance hereunder of Receipts (as defined herein) evidencing Depositary Shares (as defined herein) in respect of the Stock (as defined herein) so
deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate
insertions, modifications and omissions, as hereinafter provided in this Agreement; 
 NOW, THEREFORE, in consideration of the
premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 

Section 1.1. Definitions. 
  

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Agreement: 

“Certificate” shall mean the Certificate of Designations filed or to be filed with the Secretary of State of the State of Delaware
establishing the Stock as a series of preferred stock of the Corporation. 
 “Corporation” shall mean Bank of America Corporation,
a Delaware corporation, and its successors. 
 “Deposit Agreement” shall mean this Agreement, as amended or supplemented from time
to time in accordance with the terms hereof. 
 “Depository” shall have the meaning set forth in the Preamble of this Agreement.

 “Depositary Shares” shall mean the depositary shares, each representing one
one-twenty-fifth of a share of the Stock and evidenced by a Receipt. 
 “Depository’s
Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1. 

 “Depository’s Office” shall mean the principal office of the Depository in
Canton, Massachusetts, at which at any particular time its depositary receipt business shall be administered. 
 “Receipt” shall
mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares held of record by the Record Holder of
those Depositary Shares and shall include the DTC Receipt, as defined in Section 2.2, where appropriate. 
 “Record Holder”
or “Holder” as applied to a Receipt shall mean the person in whose name that Receipt is registered on the books of the Depository maintained for such purpose. 

“Registrar” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation
to register ownership and transfers of Receipts as herein provided, and, if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Registrar shall be deemed, as applicable, to refer as well to
the register maintained by such successor Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933,
as amended. 
 “Stock” shall mean the shares of the Corporation’s 4.375% Fixed-Rate Reset
Non-Cumulative Preferred Stock, Series RR, $0.01 par value, with a liquidation preference of $25,000 per share, designated in the Certificate. 

“Transfer Agent” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the
Corporation to transfer the Receipts and the deposited Stock. 
 ARTICLE II 

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; 

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER 

AND REDEMPTION OF RECEIPTS 

Section 2.1. Appointment of Depository 

The Corporation hereby appoints Computershare and Trust Company, collectively, as Depository for the Stock, and each of Computershare and Trust
Company hereby accepts such appointment as Depository for the Stock, on the terms and conditions set forth in this Agreement. 

Section 2.2. Book-Entry System; Form and Transfer of Receipts. 

The Corporation and the Depository shall make application to The Depository Trust Company (“DTC”) for acceptance of all of the
Receipts for its book-entry settlement system. The Corporation hereby appoints the Depository acting through any authorized officer thereof as its attorney-in-fact, with
full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible
for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares with book-

  
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entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing all such Depositary Shares and
registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC
Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall bear such
legend or legends as may be required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. 
 If DTC
subsequently ceases to make its book-entry settlement system available for the Receipts, the Corporation may instruct the Depository regarding making other arrangements for book-entry settlement. If the Receipts are not eligible for book-entry form,
the Depository shall provide written instructions to DTC to deliver the DTC Receipt to the Depository for cancellation and the Corporation shall instruct the Depository to deliver to the beneficial owners of the Depositary Shares previously
evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. 
 Beneficial owners of Depositary
Shares through DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary Shares registered in their name, except as described below. 

The DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling
or unable to continue to make its book-entry settlement available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so informed in writing, (ii) DTC notifies the
Corporation at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed within 90 days of the date the Corporation is so informed in writing, or (iii) the Corporation in its
sole discretion notifies the Depository in writing that the DTC Receipt shall be exchangeable for definitive Receipts. If beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the
result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, upon receipt by the
Depository of the DTC Receipt for cancellation and any other necessary documentation, the Depository is hereby directed to and shall execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt
definitive Receipts in physical form evidencing such Depositary Shares and to make appropriate entries in the register with respect thereto. 

Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation shall deliver to the Depository from time to time
such quantities of Receipts as the Depository may request to enable the Depository to perform its obligations under this Agreement. 
 The
DTC Receipt and definitive Receipts, if any, shall be substantially in the form set forth in Exhibit A annexed to this Agreement and incorporated herein by reference, with appropriate insertions, modifications and omissions, as hereinafter
provided and shall be 

  
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engraved or otherwise prepared so as to comply with applicable rules of any securities exchange on which the Depositary Shares are then listed. In the case of any of the events described above
resulting in the issuance of definitive Receipts in exchange for the DTC Receipt, the Depository, pending preparation of definitive Receipts and upon the written order of the Corporation, delivered in compliance with Section 2.3, shall execute
and deliver temporary Receipts which may be printed, lithographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depository will cause definitive Receipts to be prepared without unreasonable delay.
After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable by the Holder for definitive Receipts upon surrender of the temporary Receipts at an office described in the first paragraph of Section 2.3, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depository shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor to the Holder or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled to
the same benefits under this Agreement as definitive Receipts. 
 Receipts shall be executed by the Depository by the manual or facsimile
signature of a duly authorized officer of the Depository; provided that, if a Registrar for the Receipts (other than the Trust Company) shall have been appointed, such Receipts shall also be countersigned by manual or facsimile signature of a duly
authorized officer of such Registrar. No Receipt shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed as described in the preceding sentence. The Registrar shall record
on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depository who was at any time a proper and duly authorized signatory of the
Depository shall bind the Depository, notwithstanding that such signatory ceased to hold such office prior to the delivery of such Receipts or did not hold such office on the date of issuance of such receipts. 

Receipts may be endorsed with, or have incorporated in the text thereof, such legends or recitals or changes not inconsistent with the
provisions of this Agreement all as may be required by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Registrar as provided in Section 2.4, the
Depository may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any
notice provided for in this Agreement and for all other purposes. 

  
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 Section 2.3. Deposit of Stock; Execution and Delivery of Receipts. 

Subject to the terms and conditions of this Agreement, the Corporation may from time to time deposit shares of Stock under this Agreement by
delivery to the Depository, including via electronic book-entry, for such shares of Stock to be deposited (or in such other manner as may be agreed to by the Corporation and the Depository), properly endorsed or accompanied, if required by the
Depository, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depository, together with (i) all such certifications as may be required by the Depository in accordance with the provisions of this Agreement,
including the resolutions of the Board of Directors of the Corporation or a committee of the Board of Directors, as certified by the Secretary or any Assistant Secretary of the Corporation on the date thereof as being complete, accurate and in
effect, relating to issuance and sale of the Stock, (ii) an opinion of counsel to the Corporation addressed to the Depository containing opinions, or a letter of counsel to the Corporation authorizing reliance on such counsel’s opinions
delivered to the underwriters named therein, relating to, (A) the existence and good standing of the Corporation, (B) the due authorization of the Depositary Shares and the status of the Depositary Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness of any registration statement under the Securities Act relating to the Depositary Shares, and (iii) a written order of the Corporation, directing the Depository to
execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. Shares of deposited Stock shall be held by the Depository
in an account to be established by the Depository at the Depository’s Office, or at such other place or places as the Depository shall determine. As Registrar and Transfer Agent for the deposited Stock, Trust Company will reflect changes in the
number of shares of deposited Stock held by it by notation, book-entry or other appropriate method. 
 Upon receipt by the Depository of
shares of Stock deposited in accordance with the provisions of this Section 2.3, together with the other documents required as above specified, and upon registering the Stock on the books of the Corporation (or its duly appointed Transfer
Agent) in the name of the Depository or its nominee, the Depository, subject to the terms and conditions of this Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the
Depository referred to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by
such person or persons. The Depository shall execute and deliver such Receipt or Receipts at the Depository’s Office or such other offices, if any, as the Depository may designate. Delivery at other offices shall be at the risk and expense of
the person requesting such delivery. 
 Section 2.4. Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Agreement, the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register on
its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer, including a guarantee of the
signature thereon from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc. (the 

  
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“Signature Guarantee”), and any other evidence of authority as may be reasonably required by the Trust Company (or successor Registrar or Transfer Agent). Thereupon, the Depository
shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.

 Section 2.5. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of
Stock. 
 Upon surrender of a Receipt or Receipts at the Depository’s Office or at such other offices as it may designate for the
purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement, the Depository shall execute a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or
Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Stock and all money represented
thereby by surrendering such Receipt or Depositary Shares represented by the Receipts at the Depository’s Office or at such other offices as the Depository may designate for such withdrawals. Thereafter, without unreasonable delay, the
Depository shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Stock and all money represented by the Receipt or Receipts, or Depositary Shares represented by
such Receipt or Receipts, so surrendered for withdrawal, but Holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered
by the Holder to the Depository in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be withdrawn, the Depository shall at
the same time, in addition to such number of whole shares of Stock and such money to be so withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order, a new Receipt evidencing such excess number of Depositary Shares; provided,
however, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share. 
 Delivery of the Stock and money being
withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depository may deem appropriate (or in such other manner as may be agreed to by the Corporation and the Depository), which, if required by
the Depository, shall be properly endorsed or accompanied by proper instruments of transfer including, but not limited to, a Signature Guarantee. 

If the Stock and the money being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or
Receipts being surrendered for withdrawal of such Stock, such Holder shall execute and deliver to the Depository a written order so directing the Depository, and the Depository may require that the Receipt or Receipts surrendered by such Holder for
withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

  
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 Delivery of the Stock and the money represented by Receipts surrendered for withdrawal shall
be made by the Depository at the Depository’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as
may be designated by such Holder. 
 Section 2.6. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination, surrender or exchange of any Receipt, the Depository, any of the Depository’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depository or the Corporation shall
have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Sections 3.2 and 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any
signature, including a Signature Guarantee, and may also require compliance with such regulations, if any, as the Depository or the Corporation may establish consistent with the provisions of this Agreement and applicable law and as may be required
by any securities exchange on which the Stock, the Depositary Shares or the Receipts may be listed. 
 The deposit of the Stock may be
refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period
when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depository, any of the Depository’s Agents or the Corporation at any time or from time to time because of any
requirement of law or of any government or governmental body or commission or under any provision of this Agreement. 
 Section 2.7.
Lost Receipts, etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depository in its discretion may execute and
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof
with the Depository of evidence satisfactory to the Depository of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof; (ii) the Holder thereof furnishing of the Depository with
reasonable indemnification satisfactory to the Depository and the provision of an open penalty surety bond satisfactory to the Depository and holding it and the Corporation harmless; and (iii) the payment of any reasonable expense (including
reasonable fees, charges and expenses of the Depository) in connection with such execution and delivery. 
 Section 2.8. Cancellation
and Destruction of Surrendered Receipts. 
 All Receipts surrendered to the Depository or any Depository’s Agent shall be cancelled by
the Depository. Except as prohibited by applicable law or regulation, the Depository is authorized and directed to destroy all Receipts so cancelled. 

  
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 Section 2.9. Redemption of Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the terms of the Certificate, it shall
(unless otherwise agreed to in writing with the Depository) give or cause to be given to the Depository, not less than 5 business days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed
redemption of Stock and of the number of such shares held by the Depository to be so redeemed and the applicable redemption price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in
accordance with the provisions of the Certificate. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Stock to be redeemed, which redemption price
shall include, if required by the provisions of the Certificate, an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption and any other applicable amounts, all in accordance with the provisions of the Certificate,
the Depository shall redeem the number of Depositary Shares representing such Stock. The Depository shall mail notice of the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed by first-class mail, postage prepaid (or another reasonably acceptable transmission method), not less than 5 business days and not more than 60 days prior to the date fixed for redemption of such Stock and
Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear on the records of the Depository (provided that,
if the Depositary Shares are held through DTC, the Depository shall give such notice in accordance with the procedures of DTC); but neither failure to mail any notice of redemption of Depositary Shares to one or more Holders nor any defect in any
notice of redemption of Depositary Shares to one or more Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each notice shall be prepared by the Corporation and shall state: (i) the Redemption Date;
(ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any Holder are to be redeemed, the number of Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price;
(iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Stock represented by the Depositary Shares to be redeemed will
cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot. 

Notice having been mailed (or transmitted) by the Depository as aforesaid, from and after the Redemption Date (unless the Corporation shall
have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Stock so called for Redemption shall cease to accrue from and after such date, (ii) the
Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the
extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if
the Depository or applicable law shall so require), such Depositary Shares shall be redeemed by Computershare at a redemption price per Depositary Share equal to 

  
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one one-twenty-fifth of the redemption price per share of Stock so redeemed plus all money represented by such Depositary Shares, including, if required by
the provisions of the Certificate, all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of Stock to be so redeemed and have not theretofore been paid. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depository will deliver to the Holder of such
Receipt upon its surrender to the Depository, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the Depository shall not issue
any Receipt evidencing a fractional Depositary Share and cash will be payable in respect of fractional interests. 
 Computershare shall, to
the extent permitted by law, release or repay to the Corporation any funds deposited by or for the account of the Corporation for the purpose of redeeming any Depositary Shares that remain unclaimed at the end of three years from the applicable
Redemption Date, without further action necessary on the part of the Corporation. 
 Section 2.10. Deposits. 

