<SEC-DOCUMENT>0001213900-20-041702.txt : 20201209
<SEC-HEADER>0001213900-20-041702.hdr.sgml : 20201209
<ACCEPTANCE-DATETIME>20201209091912
ACCESSION NUMBER:		0001213900-20-041702
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20201208
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201209
DATE AS OF CHANGE:		20201209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBAK Energy Technology, Inc.
		CENTRAL INDEX KEY:			0001117171
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				880442833
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32898
		FILM NUMBER:		201377062

	BUSINESS ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, MEIGUI STREET
		STREET 2:		HUAYUANKOU ECONOMIC ZONE
		CITY:			DALIAN
		STATE:			F4
		ZIP:			116422
		BUSINESS PHONE:		(86)(411)6251-0619

	MAIL ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, MEIGUI STREET
		STREET 2:		HUAYUANKOU ECONOMIC ZONE
		CITY:			DALIAN
		STATE:			F4
		ZIP:			116422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA BAK BATTERY INC
		DATE OF NAME CHANGE:	20050214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDINA COFFEE INC
		DATE OF NAME CHANGE:	20000626
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea131258-8k_cbakenergy.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT STYLE="font-size: 10pt">WASHINGTON, D.C. 20549</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of Earliest Event
Reported): </B>December 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>CBAK ENERGY TECHNOLOGY, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; padding-left: 12pt; text-align: center; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-32898</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>86-0442833</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>(State or other jurisdiction<BR>
&nbsp;of incorporation)</I></FONT></TD>
    <TD STYLE="padding-left: 12pt; text-align: center; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>(Commission File No.)</I></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>(IRS Employer<BR>
&nbsp;Identification No.)</I></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BAK Industrial Park, Meigui Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Huayuankou Economic Zone</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dalian, China, 116450</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Address, including zip code, of principal
executive offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(86)(411)-3918-5985</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Registrant&rsquo;s telephone number,
including area code)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Former name or former address, if changed
since last report)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered or to be registered
pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, $0.001 par value</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">CBAT</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Nasdaq Capital Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.35in">&#9744;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2 of
the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 8, 2020, CBAK Energy Technology,
Inc. (the &ldquo;Company&rdquo;) entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with certain
institutional investors (the &ldquo;Investors&rdquo;), pursuant to which the Company agreed to issue and sell, in a registered
direct offering, an aggregate of 9,489,800 shares (the &ldquo;Shares&rdquo;) of common stock, par value $0.001 per share, of the
Company at a per share purchase price of $5.18, and warrants to purchase an aggregate of 3,795,920 shares of common stock of the
Company (the &ldquo;Investors Warrants&rdquo;), for gross proceeds of approximately $49.16 million, before deducting fees to the
placement agent and other estimated offering expenses payable by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investors Warrants are exercisable
immediately as of the date of issuance until 36 months after the date of issuance at an initial exercise price of $6.46 per share.
