Document:

Exhibit 10.1

 

BINDING LETTER OF INTENT

 

THIS BINDING LETTER OF INTENT (the
“Agreement”) entered into December      , 2021, sets forth certain binding understandings and certain binding
covenants with respect to the purchase of the assets of Mango Tel LLC, a Wyoming limited liability company, owned by Fisk Holdings,
LLC, a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 and SDI Black 011, LLC, a New York
limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 (hereinafter collectively
“Seller”), and Sahedabanu Sohel Kapadiai and Sohel Basir Kapadia, the managing members and owners of
Seller (hereinafter collectively “Owners”), by Cuentas, Inc., a Florida corporation located at 235 Lincoln
Road, Suite 210, Miami Beach, Florida 33139 (“Buyer”).

 

WHEREAS on or about
October 29, 2021, Seller and Buyer entered into that certain Non-binding Letter of Intent (the “NLOI”) whereby
the parties conducted their due diligence regarding the desirability of the proposed purchase of the assets of Seller by Buyer. A copy
of the executed NLOI is Exhibit A hereto, and the terms and conditions of the executed NLOI are incorporated by reference
into this Agreement;

 

WHEREAS as of the
date set forth above the parties hereto have agreed to enter into this Binding Letter of Intent so they may consummate the contemplated
transaction through entry into a final Asset Purchase Agreement;

 

ACCORDINGLY, the parties covenant and agree as follows:

 

1. Recitals:  The above recitals
are true and correct and form a part of the parties’ agreement.

 

2. Conflict Between
Agreements: The terms and conditions of the NLOI executed by the parties and attached hereto as Exhibit A shall remain
in full force and effect subject to the additional terms and conditions set forth in this Agreement. To the extent there is a conflict
between the terms and conditions of this Agreement and the terms and conditions of the NLOI, the terms and conditions of this Agreement
shall control.

 

3. Assets To Be
Purchased:  Buyer shall acquire all of the assets of Seller which include without limitation the Seller’s blackwireless.com
domain and other assets as set forth on Schedule A attached hereto (the “Purchased Assets”). Seller shall
retain only those assets set forth on Schedule B attached hereto (the “Retained Assets”). Any asset of
Seller not listed on either Schedule A or Schedule B shall be included in the Purchased Assets.

 

4. Purchase Price:
 Buyer agrees to purchase, and Seller agrees to sell, the Purchased Assets for THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00)
(the “Purchase Price”) to be paid by Buyer as follows:

 

a. Within
three business days of execution of this Agreement, Buyer shall pay into the Buyer’s counsel’s trust account in cleared
funds TWO MILLION DOLLARS ($2,000,000.00) to be held in escrow (the “Initial Escrowed Purchase Price”)
pending the closing (the “Closing”) of the contemplated Purchase and Sale Agreement (the
“PSA”), and written instructions signed by each party to the PSA directing Buyer’s counsel, AM Law
LLC (the “Escrow Agent”), to wire transfer the Initial Escrowed Purchase Price directly to the Small
Business Administration (SBA) as partial satisfaction of the Seller’s approximate FOUR MILLION TWO HUNDRED THOUSAND DOLLAR
($4,200,000.00) outstanding loan balance owed to the SBA (the “SBA Loan”); and

 

b. on or before the
Closing, Buyer shall pay into the trust account of Escrow Agent the remaining Purchase Price of ONE MILLION TWO HUNDRED THOUSAND DOLLARS
($1,200,000.00) to be held in escrow (the “Final Escrowed Purchase Price”), pending written instructions signed
by each party to the PSA directing the Escrow Agent to wire transfer the Final Escrowed Purchase Price directly to the Small Business
Administration (SBA) as partial satisfaction of the Seller’s approximate FOUR MILLION TWO HUNDRED THOUSAND DOLLAR ($4,200,000.00)
outstanding loan balance owed to the SBA (the “SBA Loan”).

 

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5. Owner
Repayment Obligation re SBA Loan:  on or before the Closing, Owner shall pay directly to the SBA in cleared funds the SBA Loan which
is estimated to have an outstanding balance in the approximate amount of ONE MILLION DOLLARS ($1,000,000) after the payments by the Escrow
Agent of the Initial Escrowed Purchase Price and Final Escrowed Purchase Price. Owner shall be solely responsible for satisfying in full
the remaining SBA Loan balance outstanding as of May 17, 2022, after deducting the payments by the Escrow Agent of the Initial Escrowed
Purchase Price and Final Escrowed Purchase Price.

 

6. Transfer of
Assets By Seller To Buyer’s Newco:  After execution this Agreement, Buyer shall form a newco titled Cuentas SDI, LLC, a Florida
limited liability company (“Newco”). Once Newco has set up appropriate bank accounts, Seller shall immediately
transfer all revenue transactions from Seller’s existing credit card services and direct deposits from its existing bank accounts
to effectuate all revenue sources of Seller being deposited into the bank account(s) opened in the name of the Newco. As soon as practicable
after execution of this Agreement, Seller shall deliver to Buyer all of the remaining Purchased Assets into the custody and control of
Newco. A condition of the PSA is that at closing Seller shall deliver a bill of sale or assignment of license or other intellectual property
rights as the case maybe, in favor of Newco, in a form acceptable to Buyer, transferring title to the Purchased Assets to Newco free and
clear of any and all liens, claims, or encumbrances. Until the Closing, Seller shall own 100% of the interest in the Newco and shall assign
at Closing the 100% interest in the Newco to Buyer. The managing members of the Newco until closing shall be Jeff Johnson, Arik Maimon,
and Sahedabanu Sohel Kapadiai. After the Closing, Buyer shall appoint at its sole discretion the managing members of the Newco.

 

7. Indemnification
of Buyer by Seller and Owner:  The parties waive compliance with the provisions of any applicable state version of the Uniform
Commercial Code relating to bulk transfers in connection with the transactions contemplated by this Agreement; provided, however,
Seller and Owner agree to indemnify and hold Buyer harmless from and against any liability for any amount owing to Seller’s
creditors with respect to the Purchased Assets or the business operation of Seller being transferred to Buyer pursuant to this
Agreement, which liability arose prior to the transfer of the Purchased Assets and business operations from Seller to Buyer under
this Agreement. Buyer agrees to indemnify and hold Seller harmless from and against any liability for any amount owing with respect
to the Purchased Assets and business operations of the Seller transferred by Seller to Buyer pursuant to this Agreement, which
liability arises subsequent to the transfer of the Purchased Assets and business operations from Seller to Buyer under this
Agreement.

