Document:

Exhibit
10.23

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of September 20, 2022 between Trio Petroleum Corp., a
Delaware corporation (the “Company”), and each purchaser identified on the Annex A hereto (each,
including its successors and assigns, an “Investor” or “Holder”) and collectively, the “Investors”).

 

WHEREAS,
the Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Investors: (i) 10% original issue discount
senior notes in the form of Appendix B hereto (each, a “Note” and collectively, the “Notes”)
in an aggregate principal amount of up to $440,000.00 (and, accordingly, an aggregate Subscription Amount of $400,000) (the “Maximum
Amount”), and (ii) pre-funded warrants in the form set forth in Appendix C (each a “Warrant” and
collectively, the “Warrants”) permitting the Investor to purchase a number of shares of the Company’s Common
Stock equal to 100% of original principal amount of the Notes;

 

WHEREAS,
Spartan Capital Securities, LLC (“Placement Agent”) is acting as the exclusive placement agent for the offering of
Notes and Warrants contemplated by this Agreement (“Offering”); and

 

WHEREAS,
the Company and Investors are executing and delivering this Agreement in reliance upon an exemption from securities registration requirements
of the Securities Act of 1933, as amended, afforded by the provisions of Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated
thereunder by the U.S. Securities and Exchange Commission.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each Investor agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.01 Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Notes (as defined herein), and (b) the following terms have the meanings set forth
in this Agreement.

 

“$”
or “USD” means United States Dollars.

 

“Action”
shall have the meaning ascribed to such term in Section 3.01(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close. If the last or
appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then
such action may be taken or such right may be exercised on the next succeeding Business Day.

 

    	 	 	 

    	 

    

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.01.

 

“Closing
Date” means for any Securities, the Business Day when all of the Transaction Documents for such Securities have been executed
and delivered by the applicable parties thereto, and the conditions precedent to: (i) the applicable Investors’ obligations to
pay the Subscription Amount and (ii) the Company’s obligations to deliver such Securities (in each case) have been satisfied or
waived.

 

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

 

“Common
Stock” means the common stock of the Company, and any other class of securities into which such securities may hereafter be
reclassified or changed.

 

“Common
Stock Equivalent” means any convertible security or warrant, option or other right to subscribe for or purchase any additional
shares of Common Stock or any convertible security.

 

“Confidential
Investor Questionnaire” means the Confidential Investor Questionnaire attached as Appendix A hereto.

 

“Exempt
Issuance” means the issuance of: (i) shares of Common Stock or options to employees, officers, or directors of the Company
pursuant to any stock or option plan duly adopted by a majority of the Board of Directors of the Company or a majority of the members
of a committee of directors established for such purpose, and (ii) shares of Common Stock issued to an Investor in repayment of interest
under any Note as agreed upon by the Company and the applicable Investor.

 

“Existing
Convertible Instruments” means the convertible instruments existing prior to the Closing Date listed in Exhibit A.

 

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

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.01(h).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.01(o).

 

“Lead
Investor” means GenCap Fund I LLC.

 

    	 	 	 

    	 

    

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.01(c).

 

“Liens”
shall mean a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Liquidity
Event” has the meaning provided in the Notes.

 

“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3.01(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.01(l).

 

“Notes”
means the 10% original issue discount senior notes issued by the Company to the Investors hereunder, in the form of Appendix B
attached hereto.

 

“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.

 

“Placement
Agent” has the meaning ascribed to such term in the recitals hereof.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Registration
Rights Agreement” means the Registration Rights Agreement in the form of Appendix D attached hereto.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.01(e).

 

“Required
Minimum” means, as of any date, upon the request of a holder of Warrants, the amount of Underlying Securities equal to not
less than the lesser of: (i) the amount as determined by the greater of Lead Investor in its reasonable discretion and (ii) 300% of the
maximum aggregate number of shares of Underlying Securities then issued or potentially issuable in the future pursuant to the exercise
of all Warrants, ignoring any exercise limits set forth therein.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to
time, or any similar rule or regulation hereafteradopted by the Commission having substantially the same effect as such Rule.

 

“Securities”
means the Notes and the Warrants.

 

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

 

“State
Securities Laws” means the securities (“blue sky”) rules, regulations, or other similar laws of a particular state.

 

“Subscription
Amount” means, as to each Investor, the aggregate amount to be paid for Securities purchased hereunder as specified below such
Investor’s name on the signature page of this Agreement and next to the heading “Aggregate Subscription Amount,” in
United States Dollars and in immediately available funds.

 

    	 	 	 

    	 

    

 

“Subsidiary”
means any subsidiary of the Company as set forth on Section 3.01(a) and shall, where applicable, include any direct or indirect subsidiary
of the Company formed or acquired after the date hereof.

 

“Termination
Date” means a date determined by the Company.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the OTC
Bulletin Board, OTCQB or the Pink Sheets (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Notes, the Warrants, the Registration Rights Agreement, and all appendices, exhibits and
schedules hereto and thereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” shall mean Vstock Transfer, LLC.

 

“Underlying
Securities” means the shares of Common Stock or other securities issuable upon exercise of the Warrants.

 

“Warrants”
means the warrants issued by the Company to the Investors hereunder, in the form of Appendix C attached hereto.

 

ARTICLE
II

PURCHASE AND SALE

 

Section
2.01 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with
the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Investors, severally and not
jointly, agree to purchase, the Securities up to the Maximum Amount. At the Closing, the Investors shall deliver, via wire transfer,
immediately available funds equal to the Investors’ aggregate Subscription Amounts to the Company and the Company shall deliver
to each Investor its respective Note and Warrants. The Company and each Investor shall deliver the other items set forth in Section
2.02 deliverable at the Closing. Upon satisfaction of the conditions set forth in Section 2.02 and Section 2.03, the
Closing shall occur at the offices of the Lead Investor’s counsel, or such other location as the parties shall mutually agree or
may be closed remotely by electronic delivery of documents. The Company may conduct multiple closings for the sale of the Securities
until it has received the Maximum Amount. The Closing Date for any Securities shall be the date indicated on the applicable Investor
signature pages attached hereto and the final Closing Date shall be no later than the Termination Date.

 

    	 	 	 

    	 

    

 

Section
2.02 Closing Deliverables.

 

(a)
By Each Investor. On or prior to the Closing Date, each Investor shall deliver or cause to be delivered to the Company the following:

 

	 	(i)	this
    Agreement, including a fully completed Annex A attached hereto, duly executed by such Investor;
	 	 	 
	 	(ii)	such
    Investor’s Subscription Amount by wire transfer to counsel of the Lead Investor pursuant to the wiring instructions set forth
    in Section 2.03(c); and
	 	 	 
	 	(iii)	a
    duly completed and signed Confidential Investor Questionnaire, a copy of which is attached hereto as Appendix A. 

 

(b)
By the Company. On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Lead Investor the following:

 

	 	(i)	this Agreement, duly executed
  by an authorized officer of behalf of the Company;
	 	 	 
	 	(ii)	a Note, the form of which
  is attached hereto as Appendix B, with a principal amount equal to 110% of such Investor’s Subscription Amount,
  registered in the name of such Investor, or its designee, duly executed by an authorized officer of behalf of the Company;
	 	 	 
	 	(iii)	a Warrant, the form of which
  is attached hereto as Appendix C, to purchase a number of shares of Common Stock (without regard for any beneficial ownership
  limitations) equal to 100% of such Investor’s Subscription Amount (i.e., one share of Common Stock for each $1.00 of such
  Investor’s Subscription Amount), registered in the name of such Investor, or its designee, duly executed by an authorized officer
  of behalf of the Company;
	 	 	 
	 	(iv)	the Registration Rights Agreement,
  the form of which is attached hereto as Appendix D, duly executed by an authorized officer of behalf of the Company;
  and
	 	 	 
	 	(v)	an officer’s certificate
  of the Company certifying the Company’s: (a) certified charter (or similar formation document); (b) good standing certificate
  in its state of incorporation (or formation); (c) bylaws (or similar governing document); (d) resolutions of its Board of Directors
  (or similar governing body) approving and authorizing the execution, delivery and performance of the Transaction Documents and the
  transactions contemplated thereby.

 

Section
2.03 Closing Conditions.

 

(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

	 	(i)	the
    accuracy in all material respects on the Closing Date of each Investor’s representations and warranties contained herein;

 

    	 	 	 

    	 

    

 

	 	(ii)	all
    obligations, covenants and agreements of each Investor required to be performed at or prior to the Closing Date shall have been performed;
    and
	 	 	 
	 	(iii)	the
    delivery by each Investor of the items set forth in Section 2.02(a) of this Agreement.

 

(b)
The respective obligations of the Investors hereunder in connection with the Closing are subject to the following conditions being met
(it being understood that the Investors may waive any of the conditions for any Closing hereafter):

 

	 	(i)	the
    accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
    Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
    (unless as of a specific date therein in which case they shall be accurate as of such date);
	 	 	 
	 	(ii)	all
    obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;
	 	 	 
	 	(iii)	the
    delivery by the Company of the items set forth in Section 2.02(b) of this Agreement; and
	 	 	 
	 	(iv)	there
    shall have been no Material Adverse Effect with respect to the Company since the date hereof.

 

(c)
The wiring instructions for counsel of the Lead Investor are as follows:

 

	 	Bank
    Name:	Signature
    Bank
	 		565
    Fifth Avenue 
	 		New
    York, New York 10017
	 	Routing
    No.:	026013576
	 	Account
    No.:	1504595478
	 	Account
    Title:	Carmel,
    Milazzo & Feil LLP Escrow Account
	 	Swift
    Code:*	SIGNUS33
    
	 	(*International
    only)	 

 

    	 	 	 

    	 

    

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES

 

Section
3.01 Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to each
Investor as of the date hereof:

 

(a)
Subsidiaries. It has no Subsidiaries.

 

(b)
Organization and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing, and in good
standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted. The Company is not in violation or default of any of the
provisions of its certificate of incorporation, bylaws or other organizational or charter documents. The Company is duly qualified to
conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or
enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company, taken as a whole, or (iii) a material adverse effect on the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution
and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and
thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company,
the Board of Directors or the Company’s stockholders in connection therewith other than in connection with the Required Approvals.
Each Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) in so far
as indemnification and contribution provisions may be limited by applicable law.

 

(d)
No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is a party, the
issuance and sale of the Securities and the consummation by it of the other transactions contemplated hereby and thereby do not and will
not: (i) conflict with or violate any provision of the Company’s certificate of incorporation, bylaws or other organizational or
charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
default) under, result in the creation of any Lien upon any of the properties or assets of the Company, or give to others any rights
of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility,
debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company is a party or by which
any property or asset of the Company is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation
of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which
the Company is subject (including federal and State Securities Laws and regulations), or by which any property or asset of the Company
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result
in a Material Adverse Effect.

 

    	 	 	 

    	 

    

 

(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) such consents,
waivers, or authorizations as have been obtained before the Closing and (ii) the filing of Form D with the Commission and such filings
as are required to be made under applicable State Securities Laws (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens other than restrictions
on transfer provided for in the Transaction Documents. The Underlying Securities, when issued upon exercise of the Warrants, will be
validly issued, fully paid and nonassessable, free and clear of all Liens other than restrictions on transfer provided for herein or
therein. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for issuance of the Underlying
Securities at least equal to the Required Minimum on the date hereof.

 

(g)
Capitalization. The Company has authorized 490,000,000 shares of Common Stock and 10,000,000 shares of preferred stock. As of
the date of this Agreement, and 15,757,800 shares of Common Stock are issued and outstanding and no (0) shares of preferred stock are
issued and outstanding There are no outstanding options (other than pursuant to the Company’s equity incentive plan), warrants,
script rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of Common Stock, or
securities or rights convertible or exchangeable into shares of Common Stock other than the Existing Convertible Instruments. No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents except for such, if any, as will have been validly waived before the Closing. The issuance and sale of the
Securities and Underlying Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person
(other than the Investors) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange
or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are validly issued, fully
paid and nonassessable, have been issued in compliance with all federal and State Securities Laws, and none of such outstanding shares
was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization
of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities, except for such approvals
as have been obtained prior to Closing. There are no stockholders’ agreements, voting agreements or other similar agreements with
respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any
of the Company’s stockholders.

 

    	 	 	 

    	 

    

 

(h)
Financial Statements; No Undisclosed Liabilities. The financial statements of the Company made available to the Investors have
been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods
involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto, and fairly
present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.
The Company has no liability, indebtedness, obligation, expense, claim, deficiency, guaranty or endorsement of any type, whether accrued,
absolute, contingent, matured, unmatured or otherwise, required to be reflected in financial statements in accordance with GAAP, which
individually or in the aggregate: (a) has not been reflected in the latest balance sheet included in the financial statements, or (b)
has not arisen (i) in the ordinary course of business, consistent with past practices, since the date of the latest balance sheet included
in the financial statements in an amount that does not exceed $25,000 in any one case or $100,000 in the aggregate, (ii) pursuant to
or in connection with this Agreement or the other transactions contemplated hereby or (c) are not executory performance obligations to
be performed after the date hereof in the ordinary course of business pursuant to agreements of the Company that were entered into in
the ordinary course of business, consistent with past practices.