The exercise price of the Investors Warrants is subject to full-ratchet anti-dilution adjustment in the case of future issuances
or deemed issuances of shares of common stock below the Investors Warrants&rsquo; exercise price then in effect, as well as customary
adjustment in case of stock splits, stock dividends, stock combinations and similar recapitalization transactions. A holder of
the Investors Warrants also will have the right to exercise such warrants on a cashless basis if the registration statement or
prospectus contained therein is not available for the issuance of all shares of common stock issuable upon exercise thereof. The
exercisability of the Investors Warrants may also be limited if, upon exercise, the holder and its affiliates would in aggregate
beneficially own more than 4.99% or 9.99% of the Company&rsquo;s common stock, which percentage shall be elected by the holder
on or prior to the issuance date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the provisions of the Purchase
Agreement, the Company and the Investors have agreed that: (i) subject to certain exceptions, the Company will not, within the
sixty (60) calendar days following the closing of this offering enter into any agreement to issue or announce the issuance or disposition
or proposed issuance or disposition of any securities (each, a &ldquo;Subsequent Placement&rdquo;); (ii) while the Investors Warrants
remain outstanding, the Company will not enter into an agreement to effect a &ldquo;Variable Rate Transaction,&rdquo; as that term
is defined in the Purchase Agreement; and (iii) within one year following the closing of this offering, the Company shall not effect
any Subsequent Placement unless the Investors are offered a participation right, subject to certain terms and conditions as set
forth in the Purchase Agreement, to subscribe, on a pro rata basis, up to 35% of the securities offered in the Subsequent Placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FT Global Capital, Inc. (the &ldquo;Placement
Agent&rdquo;) acted as the exclusive placement agent in connection with this offering pursuant to the terms of a placement agent
agreement, dated November 25, 2020, between the Company and Placement Agent (the &ldquo;Placement Agent Agreement&rdquo;). Pursuant
to the Placement Agent Agreement, the Company agreed to pay Placement Agent a cash fee equal to seven percent (7%) of the aggregate
proceeds received by the Company from the sale of its securities to investors introduced to the Company by the Placement Agent.
Placement Agent is also entitled to additional tail compensation for any financings consummated within the 12-month period following
the termination of the Placement Agent Agreement to the extent that such financing is provided to the Company by investors that
the Placement Agent had introduced to the Company. In addition to the cash fee, the Company agreed to issue to the Placement Agent
warrants to purchase an aggregate of up to four percent (4%) of the aggregate number of shares of our common stock sold in the
offering (the &ldquo;Placement Agent Warrants&rdquo;). The Placement Agent Warrants shall generally be on the same terms and conditions
as the Investors Warrants, exercisable at a price of $6.475 per share, provided that Placement Agent Warrants will not provide
for certain anti-dilution protections included in the Investors Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shares, the Investors Warrants, the
Placement Agent Warrants and our common stock issuable upon exercise of the Investors Warrants and the Placement Agent Warrants
are being offered by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities
and Exchange Commission on November 23, 2020 and was declared effective on December 3, 2020 (File No. 333-250893).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Purchase
Agreement, the Placement Agent Agreement, the form of Investors Warrant and form of the Placement Agent Warrant does not purport
to be complete and are qualified in their entirety by reference to the full text of such agreements, copies of which are attached
hereto as Exhibits 10.1, 10.2, 4.1 and 4.2, respectively, and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to use the net proceeds
from this offering for working capital and general corporate purposes. This offering is expected to close on or about December
10, 2020, subject to satisfaction of customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Current Report on Form 8-K does not
constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of
any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 8.01. OTHER EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 8, 2020, the Company issued
a press release announcing the offering, a copy of which is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibit </B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 90%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex4-1_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Form of Investors Warrant</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex4-2_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ea131258ex5-1_cbakenergy.htm">Opinion of Sherman &amp; Howard L.L.C.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex10-1_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement by and among the Company and the Investors</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex10-2_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Placement Agent Agreement by and between the Company and FT Global Capital, Inc., dated November 25, 2020</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">23.1 </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ea131258ex5-1_cbakenergy.htm">Consent of Sherman &amp; Howard L.L.C. (included in Exhibit 5.1).