 

8. Purchase
and Sale Agreement:  Buyer, Owner, and Seller shall negotiate in good faith and enter into the PSA containing the terms and conditions
set forth in this Agreement on or before December 31, 2021. The parties admit that this Agreement is binding on each of them and that
they will use their best efforts and good faith to enter into the PSA with terms and conditions consistent with this Agreement.

 

[continued on following page]

 

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9. Expedited Binding
Arbitration: Buyer, Owner, and Seller agree that any dispute regarding this Agreement or dispute over the final terms and conditions
of the PSA will be settled by binding arbitration according to the rules of the American Arbitration Association (the “AAA”)
conducted in Miami, Florida by the AAA. The parties agree to expedite the necessary arbitration as quickly as the rules of the AAA permit.
The parties agree to mutually select the arbitrator or the will promptly notify the AAA they are unable to agree and the AAA will select
an arbitrator with 20 plus years of experience
in complex commercial asset purchases or business acquisitions. The parties agree to follow and implement the fmal ruling of the Arbitrator
without recourse to an appeal or the necessity of the prevailing party having to file the ruling with the circuit court to have the ruling
converted into a fmal judgment. This provision is a material consideration in the parties entering into this agreement.

 

10. Seller represents
and warrants that the gross revenues of the two entities whose assets are the subject matter of this Agreement have combined gross revenues
of nine million dollars ($9,000,000.00) for the year ending 2021 is materially less than said amount, Buyer shall have the option at its
sole discretion to cancel this Agreement by providing written notice to Seller. If the Buyer elects to cancel this Agreement, this Agreement
and the NLOI shall be null and void except for any non-disclosure provlslons.

 

II. Time is of
the Essence: Time is of the essence in the performance of the parties to the obligations and conditions of the terms of the NLOI and this
Agreement.

 

11.
Waiver of Jury Trial: EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAlVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CAUSE OF ACTION OR COUNTERCLAIM ARISING OUT
OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS AND SCHEDULES ATTACHED TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[signature pages]

 

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By signing below each party agrees to be
bound by this Agreement and the terms and conditions of the NLOI except as modified by the terms and conditions of this Agreement.

 

BUYER:

 

	By:	 
	 	 
	/s/ Jeff Johnson	 
	Jeff Johnson 

        CEO

        Cuentas, Inc.
	 
	235 Lincoln Road, Suite 210	 
	Miami Beach, FL 33139	 
	 	 
	SELLER:	 
	 	 
	/s/ Sohel Kapadia	 
	Mango Tel LLC	 
	By: Fisk Holdings, LLC 	 
	By: Sohel Kapadia

        Managing Member
	 
	1091 Yonkers Avenue	 
	Yonkers, New York 10704	 
	 	 
	/s/ Saheda Kapadia	 
	SDI Black 011, LLC,	 
	By: Saheda Kapadia	 

 

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	Yonkers, New York 10704	 
	 	 
	OWNERS:	 
	 	 
	/s/ Sohel Kapadia	 
	Sohel Kapadia	 
	 	 
	/s/ Saheda Kapadia	 
	Saheda Kapadia	 

 

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EXHIBIT A – EXECUTED NLOI

 

[to be attached]

 

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NON-BINDING LETTER OF INTENT

 

THIS NON-BINDING LETTER OF
INTENT (the “Agreement”) entered into October [__], 2021 sets forth certain non-binding understandings and certain binding
covenants with respect to the possible purchase of the ownership interests in certain entities Mango Tell LLC, owned by Fisk Holdings,
LLC, a New York limited liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 and SDI Black 011, LLC, a New York limited
liability company located at 1091 Yonkers Avenue, Yonkers, New York 10704 ( hereinafter collectively “Seller”)
by Cuentas, Inc., a Florida corporation located at 235 Lincoln Road, Suite 201, Miami Beach, Florida 33139 (“Buyer”).

 

I. NON-BINDING PROPOSED
TERMS OF THE PURCHASE AND SALE AGREEMENT

 

The following numbered paragraphs
(collectively, the “Nonbinding Provisions”) reflect our mutual understanding of the matters described but are
not legally binding and do not impose an enforceable obligation on either of the parties to negotiate or conclude an agreement for the
sale of the assets of our business on such terms. This is not a complete statement of all terms and conditions of the proposed transaction
but provides a basis for further negotiations.

 

1. Entities To Be Purchased: Buyer is
exploring the purchase from Seller 100% percent ownership interest in the following: (a) SDI Black 011, LLC, a New York limited liability
company and (b) Mango Tell LLC, a New York limited liability company (collectively, the “Purchased Entities”)
and the blackwireless.com domain. The purchase will be on the terms and subject to the conditions set forth in a legally binding written
agreement to be negotiated and entered into by Seller and Buyer.

 

2. Liabilities To Be Assumed: Seller
shall provide to Buyer audited financial statements disclosing all liabilities of any kind or nature including contingent, unliquidated
claims including demands of any type whether such claims have yet to be filed. The definitive purchase and sale agreement shall contain
a indemnification provision by Seller in favor of Buyer to indemnify Buyer against any liability that arises after a closing that was
not disclosed by Seller to Buyer during the due diligence period.

 

 3. Purchase Price: Buyer will
purchase Seller’s ownership interests in the Purchased Entities for $3.2 million (the “Purchase Price”)
to be paid by Buyer either through (a) assumption by the Buyer of the SBA loan estimated at approximately $3.2 million provided that there
is a complete release of all guaranties and properties that were made in connection with said SBA loan, or (b) satisfaction of the SBA
loan at closing through payment of the Purchase Price from Buyer to Seller, plus $1.0 dollar for 100% of the ownership interests in the
Purchased Entities. This proposed Purchase Price is for negotiation purposes only and is non-binding on the parties until set forth in
a definitive binding purchase and sale agreement.

 

4. Representations, Warranties, Covenants,
and Conditions: The definitive purchase and sale agreement to be negotiated and entered into by Seller and Buyer will contain the
usual and customary representations, warranties, covenants, and conditions, including but not limited to: satisfactory results of the
parties due diligence investigations, obtaining the appropriate financing or commitment, approval of all necessary and related documents
and agreements, and approvals of the shareholders and boards of directors if required by law. Such approvals may be withheld in the sole
discretion of the relevant party.