 

(i)
Material Changes. Since the date of the latest financial statements made available to the Investors: (i) there has been no event,
occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company
has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements
pursuant to GAAP, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend
or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any
shares of its capital stock, and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant
to existing Company equity incentive plans.

 

(j)
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of
the Company, threatened against or affecting the Company, or any of its properties before or by any court, arbitrator, governmental or
administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which: (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities,
or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability
under federal or State Securities Laws or a claim of breach of fiduciary duty.

 

(k)
Labor Relations. There are no labor disputes existing or, to the knowledge of the Company, imminent with respect to any of the
employees of the Company which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s employees
is a member of a union that relates to such employee’s relationship with the Company, and the Company is not a party to a collective
bargaining agreement, and the Company believes that its relationships with its employees are good. No executive officer to the knowledge
of the Company, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non- competition agreement, or any other contract or agreement or any restrictive covenant in
favor of any third party, and the continued employment of each such executive officer does not subject the Company to any liability with
respect to any of the foregoing matters. To the best of the Company’s knowledge, it is in compliance with all U.S. federal, state,
local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages
and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

    	 	 	 

    	 

    

 

(l)
Compliance. The Company is unaware of, and to the best of its knowledge: (i) is neither in default under nor in violation of (and
no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company under),
nor has the Company received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit
agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not
such default or violation has been waived), (ii) is not in violation of any order of any court, arbitrator or governmental body, or (iii)
is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign,
federal, state and local laws applicable to its business and all such laws that affect the environment, except in each of the foregoing
cases as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)
Regulatory Permits. The Company, to its knowledge, possesses all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct its business, except where the failure to possess such permits
could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and the Company has
not received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(n)
Title to Assets. The Company has good and marketable title to all real property and good and marketable title in all personal
property owned by it that, in each case, is material to the business of the Company, in each case free and clear of all Liens, except
for Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be
made of such property by the Company and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent
nor subject to penalties in any material respect[, and except for the contingent payment obligations of the Company under that certain
Purchase and Sale Agreement by and between the Company and Trio Petroleum LLC, dated as of September 14, 2021]. Any real property and
facilities held under lease by the Company is held by it under valid, subsisting, and enforceable leases with which the Company is in
compliance.

 

(o)
Patents and Trademarks. (i) The Company, to its knowledge, has, or has rights to use, all patents, patent applications, trademarks,
trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights as necessary or material for use in connection with its business and which the failure to so have could reasonably
be expected to have a Material Adverse Effect (collectively, the “Intellectual Property Rights”), (ii) the Company
has not received a notice (written or otherwise) that any of the Intellectual Property Rights violates or infringes upon the intellectual
property rights of any Person, (iii) to the knowledge of the Company, all such Intellectual Property Rights are enforceable and there
is no existing infringement by another Person of any of the Intellectual Property Rights, except where the failure to be so enforceable
or for such infringements as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and
(iv) the Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of its intellectual
properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

    	 	 	 

    	 

    

 

(p)
Transactions with Officers, Directors and Employees. Except with respect to a contract operating agreement with Trio Petroleum
LLC which is currently under negotiation, none of the officers or directors of the Company and, to the knowledge of the Company, none
of the employees of the Company is presently a party to any transaction with the Company (other than for services as employees, officers
and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or,
to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an
officer, director, trustee or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock
option agreements under any stock option plan of the Company.

 

(q)
Certain Fees. Other than fees, commissions, and expense reimbursement payable to the Placement Agent, which include a cash fee
equal to7.5% of the net proceeds in the Offering, no brokerage or finder’s fees or commissions are or will be payable by the Company
to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the
transactions contemplated by the Transaction Documents other than the Cash Fee. No brokerage or finder’s fees or commissions are
or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or
other Person with respect to the transactions contemplated by the Transaction Documents. The Investors shall have no obligation with
respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section
3.01(q) that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(r)
Private Placement. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 3.02, no
registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Investors as contemplated
hereby.

 

(s)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not be an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

    	 	 	 

    	 

    

 

(t)
Registration Rights. Other than the holders of Existing Convertible Instruments, no Person has any right to demand the Company
to file a registration statement under the Securities Act covering the sale of any securities of the Company.

 

(u)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order
to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the
laws of its state of incorporation that is or could become applicable to the Investors as a result of the Investors and the Company fulfilling
their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s
issuance of the Securities and the Investors’ ownership of the Securities.

 

(v)
Disclosure. Except with respect to: (i) the material terms and conditions of the transactions contemplated by the Transaction
Documents, and (ii) information given to the Investors, if any, which the Company hereby confirms will not constitute material non-public
information six (6) months from the date hereof, the Company confirms that neither it nor any other Person acting on its behalf has provided
any of the Investors or their agents or counsel with any information that it believes constitutes or might constitute material, nonpublic
information. The Company understands and confirms that the Investors will rely on the foregoing representation in effecting transactions
in securities of the Company. All disclosure furnished by or on behalf of the Company to the Investors regarding the Company, its business
and the transactions contemplated hereby, is true and correct and does 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.

 

(w)
No Integrated Offering. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 3.02,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities
to be integrated with prior offerings by the Company for purposes of the Securities Act which would require the registration of any such
securities under the Securities Act.

 

    	 	 	 

    	 

    

 

(x)
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date after giving effect to the receipt
by the Company of the proceeds from the sale of the Securities hereunder: (i) the fair saleable value of the Company’s 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, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its
business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements
of the business conducted by the Company, and projected capital requirements and capital availability thereof, and (iii) 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 liabilities when such amounts
are required to be paid. The Company does not intend after the Closing Date 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 within one (1) year from the Closing Date. The Company is not in default with respect to any Indebtedness. For
the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess
of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other
contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s
consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection
or similar transactions in the ordinary course of business, and (z) the present value of any lease payments in excess of $50,000 due
under leases required to be capitalized in accordance with GAAP.

 

(y)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company has filed all necessary federal, state, and foreign income and franchise tax returns and has paid
or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which has been asserted or threatened
against the Company.

 

(z)
No General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising, or other means listed under Rule 502(c) of Regulation D promulgated under
the Securities Act. The Company has offered the Securities for sale only to the Investors and certain other “accredited investors”
within the meaning of Rule 501(a) of Regulation D under the Securities Act.

 

(aa)
Insurance. The Company does not have any insurance coverage. The Company has no reason to believe that it will not be able to
obtain coverage from insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent
and customary in the business in which the Company is engaged, including, but not limited to, directors and officers insurance coverage
at least equal to the Maximum Amount.

 

(bb)
Acknowledgment Regarding Investors’ Purchase of Securities. The Company acknowledges and agrees that each of the Investors
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
hereby and thereby. The Company further acknowledges that no Investor is acting as a financial advisor or fiduciary of the Company (or
in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by
any Investor or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated
thereby is merely incidental to the Investors’ purchase of the Securities. The Company further represents to each Investor that
the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent
evaluation of the transactions contemplated hereby by the Company and its representatives.

 

    	 	 	 

    	 

    

 

(cc)
No Disqualification Events. With respect to Securities to be offered and sold hereunder in reliance on Rule 506(b) under the Securities
Act (“Regulation D Securities”), none of the Company, any of its predecessors, any affiliated issuer, any director,
executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405
under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is
subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to the Investors a copy of any disclosures provided thereunder.

 

(dd)
Other Covered Persons. The Company is not aware of any person (other than any Issuer Covered Person that has been or will be paid
(directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Regulation D Securities.

 

(ee)
Notice of Disqualification Events. The Company will notify the Investors in writing, prior to the Closing Date of: (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event
relating to any Issuer Covered Person.

 

(ff)
Foreign Corrupt Practices. The Company, nor to the knowledge of the Company, any agent or other person acting on behalf of the
Company, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees
or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made
by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated
in any material respect any provision of FCPA.

 

(gg)
Office of Foreign Assets Control. Neither the Company nor, to the Company’s knowledge, any director, officer, agent, employee
or Affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC”).

 

(hh)
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within
the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Investor’s request.

 

(ii)
Bank Holding Company Act. Neither the Company nor any of its Affiliates is subject to the Bank Holding Company Act of 1956, as
amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal
Reserve”). Neither the Company nor any of its Affiliates owns or controls, directly or indirectly, five percent (5%) or more
of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any
entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Affiliates exercises
a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the
Federal Reserve.

 

    	 	 	 

    	 

    

 

(jj)
Money Laundering. The operations of the Company are and have been conducted at all times in compliance with applicable financial
record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money
laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and
no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

Section
3.02 Representations and Warranties of the Investors.

 

Each
Investor, for itself and for no other Investor, hereby represents and warrants as of the date hereof and as of the Closing Date to the
Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

(a)
Authority; Organization. Such Investor has full power and authority (and, if such Investor is an individual, the capacity) to
enter into this Agreement and to perform all obligations required to be performed by it hereunder. If an entity, Such Investor is an
entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with full right,
corporate or partnership power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance
by such Investor of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate or
similar action on the part of such Investor. Each Transaction Document to which it is a party has been duly executed by such Investor,
and when delivered by such Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation of
such Investor, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies,
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)
Own Account. Such Investor understands that the Securities are and Underlying Securities will be ‘restricted securities’
and have not been registered under the Securities Act or any applicable State Securities Law and is acquiring the Securities and any
Underlying Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any
part thereof in violation of the Securities Act or any applicable State Securities Law, has no present intention of distributing any
of such Securities or Underlying Securities in violation of the Securities Act or any applicable State Securities Law and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution the same (this representation
and warranty not limiting such Investor’s right to sell the Securities and Underlying Securities in compliance with applicable
federal and State Securities Laws) in violation of the Securities Act or any applicable State Securities Law. Such Investor is acquiring
the Securities and any Underlying Securities in the ordinary course of its business.

 

    	 	 	 

    	 

    

 

(c)
Non-Transferrable. Such Investor agrees: (i) that the Investor will not sell, assign, pledge, give, transfer or otherwise dispose
of the Securities or Underlying Securities or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant
to a registration of the Securities under the Securities Act and all applicable State Securities Laws, or in a transaction which is exempt
from the registration provisions of the Securities Act and all applicable State Securities Laws; (ii) that the certificates representing
the Securities and Underlying Securities will bear a legend making reference to the foregoing restrictions; and (iii) that the Company
and its Affiliates shall not be required to give effect to any purported transfer of such Securities and Underlying Securities except
upon compliance with the foregoing restrictions.

 

(d)
Investor Status. Such Investor is an “accredited investor” as defined in Rule 501(a) under Regulation D of the Securities
Act. The undersigned agrees to furnish any additional information requested by the Company or any of its Affiliates to assure compliance
with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities. The undersigned has
completed the Confidential Investor Questionnaire contained in Appendix A and the information contained therein is complete
and accurate as of the date thereof and is hereby affirmed as of the Closing Date. Any information that has been furnished or that will
be furnished by the undersigned to evidence its status as an accredited investor is accurate and complete, and does not contain any misrepresentation
or material omission.

 

(e)
Experience of Such Investor. Such Investor, either alone or together with its representatives, has such knowledge, sophistication,
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities and Underlying Securities, and has so evaluated the merits and risks of such investment. Such Investor is able to bear
the economic risk of an investment in the Securities and Underlying Securities and, at the present time, is able to afford a complete
loss of such investment.

 

(f)
No Trading Market. Such Investor acknowledges that there is currently no Trading Market for the Securities and Underlying Securities
and that none is expected to develop for the Securities and the Underlying Securities unless a Liquidity Event occurs.

 

(g)
General Solicitation. Such Investor undersigned acknowledges that neither the Company nor any other person offered to sell the
Securities to it by means of any form of general solicitation or advertising, including, but not limited to: (i) any advertisement, article,
notice, or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or (ii) any
seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

(h)
Confidentiality. Other than to other Persons party to this Agreement and its advisors who have agreed to keep information confidential
or have a fiduciary obligation to keep such information confidential, such Investor has maintained the confidentiality of all disclosures
made to it in connection with the transaction (including the existence and terms of this transaction).

 

    	 	 	 

    	 

    

 

(i)
Foreign Investor. If such Investor is not a United States person, such Investor represents that it has satisfied itself as to
the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this
Agreement, including: (i) the legal requirements within its jurisdiction for the purchase of the Securities, (ii) any foreign exchange
restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income
tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Securities
or Underlying Securities.. The Investor further represents that its payment for, and its continued beneficial ownership of the Securities
and any Underlying Securities, will not violate any applicable securities or other laws of its jurisdiction.

 

(j)
Information from Company. Such Investor and its investment managers, if any, have been afforded the opportunity to obtain any
information necessary to verify the accuracy of any representations or information presented by the Company in this Agreement and have
had all inquiries to the Company answered, and have been furnished all requested materials, relating to the Company and the Offering
and sale of the Securities and anything set forth in the Transaction Documents. Neither the Investor nor the Investor’s investment
managers, if any, have been furnished any offering literature by the Company or any of its Affiliates, associates, or agents other than
the Transaction Documents, and the agreements referenced therein.