All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services
hereunder (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this
Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with
Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier
1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
Finance L.P.). Computershare shall bear responsibility and liability to the Corporation for any diminution of the Funds, other than those resulting from a default by Bank of America, National Association (“BANA”), with respect to one or
more bank accounts in which the Funds are deposited that is maintained by Computershare at BANA in accordance with the foregoing. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or
investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the Corporation, any Holder or any other party. 

  
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 ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS OF 

RECEIPTS AND THE CORPORATION 

Section 3.1. Filing Proofs; Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file proof of residence, or other matters or other information, to execute
certificates and to make such representations and warranties as the Depository or the Corporation may reasonably deem necessary or proper. The Depository or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of the Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof
or other information is filed or such certificates are executed or such representations and warranties are made. 
 Section 3.2.
Payment of Taxes or Other Governmental Charges. 
 Holders of Receipts shall be obligated to make payments to the Depository of certain
charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made,
and any dividends , interest payments or other distributions may be withheld or any part of or all the Stock represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof
(after attempting by reasonable means to notify such Holder prior to such sale), and such dividends , interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of
such Receipt remaining liable for any deficiency. 
 Section 3.3. Warranty as to Stock. 

The Corporation hereby represents and warrants that the Stock, when issued, will be duly authorized, validly issued, fully paid and
nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of the related Receipts. 

Section 3.4. Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Depositary
Shares, and each Depositary Share will represent one one-twenty-fifth interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the Stock and the issuance of the
Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1. Cash Distributions. 

Whenever Computershare, as distribution agent, shall receive any cash dividend or other cash distribution on the Stock, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to 

  
 10 

 
Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective
numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold, and shall withhold, from any cash dividend or other cash distribution in
respect of the Stock an amount on account of taxes, or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event
that the calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and that fraction of
a cent is equal to or greater than $0.005, the amount Computershare shall distribute to such record holder shall be rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded by the Depository; provided,
however, upon the Depository’s request, the Corporation shall pay the additional amount to the Depository for distribution. 
 Each
Holder of a Receipt shall provide Computershare with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder
of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the
distributions to be made hereunder. 
 Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever Computershare shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that Computershare may deem equitable and practicable for accomplishing such distribution. If in the opinion of Computershare such distribution
cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or Computershare withhold an amount on account of taxes or governmental charges) Computershare deems, after
consultation with the Corporation, such distribution not to be feasible, Computershare may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the
sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for
distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or property to
Computershare, and Computershare shall not make any distribution of such securities or property to the Holders of Receipts, unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been
registered under the Securities Act or do not need to be registered in connection with such distributions. 

  
 11 

 Section 4.3. Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the deposited Stock is recorded on the books of
the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be communicated to
the Depository and thereafter made available by the Depository to the Record Holders of Receipts in such manner as the Depository (in consultation with the Corporation) may determine, either by the issue to such Record Holders of warrants
representing such rights, preferences or privileges or by such other method as may be approved by the Depository in its discretion with the approval of the Corporation; provided, however, that (i) if at the time of issue or offer of any such
rights, preferences or privileges the Depository or the Corporation determines that it is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the
issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then Computershare, in its discretion (with approval of the Corporation, in
any case where the Depository has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights,
preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by Computershare to the Record Holders
of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 
 The Corporation shall notify
the Depository whether registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences
or privileges relate, and the Corporation agrees with the Depository that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts
and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or
privileges. In no event shall the Depository make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the
Corporation shall have provided to the Depository an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 

The Corporation shall notify the Depository whether any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depository that the Corporation will use its reasonable best efforts to
take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

  
 12 

 Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if
rights, preferences or privileges shall at any time be offered, with respect to the Stock, or whenever the Depository shall receive notice of any meeting at which holders of the Stock are entitled to vote or of which holders of the Stock are
entitled to notice, or whenever the Depository and the Corporation shall decide it is appropriate, the Depository shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to
or otherwise in accordance with the terms of the Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to
give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5. Voting Rights. 

Subject to the provisions of the Certificate, upon receipt of notice of any meeting at which the holders of the Stock are entitled to vote, the
Depository shall, as soon as practicable thereafter, mail to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4, a notice prepared by the Corporation which shall contain (i) such information as is
contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depository as to the exercise of the voting rights pertaining to the amount of Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the Depository to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions
may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depository shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the
maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed
necessary by the Depository in order to enable the Depository to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will not vote (but at its discretion, may appear at
any meeting with respect to such Stock unless directed otherwise by the Holders of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts of such Holders. 

Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the
Stock, subject to the provisions of the Certificate, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depository may in its discretion with the approval of, and shall upon
the instructions of, the Corporation, and (in either case) in such manner as the Depository may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in
one share of Stock and in the ratio of the 

  
 13 

 
redemption price per Depositary Share to the redemption price per share of Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depository in
exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case the Corporation may in its discretion direct the Depository to
execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of
Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization,
reorganization, merger or consolidation to surrender such Receipts to the Depository with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other
securities and property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

Section 4.7. Delivery of Reports. 

The Depository shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the
Depository, as the holder of the Stock, and which the Corporation is required to furnish to the holders of the Stock. 
 Section 4.8.
Lists of Receipt Holders. 
 Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation,
the Depository shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITORY, THE DEPOSITORY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 

Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents. 

Upon execution of this Agreement, the Depository shall maintain at the Depository’s Office, facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance
with the provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding transfer or registration functions performed by the Depository conflict with the terms of any transfer agency agreement between the
Corporation and the Depository, the terms of such transfer agency agreement shall control. 

  
 14 

 The Registrar shall keep books at the Depository’s Office for the registration and
transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar, the Depository shall open its books for inspection by the Record Holders of Receipts as directed by the Corporation; provided that any Holder shall
be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Registrar may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be
listed on one or more national securities exchanges, the Depository will appoint a registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such registrar
(which may be the Trust Company if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depository upon the request or with the approval of the Corporation. If the Receipts, Depositary
Shares or Stock are listed on one or more other securities exchanges, the Registrar will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts,
Depositary Shares or Stock as may be required by law or applicable securities exchange regulation. 
 The Depository may from time to time
appoint Depository’s Agents to act in any respect for the Depository for the purposes of this Agreement and may from time to time appoint additional Depository’s Agents and vary or terminate the appointment of such Depository’s
Agents, provided that the Depository will notify the Corporation of any such appointment or variation or termination of such appointment. 

Section 5.2. Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation.

 None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall incur any liability to any Holder of a Receipt
if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depository, the Depository’s Agents or the Registrar, by reason
of any provision, present or future, of the Corporation’s Restated Certificate of Incorporation (including the Certificate) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depository,
the Depository’s Agents, the Registrar or the Corporation shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Agreement provide shall be done or
performed. Nor shall the Depository, any Depository’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or
thing which the terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement except, in case of any such exercise or failure
to exercise discretion not caused as aforesaid, if caused by 

  
 15 

 
the gross negligence or willful misconduct of the party charged with such exercise or failure to exercise, or as otherwise explicitly set forth in this Agreement. 

Section 5.3. Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation assumes any obligation or shall be subject to any
liability under this Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 
 None of the
Depository, any Depository’s Agent, any Registrar or the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts, which, in
its opinion, may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be reasonably required. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall be liable for any action or any failure to act by
it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information.
The Depository, any Depository’s Agent, any Registrar and the Corporation may each rely, and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties. 
 The Depository shall indemnify the Corporation against any liability
which may directly arise out of acts performed or omitted by the Depository or any Depository’s Agent due to its or their gross negligence, willful misconduct or bad faith. 

The Depository shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or
effect of any such vote made, as long as any such action or inaction is not taken in bad faith. The Depository undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in
this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depository or any Registrar. 
 The
Depository, its parent, affiliates or subsidiaries, the Depository’s Agents and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to any such person or otherwise act as fully or as freely as if it were not the Depository, the parent, affiliate
or subsidiary or the Depository’s Agents or the Registrar hereunder. The Depository may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

It is intended that none of the Depository, any Depository’s Agent or the Registrar, acting as the Depository’s Agent or Registrar,
as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being 

  
 16 

 
expressly understood and agreed that the Depository, any of the Depository’s Agents and the Registrar are acting only in a ministerial capacity as Depository or Registrar for the Stock. 

None of the Depository (or its officers, directors, employees or agents), any Depository’s Agent or the Registrar makes any
representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its
counter-signatures thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein. 

The Depository assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the Depository makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited with the Depository hereunder or of the Depositary Shares, as to the validity or
sufficiency of this Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depository shall not be accountable for the use or application by
the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 
 Notwithstanding anything to the contrary herein, no
party to this Agreement shall be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by breach of any provision of this Agreement even
if apprised of the possibility of such damages. 
 The Depository shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depository
shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depository believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depository hereunder, or in the administration of any of the provisions of this Agreement, the Depository shall deem it necessary or desirable that a matter be proved or established prior to taking,
omitting or suffering to take any action hereunder, the Depository may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation,
any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depository receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the
satisfaction of the Depository or which proves or establishes the applicable matter to the satisfaction of the Depository. 
 The Depository
undertakes not to issue any Receipt other than to evidence the Depositary Shares representing interests in the shares of Stock that have been delivered to and are then on deposit with the Depository. The Depository also undertakes not to sell,
except as provided herein, pledge or lend Depositary Shares or any shares of deposited Stock by it as Depository. 

  
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 The Depository shall not be held to have notice of any change of authority of any person,
until receipt of written notice thereof from the Corporation. The obligations of the Corporation and the rights of the Depository set forth in this Section 5.3 shall survive the termination of this Agreement and any succession of any of the
Depository, the Registrar or the Depository’s Agents. 
 Section 5.4. Resignation and Removal of the Depository; Appointment of
Successor Depository. 
 The Depository may at any time resign as Depository hereunder by delivering notice of its election to do so to the
Corporation, such resignation to take effect upon the appointment of a successor Depository and its acceptance of such appointment as hereinafter provided. 

The Depository may at any time be removed by the Corporation by notice of such removal delivered to the Depository, such removal to take
effect upon the appointment of a successor Depository hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depository acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depository, which shall be a bank or
trust company having its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depository shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depository may petition any court of competent jurisdiction for the appointment of a successor Depository. Every successor Depository shall execute and deliver to its predecessor and to the
Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depository, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and
for all purposes shall be the Depository under this Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of
all outstanding Receipts and such records, books and other information in its possession relating thereto. 
 Any entity into or with which
the Depository may be merged, consolidated or converted shall be the successor of the Depository without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depository may
authenticate the Receipts in the name of the predecessor Depository or its own name as successor Depository. 
 Section 5.5. Corporate
Notices and Reports. 
 The Corporation agrees that it will deliver to the Depository, and the Depository will, promptly after receipt
thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depository’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any
national securities exchange 

  
 18 

 
upon which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Certificate of Incorporation (including the Certificate), to be furnished to the
Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depository with such number of copies of such documents as the Depository may reasonably request. In addition, the
Depository will transmit to the Record Holders of Receipts at the Corporation’s expense, including applicable fees, such other documents as may be requested by the Corporation. 

Section 5.6. Indemnification by the Corporation. 

Subject to Section 5.3, the Corporation shall indemnify the Depository, any Depository’s Agent and any Registrar (including each of
their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts
performed, suffered or omitted to be taken in connection with this Agreement and the Receipts by the Depository, any Registrar or any of their respective agents (including any Depository’s Agent) and any transactions or documents contemplated
hereby, except for any liability arising out of negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Corporation and the rights of the Depository set forth in this Section 5.6
shall survive the termination of this Agreement and any succession of any Depository, Registrar or Depository’s Agent. 

Section 5.7. Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depository the compensation to be agreed upon with the Corporation for all services rendered by the
Depository hereunder and to reimburse the Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depository without negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depository’s Agent) in connection with the services rendered by it (or such agent or Depository’s Agent) hereunder. The Corporation
shall pay all charges of the Depository in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares and any redemption or exchange of the Stock at the option of the Corporation. The Corporation shall pay all
transfer and other taxes and governmental charges arising solely from the existence of the depository arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by
Receipts. If, at the request of a Holder of Receipts, the Depository incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the
Depository may, at its sole option, request that the Corporation direct a Holder of a Receipt to prepay the Depository any charge or expense the Depository has been asked to incur at the request of such Holder of Receipts. The Depository shall
present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depository may agree. 