 

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5. Closing: The closing shall be subject
to the usual and customary conditions and requirements.

 

6. Escrow To Cover Seller’s Indemnity
Obligations: An escrow shall be opened to hold a portion of the Purchase Price, the amount of the holdback will be subject to further
negotiation between the parties. The holdback amount shall be held in escrow to fund Seller’s indemnity obligations owed to Buyer
to secure Buyer against the possibility of misrepresentations, breaches of covenants, conditions, and warranties, and undisclosed liabilities.

 

7. Option: Buyer’s Retention of Seller’s
Key Employees: The sale will be contingent on Buyer being able to enter into a satisfactory employment agreement with the following
essential employees of the Purchased Entities necessary for the businesses to continue without interruption. The identify of these essential
employees will be further negotiated by the parties. The following Key Employees and minimum terms for employment are:

 

Shakil Kathawala $130,000 per
year and a full time office for his use in Westchester

County, NY

June ______ $84,000 per year
and arrangements for the use of an office in Westchester

County, NY

 

Toni Cancelleri $35,000 per
year

Sohel Kapadia $100,000 per year
or 25% of net profit from companies being acquired

and a full time office
for his use in Westchester County, NY

 

8. Noncompetition Agreement: Any definitive
purchase and sale agreement will be subject to Seller and the essential employees of the Purchased Entities not continuing in their employment
with the Purchased Entities after the closing of the purchase entering into noncompetition agreements that must be in a form reasonably
acceptable to the Buyer.

 

II. CERTAIN BINDING
COVENANTS AND RESTRICTIONS

 

In addition to the terms of
the proposed transaction described above, and in consideration of the significant expenses that we both will incur in pursuing the sale
to you of our business assets and the mutual undertakings described, the parties by signing below agree that the following lettered paragraphs
shall constitute legally binding and enforceable agreements between us which will survive after termination of this agreement.

 

A. Good Faith Negotiations: Buyer and
Seller shall negotiate in good faith to enter into a definitive purchase and sale agreement, but not withstanding anything to the contrary
in this agreement Buyer has absolute and sole discretion to enter into a definitive purchase and sale agreement until completion of the
due diligence period.

 

B. Exclusive Dealing: While the parties
are engaged in due diligence or negotiating a definitive purchase and sale agreement for the Purchased Entities, including five business
days after termination of this agreement), Seller shall not directly or indirectly, through an owner, employee, agent, affiliate, or subsidiary
offer to sell any the Purchased Entities or their assets to anyone other than Buyer, or encourage inquiries or offers from anyone other
than the Buyer.

 

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C. Access to Information: On or before
the execution of this Agreement and through and including the Termination Date, defined in Section G below, Seller shall permit Buyer,
its investors and other sources of financing, and their accountants, counsel, and other representatives and agents to have reasonable
access to the properties and the books, records, contracts, and other documents and information concerning the businesses, finances, and
assets of Seller. A partial list of due diligence materials requested by Buyer of Seller is set forth on Attachment A. They
shall also have reasonable access during normal business hours and upon reasonable notice to legal, financial, accounting, and other representatives
of Seller with knowledge of the businesses, finances, and assets of Seller. However, they shall not contact any employees or customers
of Seller without Seller’s approval, which it shall not unreasonably withhold or delay. Seller shall have the right to have a representative
present at any meeting with employees and customers. Seller shall not be required to grant access that is prohibited by law. Buyer at
its expense may retain independent auditors to audit and review the operations of the Purchased Entities.

 

D. Prohibition on Disclosure of Confidential
Information: Neither Buyer nor any of its officers, directors, employees, representatives, agents, affiliates, or subsidiaries
shall disclose to any third party any confidential or proprietary information about the business activities or assets of Seller or any
of the transactions contemplated by this Agreement, except as required by applicable law. Buyer may disclose such confidential or proprietary
information as necessary for it to obtain financing for this acquisition, but only if the person receiving the information executes an
agreement legally enforceable by Seller to keep such information confidential. If Seller and Buyer are unable to agree on the sale of
Seller’s assets to Buyer, Buyer shall return all records, contracts, and other information about Seller that it obtained during
their negotiations

 

Seller and Buyer agree that any breach of the
prohibition against the disclosure of confidential or proprietary information will cause irreparable injury and that any remedy at law
for the breach will be inadequate. Therefore, the parties agree that in the event of any breach by Buyer of this provision, Seller shall
be entitled to obtain preliminary and permanent injunctive relief without having to prove that actual damages resulted from the breach.
This injunctive relief is in addition to all other legal and equitable remedies to which Seller may be entitled.

 

E. Expenses: Buyer and Seller each shall
be solely responsible for expenses that it incurs in connection with the negotiations for the sale of Seller’s assets and the consummation
of the sale and other transactions contemplated by their agreement. Buyer shall be solely responsible for doing the due diligence it deems
necessary including paying Malhotra & Patel, LLC/CPAs up to $30,000 to conduct an audit of the Purchased Entities.

 

F. Public Disclosures: Seller and Buyer shall consult with each
other and must agree as to the timing, content, and form before issuing any press release or other public disclosure related to this Letter
or any transaction contemplated by this Letter. However, this does not prohibit either of them from making a public disclosure regarding
this Letter and the transactions contemplated by this Letter if, in the opinion of its legal counsel, such a disclosure is required by
law.

 

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G. Termination: Seller and Buyer each has
the right to terminate this Agreement if no agreement to sell Seller’s assets to Buyer is reached by December 31, 2021 (the “Termination
Date”) by providing written notice to the other party as provided for below under notices. Following termination, neither
party shall have any obligations under this Agreement other than those binding covenants set forth in Article II hereof, which will survive
such termination.

 

H. No Conflicting Agreement: Each party
hereto represents and warrants that such party is not a party to any contract, agreement or understanding with any other party which would
prevent such party from entering into this Agreement or closing the purchase of the Purchased Entities under a definitive purchase and
sale agreement.

 

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

 

J. Binding Effect:  This Agreement is
intended to be a confirmation of interest between the parties in pursuing negotiations for a definitive purchase and sale agreement with
terms similar to those set forth above in Article I hereof and, except for the Binding Provisions in the lettered paragraphs set forth
in Article II hereof, shall not constitute a binding agreement between the parties hereto. Neither party intends, by setting forth in
this Agreement the provisions of a possible transaction, to create for itself or any other person, any legally binding obligation of liability
with respect to the Nonbinding Provisions. No subsequent oral agreement or conduct of the parties, including partial performance, shall
be deemed to impose such obligation or liability. No agreement with respect to the subject matter of the Nonbinding Provisions shall be
binding unless and until each party has reviewed and approved (in its sole discretion) a definitive written agreement incorporating all
the terms, conditions, and obligations of the parties, has had such agreement reviewed by legal counsel, and has duly executed and delivered
such agreement.