 

(k)
Speculative Nature of Investment; Risk Factors. SUCH INVESTOR UNDERSTANDS THAT AN INVESTMENT IN THE SECURITIES AND UNDERLYING
SECURITIES INVOLVES A HIGH DEGREE OF RISK. Such Investor acknowledges that: (i) any projections, forecasts or estimates as may have
been provided to the Investor are purely speculative and cannot be relied upon to indicate actual results that may be obtained through
this investment; any such projections, forecasts and estimates are based upon assumptions which are subject to change and which are beyond
the control of the Company or its management, (ii) the tax effects which may be expected by this investment are not susceptible to absolute
prediction, and new developments and rules of the Internal Revenue Service, audit adjustment, court decisions or legislative changes
may have an adverse effect on one or more of the tax consequences of this investment, and (iii) the Investor has been advised to consult
with his own advisor regarding legal matters and tax consequences involving this investment. The Investor represents that the Investor’s
investment objective is speculative in that the Investor seeks the maximum total return through an investment in a broad spectrum of
securities, which involves a higher degree of risk than other investment styles and therefore the Investor’s risk exposure is also
speculative. The Securities offered hereby are highly speculative and involve a high degree of risk and Investor should only purchase
these securities if Investor can afford to lose their entire investment.

 

(l)
Money Laundering. If an entity, the operations of such Investor are and have been conducted at all times in compliance with applicable
financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

The
Company acknowledges and agrees that the representations contained in Section 3.02 shall not modify, amend or affect such Investor’s
right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transaction contemplated hereby.

 

    	 	 	 

    	 

    

 

ARTICLE
IV

OTHER
AGREEMENTS OF THE PARTIES

 

Section
4.01 Transfer Restrictions.

 

(a)
The Securities and Underlying Securities may only be disposed of in compliance with state and federal securities laws. In connection
with any transfer of Securities or Underlying Securities other than pursuant to an effective registration statement or Rule 144, the
Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that
such transfer does not require registration of such transferred Securities or Underlying Securities under the Securities Act. The Securities
and Underlying Securities may not be sold or transferred by the Investors without the written consent of the Company, which shall not
be unreasonably withheld. As a condition of such sale or transfer, any such transferee shall agree in writing to be bound by the terms
of this Agreement and shall have the rights of an Investor under this Agreement.

 

(b)
The Investors agree to the imprinting, so long as is required by this Section 4.01, of a legend on any of the Securities and Underlying
Securities in the following form:

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

(c)
Upon the Investor’s request in connection with a proposed sale of Underlying Securities pursuant to Rule 144 and if the Company
reasonably determines it is so required, upon receipt of customary documentation from Investor’s broker (if the Underlying Securities
are sold in brokers transactions), the Company shall, at its own cost and effort, retain legal counsel to provide an opinion letter to
the Transfer Agent opining that the Underlying Securities, as applicable, may be resold without registration under the Securities Act,
pursuant to Rule 144, promulgated thereunder, so long as the requirements of Rule 144 are met for any Underlying Securities to be resold
thereunder. The Company shall arrange for any such opinion letter to be provided not later than two (2) Business Days after the date
of delivery to and receipt by the Company of a written request by any Investor together with (if required in order to render the opinion)
any broker’s representation letter of other customary documentation reasonably requested by the Company evidencing compliance with
Rule 144 (the “Legend Removal Date”), and such opinion letter may be a “blanket” opinion letter covering
Underlying Securities held by more than one Investor (if applicable to more than one Investor).

 

    	 	 	 

    	 

    

 

(d)
Each Investor, severally and not jointly with the other Investors, agrees that such Investor will sell any Securities and Underlying
Securities only pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery
requirements, or an exemption therefrom, and that if Securities or Underlying Securities are sold pursuant to a registration statement,
they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive
legend from certificates representing Securities as set forth in this Section 4.01 is predicated upon the Company’s reliance
upon this understanding.

 

Section
4.02 Acknowledgment of Dilution. The Company acknowledges that the issuance of the Underlying Securities may result in dilution
of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges
that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Securities
pursuant to the Securities, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction,
regardless of the effect of any such dilution or any claim the Company may have against any Investor and regardless of the dilutive effect
that such issuance may have on the ownership of the other stockholders of the Company.

 

Section
4.03 Registration Rights. The Company shall cause the Registration Rights Agreement to remain in full force and effect and the
Company shall comply in all material respects with the terms thereof, a copy of which is annexed hereto as Appendix D.

 

Section
4.04 Integration. The Company shall not sell, offer for sale, or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities or Underlying
Securities to the Investors in a manner that would require the registration under the Securities Act of the sale of the Securities to
the Investors.

 

Section
4.05 Publicity. The Company and each Investor shall consult with each other in issuing any other press releases with respect to
the transactions contemplated hereby, and neither the Company nor any Investor shall issue any such press release nor otherwise make
any such public statement without the prior consent of the Company with respect to any press release of any Investor, or without the
prior consent of each Investor with respect to any press release of the Company mentioning such Investor, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other
party with prior notice of such public statement or communication.

 

    	 	 	 

    	 

    

 

Section
4.06 Indemnification of Investors. The Company shall indemnify, reimburse and hold harmless the Investors and their respective
partners, members, shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar
functions) (collectively, “Indemnitees”) from and against any and all losses, claims, liabilities, damages, penalties,
suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing)
imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise from: (i) any breach
of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents and (ii) any action instituted against such Indemnitee in any capacity, or any of them or their respective Affiliates, by any
stockholder of the Company who is not an Affiliate of such Indemnitee, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is based upon a breach of such Indemnitee’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Indemnitee may have with any such stockholder or any violations by such Indemnitee
of state or federal securities laws or any conduct by such Indemnitee which results from the gross negligence or willful misconduct of
the Indemnitee as determined by a final, nonappealable decision of a court of competent jurisdiction).

 

Section
4.07 Reservation of Common Stock.

 

(a)
The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Securities in such
amount, as the Required Minimum, as may then be required to fulfill its obligations in full under this Agreement.

 

(b)
If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required Minimum
on such date, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s certificate or articles
of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time,
as soon as possible and in any event not later than the 60th day after such date.

 

Section
4.08 Lock-Up. Each Investor agrees that for the period beginning on the date of the Company’s initial public offering and
ending on the date that is six months thereafter, such Investor shall not offer, pledge, sell, contract to sell, grant, lend, or otherwise
transfer or dispose of, directly or indirectly, its Underlying Securities.

 

Section
4.09 Equal Treatment of Investors. No consideration (including any modification of any Transaction Document) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the
same consideration is also offered to all of the parties to the Transaction Documents. Further, the Company shall not make any payment
of principal or interest on the Notes in amounts which are disproportionate to the respective principal amounts outstanding on the Notes
at any applicable time. For clarification purposes, this provision constitutes a separate right granted to each Investor by the Company
and negotiated separately by each Investor, and is intended for the Company to treat the Investors as a class and shall not in any way
be construed as the Investors acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

 

    	 	 	 

    	 

    

 

ARTICLE
V

MISCELLANEOUS

 

Section
5.01 Termination. This Agreement may be terminated by any Investor, as to such Investor’s obligations hereunder only and
without any effect whatsoever on the obligations between the Company and the other Investors, by written notice to the other parties,
if the Closing has not been consummated on or before the Termination Date; provided, however, that such termination will not affect the
right of any party to sue for any breach by the other party (or parties).

 

Section
5.02 Fees and Expenses. The Company shall reimburse the Lead Investor and each other Investor for any and all expenses incurred
by them in connection with the negotiation, preparation, execution, delivery and performance of the Transaction Documents, including,
without limitation, reasonable attorneys’ and consultants’ fees and expenses, transfer agent fees, fees for stock quotation
services, fees relating to any amendments or modifications of the Transaction Documents or any consents or waivers of provisions in the
Transaction Documents, fees for the preparation of opinions of counsel, escrow fees, and costs of restructuring the transactions contemplated
by the Documents. When possible, the Company must pay these fees directly, including, but not limited to, any and all wire fees, otherwise
the Company must make immediate payment for reimbursement to an Investor for all fees and expenses immediately upon written notice by
an Investor or the submission of an invoice by an Investor. At Closing, the Company’s initial obligation with respect to this transaction
is to reimburse the Lead Investor’s due diligence, legal and other expenses not to exceed $25,000.

 

Section
5.03 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.

 

Section
5.04 Notices. Any notice, request, instruction or other document to be given hereunder by any party to the others shall be in
writing and delivered personally or sent by registered or certified mail, postage prepaid, or by facsimile or email:

 

if
to Investor:

 

To
the address set forth on such Investor’s signature page hereto;

 

if
to the Company:

 

Trio
Petroleum Corp.

4115
Blackhawk Plaza Circle, Suite 100

Danville,
CA 94506

Attention:
Frank Ingriselli, CEO & Director

Email:
ingriselli@gvest.com

 

    	 	 	 

    	 

    

 

with
a copy to:

 

McDermott
Will & Emery LLP

One
Vanderbilt Avenue

New
York, New York 10017-6404

Attention:Robert
H. Cohen

	 	Richard
    Bass

Email:
RCohen@mwe.com

	 	Rbass@mwe.com
    

 

or
to such other persons or addresses as may be designated in writing by the party to receive such notice as provided above. Any such notice
or communication so given or made shall be deemed to have been given or made and to have been received on the day of delivery if delivered,
or on the day of e-mailing or sending by other means of recorded electronic communication, provided that such day in either event is
a Business Day and the communication is so delivered, e-mailed or sent before 5:00 p.m. Eastern on such day. Otherwise, such communication
shall be deemed to have been given and made and to have been received on the next following Business Day.

 

Section
5.05 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented, or amended except in a written
instrument signed, in the case of an amendment, by the Company and the Investors holding at least a majority in principal amount of the
Notes then outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. 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 any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

Section
5.06 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of each Investor (other than by merger). Any 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 that such transfer complies with all applicable federal and State Securities
Laws and that such transferee agrees in writing with the Company to be bound, with respect to the transferred Securities, by the provisions
of the Transaction Documents that apply to the “Investors.”

 

Section
5.07 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

    	 	 	 

    	 

    

 

Section
5.08 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of Wyoming, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the
transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced exclusively in the courts sitting in the City of New York, New York (the
“New York City Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York
City Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York City Courts,
or such New York City Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably
waives, 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 the Transaction Documents or the transactions contemplated hereby. If any party shall commence an action or proceeding
to enforce any provisions of the Transaction Documents, then the prevailing party in such action or proceeding shall be reimbursed by
the other party for its attorney’s fees and other costs and expenses incurred in the investigation, preparation and prosecution
of such action or proceeding.

 

Section
5.09 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities
and issuance of Underlying Securities.

 

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

 

Section
5.11 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

Section
5.12 Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Investor exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Investor may
rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights; provided, however, that in the case of a rescission of a conversion
of a Note, the Investor shall be required to return any shares of Common Stock subject to any such rescinded conversion or exercise notice.

 

    	 	 	 

    	 

    

 

Section
5.13 Replacement of Securities. If any certificate or instrument evidencing any Securities or Underlying Securities is mutilated,
lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof
(in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such
circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Securities or Underlying Securities.

 

Section
5.14 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Investors and the Company will be entitled to seek specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense
that a remedy at law would be adequate.

 

Section
5.15 Payment Set Aside. To the extent that the Company makes a payment or payments to any Investor pursuant to any Transaction
Document or an Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged
by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law
(including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent
of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

Section
5.16 Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document
are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance
or non-performance of the obligations of any other Investor under any Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership,
an association, a joint venture, or any other kind of entity, or create a presumption that the Investors are in any way acting in concert
or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Investor shall be
entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or
out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any
proceeding for such purpose. Each Investor has been represented by its own separate legal counsel in their review and negotiation of
the Transaction Documents. The Company has elected to provide all Investors with the same terms and Transaction Documents for the convenience
of the Company and not because it was required or requested to do so by the Investors.

 

    	 	 	 

    	 

    

 

Section
5.17 Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto. In addition,
each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the
date of this Agreement.

 

Section
5.18 Headings. 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.

 

Section
5.19 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date below.

 

	 	Trio
    Petroleum Corp.
	 	 	 
	 	By:	/s/
    Frank Ingriselli
	 	Name:
    	Frank
    Ingriselli
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	INVESTORS:

                                                                      

                                                                     The
Investors executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or
its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

 

    	 	 	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement Investor Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement dated as of September __, 2022 (the “Agreement”),
with the undersigned, Trio Petroleum Corp., a Delaware corporation (the “Company”), in or substantially in the form
furnished to the undersigned and (ii) purchase the Securities as set forth below, hereby agrees to purchase such Securities from the
Company as of the Closing and further agrees to join the Agreement as a party thereto, with all the rights and privileges appertaining
thereto, and to be bound in all respects by the terms and conditions thereof. The undersigned specifically acknowledges having read the
representations in this Agreement’s section entitled “Representations Warranties of the Investors”, and hereby represents
that the statements contained therein are complete and accurate with respect to the undersigned as an Investor.