Section 5.8. Tax Compliance. 

Computershare and, where applicable, the Trust Company, on its own behalf and on behalf of the Corporation, will comply with all applicable
certification, information reporting and 

  
 19 

 
withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect
to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely
filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

The Depository shall comply with any direction received from the Corporation with respect to the application of such requirements to
particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

The Depository shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on
request to the Corporation or to its authorized representatives. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1. Amendment. 

The form of the Receipts and any provisions of this Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depository in any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than a change in fees) which shall materially and adversely alter the rights of the Holders of Receipts shall
be effective unless such amendment shall have been approved by the Holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. Every Holder of an outstanding receipt at the time any such amendment becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Agreement. 

Notwithstanding the foregoing, in no event shall the Corporation be required to execute any amendment which may impair the right, subject to
the provisions of Sections 2.6 and 2.7 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depository with instructions to deliver to the Holder the Stock and all money represented
thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depository’s
execution of any amendment, the Corporation shall deliver to the Depository a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1, except
that, if, under the foregoing paragraph, such amendment would require approval of at least a majority of Holders of Receipts to be effective, such Holders shall be deemed to have consented and agreed to such amendment for purposes of the statement
in such certificate that such amendment is in compliance with the terms of this Section 6.1. 

  
 20 

 Section 6.2. Termination. 

This Agreement may be terminated by the Corporation or the Depository only if (i) all outstanding Depositary Shares issued hereunder have
been redeemed pursuant to Section 2.9, or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been
distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 
 Upon the
termination of this Agreement, the Corporation shall be discharged from all obligations under this Agreement except for its obligations to the Depository, any Depository’s Agent and any Registrar under Sections 5.6 and 5.7. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1. Counterparts. 

This Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Agreement transmitted electronically shall have the same effect as
an original signature. 
 Section 7.2. Exclusive Benefit of Parties. 

This Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give
any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3. Invalidity of Provisions. 

In case any one or more of the provisions contained in this Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4. Notices. 
 Any
and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission or electronic mail, confirmed by
letter, addressed to the Corporation at 
 Bank of America Corporation 

Bank of America Corporate Center 

NC1-007-06-11 

100 North Tryon Street 

  
 21 

 Charlotte, North Carolina 28255 

Attn: Corporate Treasury – Global Funding Transaction Management 

Facsimile: (704) 548-5999 

Email: TMTreasuryFunding@bofa.com 
 or at any
other addresses of which the Corporation shall have notified the Depository in writing. 
 Any and all notices to be given to the Depository
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depository at the Depository’s Office at

 Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 150
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

or at any other address of which the Depository shall have notified the Corporation in writing. 

The Depository shall give any and all notices directed to be given by the Corporation to any Record Holder of a Receipt in writing, which
notices shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books of the
Depository (provided that, if the Depositary Shares are held through DTC, the Depository shall give any and all notices in accordance with the procedures of DTC). 

Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depository or the Corporation may, however, act upon any facsimile transmission received by it
from the other, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent. 

Unless otherwise set forth on a certificate duly executed by an authorized officer of the Corporation, the Corporation hereby appoints the
Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock deposited with the Depository hereunder and the Receipts, and the Trust Company and Computershare hereby accept
their respective appointments. With respect to the appointments of the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock and the Receipts, each of the
Corporation, the Trust Company and Computershare, in their respective capacities under such appointments, shall 

  
 22 

 
be entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depository hereunder, respectively, as if explicitly named in each such provision. 

Section 7.6. Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and
of the Receipts. The provisions of this Agreement are intended to benefit only the parties hereto and their respective permitted successors and assigns, and no rights shall be granted to any other person by virtue of this Agreement. 

Section 7.7. Governing Law. 

This Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by,
and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.8. Headings. 
 The
headings of articles and sections in this Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Agreement or the Receipts or to have any
bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
 [Signature page follows.] 

  
 23 

 IN WITNESS WHEREOF, the Corporation, Computershare and the Trust Company have duly executed
this Agreement as of the day and year first above set forth. 
  

					
	BANK OF AMERICA CORPORATION
		
	By:	 	 /s/ Karim Kajani

		 	Name:	 	Karim Kajani
		 	Title:	 	Director
	
	COMPUTERSHARE INC.
		
	By:	 	 /s/ Shirley A. Nessralla

		 	Name:	 	 Shirley A. Nessralla

		 	Title:	 	 Vice President & Manager

	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Shirley A. Nessralla

		 	Name:	 	 Shirley A. Nessralla

		 	Title:	 	 Vice President & Manager

 [SIGNATURE PAGE TO DEPOSIT AGREEMENT – SERIES RR] 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 THE DEPOSITARY SHARES
REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. 

[To be included in any DTC Receipt or other global Receipt: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS RECEIPT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.] 
  

			
	Number DR-___	  	____________ Depositary Shares
		  	(CUSIP 060505GB4)            

 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, 

EACH REPRESENTING ONE ONE-TWENTY-FIFTH OF ONE SHARE OF 

4.375% FIXED-RATE RESET NON-CUMULATIVE PREFERRED STOCK, SERIES RR, OF 

BANK OF AMERICA CORPORATION 

Incorporated under the laws of the State of Delaware 

(See reverse for certain definitions.) 

Computershare Inc., a Delaware corporation, and Computershare Trust Company, N.A., a national banking association, acting jointly as
Depository (the “Depository”), hereby certifies that CEDE & CO. is the registered owner of ___________ (_______) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing one one-twenty-fifth of a share of 4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series RR, liquidation preference $25,000 per share, par value $0.01 per share (the
“Stock”), of BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), on deposit with the Depository, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of January 24, 2022
(the “Deposit Agreement”), among the Corporation, Computershare Inc., Computershare Trust Company, N.A. and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party
to and agrees to be bound by all the terms and conditions of the Deposit 

 
Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depository by
the manual or facsimile signature of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar. 
  

							
	Dated: __________	 		 	Computershare Inc. and Computershare Trust Company, N.A., as Depository
				
		 		 	By:	 	
                     
                                

		 		 		 	Authorized Officer

  

			
	Countersigned and Registered:
	Computershare Trust Company, N.A.,
	Transfer Agent and Registrar
		
	By:	 	
                     
                            

		 	Authorized Signatory

 [FORM OF REVERSE OF RECEIPT] 

BANK OF AMERICA CORPORATION 

UPON REQUEST, BANK OF AMERICA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE
DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE 4.375% FIXED-RATE RESET NON-CUMULATIVE PREFERRED STOCK, SERIES RR, OF BANK OF AMERICA CORPORATION. ANY SUCH REQUEST IS TO BE
ADDRESSED TO THE SECRETARY OF THE CORPORATION OR THE DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT. 
 The Corporation will furnish without
charge to each holder of a depositary receipt who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications,
limitations or restrictions of such preferences or rights. Such request may be made to the Corporation or to the Registrar. 
 KEEP THIS CERTIFICATE IN A
SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

			
	TEN COM – as tenants in common	  	UNIF GIFT MIN ACT - ______Custodian______
	TEN ENT – as tenants by the entireties	  	    (Cust)                (Minor)
	JT TEN – as joint tenants with right of	  	Under Uniform Gifts to Minors Act
	          survivorship and not as tenants in common
	  	                                      
              
		  	                    (State)
	
	Additional abbreviations may also be used though not in the above list.

  

	
	For value received, _____________________________________ hereby sell, assign and transfer unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 

					
		 	
	                	  	                      
          	  	

  
  

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

 
  
  

 
 ___________ Depositary Shares represented
by the within Certificate, and do(es) hereby irrevocably constitute and appoint
                             Attorney to transfer the Depositary Shares on the books of the
within named Depository with full power of substitution in the premises. 
 Dated
                                       
                      
  

			
	NOTICE:	  	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

  

			
		  	  

	SIGNATURE(S) GUARANTEED:	  	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (as amended, supplemented, restated and/or modified from time to time, this “Agreement”)
is entered into as of January 21, 2022, by and between Indonesia Energy Corporation Limited, a Cayman Islands exempted company (the “Company”),
and each investor identified on the signature pages hereto (each, including its successors and assigns, an “Investor”
and collectively, the “Investors”).

 

BACKGROUND

 

A.
The board of directors (the “Board of Directors”) of the Company has authorized the issuance to each of the Investors
of a Note (as defined below) and a Warrant (as defined below).

 

B
Each Investor desires to purchase a Note and a Warrant on the terms and conditions set forth in this Agreement.

 

C.
Concurrently with the execution of this Agreement, the Company’s wholly owned subsidiary WJ Energy Group Limited (the “Guarantor”)
shall deliver a Guarantee, substantially in the form attached hereto as Exhibit (A the “Guarantee”),
pursuant to which the Guarantor will guarantee all of the obligations of the Company under the Notes and each other Transaction Document.

 

NOW
THEREFORE, in consideration of the foregoing recitals and the covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each Investor hereby agree as follows:

 

1.
DEFINITIONS. As used in this Agreement,
the following terms shall have the following meanings specified or indicated below, and such meanings shall be equally applicable to
the singular and plural forms of such defined terms:

 

“1933
Act” means the Securities Act of 1933, as amended.

 

“1934
Act” means the Securities Exchange Act of 1934, as amended.

 

“Acquisition”
means the acquisition by the Company or any direct or indirect Subsidiary of the Company of a majority of the Equity Interests or substantially
all of the assets and business of any Person, whether by direct purchase of Equity Interests, asset purchase, merger, consolidation or
like combination.

 

“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified.

 

“Aggregate
Outstanding Amount” means the sum of (a) the Aggregate Principal Amount plus (b) the aggregate accrued and unpaid interest
owing to all Investors on the Aggregate Principal Amount.

 

    	 

    	 

    

 

“Aggregate
Principal Amount” has the meaning set forth in Section 2.1.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Blue
Sky Application” has the meaning set forth in Section 9.3(a).

 

“Board
of Directors” has the meaning set forth in the recitals.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which banks are permitted or required to be closed in
New York City.

 

“Capital
Stock” means the Ordinary Shares and any other classes of capital stock of the Company.

 

“Change
of Control” means, with respect to the Company:

 

	 	(a)
    	a
    change in the composition of the Board of Directors at a single shareholder meeting where a majority of the individuals that were
    directors of the Company immediately prior to the start of such shareholder meeting are no longer directors at the conclusion of
    such meeting;
	 	 	 
	 	(b)
    	a
    change in composition of the Board of Directors prior to the termination of this Agreement where a majority of the individuals that
    were directors as of the date of this Agreement cease to be directors of the Company prior to the termination of this Agreement;
	 	 	 
	 	(c)
    	unless
    their replacements shall be approved by the Requisite Holders, in the sole discretion of such Requisite Holders, any two of the individuals
    who are the Chief Executive Officer, President or Chairman of the Board of Directors as of the date of this Agreement cease to hold
    such position at any time prior to the termination of this Agreement;
	 	 	 
	 	(d)
    	other
    than a shareholder that holds such a position at the date of this Agreement, if a Person comes to have beneficial ownership, control
    or direction over more than forty percent (40%) of the voting rights attached to any class of voting securities of the Company; or
	 	 	 
	 	(e)
    	the
    sale or other disposition by the Company or any of its Subsidiaries in a single transaction, or in a series of transactions, of all
    or substantially all of their respective assets.

 

“Closing”
has the meaning set forth in Section 2.2.

 

“Closing
Date” has the meaning set forth in Section 2.2.

 

“Code”
has the meaning set forth in Section 2.1.

 

“Company”
has the meaning set forth in the preamble.

 

    	2

    	 

    

 

“Conversion
Shares” means the Ordinary Shares issuable upon the full or any partial conversion of a Note.

 

“Effectiveness
Period” has the meaning set forth in Section 9.2(a).

 

“Equity
Interests” means and includes Ordinary Shares and any Ordinary Share Equivalents.

 

“Event”
means any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts.

“Event
of Default” has the meaning set forth in Section 7.1.

 

“Exempted
Securities” means (a) Ordinary Shares or rights, warrants or options to purchase Ordinary Shares issued in connection with
any (i) Acquisition or (ii) financing received from any officer or director of the Company or their respective Affiliates or (iii) payment
of fees to bone fide vendors of services to the Company or its Subsidiaries, (b) equity securities issued by reason of a dividend, stock
split, split-up or other distribution on Ordinary Shares, (c) Ordinary Shares or rights, warrants or options to purchase Ordinary Shares
issued to employees or directors of, or consultants or advisors to, the Company or any of its Subsidiaries pursuant to a plan, agreement
or arrangement approved by the Board of Directors (“Equity Plans”), or (d) securities upon the exercise or exchange
of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary
Shares issued and outstanding on the date of this Agreement as disclosed on Schedule 1 hereto, provided that such securities have
not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange
price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such
securities.