 

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

 

If to the Buyer:

 

Cuentas, Inc.

Attention: Managing Director

235 Lincoln Road, Suite 210

Miami Beach, FL 33139  

Email: jeff.johnson@cuentas.com; arik@cuentas.net;
compliance@cuentas.com

 

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With a copy to: 

AM LAW LLC

Attention: Gary M. Murphree

10743 SW 104TH Street

Miami, Florida 33176

Email: pleadings@amlaw-miami.com; gmm@amlaw-miami.com;
mramirez@amlaw-miami.com

 

If to Seller:

Fisk Holdings, LLC

Attention: Sohel Kapadia

1091 Yonkers Avenue

Yonkers, New York 10704

Email:
sohel@sdicard.com; shak@sdicard.com

 

With a copy to:

Matthew Schwerz, Esq.

Geist Schwarz & Jellinek, PLLC

4 Westchester Park Drive, Suite 100

White Plains, NY 10604

Email: mschwarz@ssg-law.com

 

L. Entire Agreement:  This Agreement
and all related attachments constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter
contained herein and therein, and supersedes all prior and contemporaneous understandings, agreements, records, representations and warranties,
both written and oral, whether express or implied, with respect to such subject matter.

 

M. Successors and Assigns; Assignment:
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators,
legal representatives, successors and permitted assigns. This Agreement may not be assigned by any party and any such assignment in violation
of this Agreement shall be null and void.

 

N. No Third-Party Beneficiaries:  This
Agreement is for the sole benefit of the parties hereto (and their respective heirs, executors, administrators, legal representatives,
successors and permitted assigns), and nothing herein, express or implied, is intended to or shall confer upon any other Person, including
any creditor of the Company, any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

O. Amendment:  No provision of this
Agreement may be amended or modified except by an instrument in writing executed by each of the parties.

 

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P. Governing Law:  This Agreement including
any attachments, and all matters arising out of or relating to this Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of Florida without regard to the conflict of law provisions thereof to the extent such principles or rules
would require or permit the application of the laws of any jurisdiction other than those of the State of Florida.

 

Q. Submission to Jurisdiction: Each party
irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever against any
other party in any way arising from or relating to this Agreement including any attachments hereto, and all matters arising out of or
relating to this Agreement, including, but not limited to, contract, equity, tort, fraud and statutory claims, in any forum other than
the US District Court for the Southern District of Florida or, if such court does not have subject matter jurisdiction, the courts of
the State of Florida sitting in Miami-Dade County, Florida, and any appellate court thereof. Each party irrevocably and unconditionally
submits to the exclusive jurisdiction of such courts and agrees to bring any such action, litigation or proceeding only in such courts.
Each party agrees that a final judgment in any such action, litigation or proceeding is conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Each party irrevocably consents to service of process, summons, notice,
or other document by USPS Registered Mail service and by email to the address set forth in notice section above shall be effective service
of process for any suit, action, or other proceeding brought in any such court and each party waives any objection to such service.

 

R. Attorneys’ Fees:  If any party hereto
institutes any legal suit, action, or proceeding, including arbitration, against another party in respect of a matter arising out of or
relating to this Agreement, the prevailing party in the suit, action, or proceeding shall be entitled to receive, and the non-prevailing
party shall pay, in addition to all other damages to which the prevailing party may be entitled, the costs and expenses incurred by the
prevailing party in conducting the suit, action, or proceeding, including reasonable attorneys’ fees and expenses and court costs.

 

S. Waiver of Jury Trial: EACH PARTY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL ACTION, PROCEEDING, CAUSE OF ACTION OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS AND
SCHEDULES ATTACHED TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[signature pages to follow]

 

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By signing below each party agrees to
be bound by this Agreement and the binding covenants set forth in Article II hereof.

 

	BUYER:	 
	 	 
	By:	 
	 	 
	/s/ Jeff Johnson 	 
	Jeff Johnson	 
	CEO	 
	Cuentas, Inc.	 
	235 Lincoln Road, Suite 210	 
	Miami Beach, FL 33139	 
	 	 
	SELLER:	 
	 	 
	By:	 
	 	 
	/s/ Sohel Kapadia	 
	Mango Tell LLC	 
	By: Fisk Holdings, LLC	 
	By: Sohel Kapadia	 
	Managing Member	 
	1091 Yonkers Avenue	 
	Yonkers, New York 10704	 
	 	 
	/s/ Saheda Kapadia	 
	SDI Black 011, LLC,	 
	By: Saheda Kapadia	 
	Managing Member	 
	1091 Yonkers Avenue	 
	Yonkers, New York 10704	 

 

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ATTACHMENT A – LIST OF INITIAL DUE DILIGENCE
MATERIALS

 

	1-	Complete corporate org chart with ownership % listed and relationships.

 

	2-	List of executives, owners, employees & contractors

 

	3-	Review 32,000 bodegas for sales of:

 

		a.	InComm products via Cuentas API – sold on the SDI portal.

 

		b.	Topups sold through bodegas

 

		c.	Black011 long distance sold through bodegas

 

		d.	How many bodegas are active?

 

		e.	When was last activity with each bodega?

 

		f.	What paperwork do they have with each bodega?

 

		g.	When was last sales tax resale certificate on file?

 

		h.	How many reps visit the bodegas?

 

		i.	When was last visit to each bodega by rep?

 

	4-	Review of SDI portal – online activity (not bodegas)

 

		a.	InComm products via Cuentas API – sold to the public on the SDI portal.

 

		b.	Topups sold to the public on the SDI portal.

 

		c.	Black011 long distance sold to the public on the SDI portal.

 

	5-	Review of Black 011 prepaid long distance sales

 

		a.	Compare bank account vs merchant account vs switch reports

 

		b.	Compare with provider invoices

 

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	6-	List of companies in same or similar business owned by family members, co-workers or investors

 

	7-	Complete list of bank accounts

 

	8-	Complete list of merchant accounts

 

	9-	Complete list of platforms, colocation spaces, virtual servers, physical servers, subcontracted data services.