 

	PURCHASER
    (if an individual):	 	PURCHASER
    (if an entity):
	 	 	 	 	 
	By	 	 	Primal
    Nutrition, Inc.
	Name:	 	 	
	Date:	 	 	             
	 	 	 	 
	 	 	 	(Legal
    Name of Entity)
	 	 	 	 
	 	 	 	By
    	/s/
    Mark Sisson
	 	 	 	Name:	Mark
    Sisson
	 	 	 	Title:	President
	 	 	 	Date:	09/20/2022
	 	 	 	 	 
	PURCHASER
    (if investing jointly)	 	 	 
	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Date:	 	 	 	 

 
State/Country
                                            of Domicile or Formation:                                                                                                                        

Aggregate
Subscription Amount $ $
150,000                                                                                                                        

SSN/EIN/ITIN:
                                                                                                                                                                         

Address:
                                                                                                                                                                          

 

    	 	 	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement Investor Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement dated as of September __, 2022 (the “Agreement”),
with the undersigned, Trio Petroleum Corp., a Delaware corporation (the “Company”), in or substantially in the form
furnished to the undersigned and (ii) purchase the Securities as set forth below, hereby agrees to purchase such Securities from the
Company as of the Closing and further agrees to join the Agreement as a party thereto, with all the rights and privileges appertaining
thereto, and to be bound in all respects by the terms and conditions thereof. The undersigned specifically acknowledges having read the
representations in this Agreement’s section entitled “Representations Warranties of the Investors”, and hereby represents
that the statements contained therein are complete and accurate with respect to the undersigned as an Investor.

 

	PURCHASER
    (if an individual):	 	PURCHASER
    (if an entity):
	 	 	 	 	 
	By	 	 	GenCap
    Fund I LLC
	Name:	 	 	
	Date:	 	 	             
	 	 	 	 
	 	 	 	(Legal
    Name of Entity)
	 	 	 	 
	 	 	 	By
    	/s/
    Cosmin Panait
	 	 	 	Name:	Cosmin
    Panait
	 	 	 	Title:	Managing
    Member
	 	 	 	Date:	9/20/2022
	 	 	 	 	 
	PURCHASER
    (if investing jointly)	 	 	 
	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Date:	 	 	 	 

 
State/Country
                                            of Domicile or Formation:                                                                                                                        

Aggregate
Subscription Amount $ $
150,000                                                                                                                        

SSN/EIN/ITIN:
                                                                                                                                                                         

Address:
                                                                                                                                                                          

 

    	 	 	 

    	 

    

 

Annex
A

 

Securities
Purchase Agreement Investor Counterpart Signature Page

 

The
undersigned, desiring to: (i) enter into this Securities Purchase Agreement dated as of September __, 2022 (the “Agreement”),
with the undersigned, Trio Petroleum Corp., a Delaware corporation (the “Company”), in or substantially in the form
furnished to the undersigned and (ii) purchase the Securities as set forth below, hereby agrees to purchase such Securities from the
Company as of the Closing and further agrees to join the Agreement as a party thereto, with all the rights and privileges appertaining
thereto, and to be bound in all respects by the terms and conditions thereof. The undersigned specifically acknowledges having read the
representations in this Agreement’s section entitled “Representations Warranties of the Investors”, and hereby represents
that the statements contained therein are complete and accurate with respect to the undersigned as an Investor.

 

	PURCHASER
    (if an individual):	 	PURCHASER
    (if an entity):
	 	 	 	 	 
	By	 	 	Cavalry
    Investment Fund LP
	Name:	 	 	
	Date:	 	 	             
	 	 	 	 
	 	 	 	(Legal
    Name of Entity)
	 	 	 	 
	 	 	 	By
    	/s/
    Thomas Walsh
	 	 	 	Name:	Thomas
    Walsh
	 	 	 	Title:	Manager
	 	 	 	Date:	09/20/2022
	 	 	 	 	 
	PURCHASER
    (if investing jointly)	 	 	 
	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Date:	 	 	 	 

 
State/Country
                                            of Domicile or Formation:                                                                                                                         

Aggregate
Subscription Amount $ 100,000                                                                                                                        

SSN/EIN/ITIN:
                                                                                                                                                                         

Address:
                                                                                                                                                                          

 

    	 	 	 

    	 

    

 

APPENDIX
A

 

[CONFIDENTIAL
INVESTOR QUESTIONNAIRE]

 

    	A-1

    	 

    

 

APPENDIX
B

 

[FORM
OF 10% ORIGINAL ISSUE DISCOUNT SENIOR NOTE]

 

    	B-1

    	 

    

 

APPENDIX
B

 

FORM
OF 10% ORIGINAL ISSUE DISCOUNT SENIOR NOTE

 

THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

	Original
    Issue Date: September ____, 2022	Subscription
    Amount:	 
	Latest
    Maturity Date: March ____, 2023	Original
    Issue Discount:	 
	Original
    Interest Discount: 10%	Original
    Principal Amount:	1

 

 

TRIO
PETROLEUM CORP.

10%
ORIGINAL ISSUE DISCOUNT SENIOR NOTE

 

THIS
10% ORIGINAL ISSUE DISCOUNT SENIOR NOTE is one of a series of duly authorized and validly issued Notes of Trio Petroleum Corp., a Delaware
corporation (the “Company”), designated as its 10% Original Issue Discount Senior Notes (this note, the “Note”
and, collectively with the other notes of such series, the “Notes”).

 

FOR
VALUE RECEIVED, the Company promises to pay to _____________________, or its registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the principal sum of $ ________________on the earlier of March _____, 2023 and the
occurrence of the Liquidity Event (as the case may be, the “Maturity Date”) or such earlier date as this Note is required
or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate outstanding principal amount of this
Note in accordance with the provisions hereof. This Note is subject to the following additional provisions:

 

Section
1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note: (a) capitalized terms not otherwise
defined herein shall have the meanings set forth in the Purchase Agreement, and (b) the following terms shall have the following meanings:

 

 

1
Investor’s “Subscription Amount” times 110%

 

    	B-2

    	 

    

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant
Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding that
is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or
bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Significant Subsidiary
thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or
stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general assignment
for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging
a composition, adjustment or restructuring of its debts, (g) the Company or any Significant Subsidiary thereof admits in writing that
it is generally unable to pay its debts as they become due, (h) the Company or any Significant Subsidiary thereof, by any act or failure
to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action
for the purpose of effecting any of the foregoing.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally
are open for use by customers on such day.

 

“Event
of Default” shall have the meaning set forth in Section 5(a).

 

“Indebtedness”
means any liabilities of the Company for borrowed money or amounts owed and all guaranties made by the Company of borrowed money or amounts
owed by others.

 

“Interest
Rate” 8% per annum; provided that if (x) the Liquidity Event shall occur on or prior to the 90th day following
the Original Issue Date and (y) the Company shall have paid the Payment Amount to the Holder on such Maturity Date, then such interest
shall be waived (i.e., shall be 0%) retroactive to the Original Issue Date.

 

“Interest
Payment Date” shall have the meaning set forth in Section 2(a).

 

“Liquidity
Event” means a public offering of Common Stock (or units consisting of Common Stock and warrants to purchase Common Stock),
resulting in the listing for trading of the Common Stock on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

 

    	B-3

    	 

    

 

“Liquidity
Event Price” shall mean the price per share (or unit, if units are offered in the Liquidity Event) at which the Liquidity Event
is consummated. For the avoidance of doubt, if a unit includes more than one share of Common Stock, “Liquidity Event Price”
shall mean the unit price divided by the number of shares of Common Stock contained in a unit.

 

“New
York City Courts” shall have the meaning set forth in Section 6(d).

 

“Note
Register” shall have the meaning set forth in Section 2(a).

 

“Original
Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless of the
number of instruments which may be issued to evidence such Notes.

 

“Permitted
Indebtedness” means: (a) the Indebtedness evidenced by the Notes, (b) the Indebtedness evidenced by the Existing Convertible
Instruments, and (c) Indebtedness of up to an aggregate of $100,000, inclusive of any interest, fees, penalties or other amounts due
or payable thereunder.

 

“Payment
Amount” means the product of: (a) the sum of (i) the outstanding principal amount of this Note, plus (ii) accrued and unpaid
interest hereon, if any, plus (iii) all other amounts, costs, expenses and liquidated damages due in respect of this Note if the Company
prepays this Note prior to the Maturity Date.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of September ___ 2022 by and among the Company and the original
Holders, as amended, modified, or supplemented from time to time in accordance with its terms.

 

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

 

Section
2. Interest; Prepayment.

 

(a)
Interest Calculations. Interest at the Interest Rate shall be payable on the Maturity Date (the “Interest Payment Date”).
Such interest shall accrue and be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall
accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued and
unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest hereunder will be paid
to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note (the
“Note Register”).

 

(b)
Prepayment. The Company shall have the option to prepay this Note at any time after the Original Issue Date prior to the Maturity
Date at an amount equal to the Payment Amount.

 

    	B-4

    	 

    

 

Section
3. Registration of Transfers and Exchanges.

 

(a)
Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

(b)
Investment Representations. This Note has been issued subject to certain investment representations of the original Holder set
forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal
and state securities laws and regulations.

 

(c)
Reliance on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the
Company may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent
shall be affected by notice to the contrary.

 

Section
4. Negative Covenants.

 

As
long as any portion of this Note remains outstanding, unless the holders of at least 50.1% in principal amount of the then outstanding
Notes shall have otherwise given prior written consent, the Company shall not, directly or indirectly:

 

(a)
other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any Indebtedness that is senior to
or pari passu with the Notes;

 

(b)
amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
and adversely affects any rights of the Holder unless consented to by the Holder;

 

(c)
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock or Common
Stock Equivalents other than as to (i) the Underlying Securities as permitted or required under the Transaction Documents, (ii) repurchases
of Common Stock or Common Stock Equivalents of departing officers and directors of the Company, provided that such repurchases shall
not exceed an aggregate of $25,000 for all officers and directors during the term of this Note, or (iii) shares of Common Stock and Common
Stock Equivalents which do not vest or are otherwise forfeited, provided (in case of forfeiture) that such Common Stock and Common Stock
Equivalents are not acquired for cash;

 

(d)
repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Notes if on a pro-rata basis, other
than regularly scheduled principal and interest payments as such terms are in effect as of the Original Issue Date, provided that such
payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist or occur;

 

(e)
pay cash dividends or distributions on any equity securities of the Company;

 

    	B-5

    	 

    

 

(f)
enter into any material transaction with any Affiliate of the Company, unless such transaction is made on an arm’s-length basis
and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for
board approval); or

 

(g)
enter into any agreement with respect to any of the foregoing.

 

Section
5. Events of Default.

 

(a)
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and
whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of
any court, or any order, rule or regulation of any administrative or governmental body):

 

i.
the Liquidity Event has not occurred by Maturity Date;

 

ii.
any default in the payment of: (A) the principal amount of any Note, or (B) interest, liquidated damages and other amounts owing to a
Holder on any Note, as and when the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise)
which default, solely in the case of an interest payment or other default under clause (B) above, is not cured within 5 Trading Days;

 

iii.
the Company shall fail to observe or perform any other covenant or agreement contained in the Notes or in any Transaction Document, which
failure is not cured, if possible to cure, within the earlier to occur of (A) five (5) Trading Days after notice of such failure sent
by the Holder or by any other Holder to the Company and (B) seven (7) Trading Days after the Company has become or should have become
aware of such failure;

 

iv.
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall
occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which the Company
is obligated (and not covered by clause (vi) below);

 

v.
any material representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or
thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or
incorrect in any material respect as of the date when made;

 

vi.
the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

vii.
the Company shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, factoring
agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed
money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater than $200,000, whether
such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being declared due and payable
prior to the date on which it would otherwise become due and payable;

 

    	B-6

    	 

    

 

viii.
the Company shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree to sell or dispose of all
or in excess of 33% of its assets in one transaction or a series of related transactions (whether or not such sale would constitute a
Change of Control Transaction);

 

ix.
a final non-appealable judgment by any competent court in the United States for the payment of money in an amount of at least $250,000
is rendered against the Company, and the same remains undischarged and unpaid for a period of 60 days during which execution of such
judgment is not effectively stayed.

 

(b)
Default Interest. If any Event of Default occurs the interest rate on this Note shall immediately and automatically be increased
to 15% per annum until the Event of Default shall have been cured.

 

Section
6. Miscellaneous.

 

(a)
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing
and delivered personally, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company,
at the address set forth on in the Purchase Agreement, or such other, email address, or address as the Company may specify for such purposes
by notice to the Holder delivered in accordance with this Section 6(a). Any and all notices or other communications or deliveries to
be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally
recognized overnight courier service addressed to each Holder at the facsimile number, email address or address of the Holder appearing
on the books of the Company, or if no such facsimile number or email attachment or address appears on the books of the Company, at the
principal place of business of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder
shall be deemed given and effective on the earliest of: (i) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto prior to
5:30 p.m. (Pacific time) on any date, (ii) the next Business Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto on a
day that is not a Business Day or later than 5:30 p.m. (Pacific time) on any Business Day, (iii) the second Business Day following the
date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such
notice is required to be given.