 

“Funding
Amount” shall mean, in respect of any Investor, the amount identified as such on the signature page hereto executed by such
Investor, and in the aggregate an amount equal to no greater than Six Million Five Hundred Eight Thousand Dollars ($6,580,000).

 

“Investor”
has the meaning set forth in the preamble.

 

“Investor
Group” shall mean, in respect of each Investor, such Investor plus any other Person with which such Investor is considered
to be part of a group under Section 13 of the 1934 Act or with which the Investor otherwise files reports under Sections 13 and/or 16
of the 1934 Act.

 

“Investor
Party” has the meaning set forth in Section 5.12(a).

 

“Investor
Shares” means the Conversion Shares, the Warrant Shares and any other shares issued or issuable to the Investors pursuant to
this Agreement, the Notes or the Warrants.

 

“IP
Rights” has the meaning set forth in Section 3.10.

 

“Law”
means any law, rule, regulation, order, judgment or decree, including, without limitation, any federal and state securities Laws.

 

    	3

    	 

    

  

“Lead
Investor” means L1 Capital Global Opportunities Master Fund, Ltd.

 

“Losses”
has the meaning set forth in Section 5.12(a).

 

“Material
Adverse Effect” means any material adverse effect on (i) the businesses, properties, assets, operations, results of operations
or financial condition of the Company, or the Company and the Subsidiaries, taken as a whole, or (ii) the ability of the Company to consummate
the transactions contemplated by this Agreement or to perform its obligations hereunder or under the Notes or the Warrants; provided,
however, that none of the following shall be deemed either alone or in combination to constitute, and none of the following shall
be taken into account in determining whether there has been or would be, a Material Adverse Effect: (a) any adverse effect resulting
from or arising out of general economic conditions; (b) any adverse effect resulting from or arising out of general conditions in the
industries in which the Company and the Subsidiaries operate; (c) any adverse effect resulting from any changes to applicable Law; or
(d) any adverse effect resulting from or arising out of any natural disaster or any acts of terrorism, sabotage, military action or war
or any escalation or worsening thereof; provided, further, that any event, occurrence, fact, condition or change referred
to in clauses (a) through (d) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred
or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate
effect on the Company and/or the Subsidiaries compared to other participants in the industries in which the Company and the Subsidiaries
operate.

 

“Maximum
Percentage” means 4.99%; provided, that if at any time after the date hereof an Investor Group beneficially owns in
excess of 4.99% of any class of Equity Interests in the Company that is registered under the 1934 Act (excluding any Equity Interests
deemed beneficially owned by virtue of a Note or a Warrant), then the Maximum Percentage shall automatically increase to 9.99% so long
as the Investor Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically
decrease to 4.99% upon the Investor Group ceasing to own in excess of 4.99% of such class of Equity Interests).

 

“Money
Laundering Laws” has the meaning set forth in Section 3.25.

 

“New
Securities” means, collectively, equity or debt securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity or debt securities, or securities of any type whatsoever that are, or may become,
convertible or exchangeable into or exercisable for such equity or debt securities.

 

“Note”
has the meaning set forth in Section 2.1.

 

“OFAC”
has the meaning set forth in Section 3.23.

 

“Offer
Notice” has the meaning set forth in Section 10.1.

 

“Ordinary
Shares” means the ordinary shares of the Company, par value $0.00267 per share.

 

“Ordinary
Share Equivalent” means any convertible security or warrant, option or other right to subscribe for or purchase any Ordinary
Shares or any convertible security convertible into Ordinary Shares.

 

    	4

    	 

    

  

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

 

“Principal
Amount” has the meaning set forth in Section 2.1.

 

“Proceedings”
has the meaning set forth in Section 3.6.

 

“Prohibited
Transaction” means a transaction with a third party or third parties in which the Company issues or sells (or arranges or agrees
to issue or sell):

 

(a)
any debt, equity or equity-linked securities (including options or warrants) that are convertible into, exchangeable or exercisable for,
or include the right to receive shares of the Company’s Capital Stock:

 

(i)
at a conversion, repayment, exercise or exchange rate or other price that varies over time based upon a discount to the future trading
prices of, or quotations for, Ordinary Shares; or

 

(ii)
at a conversion, repayment, exercise or exchange rate or other price that is subject to being reset at some future date after the initial
issuance of such debt, equity or equity-linked security or upon the occurrence of specified or contingent events (other than warrants
that may be repriced by the Company); provided, however, that the transaction of the type described in clause (a)(ii) of this definition
of Prohibited Transaction shall not be a Prohibited Transaction if conversion, repayment, exercise or exchange rate or other price as
reset is equal to or greater than $6.00 per Ordinary Share; or

 

(b)
any securities in a capital or debt raising transaction or series of related transactions which grant to an investor the right to receive
additional securities based upon future transactions of the Company on terms more favorable than those granted to such investor in such
first transaction or series of related transactions;

 

Notwithstanding
the foregoing, and for the avoidance of doubt, rights issuances, shareholder purchase plans, Equity Plans, convertible securities, or
issuances of Equity Interests, based on the trading price of the Ordinary Shares on the Trading Market but each at a fixed price per
share (for example, an “at the market” offering program), shall not be deemed to be a Prohibited Transaction.

 

“Prospectus”
means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to
the terms of the offering of any portion of the Investor Shares covered by such Registration Statement and by all other amendments and
supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and
any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“register,”
“registered” and “registration” refer to a registration made by preparing and filing a Registration
Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of
such Registration Statement or document.

 

    	5

    	 

    

  

“Registration
Statement” means any registration statement of the Company filed under the 1933 Act that covers the resale of any of the Investor
Shares pursuant to the provisions of this Agreement, including the Prospectus and amendments and supplements to such Registration Statement,
and including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

“Required
Minimum” means, as of any date, two (2) times the maximum aggregate number of Ordinary Shares then issued or potentially issuable
in the future pursuant to the Transaction Documents, including any Warrant Shares issuable upon exercise in full of all Warrants or Conversion
Shares issuable upon conversion in full of the Notes, ignoring any conversion or exercise limits set forth therein based on a conversion
price and exercise price of $1.20.

 

“Requisite
Holders” means the holder of Notes representing forty percent (40%) or more of the initial Aggregate Principal Amount on the
Closing Date.

 

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

 

“SEC
Documents” has the meaning set forth in Section 3.5(a).

 

“Securities”
means the Notes, the Warrants and the Investor Shares.

 

“Securities
Termination Event” means either of the following has occurred:

 

(a)
trading in securities generally in the United States has been suspended or limited for a consecutive period of greater than three (3)
Business Days; or

 

(b)
a banking moratorium has been declared by the United States or the New York State authorities and is continuing for a consecutive period
of greater than three (3) Business Days.

 

“Shareholder
Approval” shall mean the approval of the holders of the requisite number of the outstanding Ordinary Shares: (a) if and to
the extent legally required, to amend the Company’s Amended and Restated Memorandum and Articles of Association of the Company
to increase the number of authorized Ordinary Shares by at least the number of Ordinary Shares equal to the Required Minimum of Ordinary
Shares, (b) to ratify and approve all of the transactions contemplated by the Transaction Documents, including the issuance of all of
Investor Shares (as such term is defined in each of such documents) issued and potentially issuable to the Investor thereunder, all as
may be required by the applicable rules and regulations of the Trading Market (or any successor entity).

 

“Subsidiaries”
and “Subsidiary” have the meaning set forth in Section 3.4(b).

 

“Trading
Day” means a day on which the Ordinary Shares are traded on a Trading Market.

 

    	6

    	 

    

  

“Trading
Market” means whichever of the New York Stock Exchange, NYSE American, or the Nasdaq Stock Market (including the Nasdaq Capital
Market), on which the Ordinary Shares are listed or quoted for trading on the date in question.

 

“Transaction
Documents” means this Agreement, the Notes, the Warrants, and any other documents or agreements executed or delivered in connection
with the transactions contemplated hereunder.

 

“Warrant”
has the meaning set forth in Section 2.1.

 

“Warrant
Shares” means the Ordinary Shares issuable upon exercise of the Warrants.

 

2.
PURCHASE AND SALE OF THE NOTES AND THE WARRANTS.

 

2.1
Purchase and Sale of the Notes and the Warrants. Subject to the terms and conditions set forth herein, at the Closing, the
Company shall issue and sell to each Investor, and each Investor shall purchase from the Company, (a) a convertible promissory note,
in the form attached hereto as Exhibit B (each, a “Note” and together, the “Notes”), in
the principal amount set forth on the signature page hereto executed by such Investor (each such amount, the “Principal Amount”
of such Note, and all of the Principal Amounts together, the “Aggregate Principal Amount”), and (b) an share purchase
warrant, in the form attached hereto as Exhibit C (each, a “Warrant” and together, the “Warrants”),
registered in the name of such Investor, pursuant to which the Investor shall have the right to acquire Ordinary Shares in the amount
set forth on the signature page hereto executed by such Investor, in exchange for each Investor’s respective Funding Amount, as
set forth on the signature page hereto executed by such Investor. Each Investor and the Company agree that for U.S. federal income tax
purposes and applicable state, local and non-U.S. tax purposes, such Investor’s Funding Amount shall be allocable between their
Note and their Warrant based on the relative fair market values thereof. No Investor nor the Company shall take any contrary position
on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes, unless otherwise required pursuant
to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any analogous provision of applicable state, local or non-U.S. law.

 

2.2
Closing. The closing hereunder, including payment for and delivery of the Notes and the Warrants, shall take place remotely
via the exchange of documents and signatures, no later than one (1) Business Day following the execution and delivery of this Agreement,
subject to satisfaction or waiver of the conditions set forth in Section 6, or at such other time and place as the Company and
the Investor agree upon, orally or in writing (the “Closing,” and the date of the Closing being the “Closing
Date”).

 

2.3
Senior Obligation. As an inducement for the Investor to enter into this Agreement and to purchase the Note, all obligations
of the Company pursuant to this Agreement and the Note shall be senior in payment to any subsequent Indebtedness (as defined in the Note)
of the Company.

 

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2.4
Pro Rata Payments. The Company and each Investor hereby agree that, notwithstanding anything to the contrary contained herein
or in the Notes, to the extent the Company is obligated to make any payments hereunder or under the Notes to the Investors (or offers
to make any prepayments hereunder or thereunder), all such payments shall be applied to outstanding principal amount of the Notes held
by all Investors on a pro rata basis based on the Aggregate Outstanding Amount at the time of such prepayment. If any Investor shall,
by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of outstanding
amounts under the Notes resulting in such Investor receiving payment of a proportion of the Aggregate Outstanding Amount greater than
its pro rata share thereof as provided herein, then the Investor receiving such greater proportion shall (a) notify the other Investors
of such fact, and (b) purchase (for cash at face value) participations in the principal amount owing to the other Investors under the
applicable Notes, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Investors ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Notes and other amounts
owing them. The Company consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Investor
acquiring a participation pursuant to the foregoing arrangement may exercise against the Company rights of setoff and counterclaim with
respect to such participation as fully as if such Investor were a direct creditor of the Company in the amount of such participation.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
The Company represents and warrants to each Investor and covenants with each Investor that, except as is set forth in the Disclosure
Letter being delivered to each Investor as of the date hereof and as of the Closing Date, the following representations and warranties
are true and correct:

 

3.1
Organization and Qualification. The Company is a corporation duly organized and validly existing in good standing under the
Laws of the Cayman Islands and has the requisite corporate power and authority to own its properties and to carry on its business as
now being conducted. The Company is duly qualified to do business and is in good standing in every jurisdiction in which the ownership
of its property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure
to be so qualified or be in good standing would not have a Material Adverse Effect.

 

3.2
Authorization; Enforcement; Compliance with Other Instruments. The Company has the requisite corporate power and authority
to execute the Transaction Documents, to issue and sell the Notes and the Warrants pursuant hereto, and to perform its obligations under
the Transaction Documents, including issuing the Investor Shares on the terms set forth in this Agreement. The execution and delivery
of the Transaction Documents by the Company and the issuance and sale of the Securities pursuant hereto, including without limitation
the reservation of the Conversion Shares and the Warrant Shares for future insuance, have been duly and validly authorized by the Company’s
Board of Directors and no further consent or authorization is required by the Company, its Board of Directors, its shareholders or any
other Person in connection therewith. The Transaction Documents have been duly and validly executed and delivered by the Company and
constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except
as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar Laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies.