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex99-1_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Press Release </FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CBAK ENERGY TECHNOLOGY, INC. </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: December 9, 2020</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Xiangyu Pei</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Xiangyu Pei</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Interim Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibit </B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 90%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex4-1_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Form of Investors Warrant</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex4-2_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Form of Placement Agent Warrant</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ea131258ex5-1_cbakenergy.htm">Opinion of Sherman &amp; Howard L.L.C.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex10-1_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement by and among the Company and the Investors, dated December 8, 2020</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex10-2_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Placement Agent Agreement by and between the Company and FT Global Capital, Inc., dated November 25, 2020</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">23.1 </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="ea131258ex5-1_cbakenergy.htm">Consent of Sherman &amp; Howard L.L.C. (included in Exhibit 5.1).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea131258ex99-1_cbakenergy.htm"><FONT STYLE="font-size: 10pt">Press Release</FONT></A></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ea131258ex4-1_cbakenergy.htm
<DESCRIPTION>FORM OF INVESTORS WARRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[FORM OF WARRANT]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>THE
NUMBER OF SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION </B></FONT><B>1(a) <FONT STYLE="text-transform: uppercase">OF THIS WARRANT.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>CBAK
Energy Technology, Inc. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Warrant
To Purchase Common Stock</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant No.: ___________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date of Issuance: __________, 2020 (&ldquo;<B>Issuance
Date</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CBAK Energy Technology,
Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, [BUYERS], the registered holder hereof or its permitted assigns (the
&ldquo;<B>Holder</B>&rdquo;), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, the &ldquo;<B>Warrant</B>&rdquo;), at any time or times on or
after the Issuance Date (the &ldquo;<B>Initial Exercisability Date</B>&rdquo;), but not after 11:59 p.m., New York time, on the
Expiration Date (as defined below), (subject to adjustment as provided herein) ______________<SUP>1</SUP> fully paid and non-assessable
shares of Common Stock (as defined below) (the &ldquo;<B>Warrant Shares</B>&rdquo;, and such number of Warrant Shares, the &ldquo;<B>Warrant
Number</B>&rdquo;). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 20. This Warrant is one of the Warrants to Purchase Common Stock (the &ldquo;<B>Registered Warrants</B>&rdquo;) issued
pursuant to (i) Section 1 of that certain Securities Purchase Agreement, dated as of December 8, 2020 (the &ldquo;<B>Subscription
Date</B>&rdquo;), by and among the Company and the investors (the &ldquo;<B>Buyers</B>&rdquo;) referred to therein, as amended
from time to time (the &ldquo;<B>Securities Purchase Agreement</B>&rdquo;) and (ii) the Company&rsquo;s Registration Statement
on Form S-3 (File number 333-250893) (the &ldquo;<B>Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
[&nbsp;&nbsp;&nbsp;&nbsp; ]% warrant coverage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;<FONT STYLE="text-transform: uppercase">EXERCISE
OF WARRANT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Mechanics
of Exercise</U>. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section&nbsp;1(f)),
this Warrant may be exercised by the Holder on any day on or after the Initial Exercisability Date (each, an &ldquo;<B>Exercise
Date</B>&rdquo;), in whole or in part, by delivery (whether via electronic mail or otherwise) of a written notice, in the form
attached hereto as <B>Exhibit A</B> (the &ldquo;<B>Exercise Notice</B>&rdquo;), of the Holder&rsquo;s election to exercise this
Warrant. Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the
Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares
as to which this Warrant was so exercised (the &ldquo;<B>Aggregate Exercise Price</B>&rdquo;) in cash or via wire transfer of immediately
available funds if, subject to the provisions of Section 1(c), the Holder did not notify the Company in such Exercise Notice that
such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(c)) at a time and under circumstances which permit
a Cashless Exercise. The Holder shall not be required to deliver the original of this Warrant in order to effect an exercise hereunder.
Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as
cancellation of the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number
of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same
effect as cancellation of the original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof.