 

    	B-7

    	 

    

 

(b)
Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this
Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.
This Note ranks pari-passu with all other Notes now or hereafter issued under the terms set forth herein.

 

(c)
Lost or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in
exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of
such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

(d)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed
by and construed and enforced in accordance with the internal laws of the State of Wyoming, without regard to the principles of conflict
of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers,
shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, New
York (the “New York City Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the
New York City Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York
City Courts, or such New York City Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to
it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto
hereby irrevocably waives, 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 Note or the transactions contemplated hereby. If any party shall commence an action or proceeding
to enforce any provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party
for its attorney’s fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action
or proceeding.

 

(e)
Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion.
Any waiver by the Company or the Holder must be in writing.

 

    	B-8

    	 

    

 

(f)
Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect,
and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing
usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit
or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution
of every such as though no such law has been enacted.

 

(g)
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including
a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual
and consequential damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder that
there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided
for herein with respect to payments and the like (and the computation thereof) shall be the amounts to be received by the Holder and
shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company
acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for
any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder
shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach,
without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information
and documentation to the Holder that is reasonably requested by the Holder to enable the Holder to confirm the Company’s compliance
with the terms and conditions of this Note.

 

(h)
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

(i)
Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed
to limit or affect any of the provisions hereof.

 

    	B-9

    	 

    

 

Section
7. Amendments; Waivers.

 

Any
modifications, amendments or waivers of the provisions hereof shall be subject to Section 5.05 of the Purchase Agreement.

 

Section
8. Equal Treatment of Holder.

 

No
consideration (including any modification of this Note) shall be offered or paid to any Person (as such term is defined in the Purchase
Agreement) to amend or consent to a waiver or modification of any provision hereof unless the same consideration is also offered to all
of the parties to the Purchase Agreement. Further, the Company shall not make any payment of principal or interest on the Notes in amounts
which are disproportionate to the respective principal amounts outstanding on the Notes at any applicable time. For clarification purposes,
this provision constitutes a separate right granted to each Holder by the Company and negotiated separately by each Holder and is intended
for the Company to treat the Holders as a class and shall not in any way be construed as the Holders acting in concert or as a group
with respect to the purchase or disposition of the Notes or otherwise.

 

Section
9. Usury.

 

To
the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim and will resist
any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in
force, in connection with any Action or Proceeding that may be brought by any Holder in order to enforce any right or remedy under any
Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and
provided that the total liability of the Company under the Transaction Documents for payments in the nature of interest shall not exceed
the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing,
in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest
that the Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract
rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental
action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to
the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable law. If under any
circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to any Holder with respect to indebtedness evidenced
by the Transaction Documents, such excess shall be applied by such Holder to the unpaid principal amount of any such indebtedness or
be refunded to the Company, the manner of handling such excess to be at such Holder’s election.

 

(Signature
Page Follows)

 

    	B-10

    	 

    

 

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

 

	 	TRIO
    PETROLEUM CORP.
	 	 	 
	 	By:	/s/
    Frank Ingriselli
	 	Name:
    	Frank
    Ingriselli
	 	Title:
    	Chief
    Executive Officer

 

    	B-11

    	 

    

 

APPENDIX
C

 

[FORM
OF WARRANT]

 

    	C-1

    	 

    

 

APPENDIX
C

 

Section
1. FORM OF WARRANT

 

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

 

Section
2. COMMON STOCK PURCHASE WARRANT

 

Section
3. TRIO PETROLEUM CORP.

 

Initial
Exercise Date: September __, 2022

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, _______________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New
York City time) on the date that is five years from the date of the Liquidity Event (the “Termination Date”) but not
thereafter, to subscribe for and purchase from Trio Petroleum Corp., a Delaware corporation (the “Company”), up to
_______________ shares of Common Stock (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price
of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated as of September __, 2022, by and among the Company and the purchasers signatory
thereto.

 

    	C-2

    	 

    

 

Exercise.

 

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

 

Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be equal to $0.01, subject to adjustment hereunder (the
“Exercise Price”).

 

Cashless
Exercise. If, at any after the occurrence of the Liquidity Event, a Registration Event (as defined below) occurs and is continuing,
then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)=	the highest daily VWAP of
  the Common Stock for the 10 Trading Days immediately preceding the date of the applicable Notice of Exercise;
	 	 	 
	 	(B)=	the Exercise Price of this
  Warrant, as adjusted hereunder; and
	 	 	 
	 	(X)=	the number of Warrant Shares
  that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of
  a cash exercise rather than a cashless exercise.

 

If
Warrant Shares s are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of
the Securities Act, the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The
Company agrees not to take any position contrary to this Section 2(c).

 

    	C-3

    	 

    

 

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

 

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

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

    	C-4

    	 

    

 

Mechanics
of Exercise.

 

Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if, following the consummation of a Liquidity
Event, the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number
of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise
by the date that is the earliest of (i) two (2) Business Days after the delivery to the Company of the Notice of Exercise, (ii) one (1)
Business Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate (but not Rule 144) purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of
the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within the earlier of (i) two (2) Business Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice
of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Warrant Shares subject to such exercise (based on the volume weighted average price of the Common Stock on the date
of the applicable Notice of Exercise), $10 per Business Day (increasing to $20 per Trading Day on the fifth (5th) Business
Day after such liquidated damages begin to accrue) for each Business Day after such Warrant Share Delivery Date until such Warrant Shares
are delivered or Holder rescinds such exercise. Following consummation of a Liquidity Event the Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

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

 

    	C-5

    	 

    

 

Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if,
following a Liquidity Event, the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock
so purchased exceeds (y) the product of (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy- In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.

 

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

 

    	C-6

    	 

    

 

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

 

Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of
a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of
this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

    	C-7

    	 

    

 

Certain
Adjustments.

 

Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of
Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares (a “Reverse Split”) or (iv) issues
by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any)
outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged; provided, however, that no such adjustment of the Exercise Price, Warrant Shares
or number of shares issuable upon exercise of this Warrant shall be made in respect of any Reverse Split with a record or effective date
that is on or before the date of the Liquidity Event. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

Subsequent
Equity Sales. If and whenever, at any time while this Warrant is outstanding, the Company issues or sells, announces any offer, sale,
or other disposition of, or in accordance with this Section 3 is deemed to have issued, sold or granted (or makes an announcement regarding
the same), any shares of Common Stock and/or Common Stock Equivalents (including the issuance or sale of shares of Common Stock owned
or held by or for the account of the Company, but excluding any securities issued or sold or deemed to have been issued or sold solely
in connection with an Exempt Issuance) for a consideration per share (the “New Issuance Price”) less than a price
equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then
in effect is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive Issuance”),
then immediately after such Dilutive Issuance, (1) the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance
Price and (2) the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder,
after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment
(subject to adjustment as provided herein). For all purposes of the foregoing (including, without limitation, determining the adjusted
Exercise Price and the New Issuance Price under this Section 3(b)), the following shall be applicable:

 

    	C-8

    	 

    

 

Issuance
of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any Options
(as defined below) and the lowest price per share for which one Common Stock is at any time issuable upon the exercise of any such Option
(as defined below) or upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option
(as defined below) or otherwise pursuant to the terms thereof is less than the Applicable Price, then such Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option (as defined below)
for such price per share. For purposes of this Section 3(b)(i), the “lowest price per share for which one Common Stock is at any
time issuable upon the exercise of any such Options (as defined below) or upon conversion, exercise or exchange of any Common Stock Equivalents
issuable upon exercise of any such Option (as defined below) or otherwise pursuant to the terms thereof” shall be equal to (1)
the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one
share of Common Stock upon the granting, issuance or sale of such Option (as defined below), upon exercise of such Option (as defined
below) and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of such Option (as defined below)
or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option (as defined below) for which one
Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options (as defined
below) or upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option (as defined
below) or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any
other Person) upon the granting, issuance or sale of such Option (as defined below), upon exercise of such Option (as defined below)
and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of such Option (as defined below) or
otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on,
the holder of such Option (as defined below) (or any other Person). Except as contemplated below, no further adjustment of the Exercise
Price shall be made upon the actual issuance of such shares of Common Stock or of such Common Stock Equivalents upon the exercise of
such Options (as defined below) or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon
conversion, exercise or exchange of such Common Stock Equivalents. “Option” means any rights, warrants or options
to subscribe for or purchase shares of Common Stock or Convertible Securities, other than option issued in an Exempt Issuance. “Convertible
Securities” means any shares or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares
of Common Stock.

 

Issuance
of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any Common
Stock Equivalents and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise
or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such shares of Common Stock shall
be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Common Stock
Equivalents for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one Common
Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall
be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect
to one Common Stock upon the issuance or sale of the Common Stock Equivalents and upon conversion, exercise or exchange of such Common
Stock Equivalents or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Common Stock Equivalents
for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise
or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such
Common Stock Equivalents (or any other Person) upon the issuance or sale of such Common Stock Equivalents plus the value of any other
consideration received or receivable by, or benefit conferred on, the holder of such Common Stock Equivalents (or any other Person).
Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Common Stock Equivalents or otherwise pursuant to the terms thereof, and if any such
issuance or sale of such Common Stock Equivalents is made upon exercise of any Options for which adjustment of this Warrant has been
or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment of the Exercise
Price shall be made by reason of such issuance or sale.

 

Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at which any Common Stock
Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (other
than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)),
the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in
effect at such time had such Options or Common Stock Equivalents provided for such increased or decreased purchase price, additional
consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes
of this Section 3(b)(iii), if the terms of any Option or Common Stock Equivalents that was outstanding as of the date this Warrant was
issued are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Common Stock Equivalents
and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of
the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an
increase of the Exercise Price then in effect.

 

    	C-9

    	 

    

 

Change
in Option Price or Rate of Conversion. If any Option and/or Common Stock Equivalents and/or Adjustment Right (as defined below) is
issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the
Holder, the “Primary Security”, and such Option and/or Common Stock Equivalents and/or Adjustment Right (as defined below),
the “Secondary Securities”), together comprising one integrated transaction, (or one or more transactions if such issuances
or sales or deemed issuances or sales of securities of the Company either (A) have at least one investor or purchaser in common, (B)
are consummated in reasonable proximity to each other and/or (C) are consummated under the same plan of financing) the aggregate consideration
per share of Common Stock with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price
per share for which one Common Stock was issued (or was deemed to be issued pursuant to Section 3(b)(i) or 3(b)(ii) above, as applicable)
in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such Secondary Securities, the
sum of (I) the Black Scholes Consideration Value (as defined below) of each such Option, if any, (II) the fair market value (as determined
by the Holder in good faith) or the Black Scholes Consideration Value (as defined below), as applicable, of such Adjustment Right (as
defined below), if any, and (III) the fair market value (as determined by the Holder) of such Common Stock Equivalents, if any, in each
case, as determined on a per share basis in accordance with this Section 3(b)(iv). If any shares of Common Stock, Options or Common Stock
Equivalents are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor (for the purpose of
determining the consideration paid for such Common Stock, Option or Common Stock Equivalents, but not for the purpose of the calculation
of the Black Scholes Consideration Value (as defined below)) will be deemed to be the net amount of consideration received by the Company
therefor. If any shares of Common Stock, Options or Common Stock Equivalents are issued or sold for a consideration other than cash,
the amount of such consideration received by the Company (for the purpose of determining the consideration paid for such Common Stock,
Option or Common Stock Equivalents, but not for the purpose of the calculation of the Black Scholes Consideration Value (as defined below))
will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the
amount of consideration received by the Company for such securities will be the arithmetic average of the volume weighted average prices
of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options
or Common Stock Equivalents are issued to the owners of the non-surviving entity in connection with any merger in which the Company is
the surviving entity, the amount of consideration therefor (for the purpose of determining the consideration paid for such shares of
Common Stock, Option or Common Stock Equivalents, but not for the purpose of the calculation of the Black Scholes Consideration Value
(as defined below)) will be deemed to be the fair value of such portion of the net assets and business of the non- surviving entity as
is attributable to such shares of Common Stock, Options or Common Stock Equivalents (as the case may be). The fair value of any consideration
other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such pretties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair
value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event
by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final
and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company. “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale
(or deemed issuance or sale hereunder) of Common Stock (other than rights of the type described in Sections 3(c) and 3(d) hereof) that
could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including,
without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

    	C-10

    	 

    

 

Change
in Option Price or Rate of Conversion. If the Company takes a record of the holders of shares of Common Stock for the purpose of
entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Common Stock Equivalents
or (B) to subscribe for or purchase shares of Common Stock, Options or Common Stock Equivalents, then such record date will be deemed
to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case
may be).

 

Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of
Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for
the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent
(or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such
Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result
in the Holder exceeding the Beneficial Ownership Limitation).