 

    	8

    	 

    

  

3.3
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale
of the Notes and the Warrants hereunder will not (a) conflict with or result in a violation of the Company’s Amended and Restated
Memorandum and Articles of Association, (b) conflict with, or constitute a material default (or an event which, with notice or lapse
of time or both, would become a material default) under, or give to others any right of termination, amendment, acceleration or cancellation
of, any material agreement to which the Company or any of the Subsidiaries is a party, or (c) subject to the making of the filings referred
to in Section 5, and, violate in any material respect any Law or any rule or regulation of the Trading Market applicable to the
Company or any of the Subsidiaries or by which any of their properties or assets are bound or affected. Assuming the accuracy of each
Investor’s representations in Section 4 and subject to the making of the filings referred to in Section 5, (i) no
approval or authorization will be required from any governmental authority or agency, regulatory or self-regulatory agency or other third
party (including the Trading Market) in connection with the issuance of the Notes and the Warrants and the other transactions contemplated
by this Agreement (including the issuance of the Conversion Shares upon conversion of the Notes and the Warrant Shares upon exercise
of the Warrants) and (ii) the issuance of the Notes and the Warrants, and the issuance of the Conversion Shares upon the conversion of
the Notes and the Warrant Shares upon exercise of the Warrants will be exempt from the registration and qualification requirements under
the 1933 Act and all applicable state securities Laws.

 

3.4
Capitalization and Subsidiaries.

 

(a)
The authorized Capital Stock of the Company consists of: 37,500,000 Ordinary Shares. As of the close of business on date of mutual execution
of this Agreement, 7,447,955 Ordinary Shares were issued and outstanding. The Company has duly reserved up to the Required Minimum of
Ordinary Shares. The Conversion Shares, when issued upon conversion of a Note in accordance with its terms, and the Warrant Shares, if
and when issued upon exercise of a Warrant in accordance with its terms, will be validly issued, fully paid and non-assessable and free
from all taxes, liens and charges with respect to the issuance thereof. Other than as provided in Schedule 3.4(a), no shares of the Company’s
Capital Stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the
Company. The Company’s Amended and Restated Memorandum and Articles of Association on file on the SEC’s EDGAR website are
true and correct copies of the Company’s Amended and Restated Memorandum and Articles of Association as in effect as of the date
hereof. The Company is not in violation of any provision of its Amended and Restated Memorandum and Articles of Association.

 

(b)
Schedule 3.4(b) lists each direct and indirect subsidiary of the Company (each, a “Subsidiary” and collectively,
the “Subsidiaries”) and indicates for each Subsidiary (i) the authorized capital stock or other Equity Interest of
such Subsidiary as of the date hereof, (ii) the number and kind of shares or other ownership interests of such Subsidiary that are issued
and outstanding as of the date hereof, and (iii) the owner of such shares or other ownership interests. No Subsidiary has any outstanding
stock options, warrants or other instruments pursuant to which such Subsidiary may at any time or under any circumstances be obligated
to issue any shares of its capital stock or other Equity Interests. Each Subsidiary is duly organized and validly existing in good standing
under the laws of its jurisdiction of formation and has all requisite power and authority to own its properties and to carry on its business
as now being conducted.

 

    	9

    	 

    

 

(c)
Neither the Company nor any Subsidiary is bound by any agreement or arrangement pursuant to which it is obligated to register the sale
of any securities under the 1933 Act. There are no outstanding securities of the Company or any of the Subsidiaries which contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any
Subsidiary is or may become bound to redeem or purchase any security of the Company or any Subsidiary. There are no outstanding securities
or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Notes, the Warrants or the
Investor Shares. Neither the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements
or any similar plan or agreement.

 

(d)
The issuance and sale of any of the Securities will not obligate the Company to issue Ordinary Shares or other securities to any other
Person and will not result in the adjustment of the exercise, conversion, exchange, or reset price of any outstanding securities.

 

(e)
No Shareholder Approval is required by the Company in order for the Company to execute, deliver and perform its obligations under the
Transaction Documents.

 

3.5
SEC Documents; Financial Statements.

 

(a)
As of the date hereof, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it
with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits
included therein and financial statements and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the “SEC Documents”). As of their respective filing dates, the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

 

(b)
As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material
respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial
statements have been prepared in accordance with generally accepted accounting principles, and audited by a firm that is a member a member
of the Public Company Accounting Oversight Board consistently applied, during the periods involved (except as may be otherwise indicated
in such financial statements or the notes thereto, or, in the case of unaudited interim statements, to the extent they may exclude footnotes
or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company
as of the dates thereof and the consolidated results of its operations and consolidated cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal year-end audit adjustments). No other written information provided by or on behalf of
the Company to an Investor in connection with such Investor’s purchase of a Note and a Warrant which is not included in the SEC
Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstance under which they are or were made, not misleading.

 

    	10

    	 

    

  

(c)
Except as disclosed in the SEC Documents, the Company and each of the Subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific
authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability, (iii) reasonable controls to safeguard assets are in place and (iv)
the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

 

3.6
Litigation and Regulatory Proceedings. Except as disclosed in SEC Documents, there are no material actions, causes of action,
suits, claims, proceedings, inquiries or investigations (collectively, “Proceedings”) before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of Company or any
of the Subsidiaries, threatened against or affecting the Company or any of the Subsidiaries, the Ordinary Shares or any other class of
issued and outstanding shares of the Company’s Capital Stock, or any of the Company’s or the Subsidiaries’ officers
or directors in their capacities as such and, to the knowledge of the executive officers of the Company, there is no reason to believe
that there is any basis for any such Proceeding.

 

3.7
No Undisclosed Events, Liabilities or Developments. No event, development or circumstance has occurred or exists, or to the
knowledge of the executive officers of the Company is reasonably anticipated to occur or exist that (a) would reasonably be anticipated
to have a Material Adverse Effect or (b) would be required to be disclosed by the Company under applicable securities Laws on a registration
statement filed with the SEC relating to an issuance and sale by the Company of its Ordinary Shares and which has not been publicly announced.

 

3.8
Compliance with Law. The Company and each of the Subsidiaries have conducted and are conducting their respective businesses
in compliance in all material respects with all applicable Laws and are in compliance in all material respects with the rules and regulations
of the Trading Market. The Company is not aware of any facts which could reasonably be anticipated to lead to a delisting of the Ordinary
Shares by the Trading Market in the future.

 

3.9
Employee Relations. Neither the Company nor any Subsidiary is involved in any union labor dispute nor, to the knowledge of
the Company, is any such dispute threatened. Neither the Company nor any Subsidiary is a party to any collective bargaining agreement.
No executive officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends to leave the Company’s
employ or otherwise terminate such officer’s employment with the Company.

 

3.10
Intellectual Property Rights. The Company and each Subsidiary owns or possesses adequate rights or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights (collectively, “IP Rights”) necessary
to conduct their respective businesses as now conducted. None of the material IP Rights of the Company or any of the Subsidiaries are
expected to expire or terminate within three (3) years from the date of this Agreement. Neither the Company nor any Subsidiary is infringing,
misappropriating or otherwise violating any IP Rights of any other Person. No claim has been asserted, and no Proceeding is pending,
against the Company or any Subsidiary alleging that the Company or any Subsidiary is infringing, misappropriating or otherwise violating
the IP Rights of any other Person, and, to the Company’s knowledge, no such claim or Proceeding is threatened, and the Company
is not aware of any facts or circumstances which might give rise to any such claim or Proceeding. The Company and the Subsidiaries have
taken commercially reasonable security measures to protect the secrecy, confidentiality and value of all of their material IP Rights.

 

    	11

    	 

    

  

3.11
Environmental Laws. Except, in each case, as would not be reasonably anticipated to have a Material Adverse Effect, the Company
and the Subsidiaries (a) are in compliance with any and all applicable Laws relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and hold all permits, licenses
or other approvals required of them under all such Laws to conduct their respective businesses and (c) are in compliance with all terms
and conditions of any such permit, license or approval.

 

3.12
Title to Assets. The Company and the Subsidiaries have good and marketable title to all personal property owned by them which
is material to their respective businesses, in each case free and clear of all liens, encumbrances and defects except those set forth
on Schedule 3.12. Any real property and facilities held under lease by the Company or any Subsidiary are held under valid, subsisting
and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such
property and buildings by the Company and the Subsidiaries.

 

3.13
Insurance. The Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as management of the Company reasonably believes to be prudent and customary in the businesses
in which the Company and the Subsidiaries are engaged. Neither the Company nor any of the Subsidiaries has been refused any insurance
coverage sought or applied for, and the Company has no reason to believe that it will not be able to renew all existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers.

 

3.14
Regulatory Permits. The Company and the Subsidiaries have in full force and effect all certificates, approvals, authorizations
and permits from all regulatory authorities and agencies necessary to own, lease or operate their respective properties and assets and
conduct their respective businesses, and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the
revocation or modification of any such certificate, approval, authorization or permit, except for such certificates, approvals, authorizations
or permits with respect to which the failure to hold would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

3.15
No Materially Adverse Contracts, Etc. Neither the Company nor any of the Subsidiaries is (a) subject to any charter, corporate
or other legal restriction, or any judgment, decree or order which in the judgment of the Company’s officers has or is expected
in the future to have a Material Adverse Effect or (b) a party to any contract or agreement which in the judgment of the Company’s
management has or would reasonably be anticipated to have a Material Adverse Effect.

 

    	12

    	 

    

  

3.16
Taxes. Other than as provided on Schedule 3.16, the Company and the Subsidiaries each has made or filed, or caused to be made
or filed, all United States federal, and applicable state, local and non-U.S. tax returns, reports and declarations required by any jurisdiction
to which it is subject and has paid all taxes and other governmental assessments and charges that are material in amount, required to
be paid by it, regardless of whether such amounts are shown or determined to be due on such returns, reports and declarations, except
those being contested in good faith by appropriate proceedings and for which it has set aside on its books provision reasonably adequate
for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no
unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and, to the knowledge of the Company,
there is no basis for any such claim.

 

3.17
Solvency. After giving effect to the receipt by the Company of the proceeds from the transactions contemplated by this Agreement
(a) the Company’s fair saleable value of its assets exceeds the amount that will be required to be paid on or in respect of the
Company’s existing debts and other liabilities (including known contingent liabilities) as they mature; and (b) the current cash
flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into
account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its debt when such amounts are required
to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing
and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead
it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction.

 

3.18
Investment Company. The Company is not, and is not an Affiliate of, an “investment company” within the meaning
of the Investment Company Act of 1940, as amended.

 

3.19
Certain Transactions. Other than as disclosed in the SEC Documents, there are no contracts, transactions, arrangements or
understandings between the Company or any of its Subsidiaries, on the one hand, and any director, officer or employee thereof on the
other hand, that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC in the Company’s
Form 20-F or proxy statement pertaining to an annual meeting of shareholders.

 

3.20
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any person acting on its behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale
of the Notes pursuant to this Agreement.

 

    	13

    	 

    

 

3.21
Acknowledgment Regarding the Investors’ Purchase of the Notes and the Warrants. The Company’s Board of Directors
has approved the execution of the Transaction Documents and the issuance and sale of the Notes and the Warrants, based on its own independent
evaluation and determination that the terms of the Transaction Documents are reasonable and fair to the Company and in the best interests
of the Company and its shareholders. The Company is entering into this Agreement and the Security Agreement and is issuing and selling
the Notes and the Warrants voluntarily and without economic duress. The Company has had independent legal counsel of its own choosing
review the Transaction Documents and advise the Company with respect thereto. The Company acknowledges and agrees that each Investor
is acting solely in the capacity of an arm’s length purchaser with respect to its Note and Warrant and the transactions contemplated
hereby and that neither such Investor nor any person affiliated with such Investor is acting as a financial advisor to, or a fiduciary
of, the Company (or in any similar capacity) with respect to execution of the Transaction Documents or the issuance of the Notes and
the Warrants or any other transaction contemplated hereby.

 

3.22
No Brokers’, Finders’ or Other Advisory Fees or Commissions. Other than EF Hutton, division of Benchmark Investments,
and as provided on Schedule 3.22, no brokers, finders or other similar advisory fees or commissions will be payable by the Company or
any Subsidiary or by any of their respective agents with respect to the issuance of the Notes or any of the other transactions contemplated
by this Agreement.

 

3.23
OFAC. None of the Company nor any of the Subsidiaries nor, to the best knowledge of the Company, any director, officer, agent,
employee, affiliate or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject to any United States
sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”);
and the Company will not directly or indirectly use any proceeds received from the Investor, or lend, contribute or otherwise make available
such proceeds to its Subsidiaries or to any affiliated entity, joint venture partner or other person or entity, to finance any investments
in, or make any payments to, any country or person currently subject to any of the sanctions of the United States administered by OFAC.