On or before the first (1<SUP>st</SUP>) Trading Day following the date on which the Company has received an Exercise Notice, the
Company shall transmit by electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached
hereto as <B><U>Exhibit&nbsp;B</U></B>, to the Holder and the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
which confirmation shall constitute an instruction to the Transfer Agent to process such Exercise Notice in accordance with the
terms herein. On or before the second (2nd) Trading Day following the date on which the Holder has delivered such Exercise Notice
to the Company (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement
of a trade of such Warrant Shares initiated on the applicable Exercise Date), the Company shall (i) provided that the Transfer
Agent is participating in The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) Fast Automated Securities Transfer Program, upon
the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such
exercise to the Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit/Withdrawal at Custodian system,
or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the
Holder or, at the Holder&rsquo;s instruction pursuant to the Exercise Notice, the Holder&rsquo;s agent or designee, in each case,
sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered in
the Company&rsquo;s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice),
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of an Exercise
Notice, 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 such Warrant Shares are credited to the Holder&rsquo;s DTC account
or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in
connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted
for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then, at the request of the Holder,
the Company shall as soon as practicable and in no event later than two (2) Business Days after any exercise and at its own expense,
issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this
Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company
shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and
expenses of the Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of
this Warrant. Notwithstanding the foregoing, except in the case where an exercise of this Warrant is validly made pursuant to a
Cashless Exercise, the Company&rsquo;s failure to deliver Warrant Shares to the Holder on or prior to the later of (A) two (2)
Trading Days after delivery of the applicable Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other
applicable law, rule or regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date)
and (B) one (1) Trading Day after the Company&rsquo;s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise)
(such later date, the &ldquo;<B>Share Delivery Date</B>&rdquo;) shall not be deemed to be a breach of this Warrant. From the Issuance
Date through and including the Expiration Date, the Company shall maintain a transfer agent that participates in the DTC&rsquo;s
Fast Automated Securities Transfer Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Exercise
Price</U>. For purposes of this Warrant, &ldquo;<B>Exercise Price</B>&rdquo; means $6.46, subject to adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Company&rsquo;s
Failure to Timely Deliver Securities</U>. If the Company shall fail, for any reason or for no reason, on or prior to the Share
Delivery Date, either (I) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, to
issue and deliver to the Holder (or its designee) a certificate for the number of Warrant Shares to which the Holder is entitled
and register such Warrant Shares on the Company&rsquo;s share register or, if the Transfer Agent is participating in the DTC Fast
Automated Securities Transfer Program, to credit the balance account of the Holder or the Holder&rsquo;s designee with DTC for
such number of Warrant Shares to which the Holder is entitled upon the Holder&rsquo;s exercise of this Warrant (as the case may
be) or (II) if the Registration Statement (or prospectus contained therein) covering the issuance of the Warrant Shares that are
the subject of the Exercise Notice (the &ldquo;<B>Unavailable Warrant Shares</B>&rdquo;) is not available for the issuance of such
Unavailable Warrant Shares and the Company fails to promptly (x) so notify the Holder and (y) deliver the Warrant Shares electronically
without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit/Withdrawal At Custodian
system (the event described in the immediately foregoing clause (II) is hereinafter referred as a &ldquo;<B>Notice Failure</B>&rdquo;
and together with the event described in clause (I) above, a &ldquo;<B>Delivery Failure</B>&rdquo;), then, in addition to all other
remedies available to the Holder, (X) the Company shall pay in cash to the Holder on each day after the first (1<SUP>st</SUP>)
Trading Day following the Share Delivery Date (until such Delivery Failure is cured) an amount equal to 1% of the product of (A)
the sum of the number of shares of Common Stock not issued to the Holder on or prior to the Share Delivery Date and to which the
Holder is entitled, multiplied by (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any
time during the period beginning on the applicable Exercise Date and ending on the applicable Share Delivery Date, and (Y) the
Holder, upon written notice to the Company, may void its Exercise Notice with respect to, and retain or have returned, as the case
may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the voiding of
an Exercise Notice shall not affect the Company&rsquo;s obligations to make any payments which have accrued prior to the date of
such notice pursuant to this Section 1(c) or otherwise. In addition to the foregoing, if on or prior to the Share Delivery Date
either (I) the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail
to issue and deliver to the Holder (or its designee) a certificate and register such shares of Common Stock on the Company&rsquo;s
share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, the Transfer Agent
shall fail to credit the balance account of the Holder or the Holder&rsquo;s designee with DTC for the number of shares of Common
Stock to which the Holder is entitled upon the Holder&rsquo;s exercise hereunder or pursuant to the Company&rsquo;s obligation
pursuant to clause (ii) below or (II) a Notice Failure occurs, and if on or after such Share Delivery Date the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or
any portion of the number of shares of Common Stock issuable upon such exercise that the Holder is entitled to receive from the