 

	10-	Complete list of software developed for or used by SDI.

 

	11-	Complete list of providers

 

		a.	US

 

		b.	Foreign

 

	12-	Complete list of customers

 

		a.	Consumers

 

		b.	Businesses

 

		c.	Foreign customers?

 

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Schedule A – Purchased Assets

 

1. Domain names:

 

black011.com domain name and any domain name associate
with this url on go daddy

 

blackwireless.com any other url like demo site

 

mymangomobile.com

 

2. Third party bodega vendors with contracts with SDI Black
011, LLC:

 

approximately 31,600 vendor store locations under contract
with SDI

 

3. Balance sheet assets:

 

As set forth on September 30, 2021 reviewed financial statements of
SDI Black 011, LLC.

 

    Schedule A Page 1 of 16 Purchased Assets

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SDI BLACK 011, LLC

 

FINANCIAL STATEMENTS

 

SEPTEMBER 30, 2021

 

 

 

 

 

 

 

 

 

    Schedule A Page 2 of 16 Purchased Assets

     

    

 

SDI BLACK 011, LLC

 

INDEX TO FINANCIAL STATEMENTS

 

	INDEPENDENT ACCOUNTANT’S REVIEW REPORT	 	4-5
	 	 	 
	Balance Sheet as of September  30, 2021	 	6-7
	 	 	 
	Statement of Income and Accumulated  deficit for the nine months ended September  30, 2021	 	8
	 	 	 
	Statement of Cash Flows for the year nine months  ended September 30, 2021	 	9
	 	 	 
	Notes to Financial Statements	 	10-15
	 	 	 
	Supplemental Schedule of Operating Expenses for the nine months ended September 30, 2021	 	16

 

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	LEONARD FRIEDMAN	 	 
	CERTIFIED	PUBLIC	ACCOUNTANT
	LeonanfrliedmanCPA@gmai!.com	 

 

INDEPENDENT ACCOUNTANT’S
REVIEW REPORT

 

To the Members of

 

SDI Black 011, LLC

 

We have reviewed
the accompanying combined fmancial statements of SDI Black 011, LLC (the “Company”) which comprises of Balance Sheet as of September
30, 2021 and the related Statement of Operations and Accumulated Deficit and Statement of Cash Flows and related Notes to the Financial
Statements for the nine months then ended. A review includes primarily applying analytical procedures to management’s fmancial data and
making inquiries of Company management. A review is substantially less in scope than an audit, the objective of which is the expression
of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

 

Management’s Responsibility for
the Financial Statements

 

Management
is responsible for the preparation and fair presentation of the fmancial statements in accordance with accounting principles generally
accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of fmancial statements that are free from material misstatement whether due to fraud or

error.

 

Accountant’s Responsibility

 

Our responsibility
is to conduct the review engagements in accordance with Statements on Standards for Accounting and Review Services promulgated by the
Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as
a basis for reporting whether we are aware of any material modifications that should be made to the fmancial statements for them to be
in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures
provide a reasonable basis for our conclusion.

 

Accountant’s Conclusion

 

Based on our reviews, we are not
aware of any material modifications that should be made to the accompanying combined fmancial statements in order for them to be in conformity
with accounting principles generally accepted in the United States of America.

 

385 Old Westbury Road, East Meadow, New York 11554 Tel: (516)
735-0824 Fax: (516) 735-6301

 

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Supplementary Information

 

The supplementary
information included on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from, and relates direcdy to, the underlying accounting and other
records used to prepare the financial statements. The supplementary information has been subjected to the review procedures applied in
our reviews of the basic financial statements. We are not aware of any material modifications that should be made to the supplementary
information. We have not audited the supplementary information, and do not express an opinion on such information.

 

Adoption of New
Accounting Pronouncements

 

As discussed in Note 1 to the financial
statements, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”),
as of January 1, 2019, using the modified retrospective transition method. Our conclusion and opinion is not modified with respect to
this matter.

 

	 	 
	Certified Public Accountant	 
	East Meadow, New York	 
	December 23, 2021	 

 

385 Old Westbury Road, East Meadow, New York 11554 Tel: (516)
735-0824 Fax: (516) 735-6301

 

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SDI BLACK 011 LLC

BALANCE SHEETS

SEPTEMBER 30, 2021

 

	

 

	ASSETS
	Current Assets	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Cash	 	$	241,005	 	 	 		 
	Accounts receivable	 	 	344,164	 	 	 	 	 
	Due from affiliates
    Total	 	 	110,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Current Assets Property	 	 	 	 	 	 	695,169	 
	 	 	 	 	 	 	 	 	 
	and Equipment Other	 	 	 	 	 	 	211,174	 
	 	 	 	 	 	 	 	 	 
	Assets	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Goodwill paid, net	 	 	875,772	 	 	 	 	 
	Deferred financing costs	 	 	353,557	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	1,229,329	 
	 	 	 	 	 	 	 	 	 
	TOTAL ASSETS	 	 	 	 	 	$	2,135,672	 

 

See independent auditor’s review report.

 

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SDI BLACK 011 LLC 

BALANCE SHEETS 

SEPTEMBER 30, 2021

 

 

LIABILITIES AND MEMBERS’ EQUITY

 

	Current Liabilities	 	 	 	 	 	 
	Accounts  payable Accrued	 	$	262,157	 	 	 	 	 
	expenses Advances from	 	 	4,507	 	 	 	 	 
	customers	 	 	447,424	 	 	 	 	 
	Bank term-loan payable, current maturities	 	 	313,345	 	 	 	 	 
	SBA loan payable, current maturities	 	 	25,984	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Current Liabilities	 	 	 	 	 	 	1,053,417	 
	 	 	 	 	 	 	 	 	 
	Long-Term Liabilities	 	 	 	 	 	 	 	 
	Bank loan payable	 	 	3,487,938	 	 	 	 	 
	SBA loan payable	 	 	486,709	 	 	 	 	 
	 	 	 	 	 	 	 	3,974,647	 
	Total Liabilities	 	 	 	 	 	 	5,028,064	 
	 	 	 	 	 	 	 	 	 
	Commitments and contingencies (Notes 4 and 5)	 	 	 	 	 	 	 	 
	Members’ Equity	 	 	 	 	 	 	 	 
	Accumulated deficit	 	 	(2,892,392	)	 	 	 	 
	Total Members’ Equity	 	 	 	 	 	 	(2,892,392	)
	TOTAL LIABILITIES & MEMBERS’ EQUITY	 	 	 	 	 	$	2,135,672	 

 

See independent auditor’s review report.