 

3.24
No Foreign Corrupt Practices. None of the Company or any of the Subsidiaries has, directly or indirectly: (a) made or authorized
any contribution, payment or gift of funds or property to any official, employee or agent of any governmental authority of any jurisdiction
except as otherwise permitted under applicable Law; or (b) made any contribution to any candidate for public office, in either case,
where either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited under the Foreign Corrupt
Practices Act or the rules and regulations promulgated thereunder or under any other legislation of any relevant jurisdiction covering
a similar subject matter applicable to the Company or its Subsidiaries and their respective operations and the Company has instituted
and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
with such legislation.

 

3.25
Anti-Money Laundering. The operations of each of the Company and the Subsidiaries are and have been conducted at all times
in compliance with all applicable anti-money laundering laws, regulations, rules and guidelines in its jurisdiction of incorporation
and in each other jurisdiction in which such entity, as the case may be, conducts business (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental authority involving the Company or its Subsidiaries
with respect to any of the Money Laundering Laws is, to the best knowledge of the Company, pending, threatened or contemplated.

 

    	14

    	 

    

  

3.26
Disclosure. The Company confirms that neither it, nor to its knowledge, any other Person acting on its behalf has provided
the Investor or its agents or counsel with any information that the Company believes constitutes material, non-public information. The
Company understands and confirms that the Investor will rely on the foregoing representations and covenants in effecting transactions
in securities of the Company. All disclosures provided to the Investor regarding the Company, its business and the transactions contemplated
hereby, furnished by or on behalf of the Company (including the Company’s representations and warranties set forth in this Agreement)
are true and correct in all material respects and do not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

3.27
No Other Representations. Except for the representations and warranties set forth in this Agreement and in other Transaction
Documents, the Company makes no other representations or warranties to the Investors.

 

4.
REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR.
Each Investor represents and warrants to the Company as follows:

 

4.1
Organization and Qualification. Such Investor is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation.

 

4.2
Authorization; Enforcement; Compliance with Other Instruments. Such Investor has the requisite power and authority to enter
into this Agreement and the Security Agreement and to perform its obligations under the Transaction Documents. The execution and delivery
by such Investor of the Transaction Documents to which it is a party have been duly and validly authorized by such Investor’s governing
body, as necessary, and no further consent or authorization is required. The Transaction Documents to which it is a party have been duly
and validly executed and delivered by such Investor and constitute valid and binding obligations of such Investor, enforceable against
such Investor in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement
of creditors’ rights and remedies.

 

4.3
No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by such Investor
and the purchase of a Note and a Warrant by such Investor will not (a) conflict with or result in a violation of such Investor’s
organizational documents, if applicable, (b) conflict with, or constitute a material default (or an event which, with notice or lapse
of time or both, would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any material agreement, contract, indenture mortgage, indebtedness or instrument to which such Investor is a party, or (c) violate
any Law applicable to such Investor or by which any of such Investor’s properties or assets are bound or affected. No approval
or authorization will be required from any governmental authority or agency, regulatory or self-regulatory agency or other third party
in connection with the purchase of a Note and a Warrant and the other transactions contemplated by this Agreement.

 

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4.4
Investment Intent; Accredited Investor. Each Investor is purchasing its Note and its Warrant for its own account, for investment
purposes, and not with a view towards distribution. Such Investor is an “accredited investor” as such term is defined in
Rule 501(a) of Regulation D of the 1933 Act. Such Investor has, by reason of its business and financial experience, such knowledge, sophistication
and experience in financial and business matters and in making investment decisions of this type that it is capable of (a) evaluating
the merits and risks of an investment in its Note, its Warrant and the Investor Shares and making an informed investment decision, (b)
protecting its own interests and (c) bearing the economic risk of such investment for an indefinite period of time.

 

4.5
Acknowledgement of Risk; Opportunity to Discuss. Each Investor acknowledges that an investment in the Company is speculative
and subject to numerous risks, including those risks described in the SEC Documents. Each Investor has reviewed and understands the risks
related to the Company and its business as described in the SEC Documents. Each Investor has received all materials relating to the business,
finance and operations of the Company and the Subsidiaries as it has requested and has had an opportunity to discuss the business, management
and financial affairs of the Company and the Subsidiaries with the Company’s management. In making its investment decision, such
Investor has relied solely on its own due diligence performed on the Company by its own representatives.

 

4.6
Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any Person, other than the Company and
its officers and directors, in making its investment or decision to invest in the Company. Each Investor agrees that neither the Lead
Investor, any Investor nor the respective controlling Persons, officers, directors, partners, agents, or employees of any Investor shall
be liable to any other Investor for any action heretofore taken or omitted to be taken by any of them in connection with the purchase
of the Notes and the Warrants.

 

4.7
No Other Representations. Except for the representations and warranties set forth in this Agreement and in other Transaction
Documents, such Investor makes no other representations or warranties to the Company.

 

5.
OTHER AGREEMENTS OF THE PARTIES.

 

5.1
No Restrictions on Transfer. The Investor Shares, when issued and either registered on an effective registration statement
or issued in accordance with Rule 144, shall be freely transferrable and any certificates representing such Investor Shares shall not
bear any legend.

 

5.2
Furnishing of Information. As long as an Investor owns Securities, the Company covenants to timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the 1934 Act. As long as an Investor owns Securities, if the Company is not required to file reports pursuant to the 1934
Act, it will prepare and furnish to such Investor and make publicly available in accordance with Rule 144(c) such information as is required
for such Investor to sell the Investor Shares under Rule 144. The Company further covenants that it will take such further action as
any holder of Securities may reasonably request, all to the extent required from time to time to enable such Person to sell such Investor
Shares without registration under the 1933 Act within the limitation of the exemptions provided by Rule 144 or other applicable exemptions.

 

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5.3
Integration. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company
shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the
1933 Act) that will be integrated with the offer or sale of the Securities in a manner that would require the registration under the
1933 Act of the sale of the Securities to the Investor.

 

5.4
Notification of Certain Events. The Company shall give prompt written notice to each Investor of (a) any notice or other communication
from any Person alleging that the consent of such Person is or may be required in connection with the consummation of the transactions
contemplated by this Agreement or any other Transaction Document, or (b) any Proceeding pending or, to the Company’s knowledge,
threatened against a party relating to the transactions contemplated by this Agreement or any other Transaction Document.

 

5.5
Available Shares. The Company shall at all times keep authorized and reserved and available for issuance, free of preemptive
rights, the Required Minimum of Ordinary Shares. If the Company determines at any time that it does not have a sufficient number of authorized
Ordinary Shares to reserve and keep available for issuance as described in this Section 5.5, the Company shall use all commercially
reasonable efforts to increase the number of authorized Ordinary Shares by seeking approval from its shareholders for the authorization
of such additional shares.

 

5.6
Use of Proceeds. The Company will use the proceeds from the sale of the Notes and the Warrants to fund its drilling and exploration
programs and for general working capital purposes.

 

5.7
Repayment of Notes. If the Company issues any debt, including any subordinated debt or convertible debt (other than the Notes),
then the Investors will have the option (exercisable in writing by the Requisite Holders) to cause the Company to immediately utilize
30% of the aggregate proceeds of such issuance to repay the Notes on a pro rata basis based on the Aggregate Principal Amount outstanding
on the date of funding of such debt. If the Company issues any Equity Interests for cash as part of a financing transaction (other than
in connection with an “at the market” funding program), then the Investors will have the option (exercisable in writing by
the Requisite Holders) to cause the Company to direct 30% of such proceeds from such issuance to repay the Notes on a pro rata basis
based on the Aggregate Principal Amount outstanding on the date of closing of such issuance. The Company will notify the Investors no
later than two (2) Business Days prior to the public announcement of any such debt or Equity Interest financing and provide the Investors
(with the written approval of the Requisite Holders agree) to opportunity to exercise such option; it being agreed, however, that, notwithstanding
such notice to the Investors, the Company shall not be under an obligation to make a public announcement regarding such debt or Equity
Interest financing until it is legally required to do so.

 

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5.8
Leak Out. Provided no Event of Default has occurred and subject to the waiver of the Company, each Holder agrees that in any
month it shall uses its best efforts to not offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or
purchase any put option with respect to, or pledge, encumber, assign, borrow or otherwise dispose of, Conversion Shares or Warrant Shares
at price per share below the Conversion Price, in an aggregate amount not to exceed the greater of (i) $750,000, or (ii) 40% of the average
trading volume of the Ordinary Shares in the preceding month; provided, that, the provisions of this Section 5.8 shall not apply
to any Conversion Shares received by a Holder pursuant to a Prepayment Conversion Notice delivered in accordance with Section 1.4 of
the Note for the twenty (20) Trading Day period following the receipt of such Conversion Shares.

 

5.9
Reserved.

 

5.10
Prohibited Transactions; Limitation on At the Market Offerings. The Company hereby covenants and agrees not to enter into
any Prohibited Transactions without the prior written consent of the Requisite Holders, until thirty (30) days after such time as the
Notes have been repaid in full and/or has been converted into Conversion Shares. The Company hereby covenants and agrees without the
prior written consent of the Requisite Holders not to utilize any “at the market” offering program in respect of its Ordinary
Shares in the thirty (30) day period following any Monthly Payment Date in connection with which the Company elected to make the applicable
Monthly Payment in Ordinary Shares.

 

5.11
Securities Laws Disclosure; Publicity. The Company shall, by 9:00 a.m. (New York City time) on the Trading Day immediately
following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and shall, within
four (4) Trading Days following the date hereof, file a Form 6-K report disclosing the material terms of the transactions contemplated
hereby and including this Agreement as an exhibit thereto; provided, that the Company may not issue such press release or file such Form
6-K without the prior written consent of the Requisite Holders. The Company shall not issue any press release nor otherwise make any
such public statement regarding the Investors or the Transaction Documents without the prior written consent of the Requisite Holders,
except if such disclosure is required by Law, in which case the Company shall (a) ensure that such disclosure is restricted and limited
in content and scope to the maximum extent permitted by Law to meet the relevant disclosure requirement and (b) provide a copy of the
proposed disclosure to the Requisite Holders for review prior to release and the Company shall incorporate the reasonable comments of
the Requisite Holders. Following the execution of this Agreement, each Investor and its Affiliates and/or advisors may, upon receiving
the prior written consent of the Requisite Holders, place announcements on their respective corporate websites and in financial and other
newspapers and publications (including, without limitation, customary “tombstone” advertisements) describing such Investor’s
relationship with the Company under this Agreement and including the name and corporate logo of the Company. Notwithstanding anything
herein to the contrary, to comply with United States Treasury Regulations Section 1.6011-4(b)(3)(i), each of the Company and each Investor,
and each employee, representative or other agent of the Company or such Investor, may disclose to any and all persons, without limitation
of any kind, the U.S. federal and state income tax treatment, and the U.S. federal and state income tax structure, of the transactions
contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating
to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy
provided to such recipient.

 

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5.12
Indemnification of the Investors.

 

(a)
The Company will indemnify and hold each Investor, its Affiliates and their respective directors, officers, managers, shareholders, members,
partners, employees and agents and permitted successors and assigns (each, an “Investor Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation and defense (collectively, “Losses”)
that any such Investor Party may suffer or incur as a result of or relating to:

 

(i)
any material breach or inaccuracy of any representation, warranty, covenant or agreement made by the Company in any Transaction Document;

 

(ii)
any material misrepresentation made by the Company in any Transaction Document or in any SEC Document;

 

(iii)
any material omission to state any material fact necessary in order to make the statements made in any SEC Document, in light of the
circumstances under which they were made, not misleading;

 

(iv)
any Proceeding before or by any court, public board, government agency, self-regulatory organization or body based upon, or resulting
from the execution, delivery, performance or enforcement of any of the Transaction Documents or the consummation of the transactions
contemplated thereby, and whether or not such Investor is party thereto by claim, counterclaim, crossclaim, as a defendant or otherwise,
or if such Proceeding is based upon, or results from, any of the items set forth in clauses (i) through (iii) above.

 

(b)
In addition to the indemnity contained herein, the Company will reimburse each Investor Party for its reasonable legal and other expenses
(including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith, as such expenses
are incurred.

 

(c)
The provisions of this Section 5.12 shall survive the termination or expiration of this Agreement.

 

5.13
Non-Public Information. Except to the extent necessary to fulfill its notice, disclosure or similar obligations hereunder
or under any Transaction Document, the Company covenants and agrees that neither it nor any other Person acting on its behalf will provide
the Investors or their agents or counsel with any information that the Company believes constitutes material, non-public information.
Except in connection with the fulfillment of its notice, disclosure or similar obligations hereunder or under any Transaction Document,
to the extent the Company provides an Investor with material, non-public information, the Company shall publicly disclose such information
within forty-eight (48) hours of providing the information to such Investor. The Company understands and confirms that the Investors
shall be relying on the foregoing representation in effecting transactions in securities of the Company.