 

    	C-11

    	 

    

 

Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or
a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for
other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common
Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spinoff, merger or scheme
of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor
Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the
consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction),
purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of
the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes
Value” means the value this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non- cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last volume weighted average price immediately
prior to the public announcement of such Fundamental Transaction and (y) the last volume weighted average price immediately prior to
the consummation of such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer
of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental
Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
“Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction
Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock
of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares
of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital
stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any
such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	C-12

    	 

    

 

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

 

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

 

Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date herein after specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	C-13

    	 

    

 

Registration
Rights. In the event that all shares issuable upon exercise of this Warrant are not registered under the Securities Act under and
in accordance with the terms of that certain Registration Rights Agreement, dated as of September __, 2022 (the “Registration
Rights Agreement”), between the Company and the Holders (and whether or not such failure to so register such shares is by operation
of Section 2(c) thereof, or otherwise) (each, a “Registration Event”) then, after written notice by the Lead Investor,
the number of Warrant Shares issuable pursuant to this warrant will be automatically increased by twenty-five percent (25%).

 

Transfer
of Warrant.

 

Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of
Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent
or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full,
in which case, the Holder shall surrender this Warrant to the Company within three (3) Business Days of the date on which the Holder
delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

    	C-14

    	 

    

 

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

 

Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this
Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable
state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of
this Warrant, as the case may be, comply with the provisions of Section 4.01 of the Purchase Agreement.

 

Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act.

 

Miscellaneous.

 

No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i) (or pursuant to a “cashless exercise”
pursuant to Section 2(c)) or except as expressly set forth in Section 3.

 

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

 

    	C-15

    	 

    

 

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

 

Authorized
Shares.

 

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

 

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

 

    	C-16

    	 

    

 

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

 

Governing
Law; Jurisdiction; WAIVER OF JURY TRIAL. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State Wyoming, without regard to
the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and
defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced exclusively in the courts sitting in the City of New York, New York (the
“New York City Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York
City Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York City Courts,
or such New York City Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably
waives, 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 transactions contemplated hereby. If any party shall commence an action or proceeding to enforce
any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its
attorney’s fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

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

 

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

 

    	C-17

    	 

    

 

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

 

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

 

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

 

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

 

Amendment;
Waivers. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the
Holder. Further, any modifications, amendments or waivers of the provisions hereof shall be subject to Section 5.05 of the Purchase Agreement.

 

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

 

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

 

Equal
Treatment of Holders. No consideration (including any modification of this Warrant) shall be offered or paid to any Person (as such
term is defined in the Purchase Agreement) to amend or consent to a waiver or modification of any provision hereof unless the same consideration
is also offered to all of the Holders. For clarification purposes, this provision constitutes a separate right granted to each Holder
by the Company and negotiated separately by each Holder, and is intended for the Company to treat the Holders as a class and shall not
in any way be construed as the Holders acting in concert or as a group with respect to the Warrants or the shares of Common Stock issuable
upon exercise of the Warrants.

 

Entire
Agreement. This Agreement, the Purchase Agreement and the other 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.

 

Section
4. ********************

 

Section
5. (Signature Page Follows)

 

    	C-18

    	 

    

 

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

 

 

	 	TRIO
    PETROLEUM CORP., INC.
	 	 	 
	 	By:	/s/
    Frank Ingriselli
	 	Name:
    	Frank
    Ingriselli
	 	Title:
    	Chief
    Executive Officer

 

    	C-19

    	 

    

 

Section
6. NOTICE OF EXERCISE

 

	TO:	__________________	 

 

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

 

[  ]
lawful money of the United States; or

 

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

 

	 	(3)	Please
    issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
	 	 	 
	 	(4)	The
    Warrant Shares shall be delivered to the following DWAC Account Number:
	 	 	 
	 	(5)	Accredited
    Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
    Act of 1933, as amended.

 

SIGNATURE
OF HOLDER

 

Name
of Investing Entity:____________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity:______________________________________________________

Name
of Authorized Signatory:________________________________________________________________________

Title
of Authorized Signatory:_________________________________________________________________________

Date:____________________________________________________________________________________________

 

    	C-20

    	 

    

 

Section
7. ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)

 

	Phone
    Number:	 
	 	 
	Email
    Address:	 
	 	 
	Dated:__________________,
    _______	 
	 	 
	Holder’s
    Signature:________________	 
	 	 
	Holder’s
    Address:_________________	 

 

    	C-21

    	 

    

 

APPENDIX
D

 

[FORM
OF REGISTRATION RIGHTS AGREEMENT]

 

    	D-1

    	 

    

 

APPENDIX
D

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of September __, 2022, between Trio Petroleum
Corp, a Delaware corporation (the “Company”), and each of the several purchasers signatory hereto (each such purchaser,
a “Holder” and, collectively, the “Holders”).

 

This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of September __, 2022 between the Company and each Holder (the
“Purchase Agreement”).

 

In
consideration of the premises, the mutual provisions of this Agreement, and other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, Company and the Holders agree as follows:

 

Section
10. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the
meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 4(d).

 

“Business
Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York of are authorized or required by law or other governmental action to close. If the last
or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day,
then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

“Commission”
means the Securities and Exchange Commission.

 

“Effectiveness
Deadline” means, with respect to the Initial Registration Statement required to be filed hereunder, the 60th calendar
day following the Filing Deadline and with respect to any additional Registration Statements which may be required pursuant to Section
2(c), the 60th calendar day following the date on which an additional Registration Statement is required to be filed hereunder;
provided, however, that in the event the Company is notified by the Commission that one or more of the above Registration
Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration
Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise
required above, provided, further, if such Effectiveness Deadline falls on a day that is not a Trading Day, then the Effectiveness Deadline
shall be the next succeeding Trading Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

    	D-2

    	 

    

 

“Excluded
Registration” means any registration of equity securities of the Company solely for a Company sponsored employee benefit plan.

 

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

 

“Filing
Deadline” means: (i) with respect to the Initial Registration Statement, the 90th calendar day following the date the Liquidity
Event, and (ii) with respect to any additional Registration Statements which may be required pursuant to Section 2(c), the earliest practical
date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section (c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 6(c).

 

“Initial
Registration Statement” shall have the meaning set forth in Section 2(a).

 

“Liquidity
Event” means a public offering of Common Stock (or units consisting of Common Stock and warrants to purchase Common Stock),
resulting in the listing for trading of the Common Stock on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Losses”
shall have the meaning set forth in Section 6(a).

 

“Note”
shall have the same meaning set forth in the Purchase Agreement

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the
Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to
the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

    	D-3

    	 

    

 

“Registrable
Securities” means, as of any date of determination: (a) all of the Underlying Securities then issued and issuable upon exercise
in full of the Warrants; and (b) any securities issued or then issuable upon any antidilution provisions, stock split, dividend or other
distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such securities shall
cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration
Statement hereunder with respect thereto) for so long as: (i) a Registration Statement with respect to the sale of such Registrable Securities
is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder
in accordance with such effective Registration Statement, (ii) such Registrable Securities have been sold in accordance with Rule 144
and the Company has delivered certificates representing such securities that no longer bear a legend and/or for which the Transfer Agent
has not instituted a stop order restricting further transfer, or (iii) such securities become eligible for resale without volume or manner-of-sale
restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed,
delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any securities issuable upon
exercise or conversion of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any
Affiliate of the Company, as reasonably determined by the Company, upon the advice of counsel to the Company).

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration
statements contemplated by Section 2(c), including (in each case) the Prospectus, amendments and supplements to any such registration
statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in any such registration statement.

 

“Rule
144” means Rule 144 promulgated by the Commission under the 1933 Act, as such rule may be amended from time to time, or any
other similar or successor rule or regulation of the Commission that may at any time permit the Holders to sell securities of the Company
to the public without registration.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission providing for offering securities on a continuous
or delayed basis.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 4(a).

 

“SEC
Guidance” means: (i) any publicly available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff; and (ii) the Securities Act.

 

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

 

“Trading
Day” means a day on which the principal national securities exchanges on which the Registrable Securities is listed or admitted
to trading, are open for the transaction of business or, if the Registrable Securities are not listed or admitted to trading on any national
securities exchange, a Business Day.

 

“Underlying
Securities” means the shares of Common Stock or other securities issuable upon exercise of the Warrant.

 

    	D-4

    	 

    

 

“Warrant”
shall have the same meaning set forth in the Purchase Agreement

 

Section
11. Required Registration.

 

(a)
The Company shall prepare and no later than the Filing Deadline, file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities (the “Initial Registration Statement”); provided that the Initial Registration
Statement shall register for resale at least the number of shares of Common Stock equal to 125% of the sum of the maximum number of shares
of Common Stock issuable upon exercise of the Warrant (the “Initial Required Registration Amount”). The Registration
Statement filed hereunder shall be on Form S-1. Subject to the terms of this Agreement, the Company shall cause each Registration Statement
required to be filed under this Agreement to be declared effective under the Securities Act as promptly as possible after the filing
thereof, but in any event no later than the applicable Effectiveness Deadline, and shall keep such Registration Statements continuously
effective under the Securities Act until the earlier of: (i) the date that all Registrable Securities covered by such Registration Statement
no longer constitute Registrable Securities, or (ii) the two year anniversary of the date of this Agreement (the “Effectiveness
Period”). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on
a Trading Day. The Company shall promptly notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement
on the same Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested
for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective
date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424. Failure to so notify the Holders
within one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an
Event under Section 2(d).

 

(b)
Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly notify via facsimile or by e-mail each of the Holders thereof and use its reasonable best efforts
to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities
permitted to be registered by the Commission, on such form available to register for resale the Registrable Securities as a secondary
offering, subject to the provisions of Section 2(e), with respect to filing on such appropriate form; provided, however,
that prior to filing such amendment, the Company shall be obligated to use commercially reasonable efforts to advocate with the Commission
for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance
and Disclosure Interpretation 612.09 of the Commission. Notwithstanding the obligations of the Company under this Section 2(b), the provisions
of Section 2(d) shall apply with respect to the payment of the Liquidated Damages.

 

    	D-5

    	 

    

 

(c)
Notwithstanding any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the number of
Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding
that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable
Securities), unless otherwise: (i) directed in writing by a Holder as to its Registrable Securities, or (ii) directed by the Commission
as to the limitations or restrictions that it would require, the number of Registrable Securities to be registered on such Registration
Statement will be reduced as follows:

 

i.
First, the Company shall reduce or eliminate any securities to be included by any Person other than a Holder;

 

ii.
Second, the Company shall reduce or eliminate Registrable Securities contemplated by clause (a) of the definition of Registrable Securities
(applied, in the case that only some such Registrable Securities may be registered, to the Holders on a pro rata basis based on the total
number of such unregistered Registrable Securities held by such Holders); and

 

iii.
Third, the Company shall reduce Registrable Securities represented by Underlying Securities (applied, in the case that some Underlying
Securities may be registered, to the Holders on a pro-rata basis based on the total number of unregistered Underlying Securities held
by such Holders).

 

In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the
calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance with
the foregoing, or determines to file an additional Registration Statement, the Company will use its reasonable best efforts to file with
the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general,
one or more Registration Statements on such other form available to register for resale those Registrable Securities that were not registered
for resale on the Initial Registration Statement, as amended, as a result of any cutback of Registrable Securities of the Holders or
any Registrable Securities not included in the Initial Registration Statement. In any additional Registration Statement filed because
of a cutback in the number of Registrable Securities included in the Initial Registration Statement, all holders of shares of Common
Stock included in such additional Registration Statement shall be subject to any additional cutbacks that may be required by the Commission
on a pro rata basis.

 

    	D-6

    	 

    

 

(d)
If: (i) the Initial Registration Statement is not filed on or prior to its Filing Deadline, or (ii) the Company fails to file with the
Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant
to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier)
by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii)
a Registration Statement registering for resale all of the Initial Required Registration Amount is not declared effective by the Commission
by the Effectiveness Deadline of the Initial Registration Statement, or (iv) after the effective date of a Registration Statement, such
Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Registration
Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more
than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar
days) during any 12-month period (any such failure or breach being referred to as an “Event”, and for purposes of
clauses (i) and (iii), the date on which such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day
period is exceeded, and for purpose of clause (iv) the date on which such ten (10) or fifteen (15) calendar day period, as applicable,
is exceeded being referred to as “Event Date”), then, in addition to any other rights the Holders may have hereunder
or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date until the applicable Event is
cured, the Company shall pay to Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of:
(1) 2.00% multiplied by (2) the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for all Registrable Securities
that are then not covered by a Registration Statement that is then effective and available for use by such Holder (the “Liquidated
Damages”). The parties agree that notwithstanding anything to the contrary herein or in the Purchase Agreement, no liquidated
damages shall be payable due to any Holder’s actions that delay or prevent the Company from performing its obligations under this
Agreement.

 

The
Liquidated Damages shall accrue pursuant to the terms hereof on a daily pro rata basis for any portion of a month prior to the cure of
an Event. Further, amounts payable as Liquidated Damages to each Holder hereunder with respect to each share of Registrable Securities
shall cease when the Holder no longer holds such shares of Registrable Securities. No Event shall be deemed to occur or continue if such
Event is caused by delays which are solely attributable to (i) the failure of a Holder to timely advise the Company of any information
regarding such Holder for inclusion in the Registration Statement, but any such failure shall apply only to that particular Holder, or
(ii) the resolution of comments from the Commission pertaining to the Holders.