 

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SDI BLACK 011 LLC

STATEMENTS OF OPERATIONS & ACCUMULATED DEFICIT

FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2021

 

  

	Revenue	 	$	6,450,005	 	 	 		 
	Cost of Revenues	 	 	5,364,079	 	 	 	 	 
	Gross Profit	 	 	 	 	 	 	1,085,926	 
	Operating Expenses	 	 	 	 	 	 	1,010,358	 
	Net income  from Operations	 	 	 	 	 	 	75,568	 
	Other  Income/ (Expenses)	 	 	 	 	 	 	 	 
	PPP  forgiveness  income	 	 	70,463	 	 	 	 	 
	Interest expenses	 	 	(167,028	)	 	 	 	 
	taxes, other	 	 	(4,773	)	 	 	 	 
	Depreciation and amortization	 	 	(241,368	)	 	 	 	 
	Total Other  Income/(Expenses)	 	 	 	 	 	 	(342,706	)
	Net Loss	 	 	 	 	 	 	(267,138	)
	Accumulated Deficit - Beginning	 	 	 	 	 	 	(937,730	)
	Members’ distributions	 	 	 	 	 	 	(1,687,524	)
	Accumulated Deficit - Ending	 	 	 	 	 	$	(2,892,392	)

  

See independent auditor’s review report.

 

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SDI BLACK 011 LLC

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTMBER 30, 2021

 

 

	Cash Flows from Operating Activities	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Net loss	 	$	(267,138	)	 	 		 
	Adjustments to reconcile net loss to net cash provided by/(used in) operating activities	 	 	 	 	 	 	 	 
	Depreciation and amortization	 	 	241,368	 	 	 	 	 
	Accrued interest payable 	 	 	9,891	 	 	 	 	 
	Changes in current assets and liabilities:	 	 	 	 	 	 	 	 
	Accounts receivable	 	 	(298,425	)	 	 	 	 
	Inventory	 	 	50,031	 	 	 	 	 
	Accounts payable and accrued expenses	 	 	(172,477	)	 	 	 	 
	Advances from customers	 	 	288,540	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Net Cash Used In Operating Activities	 	 	 	 	 	 	(148,210	)
	 	 	 	 	 	 	 	 	 
	Cash flows from Financing Activities	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Loans payable - Bank	 	 	(198,717	)	 	 	 	 
	Proceeds from SBA Loan payable	 	 	350,000	 	 	 	 	 
	Advances to affiliates	 	 	(110,000	)	 	 	 	 
	Distributions to members	 	 	(1,687,524	)	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Net Cash Used in Financing Activities	 	 	 	 	 	 	(1,646,241	)
	 	 	 	 	 	 	 	 	 
	Net Decrease in Cash	 	 	 	 	 	 	(1,794,451	)
	 	 	 	 	 	 	 	 	 
	Cash - Beginning of the Year	 	 	 	 	 	 	2,035,456	 
	 	 	 	 	 	 	 	 	 
	Cash - End of the Year	 	 	 	 	 	$	241,005	 
	 	 	 	 	 	 	 	 	 
	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cash paid during the year for:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Interest	 	 	 	 	 	$		 

 

See independent auditor’s review report.

 

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SDI BLACK 011, LLC 

NOTES TO FINANCIAL STATEMENTS

 SEPTEMBER 30, 2021 

 

NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

SDI Black 01, LLC (the “Company”) was incorporated in
the State of New York in January 2013 and is engaged in the business of electronic distribution and sales of virtual products via its
Black 011 portal located at Yonkers, NY. Its electronic products range from prepaid wireless SIM activation, International mobile recharge
services and international long distance phone services. During 2020, the company also started sales of general merchandise to its retail
reseller customers.

 

A summary of the significant accounting
policies consistendy applied in the preparation of the accompanying financial statements follows:

 

		1.	Cash and Cash Equivalents

 

Cash and cash equivalents include all cash and highly
liquid investments with an original maturity of three months or less.

 

		2.	Com<ntrations of Credit Risk

 

Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The
Company reduces credit risk by placing its temporary cash and investments with major financial institutions with high credit ratings.
At times, such amounts may exceed federally insured limits. The Company reduces credit risk related to accounts receivable by routinely
assessing the fmancial strength and performing evaluations of the credit risk related to specific customers and maintaining an appropriate
allowance for doubtful accounts based on its history of write-offs and current economic conditions of its customers.

 

		3.	Accounts Receivable

 

Accounts receivables are generally
due within 15-30 days and are stated at amounts due from customers net of allowance for doubtful accounts. Accounts outstanding, longer
than the contractual payment terms are considered as past due. The Company determines its allowance by considering a number of factors,
including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability
to pay its obligation to the Company and the condition of the general economy .and the industry as a whole. The Company writes off accounts
receivable when they become uncollectible. Accordingly, the allowance for doubtful accounts was $0 at September 30, 2021.

 

		4.	Property and Equipment

 

Property and equipment are stated
at cost. Depreciation and amortization are provided for using straight-line and accelerated methods, in amounts sufficient to relate the
cost of depreciable assets to operations over their estimated service lives. Leased property under capital leases is amortized over the
shorter of the service lives of the assets or the term of the lease. Repairs and maintenance are charged to operations as incurred.

 

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SDI
BLACK 011, LLC 

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

 

NOTE
1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  (continued)

 

		5.	Goodwill
                                            and Impairment of L.ong-LivedAssets

 

In
February 2014, the FASB issued ASU 2014-02, Intangibles - Goodwill and Other (FASB ASC Topic 350). Under the amendments in this update,
an entity that elects the accounting alternative within GAAP should amortize goodwill on a straight-line basis over 10 years, or less
than 10 years if the entity demonstrates that another useful life is more appropriate. An entity that elects this accounting alternative
is required to make an accounting policy decision to test goodwill for impairment at either the entity level or the reporting unit level.
Goodwill must be tested for impairment when a triggering event occurs that indicates that the fair value of an entity (or a reporting
unit) may be below its carrying amount. If it is determined that the fair value of the reporting unit is less than the book value,
the recorded goodwill is impaired to its implied fair value with a charge to operating expenses.

 

Effective
January 1, 2015, the Company elected to adopt this accounting alternative. No triggering events
have been identified by the Company that would indicate that the fair value of the entity may be below its carrying amount; therefore,
management has determined that no impairment has been sustained for the period ended September 30, 2021.