 

5.14
Reserved.

 

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5.15
Listing of Securities. The Company shall: (a) in the time and manner required by each Trading Market on which the Ordinary
Shares are listed, prepare and file with such Trading Market an additional shares listing application covering the Investor Shares, (b)
take all steps necessary to cause such shares to be approved for listing on each Trading Market on which the Ordinary Shares are listed
as soon as possible thereafter, (c) provide to each Investor evidence of such listing, and (d) maintain the listing of such shares on
each such Trading Market for so long as any Investor holds Investor Securities.

 

5.16
Reserved.

 

5.17
Reserved.

 

5.18
Share Transfer Agent. The Company’s share transfer agent is VStock Transfer, LLC. To the Company’s knowledge,
such transfer agent participates in the Depository Trust Company Fast Automated Securities Transfer program. For so long as any Investor
holds Investor Securities, the Company shall not change its share transfer agent without the prior written consent of the Requisite Holders.

 

5.19
Tax Treatment. Each Investor and the Company agree that for U.S. federal income tax purposes, and applicable state, local
and non-U.S. income tax purposes, the Notes are not intended to be, and shall not be, treated as indebtedness. No Investor nor the Company
shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes,
unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Code, or any analogous provision
of applicable state, local or non-U.S. law.

 

5.20
Set-Off.

 

(a)
Each Investor may, subject to the provisions of Section 2.4 hereof, set off any of its obligations to the Company (whether or not due
for payment), against any of the Company’s obligations to such Investor (whether or not due for payment) under this Agreement and/or
any other Transaction Document.

 

(b)
Each Investor may do anything necessary to effect any set-off undertaken in accordance with this Section 5.20 (including varying
the date for payment of any amount payable by the Investor to the Company).

 

5.21
Reserved.

 

5.22
No Repricing. The Company shall not, without the prior written consent of the Requisite Holders, (i) authorize the amendment
of any outstanding note, option, warrant, or other derivative security convertible, exercisable or exchangeable for Ordinary Shares to
reduce the conversion, exercise or exchange price of any such security or (ii) grant a replacement note, option, warrant or other derivative
security convertible, exercisable or exchangeable for Ordinary Shares for the purpose of reducing the conversion, exercise or exchange
price of any such security being replaced.

 

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6.
CLOSING CONDITIONS

 

6.1
Conditions Precedent to the Obligations of each Investor. The obligation of each Investor to fund its Note and acquire its
Warrant at the Closing is subject to the satisfaction or waiver by the Investor, at or before such Closing, of each of the following
conditions:

 

(a)
Required Documentation. The Company must have delivered to counsel to the Lead Investor copies of all resolutions duly adopted
by the Board of Directors of the Company, or any such other documentation of the Company approving the Agreement, the Transaction Documents
and any of the transactions contemplated hereby or thereby.

 

(b)
Consents and Permits. The Company must have obtained and delivered to such Investor copies of all necessary permits, approvals,
and registrations necessary to effect this Agreement, the Transaction Documents and any of the transactions contemplated hereby or thereby,
including pursuant to Section 3.14 of this Agreement.

 

(c)
Trading Market Approval. The Company must have obtained and delivered to such Investor copies of all necessary Trading Market
approvals for the issuance of the Notes, the Warrants, and, upon the conversion of the Notes, the Conversion Shares and upon exercise
of the Warrants, the Warrant Shares.

 

(d)
No Event(s) of Default. Such Investor must be of the reasonable opinion that no Event of Default has occurred and no Event of
Default would result from the execution of this Agreement or any of the Transaction Documents or the transactions contemplated hereby
or thereby.

 

(e)
Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct in
all material respects as of the date when made and as of such Closing as though made on and as of such date;

 

(f)
Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to such Closing;

 

(g)
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents;

 

(h)
No Suspensions of Trading in the Ordinary Shares; Listing. Trading in the Ordinary Shares shall not have been suspended by the
SEC or any Trading Market (except for any suspensions of trading of not more than one day on which the Trading Market is open solely
to permit dissemination of material information regarding the Company) at any time since the date of execution of this Agreement, and
the Ordinary Shares shall have been at all times since such date listed for trading on a Trading Market;

 

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(i)
Limitation on Beneficial Ownership. The issuance of a Note and a Warrant to such Investor shall not cause such Investor Group
to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the 1934 Act and the rules
and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under the 1934 Act which exceeds
the Maximum Percentage of the Equity Interests of such class that are outstanding at such time; and

 

(j)
Funds Flow Request. The Company shall have delivered to each Investor a flow of funds request, substantially in the form set out
in Exhibit D.

 

6.2
Conditions Precedent to the Obligations of the Company. The obligation of the Company to issue a Note and a Warrant to an
Investor at the Closing is subject to the satisfaction or waiver by the Company, at or before such Closing, of each of the following
conditions:

 

(a)
Representations and Warranties. The representations and warranties of such Investor contained herein shall be true and correct
in all material respects as of the date when made and as of such Closing Date as though made on and as of such date;

 

(b)
Performance. Such Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Investor at or prior to the Closing;
and

 

(c)
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.

 

7.
EVENTS OF DEFAULT

 

7.1
Events of Default. The occurrence of any of the following events shall be an “Event of Default” under this
Agreement:

 

(a)
an Event of Default under a Note;

 

(b)
any of the representations or warranties made by the Company or any of its agents, officers, directors, employees or representatives
in any Transaction Document or public filing being inaccurate, false or misleading in any material respect, as of the date as of which
it is made or deemed to be made, or any certificate or financial or other written statements furnished by or on behalf of the Company
to the Investor or any of its representatives, is inaccurate, false or misleading, in any material respect, as of the date as of which
it is made or deemed to be made, or on any Closing Date; or

 

(c)
a failure by the Company to comply with any of its covenants or agreements set forth in this Agreement, including those set forth in
Section 10, in all material respects.

 

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7.2
Investor Right to Investigate an Event of Default. If in the reasonable opinion of the Requisite Holders, an Event of Default
has occurred, or is or may be continuing:

 

(a)
the Requisite Holders may notify the Company that they wish to investigate such purported Event of Default;

 

(b)
the Company shall cooperate with the Requisite Holders in such investigation;

 

(c)
the Company shall comply with all reasonable requests made by the Requisite Holders to the Company in connection with any investigation
by the Requisite Holders and shall (i) provide all information requested by the Requisite Holders in relation to the Event of Default
to the Requisite Holders; provided that the Requisite Holders agree that any materially price sensitive information and/or non-public
information will be subject to confidentiality, and (ii) provide all such requested information within three (3) Business Days of such
request; and

 

(d)
the Company shall pay all reasonable costs incurred by the Requisite Holders in connection with any such investigation.

 

7.3
Remedies Upon an Event of Default

 

(a)
If an Event of Default occurs pursuant to Section 7.1(a), each Investor shall have such remedies as are set forth in their Note.

 

(b)
If an Event of Default occurs pursuant to Section 7.1(b) or Section 7.1(c) and is not remedied following written notice
provided by the Requisite Holders to the Company within (i) two (2) Business Days for an Event of Default occurring by the Company’s
failure to comply with Section 7.1(c), or (ii) ten (10) Business Days for an Event of Default occurring pursuant to Section
7.1(b), the Requisite Holders may declare, by written notice to the Company, effective immediately, all outstanding obligations by
the Company under the Transaction Documents to be immediately due and payable in immediately available funds and the Investors shall
have no obligation to consummate any Closing under this Agreement or to accept the conversion of any Note into Conversion Shares.

 

(c)
If any Event of Default occurs and is not remedied following written notice provided by the Requisite Holders to the Company within (i)
two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c), or (ii)
ten (10) Business Days for an Event of Default occurring pursuant to Section 7.1(b), the Requisite Holders may, by written notice
to the Company, terminate this Agreement effective as of the date set forth in the Requisite Holders’ notice.

 

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8.
TERMINATION

 

8.1
Events of Termination. This Agreement:

 

(a)
may be terminated:

 

(i)
by the Requisite Holders on the occurrence or existence of a Securities Termination Event or a Change of Control;

 

(ii)
by the mutual written consent of the Company and the Requisite Holders, at any time;

 

(iii)
by the Requisite Holders, in accordance with Section 7.3(c).

 

8.2
Automatic Termination. This Agreement will automatically terminate, without further action by the parties, at the time after
the Closing that the Principal Amount outstanding under the Notes and any accrued but unpaid interest is reduced to zero (0), whether
as a result of Conversion or repayment by the Company in accordance with the terms of this Agreement and the Notes.

 

8.3
Effect of Termination.

 

(a)
Subject to Section 8.3(b), each party’s right of termination under Section 8.1 is in addition to any other rights
it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies.

 

(b)
If the Requisite Holders terminate this Agreement under Section 7.3(c):

 

(i)
each Investor may declare, by notice to the Company, all outstanding obligations by the Company to such Investor under the Transaction
Documents to be due and payable (including, without limitation, the immediate repayment of any Principal Amount outstanding under a Note
plus accrued but unpaid interest) without presentment, demand, protest or any other notice of any kind, all of which are expressly waived
by the Company, anything to the contrary contained in this Agreement or in any other Transaction Document notwithstanding; and

 

(ii)
the Company must within ten (10) Business Days of such notice being received, pay to each Investor in immediately available funds the
outstanding Principal Amount of their Note plus all accrued interest thereon (if any), unless this Agreement has been terminated as a
result of an Event of Default and provided that (A) subsequent to the termination under Section 8.1(a)(i), such Investor is not
prohibited by Law or otherwise from exercising its conversion rights pursuant to this Agreement or the Notes, (B) such Investor actually
exercises its conversion rights under this Agreement or its Note, and (C) the Company otherwise complies in all respects with its obligation
to issue Conversion Shares in accordance with the Notes (which obligation will survive termination). Such payments shall be subject to
the provisions of Section 2.4 hereof.

 

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(c)
Upon termination of this Agreement, no Investor will be required to fund any further amount after the date of termination of the Agreement,
provided that termination will not affect any undischarged obligation under this Agreement, and any obligation of the Company to pay
or repay any amounts owing to the Investor hereunder and which have not been repaid at the time of termination.

 

(d)
Nothing in this Agreement will be deemed to release any party from any liability for any breach by such party of the terms and provisions
of this Agreement or to impair the right of any party to compel specific performance by any other Party of its obligations under this
Agreement.

 

9.
REGISTRATION RIGHTS

 

9.1
Registration.

 

(a)
Registration Statement. Promptly, but in any event no later than 30 Business Days from the Closing Date, the Company shall prepare
and file with the SEC a Registration Statement covering the resale of all of the Investor Shares. The foregoing Registration Statement
shall be filed on Form F-1 or any successor form thereto. The Registration Statement (and each amendment or supplement thereto) shall
be provided to the Lead Investor and its counsel at least three (3) Business Days prior to its filing and the Company shall incorporate
all reasonable comments provided by the Lead Investor or its counsel.

 

(b)
Expenses. Except as otherwise expressly provided herein, the Company will pay all fees and expenses incident to the performance
of or compliance with this Section 9, including all fees and expenses associated with effecting the registration of the Investor
Shares, including all filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing
the Investor Shares for sale under applicable state securities laws, listing fees, fees and expenses of one counsel to each Investor
and the Investor’s reasonable expenses in connection with the registration, but excluding discounts, commissions, fees of underwriters,
selling brokers, dealer managers or similar securities industry professionals with respect to the Investor Shares being sold.

 

(c)
Effectiveness. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective
as soon as practicable after filing thereof but in no event later than the date that is (i) 60 days following the Closing Date if the
Registration Statement is not subject to review by the SEC or (ii) 90 days following the Closing Date if the Registration Statement is
subject to review by the SEC. The Company shall notify each Investor by e-mail as promptly as practicable, and in any event, within twenty-four
(24) hours, after the Registration Statement is declared effective and shall simultaneously provide each Investor with copies of any
related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.

 

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 \ 

(d)
Piggyback Registration Rights. If the Company at any time determines to file a registration statement under the 1933 Act to register
the offer and sale, by the Company, of Ordinary Shares (other than (x) on Form S-4 or Form S-8 under the 1933 Act or any successor forms
thereto, (y) a Form F-3 registering a “universal shelf” of Company securities, and any offering registered pursuant to such
shelf registration (including any “at-the-market” offering), or (z) a registration of securities solely relating to an offering
and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), the
Company shall, as soon as reasonably practicable, give written notice to each Investor of its intention to so register the offer and
sale of Ordinary Shares and, upon the written request, given within five (5) Business Days after delivery of any such notice by the Company,
of an Investor to include in such registration its Investor Shares (which request must (a) be approved by the Requisite Holders and (b)
specify the number of Investor Shares proposed to be included in such registration), the Company shall cause all such Investor Shares
to be included in such registration statement on the same terms and conditions as the Ordinary Shares otherwise being sold pursuant to
such registered offering.