 

For
the purposes of clarity, it is hereby agreed that Liquidated Damages shall not accrue during, and none shall be due as a result of, any
period not to exceed (i) five (5) consecutive days or (ii) ten (10) days in total during any twelve-month period (such periods, an “Allowed
Delay”) during which the Prospectus included in any Registration Statement contemplated by this Registration Rights Agreement
is suspended or otherwise unavailable.

 

Section
12. Company Obligations. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)
Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than two (2) Trading Days prior to
the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed
to be incorporated therein by reference), the Company shall: (i) furnish to each Holder copies of all such documents proposed to be filed,
which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders,
and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning
of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders advance copies of any universal
shelf registration statement registering securities in addition to those required hereunder, or any Prospectus prepared thereto.

 

    	D-7

    	 

    

 

(b)
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to
register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant
to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration
Statement or any amendment thereto, and (iv) comply in all material respects with the applicable provisions of the Securities Act and
the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during the applicable
period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth
in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)
If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock
then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case, prior to
the applicable Filing Deadline, an additional Registration Statement covering the resale by the Holders of not less than the number of
such Registrable Securities.

 

(d)
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied
by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible:
(i) (A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement has been filed; (B) when
the Commission notifies the Company whether there will be a “review” of such Registration Statement; and (C) with respect
to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission
or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information, in each case, after the such Registration Statement has been declared effective, (iii) of the issuance by the Commission
or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering
any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company of
any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities
for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event
or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement
made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue
in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case
of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit
to state any 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, and (vi) of the occurrence or existence of any pending corporate development with respect to the
Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of
the Company to allow continued availability of a Registration Statement or Prospectus, provided, however, in no event shall
any such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries.

 

    	D-8

    	 

    

 

(e)
Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)
Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested
by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system
(or successor thereto) need not be furnished. Subject to the terms of this Agreement, the Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable
Securities covered by such Prospectus and any amendment or supplement thereto, except after the Company has given notice pursuant to
Section 4(d).

 

(g)
The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting
a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder.

 

(h)
Prior to any resale of Registrable Securities by a Holder, use its reasonable best efforts to register or qualify or cooperate with the
selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable
Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder
reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness
Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by each Registration Statement; provided, that, the Company shall not be required to qualify generally to do business
in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not
then so subject or file a general consent to service of process in any such jurisdiction.

 

    	D-9

    	 

    

 

(i)
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted
by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holder may request.

 

(j)
Upon the occurrence of any event contemplated by clause (v) or (vi) of Section 4(d), as promptly as reasonably possible under the circumstances
taking into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the
premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain 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,
in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses
(iii) through (vi) of Section 4(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been
made, then the Holders shall suspend use of such Prospectus. The Company will use its reasonable best efforts to ensure that the use
of the Prospectus may be resumed as promptly as is practicable.

 

(k)
Comply with all applicable rules and regulations of the Commission.

 

(l)
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control
over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of
the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s
request, any liquidated damages that are accruing at such time shall be tolled and any Event that may otherwise occur solely because
of such delay shall be suspended until such information is delivered to the Company.

 

Section
13. Obligations of the Holders.

 

(a)
Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Appendix A
(a “Selling Stockholder Questionnaire”) on a date that is not less than ten (10) days prior to the Filing Deadline
or by the end of the fourth (4th) Trading Day following the date on which such Holder receives draft materials in accordance
with Section 2(a). Each Holder shall furnish in writing to the Company such additional information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it, and shall execute such documents
in connection with such registration, as shall be reasonably required to effect the registration of such Registrable Securities. A Holder
shall provide such information to the Company at least two (2) Business Days prior to the first anticipated filing date of such Registration
Statement if such Holder elects to have any of the Registrable Securities included in the Registration Statement. The Company shall not
be required to include the Registrable Securities of a Holder in a Registration Statement, and no Event shall be deemed to occur and
or continue solely as a result of the failure to include the Registrable Securities of such Holder in the Registration Statement, if
such Holder fails to furnish to the Company a fully completed Selling Stockholder Questionnaire at least two (2) Business Days prior
to the Filing Deadline.

 

    	D-10

    	 

    

 

(b)
Each Holder agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing
of a Registration Statement hereunder, unless such Holder has notified the Company in writing of its election to exclude all of its Registrable
Securities from such Registration Statement.

 

(c)
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to
it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(d)
Each Holder agrees that, upon receipt of any notice from the Company of either: (i) the commencement of an Allowed Delay, or (ii) the
happening of an event pursuant to Section 3(d)(iii) – (vi) hereof, such Holder will immediately discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities, until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will
use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

Section
14. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company
shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with
the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for
trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including,
without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the
Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities),
(iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) Securities
Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company
in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange
as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to
the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

    	D-11

    	 

    

 

Section
15. Indemnification.

 

(a)
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities
as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees
of the Company, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) and the officers, directors, members, stockholders, partners, agents, investment advisors and employees of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising
out of or relating to: (i) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus
or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the
case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder,
in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (A) such
untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein (it being understood that such information shall only consist of the name of the Holder, the number of offered
shares (excluding percentages), the address and other information with respect to the Holder and the information included on Appendix
A hereto, each only to the extent which such information appears in an effective Registration Statement or any Prospectus), or
(B) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated,
defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated,
defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section
4(d). The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection
with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities
by any of the Holders in accordance with Section 7(e).

 

    	D-12

    	 

    

 

(b)
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (i) such Holder’s
failure to comply with any applicable prospectus delivery requirements of the Securities Act through no fault of the Company, or (ii)
any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statement
or omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration
Statement or such Prospectus (it being understood that such information shall only consist of the name of the Holder, the number of offered
shares (excluding percentages), the address and other information with respect to the Holder and the information included on Appendix
A hereto, each only to the extent which such information appears in an effective Registration Statement or any Prospectus), such
Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of an event of the type specified in Section
4(d)(iii)-(vi), to the extent, but only to the extent, related to the use by such Holder of an outdated, defective or otherwise unavailable
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable
for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 4(d). In no event shall the liability
of any selling Holder under this Section 6(b) be greater in amount than the dollar amount of the net proceeds received by such Holder
upon the sale of the Registrable Securities giving rise to such indemnification obligation, except in the case of fraud or willful misconduct
by such Holder.

 

(c)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is
sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees
and expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice shall
not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that
it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review)
that such failure shall have materially and adversely prejudiced the Indemnifying Party. An Indemnified Party shall have the right to
employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe
that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying
Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel
at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable
fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall
not be liable for any settlement of any such Proceeding effected without its written consent. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party
is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are
the subject matter of such Proceeding. Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party
(including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding
in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within thirty (30) calendar days
of written notice thereof to the Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying
Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by
a court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification
hereunder.

 

    	D-13

    	 

    

 

(d)
Contribution. If the indemnification under Section 6(a) or 6(b) is unavailable to an Indemnified Party or insufficient to hold
an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has
been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any
reasonable attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party
would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party
in accordance with its terms. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section
6(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 6(d), no Holder shall be required
to contribute pursuant to this Section 6(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually
received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that
such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

(e)
The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties.

 

Section
16. Miscellaneous.

 

(a)
Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and
each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it
of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect
of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)
Prohibition on Filing Other Registration Statements. The Company shall not, other than as provided in the Purchase Agreement,
file any other registration statements (specifically excluding a registration statement on Form S-8) until all Registrable Securities
are registered pursuant to a Registration Statement that is declared effective by the Commission, provided that this Section 7(b) shall
not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement and shall not prohibit
the Company from filing a registration statement for a primary offering by the Company, provided that the Company makes no offering of
securities pursuant to such registration statement prior to the effective date of the Registration Statement required hereunder that
includes all of the Registrable Securities.

 

    	D-14

    	 

    

 

(c)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing
and signed by the Company and the Holders of 51% or more of the then outstanding Registrable Securities (for purposes of clarification,
this includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not
register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the
number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have
the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder
or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders
of all of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of
this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence of this Section
7(c). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this
Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

(d)
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered
as set forth in the Purchase Agreement. Any such notice or communication so given or made shall be deemed to have been given or made
and to have been received on the day of delivery if delivered, or on the day of e-mailing or sending by other means of recorded electronic
communication, provided that such day in either event is a Business Day and the communication is so delivered, e-mailed or sent before
5:00 p.m. Eastern on such day. Otherwise, such communication shall be deemed to have been given and made and to have been received on
the next following Business Day.

 

(e)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign
their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

(f)
Entire Agreement. This Agreement, the Purchase Agreement and the other 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.

 

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

 

(h)
Governing Law; Jurisdiction, WAIVER OF JURY TRIAL. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Wyoming, without
regard to the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates,
directors, officers, shareholders, employees or agents) shall be commenced exclusively in the courts sitting in the City of New York,
New York (the “New York City Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the New York City Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New
York City Courts, or such New York City Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each
party hereto hereby irrevocably waives, 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 transactions contemplated hereby. If any party shall commence an
action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed
by the other party for its attorney’s fees and other costs and expenses incurred in the investigation, preparation and prosecution
of such action or proceeding.

 

    	D-15

    	 

    

 

(i)
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(j)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable
best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.

 

(k)
Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be
deemed to limit or affect any of the provisions hereof.

 

(l)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint
with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action
taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture
or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity
with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges
that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations
or transactions. Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out
of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such
purpose. The use of a single agreement with respect to the obligations of the Company contained was solely in the control of the Company,
not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested
to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between the Company
and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

 

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

 

(Signature
Pages Follow)

 

    	D-16

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	TRIO
    PETROLEUM CORP.
	 	 	 
	 	By:	/s/
    Frank Ingriselli
	 	Name:
    	Frank
    Ingriselli
	 	Title:
    	Chief
    Executive Officer

 

[Signature
Page of Holders Follows]

 

    	D-17

    	 

    

 

[SIGNATURE
PAGE OF HOLDERS]

 

	Name
    of Holder:	GenCap
    Fund I LLC
	 	 
	Signature
    of Authorized Signatory of Holder:	/s/
    Cosmin Panait
	 	 
	Name
    of Authorized Signatory:	Cosmin
    Panait
	 	 
	Title
    of Authorized Signatory:	Managing
    Member

 

[Signature
Pages Continue]

 

    	D-18

    	 

    

 

[SIGNATURE
PAGE OF HOLDERS]

 

	Name
    of Holder:	Primal
    Nutrition, Inc. 
	 	 
	Signature
    of Authorized Signatory of Holder:	/s/
    Mark Sisson
	 	 
	Name
    of Authorized Signatory:	Mark
    Sisson
	 	 
	Title
    of Authorized Signatory:	President

 

[Signature
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    	D-19

    	 

    

 

[SIGNATURE
PAGE OF HOLDERS]

 

	Name
    of Holder:	Cavalry
    Investment Fund LP
	 	 
	Signature
    of Authorized Signatory of Holder:	/s/
    Thomas Walsh
	 	 
	Name
    of Authorized Signatory:	Thomas
    Walsh
	 	 
	Title
    of Authorized Signatory:	Manager

 

[Signature
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    	D-20Document