 

The company
amortizes goodwill paid on a straight-line basis over 10 years and accordingly amortization expense for the nine months ended September
30, 2021 was $202,067.

 

		6.	Revenue Recognition

 

The Company accounts for its
revenues under Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), and the
amendments thereto (collectively referred to as Accounting Standards Codification, or “ASC” 606). The core principle of
ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance
defines a five-step process to achieve this core principle. The five-step process is as follows: (i) identify the contract(s) with a
customer, (ii) identify the performance obligations in the contract(s), (iii)
determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v)
recognize revenue when, or as, the entity satisfies a performance obligation.

 

		7.	Deferred Financing Costs

 

Deferred frnancing
costs consists of amounts paid for the acqwsltlon of bank loan on December 30, 2020. These costs are being amortized using the straight-line
method over the period of the loan. Amortization for the nine months ended September 30, 2021 was $28,667.

 

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SDI BLACK 011, LLC 

NOTES TO FINANCIAL STATEMENTS

 SEPTEMBER 30, 2021

 

NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

		8.	Cost of Revenue

 

Direct cost of revenues consists
primarily of termination and origination costs, toll-free costs, and network costs-including customer/ carrier interconnect charges and
fiber circuit charges. These costs include an estimate of charges for which invoices have not yet been received, and estimated amounts
for pending disputes with other carriers. Direct cost of revenues also includes the cost of airtime top-up minutes. Direct cost of revenues
excludes depreciation and amortization expense.

 

		9.	Income Taxes

 

As a limited liability company,
the Company is treated as a partnership for Federal and state income tax purposes. Accordingly, no provision has been made for income
taxes in the accompanying financial statements, since all items of income or loss are required to be reported on the income tax returns
of the members who are responsible for any taxes thereon.

 

The Company recognizes and
measures its unrecognized tax benefits in accordance with Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 740, Income Taxes. Under that guidance, management assesses the lil<elihood that tax
positions will be sustained upon examination based on the facts, circumstances and information, including the technical merits of
those positions, available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information
is available or when an event occurs that requires a change.

 

Management
has evaluated the Company’s tax positions and has concluded that the Company has taken no uncertain tax positions that require any adjustments
to the fmancial statements.

 

		10.	Uses of Estimates

 

In preparing
fmancial statements in conformity with accounting principles generally accepted in the United States of America, management is required
to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ
from those estimates.

 

		11.	Subsequent Events Evaluation Date

 

The Company evaluated the events
and transactions subsequent to its September 30, 2021 balance sheet date and, in accordance with FASB ASC 855-10-50, “S11bsequent
Events’, determined there were no significant events to report through December 23, 2021, which is the date the fmancial statements
were available to be issued.

 

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SDI BLACK 011, LLC

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

 

NOTE 2- PROPERTY AND
EQUIPMENT

 

Property and equipment consist of the following on September
30, 2021:

 

	 	 	Estimated useful life (years)	 	 	Amount	 
	Computer Software	 	 	5	 	 	$	442,957	 
	Leasehold Improvements	 	 	39	 	 	 	24,800	 
	 	 	 	 	 	 	 	467,757	 
	Less: Accumulated depreciation	 	 	 	 	 	 	(256,583	)
	 	 	 	 	 	 	$	211,174	 

 

Depreciation on property and equipment for the period ended
September 30, 2021

 

NOTE 3- NOTES PAYABLE

 

Bank Tetm Loan

 

On December
30, 2020, the company entered into a loan agreement with Newtek Small Business Finance LLC for a ten-year (10 years) term loan facility
in the amount of $4,000,000 to fund its working capital requirements and repay outstanding loans from affiliates. The facility is guaranteed
by the SBA (Small Business Administration) and secured by all current and future assets of the Company. The loan is also personally guaranteed
by all members of the company and has security interest in certain assets owned by the members.

 

The term-loan
provides for a variable interest rate of the bank’s prime rate plus two and three quarters (2.75%) percentage points. Initial interest
rate is 6% per annum and monthly installment is $44,408.21 which includes principal and interest. The fttst payment is due two (2) months
after the date of disbursement of loan.

 

As at September 30, 2021, balance
due was $3,801,283 and interest paid was $156,548.

 

SBA Etonomit Injury Disaster
Loan (“EIDL’)

 

As a part of COVID-19 relief
efforts, US government’s Small Business Administration department granted long-term loans to businesses under Economic Injury Disaster
Loan Advance Program (“the EIDL loan”). On May 15, 2020, the company received EIDL loan in the amount of $150,000, payable over
thirty (30) years at an interest rate of 3.75%. The loan is secured by all assets of the company and flrst installment is due twenty-four
(24) months after the receipt of the loan.

 

On July 27,2021,
pursuant to an application flled by the company with the SBA under the EIDL program, the company received an additional amount of $350,000
in EIDL loans bringing the combined total to $500,000. Monthly payments payable on the total loan is $2,517 which includes principal and
interest. Interest accrued through September 30, 2021 was $12,693 and the balance due at September 30, 2021 was $512,693.

 

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SDI BLACK 011, LLC

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

 

NOTE 3- NOTES PAYABLE
(continued)

 

As of September 30, 2021 loan maturities for the subsequent
years are summarized as follows:

 

	Year ending September 30:	 	Bank 
 Term Loan	 	 	SBA 
 EIDL Loan	 
	2022	 	$	332,672	 	 	$	25,984	 
	2023	 	 	353,190	 	 	 	9,687	 
	2024	 	 	374,975	 	 	 	10,057	 
	2025	 	 	358,515	 	 	 	10,440	 
	2026	 	 	398,102	 	 	 	10,856	 
	Thereafter	 	 	1,983,829	 	 	 	445,669	 
	 	 	$	3,801,283	 	 	$	512,693	 

 

NOTE
4- PAYCHECK PROTECTION PROGRAM (“PPP”)

 

On March
17, 2021, the Company received loan proceeds of $70,463 under the Paycheck Protection Program (the “PPP”). The PPP, which
was established as part of the Coronavirus Aid, Relief, and Economic Security Act provides for loans to qualifying businesses for
amounts up to 2.5 times certain average monthly payroll expenses of the qualifying business. The loan and accrued interest, or a
portion thereof, may be forgiven after 24 weeks (“applicable covered period”) so long as the borrower uses the loan
proceeds for eligible purposes including payroll, benefits, rent, mortgage interest and utilities, and maintains its payroll levels.
Not more than 40% of the amount forgiven can be attributable to non-payroll costs.