Company (a &ldquo;<B>Buy-In</B>&rdquo;), then, in addition to all other remedies available to the Holder, the Company shall, within
two (2) Business Days after the Holder&rsquo;s request and in the Holder&rsquo;s discretion, either (i) pay cash to the Holder
in an amount equal to the Holder&rsquo;s total purchase price (including brokerage commissions and other out-of-pocket expenses,
if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf,
of the Holder) (the &ldquo;<B>Buy-In Price</B>&rdquo;), at which point the Company&rsquo;s obligation to so issue and deliver such
certificate (and to issue such shares of Common Stock) or credit the balance account of such Holder or such Holder&rsquo;s designee,
as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder&rsquo;s exercise hereunder
(as the case may be) (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to so issue and
deliver to the Holder a certificate or certificates representing such Warrant Shares or credit the balance account of such Holder
or such Holder&rsquo;s designee, as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon
the Holder&rsquo;s exercise hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any)
of the Buy-In Price over the product of (A) such number of Warrant Shares multiplied by (B) the lowest Closing Sale Price of the
Common Stock on any Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date
of such issuance and payment under this clause (ii) (the &ldquo;<B>Buy-In Payment Amount</B>&rdquo;). Nothing shall limit the Holder&rsquo;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&rsquo;s failure to timely deliver certificates representing shares
of Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise of this Warrant as required pursuant
to the terms hereof. While this Warrant is outstanding, the Company shall cause its transfer agent to participate in the DTC Fast
Automated Securities Transfer Program. In addition to the foregoing rights, (i) if the Company fails to deliver the applicable
number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have
the right to rescind such exercise in whole or in part and retain and/or have the Company return, as the case may be, any portion
of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an exercise shall
not affect the Company&rsquo;s obligation to make any payments that have accrued prior to the date of such notice pursuant to this
Section 1(c) or otherwise, and (ii) if a registration statement (which may be the Registration Statement) covering the issuance
or resale of the Warrant Shares that are subject to an Exercise Notice is not available for the issuance or resale, as applicable,
of such Warrant Shares and the Holder has submitted an Exercise Notice prior to receiving notice of the non-availability of such
registration statement and the Company has not already delivered the Warrant Shares underlying such Exercise Notice electronically
without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit / Withdrawal At Custodian
system, the Holder shall have the option, by delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or
in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such
Exercise Notice; provided that the rescission of an Exercise Notice shall not affect the Company&rsquo;s obligation to make any
payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and/or (y) switch some
or all of such Exercise Notice from a cash exercise to a Cashless Exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Cashless
Exercise</U>. Notwithstanding anything contained herein to the contrary (other than Section&nbsp;1(f) below), if at the time of
exercise hereof the Registration Statement is not effective (or the prospectus contained therein is not available for use) for
the issuance of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part
and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, elect instead to receive upon such exercise the &ldquo;Net Number&rdquo; of Warrant Shares determined according
to the following formula (a &ldquo;<B>Cashless Exercise</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&#9;Net Number = <U>(A x B) - (A x C)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: 1in">B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&#9;For purposes of the
foregoing formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">A= the total number of shares with
respect to which this Warrant is then being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">B = as elected by the Holder, either
(i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice,
(ii) the Bid Price of the Common Stock as of the time of the Holder&rsquo;s execution of the applicable Exercise Notice if such
Exercise Notice is executed during &ldquo;regular trading hours&rdquo; on a Trading Day and is delivered within two (2) hours thereafter
pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice
if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section
1(a) hereof after the close of &ldquo;regular trading hours&rdquo; on such Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -2.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -2.8pt">C= the
Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Warrant Shares
are issued in a Cashless Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the 1933 Act, the
Warrant Shares take on the registered characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated
under the 1933 Act, as in effect on the Subscription Date, it is intended that the Warrant Shares issued in a Cashless Exercise
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Disputes</U>.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are
not disputed and resolve such dispute in accordance with Section&nbsp;16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Limitations
on Exercises</U>. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the
right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall
be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with
the other Attribution Parties collectively would beneficially own in excess of [4.99][9.99]<SUP>2</SUP>% (the &ldquo;<B>Maximum
Percentage</B>&rdquo;) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution
Parties shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion
of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes
or convertible preferred stock or warrants, including other Registered Warrants) beneficially owned by the Holder or any other
Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f).