 

9.2
Company Obligations. The Company will use its commercially reasonable efforts to effect the registration of the Investor Shares
in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

(a)
use its commercially reasonable efforts to cause the Registration Statement to become effective and to remain continuously effective
for a period that will terminate upon the first date on which all Investor Shares are either covered by the Registration Statement or
may be sold without restriction, including volume or manner-of-sale restrictions, pursuant to Rule 144 or have been sold by the Investor
(the “Effectiveness Period”) and advise each Investor in writing when the Effectiveness Period has expired;

 

(b)
prepare and file with the SEC such amendments and post-effective amendments and supplements to the Registration Statement and the Prospectus
as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the
1933 Act and the 1934 Act with respect to the distribution of all of the Investor Shares covered thereby;

 

(c)
furnish to each Investor and its legal counsel, without charge, (i) promptly after the same is prepared and publicly distributed, filed
with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date,
as the case may be) one copy of the Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and
each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and
each item of correspondence from the SEC or the staff of the SEC, in each case relating to the Registration Statement (other than any
portion of any thereof which contains information for which the Company has sought confidential treatment), and (ii) such number of copies
of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as the Investor
may reasonably request in order to facilitate the disposition of the Investor Shares that are covered by the related Registration Statement;

 

(d)
immediately notify each Investor if the Registration Statement or Prospectus is not available for use;

 

(e)
use its commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness of the Registration
Statement or Prospectus and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible time and
notify the Investors of the issuance of any such order and the resolution thereof, or its receipt of notice of the initiation or threat
of any proceeding for such purpose;

 

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(f)
if the Ordinary Shares are not then listed on a Trading Market, prior to any public offering of Investor Shares, use its commercially
reasonable efforts to register or qualify or cooperate with each Investor and its counsel in connection with the registration or qualification
of such Investor Shares for offer and sale under the securities or blue sky laws of such jurisdictions requested by such Investor and
do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of
such Investor covered by the Registration Statement and the Company shall promptly notify the Investor of any notification with respect
to the suspension of the registration or qualification of any of such Investor Shares for sale under the securities or blue sky laws
of such jurisdictions or its receipt of notice of the initiation or threat of any proceeding for such purpose;

 

(g)
promptly notify each Investor, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of
any event as a result of which, the Registration Statement or Prospectus includes an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of the
Prospectus, in light of the circumstances in which they were made), and promptly prepare, file with the SEC and furnish to such holder
a supplement to or an amendment of such Registration Statement or Prospectus as may be necessary so that such Registration Statement
or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading (in the case of such Prospectus, in light of the circumstances in which they
were made);

 

(h)
hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of
such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to
complete the Registration Statement or to avoid or correct a misstatement or omission in the Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this
Agreement or any other agreement, and upon learning that disclosure of such information concerning such Investor is sought in or by a
court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such
Investor, at such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order
for, such information; and

 

(i)
take all other reasonable actions necessary to expedite and facilitate disposition by the Investors of all Investor Shares (as and when
such disposition is desired by the Investors) pursuant to the Registration Statement.

 

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9.3
Indemnification.

 

(a)
Indemnification by the Company. The Company will indemnify and hold harmless the Investor Parties, from and against any Losses
to which they may become subject under the 1933 Act or otherwise, arising out of, relating to or based upon: (i) any untrue statement
or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary Prospectus, final Prospectus
or other document, including any blue sky application (as defined below), or any amendment or supplement thereof or any omission or alleged
omission of a material fact required to be stated therein or, in the case of the Registration Statement, necessary to make the statements
therein not misleading or, in the case of any preliminary Prospectus, final Prospectus or other document, necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading; (ii) any blue sky application or other document executed
by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction
in order to qualify any or all of the Investor Shares under the securities laws thereof (any such application, document or information
herein called a “Blue Sky Application”); (iii) any violation or alleged violation by the Company or its agents of
the 1933 Act, the 1934 Act or any similar federal or state law or any rule or regulation promulgated thereunder applicable to the Company
or its agents and relating to any action or inaction required of the Company in connection with the registration or the offer or sale
of the Investor Shares pursuant to any Registration Statement; or (iv) any failure to register or qualify the Investor Shares included
in any such Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that
the Company will undertake such registration or qualification on an Investor’s behalf and will reimburse the Investor Indemnified
Parties for any legal or other expenses reasonably incurred by them in connection with investigating, preparing or defending any such
Losses; provided, however, that the Company will not be liable in any such case if and to the extent, but only to the extent,
that any such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished by an Investor or any such controlling Person in writing specifically for use in such Registration
Statement or Prospectus.

 

(b)
Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim, action, suit or proceeding with respect to which it seeks indemnification following such Person’s receipt of,
or such Person otherwise become aware of, the commencement of such claim, action, suit or proceeding and (ii) permit such indemnifying
party to assume the defense of such claim, action, suit or proceeding with counsel reasonably satisfactory to the indemnified party;
provided, however, that any Person entitled to indemnification hereunder shall have the right to employ separate counsel
and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless
(A) the indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense
of such claim and employ counsel reasonably satisfactory to such Person or (C) in the reasonable judgment of any such Person, based upon
written advice of its counsel, a conflict of interest exists between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense
of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person);
and provided, further, that the failure or delay of any indemnified party to give notice as provided herein shall not relieve
the indemnifying party of its obligations hereunder, except to the extent that such failure or delay to give notice shall materially
adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party
shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm
of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party,
consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

 

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(c)
Contribution. If for any reason the indemnification provided for in the preceding paragraph (a) is unavailable to an indemnified
party or insufficient to hold it harmless, other than as expressly specified therein, the indemnifying party shall contribute to the
amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative
fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. No Person guilty of
fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any Person not
guilty of such fraudulent misrepresentation. The indemnity and contribution agreements contained in this Section are in addition to any
other rights or remedies that any indemnified party may have under applicable law, by separate agreement or otherwise.

 

10.
RIGHTS TO FUTURE STOCK ISSUANCES. Subject
to the terms and conditions of this Section 10 and applicable securities laws, if at any time prior to the first anniversary of
the Closing, the Company proposes to offer or sell any New Securities, the Company shall first offer to the Investors the opportunity
to purchase up to thirty percent (30%) of such New Securities. Such offer may only be accepted with the prior written approval of the
Requisite Holders. If accepted by the Requisite Holders, the Requisite Holders providing such approval and each of the other Investors
shall be afforded the opportunity to purchase their Pro Rata Portions (as defined below) of up to thirty percent (30%) of such New Securities.
The Investors shall be entitled to apportion the right of first offer hereby granted to it in such proportions as they deem appropriate
among themselves and their Affiliates.

 

10.1
The Company shall give notice no fewer than five (5) Business Days in advance of the proposed date of the sale of New Securities
(the “Offer Notice”) to each Investor, stating (a) its bona fide intention to offer such New Securities, (b) the number
of such New Securities to be offered, and (c) the price and terms, if any, upon which it proposes to offer such New Securities.

 

10.2
By notification to the Company within five (5) days after the Offer Notice is given, each Investor may elect to purchase or otherwise
acquire, at the price and on the terms specified in the Offer Notice, their Pro Rata Portion of up to thirty percent (30%) of such New
Securities. “Pro Rata Portion” means the ratio of (x) Securities purchased on the Closing Date by an Investor participating
under this Section 10.2 and (y) the sum of the aggregate Securities purchased on the Closing Date by all Investors participating under
this 10.2. The closing of any sale pursuant to this Section 10 shall occur within the later of ninety (90) days of the date that
the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 10.3.

 

10.3
The Company may, during the ninety (90) day period following the expiration of the period provided in Section 10.2, offer
and sell the remaining portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable
to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities
within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder
shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with
this Section 10.

 

    	29

    	 

    

  

10.4
The right of first offer in this Section 10 shall not be applicable to offers, issuances, sales or other transactions related
to Exempted Securities, or any New Securities registered for sale under the 1933 Act.

 

11.
GENERAL PROVISIONS

 

11.1
Fees and Expenses. Prior to the date of this Agreement, the Company has paid Lucosky Brookman LLP $20,000 for the benefit of the
Lead Investor as an advance on legal fees. At the Closing, the Company shall reimburse the Lead Investor up to an additional $22,000
of due diligence costs and reasonable fees and disbursements Lucosky Brookman LLP, it being understood that Lucosky Brookman LLP has
not rendered any legal advice to the Company in connection with the transactions contemplated hereby and that the Company has relied
for such matters on the advice of its own counsel. Except as specified above, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of the Transaction Documents. The Company shall pay all stamp and other taxes and duties levied in
connection with the sale of the Notes and the Warrants.

 

11.2
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be
in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is
delivered via email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next
Business Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in
this Section on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New
York time) on such date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as follows:

 

If
to the Company:

 

Indonesia
Energy Corporation Limited

GIESMART
PLAZA 7th Floor

Jl.
Raya Pasar Minggu No. 17A

Pancoran
– Jakarta 12780 Indonesia

Email:
james.huang@indo-energy.com

Attention: James J. Huang

 

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

Ellenoff
Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10015

Telephone: (212) 370-1300

Email: bigrossman@egsllp.com

Attention: Barry I. Grossman, Esq.

 

If
to an Investor, such address set forth on the signature page hereto executed by such Investor;

 

or
such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

    	30

    	 

    

  

11.3
Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be excessive in scope or
otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the
maximum extent possible, and the validity and enforceability of the remaining provisions of this Agreement will not in any way be affected
or impaired thereby.

 

11.4
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without
reference to principles of conflict of laws or choice of laws.

 

11.5
Jurisdiction and Venue. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be
brought and enforced in the New York Supreme Court, County of New York (Commerical Division), or in the United States District Court
for the Southern District of New York. The Company and the Investors irrevocably submit to the jurisdiction of such courts, which jurisdiction
shall be exclusive, and hereby waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum.
The prevailing party in any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket
expenses relating to such action or proceeding.

 

11.6
WAIVER OF RIGHT TO JURY TRIAL. THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER
TRANSACTION DOCUMENTS.

 

11.7
Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery
of the Securities.

 

11.8
Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

    	31

    	 

    

  

11.9
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the
Company and the Requisite Holders. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise
of any such right.

 

11.10
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be
construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

11.11
Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the Company
and the Investors and their respective successors and assigns. The Company may not assign this Agreement or any rights or obligations
hereunder without the prior written consent of the Requisite Holders. Each Investor may assign any or all of its rights under this Agreement
to any Person to whom such Investor assigns or transfers any Securities, provided such transferee agrees in writing to be bound, with
respect to the transferred Securities, by the provisions hereof that apply to the “Investor” and such transferee is an accredited
investor.

 

11.12
Further Assurances. Each party hereto 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 consummation of the transactions contemplated
hereby.

 

11.13
Counterparts. This Agreement may be executed in identical counterparts, each of which 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. Signature pages
delivered by facsimile or e-mail shall have the same force and effect as an original signature.

 

11.14
Specific Performance. The Company acknowledges that monetary damages alone would not be adequate compensation to the Investors
for a breach by the Company of this Agreement and the Requisite Holders may seek an injunction or an order for specific performance from
a court of competent jurisdiction if (a) the Company fails to comply or threatens not to comply with this Agreement or (b) the Requisite
Holders have reason to believe that the Company will not comply with this Agreement.

 

[Signature
Page Follows]

 

    	32

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Securities Purchase Agreement as of the date first set forth above.

 

	COMPANY:	 
	 	 
	INDONESIA
    ENERGY CORPORATION LIMITED 	 
	 	 	 
	By:	/s/
    James Jerry Huang	     
	Name:	James
    Jerry Huang	 
	Title:	Chief
    Investment Officer	 

 

    	33

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

Name
of Investor: L1 Capital Global Opportunities Master Fund, Ltd.

 

	Signature
of Authorized Signatory of Investor:	/s/ David Feldman	 

 

Name
of Authorized Signatory: David Feldman

 

Title
of Authorized Signatory: Portfolio Manager

 

Email
Address of Authorized Signatory:

 

Facsimile
Number of Authorized Signatory: N/A

 

Address
for Notice to Investor:

 

Address
for Delivery of Securities to Investor (if not same as address for notice):

 

Funding
Amount: Up to $6,580,000.00

 

Principal
amount of Note: Up to $7,000,000.00

 

Warrant
Ordinary Shares: Up to 537,070

 

    	34

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