Exhibit 10.1

MODIFICATION AGREEMENT
THIS MODIFICATION AGREEMENT (this “Modification Agreement”) is made and entered into as of November 17, 2022 (the “Modification Date”), by and between FROST BANK, a Texas state bank (“Lender”), and STELLAR BANCORP, INC., a Texas corporation (“SBI” or “Borrower”), f/k/a CBTX, Inc. 
RECITALS:
    WHEREAS, on or about December 13, 2017, Lender made available to Borrower a revolving line of credit in the original principal amount of THIRTY MILLION AND NO/100 DOLLARS ($30,000,000.00) (the “Revolving Credit Commitment”), as evidenced by that certain Revolving Promissory Note dated December 13, 2017 (the “Original Note”), made by Borrower and payable to the order of Lender, and as further evidenced by that certain Loan Agreement dated of even date with the Original Note (the “Original Loan Agreement”), by and between Borrower and Lender, and as secured by that certain Pledge and Security Agreement dated of even date with the Original Note (the “Pledge Agreement”), by and between Borrower and Lender, pursuant to which Borrower pledged as collateral security for the payment and performance of the Obligations, all of Borrower’s right, title and interest in and to 100% of the issued and outstanding shares of capital stock of COMMUNITYBANK OF TEXAS, N.A., a national banking association (“CommunityBank”);
    WHEREAS, on or about December 13, 2018, Lender modified, extended and renewed the Revolving Credit Commitment, as evidenced by that certain Revolving Promissory Note dated December 13, 2018 (the “First Renewal Note”), by Borrower and payable to the order of Lender, and as further evidenced by that certain Amended and Restated Loan Agreement dated of even date with the First Renewal Note (the “First Amended Loan Agreement”), by and between Borrower and Lender;
    WHEREAS, on or about December 13, 2019, Lender further modified, extended and renewed the Revolving Credit Commitment, as evidenced by that certain Revolving Promissory Note dated December 13, 2019 (the “Second Renewal Note”), by Borrower and payable to the order of Lender, and as further evidenced by that certain Second Amended and Restated Loan Agreement dated of even date with the Second Renewal Note (as amended, the “Second Amended Loan Agreement”), by and between Borrower and Lender; 
    WHEREAS, on or about December 13, 2021, Lender further modified, extended and renewed the Revolving Credit Commitment, as evidenced by that certain Revolving Promissory Note dated December 13, 2021 (the “Third Renewal Note”), by Borrower and payable to the order of Lender, and as further evidenced by that certain First Amendment to Second Amended and Restated Loan Agreement (the “Third Amended Loan Agreement,” and together with this Modification Agreement, the Original Note, Original Loan Agreement, Pledge Agreement, First Renewal Note, First Amended Loan Agreement, Second Renewal Note, Second Amended Loan Agreement, Third Renewal Note, Amended Pledge Agreement (as defined below), and all such other documents, instruments and agreements evidencing, security or pertaining to the Obligations as will from time to time be executed and delivered to Lender by Borrower, any Subsidiary, any Obligated Party or any other party in connection with the Revolving Credit Commitment, and any future amendments, restatements, modifications, ratifications, confirmations, extensions or supplements hereto or thereto, the “Loan Documents”), by and between Borrower and Lender; 
    WHEREAS, effective October 1, 2022, (i) CommunityBank merged with and into ALLEGIANCE BANK, a Texas state bank (“Allegiance Bank”), with Allegiance Bank surviving the merger (the “Bank Merger”); (ii) ALLEGIANCE BANCSHARES, INC., a 
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Texas corporation, merged with and into Borrower, with Borrower surviving the merger (the “Holding Company Merger”); and (iii) in connection with the Holding Company Merger, CBTX, Inc. changed its corporate name to SBI;
    WHEREAS, as a result of the Bank Merger, the corporate existence of CommunityBank ceased to exist effective as of October 1, 2022;
    WHEREAS, Borrower has requested that Lender modify the Revolving Credit Commitment and the Loan Documents to (i) pledge as collateral security for the payment and performance of the Obligations all of Borrower’s right, title and interest in and to 100% of the shares of capital stock of Allegiance Bank, as evidenced by that certain Amended and Restated Pledge and Security Agreement dated of even date herewith (the “Amended Pledge Agreement”), by and between Borrower and Lender; and (ii) properly identify Borrower’s corporate name as SBI; and
    WHEREAS, Lender has agreed to make such modifications on the terms and subject to the conditions set forth herein. 
    NOW, THEREFORE, subject to all terms, conditions and covenants hereinafter set forth and in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:
1.Definitions. All capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Second Amended Loan Agreement.
2.Acknowledgement of Outstanding Balance. The parties hereby acknowledge and agree that the aggregate outstanding principal balance of all Advances on the Revolving Credit Commitment as of the Modification Date is $0.00.
3.Amended Pledge Agreement. In consideration of Lender’s agreement to modify the terms and conditions of the Revolving Credit Commitment as provided herein, Borrower shall execute and deliver to Lender the Amended Pledge Agreement.
4.Modifications to Second Amended Loan Agreement. Effective as of the Modification Date, the Second Amended Loan Agreement is hereby modified as follows:
(a)Borrower Name. The parties acknowledge and agree that all references to “Borrower” in the Second Amended Loan Agreement, shall mean STELLAR BANCORP, INC., a Texas corporation, f/k/a CBTX, Inc.
(b)Definitions. The following defined terms shall replace and supersede the matching defined terms set forth in Section 1.1 of the Second Amended Loan Agreement:
“Bank” means ALLEGIANCE BANK, a Texas state bank and successor by merger to COMMUNITYBANK OF TEXAS, N.A., whose principal place of business is 9 Greenway Plaza, Suite 110, Houston, Texas 77046, and all other banks and financial institutions whether chartered by the federal government or any state, which are acquired after the Closing Date by Borrower or its Subsidiaries with proceeds of the Loan evidenced by the Note.
“Loan Documents” has the meaning ascribed to it in the Modification Agreement.
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“Modification Agreement” means that certain Modification Agreement dated November 17, 2022, by and between Borrower and Lender.
“Security Instruments” means any documents securing the Obligations, including, without limitation, that certain Amended and Restated Pledge and Security Agreement dated November 17, 2022, by and between Borrower and Lender, securing repayment of the Obligations.
5.Modifications to Third Renewal Note. Effective as of the Modification Date, the Third Renewal Note is hereby modified as follows:
(c)Borrower Name. The parties acknowledge and agree that all references to “Borrower” in the Third Renewal Note shall mean STELLAR BANCORP, INC., a Texas corporation, f/k/a CBTX, Inc.
(d)Security. Section 10 of the Third Renewal Note is hereby removed in its entirety and replaced with the following:
10.    Security.  This Note replaces and supersedes any and all prior promissory notes from Borrower to Lender, including, without limitation, that certain Promissory Note dated December 13, 2019. This Note has been executed and delivered pursuant to that certain Second Amended and Restated Loan Agreement dated of even date herewith, by and between Borrower and Lender (as may be amended from time to time, the “Loan Agreement”), and is secured by, inter alia, that certain Amended and Restated Pledge and Security Agreement dated November 17, 2022, by and between Borrower and Lender, covering certain collateral as more particularly described therein. This Note, the Loan Agreement and all other documents evidencing, securing, governing, guaranteeing and/or pertaining to this Note, including, but not limited to, those documents described above, are collectively referred to as the “Loan Documents.”  The holder of this Note is entitled to the benefits and security provided in the Loan Documents.
6.Modifications to Other Loan Documents.
(e)All references in the other Loan Documents to “Borrower” shall mean STELLAR BANCORP, INC., a Texas corporation, f/k/a CBTX, Inc.
(f)All references in the Loan Documents to the “Loan Agreement” shall mean the Second Amended Loan Agreement as modified hereby. All references in the Loan Documents to the “Note” shall mean the Third Renewal Note as modified hereby.
7.Conditions and Effectiveness. This Modification Agreement shall become effective as of the date hereof, when, and only when, Lender shall have received counterparts of this Modification Agreement executed and delivered by Borrower and Lender, and when each of the following conditions shall have been met, all in form, substance, and date satisfactory to Lender:
(g)Loan Documents. This Modification Agreement, the Amended Pledge Agreement and any other documents, instruments and certificates relating hereto shall be duly executed by Borrower and delivered to Lender.
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(h)Resolutions. Lender shall have received corporate resolutions of the Board of Directors of Borrower, certified by the Secretary or Assistant Secretary of Borrower, which resolutions authorize the execution, delivery and performance by Borrower of this Modification Agreement and the other Loan Documents to be executed and delivered by Borrower contemporaneously herewith. Included in said resolutions or by separate document, the Lender shall receive a certificate of incumbency certified by the Secretary or Assistant Secretary of Borrower certifying the names of each officer authorized to execute this Agreement and the other Loan Documents on behalf of Borrower, together with specimen signatures of such officers.
(i)Certificate of Merger - Bank Merger. Lender shall have received a copy of the Certificate of Merger dated effective October 1, 2022, with Allegiance Bank’s Amended and Restated Certificate of Formation attached thereto, duly certified by the Texas Department of Banking.
(j)Certificate of Merger - Holding Company Merger. Lender shall have received a copy of the Certificate of Merger dated effective October 1, 2022, with Borrower’s Second Amended and Restated Certificate of Formation attached thereto, duly certified by the Texas Secretary of State.
(k)Bylaws of Borrower. Lender shall have received Borrower’s Bylaws, and all amendments thereto, certified to be true and correct by the Secretary of Borrower.
(l)Bylaws of Allegiance Bank. Lender shall have received Allegiance Bank’s Bylaws, and all amendments thereto, certified to be true and correct by the Secretary of Allegiance Bank.
8.Representations and Warranties. In order to induce Lender to enter into this Modification Agreement, Borrower represents and warrants the following: 
(m)Borrower has the corporate power to execute and deliver this Modification Agreement, the Amended Pledge Agreement and other Loan Documents and to perform all of its obligations in connection herewith and therewith.
(n)The execution and delivery by Borrower of this Modification Agreement, the Amended Pledge Agreement and other Loan Documents and the performance of its obligations in connection herewith and therewith (i) have been duly authorized or will be duly ratified and affirmed by all requisite corporate action; (ii) will not violate any provision of law, any order of any court or agency of government or the Certificate of Formation or Bylaws of such entity; (iii) to the knowledge of the Borrower, will not be in conflict with, result in a breach of or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument; and (iv) will not require any registration with, consent or approval of or other action by any federal, state, provincial or other governmental authority or regulatory body.
(o)Other than as disclosed in its quarterly report on Form  10-Q for the quarter ended September 30, 2022 as filed by Borrower with the Securities and Exchange Commission, there is no action, suit or proceeding at Law or in equity or by or before any governmental instrumentality or other agency or regulatory authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower, or any properties or rights of Borrower, or involving this Modification Agreement or the transactions contemplated hereby which, if adversely determined, would materially impair the right of Borrower to carry on business substantially as now conducted or materially and adversely affect the financial condition of Borrower, or materially and adversely affect the ability of Borrower to consummate the transactions contemplated by this Modification Agreement.
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(p)The representations and warranties of Borrower contained in the Loan Agreement, this Modification Agreement, the Amended Pledge Agreement and any other Loan Document securing Borrower’s Obligations to Lender are correct and accurate in all material respects as of the date hereof as though made on and as of the date hereto except to the extent that (i) any such representation or warranty specifically refers to an earlier date, in which case such representation or warranty was true and correct in all respects on such earlier date; and (ii) the facts upon which such representations are based have been changed by the transactions herein contemplated.
9.Ratification of Obligations and Agreements. 
(q)Borrower does hereby acknowledge, ratify and confirm that it is obligated and indebted to Lender as evidenced by the Second Amended Loan Agreement (as modified by this Modification Agreement), Third Renewal Note, Amended Pledge Agreement and all other Loan Documents.
(r)The Second Amended Loan Agreement, this Modification Amendment, the Third Renewal Note, Amended Pledge Agreement and each other Loan Document, as hereby modified, are acknowledged, ratified and confirmed in all respects as being valid, existing, and of full force and effect. 
10.No Waiver. The execution, delivery and effectiveness of this Modification Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under the Loan Agreement, nor constitute a waiver of any provision of the Loan Agreement.
11.Miscellaneous.
(s)Survival of Agreements. All representations, warranties, covenants and agreements of Borrower, herein or in any other Loan Document shall survive the execution and delivery of this Modification Agreement, and the other Loan Documents and the performance hereof and thereof, including, without limitation, the making of Advances or granting of the Revolving Credit Commitment and the delivery of the Amended Pledge Agreement and all other Loan Documents, and shall further survive until all of Borrower’s Obligations to Lender are paid in full.
(t)Loan Document. This Modification Agreement, the Amended Pledge Agreement and each other Loan Document executed in connection herewith are each a Loan Document and all provisions in the Second Amended Loan Agreement, as amended, pertaining to Loan Documents apply hereto and thereto.
(u)Governing Law. This Modification Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Texas and any applicable laws of the United States of America, including construction, validity and performance.
(v)Counterparts. This Modification Agreement may be separately executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same agreement.
(w)Release of Claims. Borrower, by its execution of this Modification Agreement, hereby declares that, as of the date hereof, it has no set-offs, counterclaims, defenses or other causes of action against Lender arising out of the Revolving Credit Commitment, the renewal, modification and extension of the Revolving Credit Commitment or the Loan Documents, any documents mentioned herein or otherwise; and, to the extent any such setoffs, 
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counterclaims, defenses or other causes of action which may exist, whether known or unknown, such items are hereby expressly waived and released by Borrower.  
(x)ENTIRE AGREEMENT; AMENDMENT. THIS MODIFICATION AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, CONTAINS THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND ALL PRIOR AGREEMENTS RELATIVE THERETO WHICH ARE NOT CONTAINED HEREIN OR THEREIN ARE TERMINATED. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. THIS MODIFICATION AGREEMENT AND THE LOAN DOCUMENTS MAY BE AMENDED, REVISED, WAIVED, DISCHARGED, RELEASED OR TERMINATED ONLY BY A WRITTEN INSTRUMENT OR INSTRUMENTS, EXECUTED BY THE PARTY AGAINST WHICH ENFORCEMENT OF THE AMENDMENT, REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION IS ASSERTED. ANY ALLEGED AMENDMENT, REVISION, WAIVER, DISCHARGE, RELEASE OR TERMINATION WHICH IS NOT SO DOCUMENTED SHALL NOT BE EFFECTIVE AS TO ANY PARTY.
[Signature page follows.]

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IN WITNESS WHEREOF, the undersigned parties have caused this Modification Agreement to be executed as of the date first written above.
LENDER:
FROST BANK, a Texas state bank

By:                         
Name:         Cliff McCauley        
Its:     Senior Executive Vice President    
                            BORROWER:
    STELLAR BANCORP, INC., a Texas corporation f/k/a CBTX, Inc.
                        
                            By:                         
Robert R. Franklin, Jr., Chief Executive Officer
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