For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the 1934 Act.
For purposes of determining the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this
Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in (x) the Company&rsquo;s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or
other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written
notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the &ldquo;<B>Reported
Outstanding Share Number</B>&rdquo;). If the Company receives an Exercise Notice from the Holder at a time when the actual number
of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder
in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise
cause the Holder&rsquo;s beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage,
the Holder must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the
number of shares by which such purchase is reduced, the &ldquo;<B>Reduction Shares</B>&rdquo;) and (ii) as soon as reasonably
practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and
in writing or by electronic mail 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 and any other Attribution Party since the date as of which the Reported Outstanding
Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant
results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum
Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number
of shares so issued by which the Holder&rsquo;s and the other Attribution Parties&rsquo; aggregate beneficial ownership exceeds
the Maximum Percentage (the &ldquo;<B>Excess Shares</B>&rdquo;) shall be deemed null and void and shall be cancelled ab initio,
and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the
issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by
the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase
(with such increase not effective until the sixty-first (61<SUP>st</SUP>) day after delivery of such notice) or decrease the Maximum
Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in
the Maximum Percentage will not be effective until the sixty-first (61<SUP>st</SUP>) day after such notice is delivered to the
Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any
other holder of Registered Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares of Common
Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability
to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph
with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent necessary to correct this paragraph
or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained
in this Section 1(f) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The
limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. For the avoidance
of doubt, in no event shall the Company be held liable for the issuance of the Excess Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><SUP>2</SUP> As elected
by the Holder on or prior to the Issuance Date</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Reservation
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Required
Reserve Amount</U>. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under
this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall
be necessary to satisfy the Company&rsquo;s obligation to issue shares of Common Stock under the Registered Warrants then outstanding
(without regard to any limitations on exercise) (the &ldquo;<B>Required Reserve Amount</B>&rdquo;); provided that at no time shall
the number of shares of Common Stock reserved pursuant to this Section 1(g)(i) be reduced other than proportionally in connection
with any exercise or redemption of Registered Warrants or such other event covered by Section 2(a) below. The Required Reserve
Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the
holders of the Registered Warrants based on number of shares of Common Stock issuable upon exercise of Registered Warrants held
by each holder on the Closing Date (without regard to any limitations on exercise) or increase in the number of reserved shares,
as the case may be (the &ldquo;<B>Authorized Share Allocation</B>&rdquo;). In the event that a holder shall sell or otherwise transfer
any of such holder&rsquo;s Registered Warrants, each transferee shall be allocated a pro rata portion of such holder&rsquo;s Authorized
Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Registered Warrants
shall be allocated to the remaining holders of Registered Warrants, pro rata based on the number of shares of Common Stock issuable
upon exercise of the Registered Warrants then held by such holders (without regard to any limitations on exercise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;<U>Insufficient
Authorized Shares</U>. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any of the Registered
Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved shares of Common Stock
to satisfy its obligation to reserve the Required Reserve Amount (an &ldquo;<B>Authorized Share Failure</B>&rdquo;), then the Company
shall immediately take all action necessary to increase the Company&rsquo;s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for all the Registered Warrants then outstanding. Without limiting
the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure,
but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its shareholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such
meeting, the Company shall provide each shareholder with a proxy statement and shall use its best efforts to solicit its shareholders&rsquo;
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the shareholders
that they approve such proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon an exercise
of this Warrant due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but
unissued shares of Common Stock (such unavailable number of shares of Common Stock, the &ldquo;<B>Authorization Failure Shares</B>&rdquo;),
in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in exchange for the cancellation
of such portion of this Warrant exercisable into such Authorization Failure Shares at a price equal to the sum of (i) the product
of (x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day
during the period commencing on the date the Holder delivers the applicable Exercise Notice with respect to such Authorization
Failure Shares to the Company and ending on the date of such issuance and payment under this Section 1(f); and (ii) to the extent