 

The PPP
loan, net of any loan forgiveness, matures on April 15, 2022, and accrues interest at a fixed rate of 1%. Payment is deferred until (a)
the date that the Small Business Administration remits the loan forgiveness amount to the lender, provided that loan forgiveness application
was submitted to the lender within 10 months following the last day of the applicable covered period, or (b)
the date that is 10 months following the last day of the applicable covered period if the loan forgiveness application was not timely
submitted. Interest accrual begins as of the date of disbursement.

 

The Company
had timely applied for the forgiveness of the loan and on September 15, 2021, received notification from the SBA that the entire amount
and accrued interest thereon was forgiven, and the loan satisfied. Accordingly, the PPP loan amount was recorded as other income.

 

NOTE 5-
RELATED PARTY TRANSACTIONS

 

The Company
purchases services and inventory from vendors that are related to the member of the Company. Total purchases from these vendors, for the
nine months ended September 30,2021, amounted to $173,679. Balance due to these vendors at September 30, 2021 amounted to $25,532.

 

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SDI BLACK 011, LLC

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30,
2021

 

NOTE 6- COMMITMENTS AND CONTINGENCIES

 

Lease Commitments- Related
Party

 

The Company
leases its main office on a month-to-month operating lease from an entity related to a member of the company. Rent expense for the nine
months ended September 30, 2021 under this operating lease was $36,000.

 

NOTE 7- UNCERTAINTY DUE TO COVID-19

 

During the
calendar year 2020, the World Health Organization declared COVID-19 to constitute a “Public Health Emergency oflnternational Concern.”
The Company’s business operations were disrupted through mandated and voluntary temporary. Given the uncertainty of the situation, including,
among other things, additional outbreaks of the virus or other strains of the virus or additional mandated shutdowns or quarantines, future
related financial impact cannot be reasonably estimated at this time.

 

    Schedule A Page 15 of 16 Purchased Assets

     

    

 

SDI BLACK 011 LLC

SUPPLEMENTAL SCHEDULES
OF OPERATING EXPENSES

FOR THE NINE MONTHS ENDED
SEPTMBER 30, 2021

 

 

	 	 	 	 
	Salaries and related costs	 	$	256,894	 
	Advertising & Promotion	 	 	38,577	 
	Automobile expenses	 	 	10,068	 
	Bank service charges	 	 	10,139	 
	Conunission  expenses	 	 	300,804	 
	Computer  & Internet Expenses	 	 	10,297	 
	Consulting expenses	 	 	3,900	 
	Customer  service fees	 	 	38,196	 
	Credit card processing fees	 	 	122,983	 
	Dues & Subscriptions	 	 	1,091	 
	Equipment rental	 	 	6,140	 
	Health Insurance	 	 	35,129	 
	Insurance expenses	 	 	669	 
	Legal and professional fees	 	 	7,608	 
	Meals and entertainment	 	 	1,469	 
	Office supplies and expenses	 	 	6,518	 
	Payroll Taxes	 	 	25,624	 
	Payroll processing fees	 	 	2,452	 
	Postage and delivery	 	 	7,946	 
	Printing and reproduction	 	 	4,348	 
	Rent expense	 	 	36,000	 
	Repairs and maintenance	 	 	5,265	 
	Software maintenance costs	 	 	54,000	 
	Telephone  expenses	 	 	6,202	 
	Travel Expenses	 	 	1,604	 
	Utilities	 	 	16,435	 
	Total Operating Expenses	 	$	1,010,358	 

 

    Schedule A Page 16 of 16 Purchased Assets

     

    

 

Schedule B – Non-purchased assets

 

Any vehicles including grooming vansExhibit 4.1

 

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.

 

PRE-FUNDED
COMMON STOCK PURCHASE WARRANT

 

stryve
foods, inc.

 

	Warrant
    Shares: [_______]	Initial
    Exercise Date: January 11, 2022
	 	Issue
    Date: January 11, 2022

 

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

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated January 6, 2022, among the Company and the purchasers
signatory thereto.

 

    	1

     

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a
portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. Notwithstanding the foregoing, with respect to any Notice(s)
of Exercise delivered on or prior to 4:00 p.m. (New York City time) on the Trading Date prior to the Initial Exercise Date, which may
be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject
to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share
Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise)
is received by such Warrant Share Delivery Date. 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.

 

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

 

    	2

     

    

 

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

 

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

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and 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).

 

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

 

    	3

     

    

 

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

 

d)
Mechanics of Exercise.

 

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

 

    	4

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant 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.

 

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

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of 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.

 

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

 

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

 

    	5

     

    

 

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

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of 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 [9.99/4.99%] 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.

 

    	6

     

    

 

Section
3. Certain Adjustments.

 

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

 

b)
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).

 

c)
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).

 

    	7

     

    

 

d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary),
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,
spin-off, 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. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other
Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder 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.

 

    	8

     

    

 

e)
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.

 

f)
Notice to Holder.

 

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

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) 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 (or any of its Subsidiaries) is a party, any
sale or transfer of all or substantially all of its assets, 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 hereinafter 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.

 

    	9

     

    

 

Section
4. Transfer of Warrant.

 

a)
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) Trading Days
of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned
in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

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

 

d)
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 5.7 of the Purchase Agreement.

 

e)
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.

 

Section
5. Miscellaneous.

 

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

 

    	10

     

    

 

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

 

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

 

d)
Authorized Shares.

 

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

 

Except
and to the extent as waived or consented to by the Holder, 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.

 

    	11

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	12

     

    

 

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

 

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

 

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

 

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

 

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

 

(Signature
Page Follows)

 

    	13

     

    

 

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.

 

	 	stryve
    foods, inc.
	 	 	     
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	14

     

    

 

NOTICE
OF EXERCISE

 

To:
stryve foods, inc.

 

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

 

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

 

[  ] in lawful money of the United States; or

 

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

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
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:
________________________________________________________________________________________

 

    	 

     

    

 

EXHIBIT
B

 

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:	______________________________________
	 

     

    Phone
    Number:

     

    Email
    Address:
	(Please
    Print)

     

    ______________________________________

     

    ______________________________________

	Dated:
    _______________ __, ______	 
	Holder’s
    Signature:___________________	 
	Holder’s
    Address:____________________

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