the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Holder of Authorization Failure Shares, any Buy-In Payment Amount, brokerage commissions and other out-of-pocket expenses,
if any, of the Holder incurred in connection therewith. Nothing contained in this Section 1(g)(ii) shall limit any obligations
of the Company under any provision of the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;<FONT STYLE="text-transform: uppercase"><U>ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES</U></FONT>. The Exercise Price and number of Warrant Shares issuable upon exercise
of this Warrant are subject to adjustment from time to time as set forth in this Section&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Stock
Dividends and Splits</U>. Without limiting any provision of Section&nbsp;2(b) or Section&nbsp;4, if the Company, at any time on
or after the Subscription Date, (i) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock
or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by
any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock
into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more classes of its
then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment
made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of
shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph
shall become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment
under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise
Price shall be adjusted appropriately to reflect such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Adjustment
Upon Issuance of Shares of Common Stock</U>. If and whenever on or after the Subscription Date, the Company grants issues or sells
(or enters into any agreement to grant, issue or sell), or in accordance with this Section&nbsp;2 is deemed to have granted, issued
or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account
of the Company, but excluding any Excluded Securities granted issued or sold or deemed to have been granted issued or sold) for
a consideration per share (the &ldquo;<B>New Issuance Price</B>&rdquo;) less than a price equal to the Exercise Price in effect
immediately prior to such granting, issuance or sale or deemed granting issuance or sale (such Exercise Price then in effect is
referred to herein as the &ldquo;<B>Applicable Price</B>&rdquo;) (the foregoing a &ldquo;<B>Dilutive Issuance</B>&rdquo;), then
immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance
Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance
Price under this Section&nbsp;2(b)), the following shall be applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Issuance
of Options</U>. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any
Options and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such
Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise
pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the granting , issuance or sale (or the time of execution of such
agreement to grant, issue or sell, as applicable) of such Option for such price per share. For purposes of this Section&nbsp;2(b)(i),
the &ldquo;lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant
to the terms thereof&rdquo; shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received
or receivable by the Company with respect to any one share of Common Stock upon the granting, issuance or sale (or pursuant to
the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise
or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y)
the lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming
all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts
paid or payable to the holder of such Option (or any other Person) upon the granting , issuance or sale (or the agreement to grant,
issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible
Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value of any other consideration
received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below,
no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible
Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of
Common Stock upon conversion, exercise or exchange of such Convertible Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;<U>Issuance
of Convertible Securities</U>. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any
Convertible Securities and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion,
exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common
Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or
the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share.
For the purposes of this Section&nbsp;2(b)(ii), the &ldquo;lowest price per share for which one share of Common Stock is at any
time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof&rdquo; shall be equal
to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect
to one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible
Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and
(y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or may
become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to
the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person)
upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any
other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person).
Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares
of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof,
and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this
Warrant has been or is to be made pursuant to other provisions of this Section&nbsp;2(b), except as contemplated below, no further
adjustment of the Exercise Price shall be made by reason of such issuance or sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;<U>Change
in Option Price or Rate of Conversion</U>. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (other
than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 2(a)),
the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have
been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price,
additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or
sold. For purposes of this Section&nbsp;2(b)(i), if the terms of any Option or Convertible Security (including, without limitation,
any Option or Convertible Security that was outstanding as of the Subscription Date) are increased or decreased in the manner described
in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable
upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease.
No adjustment pursuant to this Section&nbsp;2(b) shall be made if such adjustment would result in an increase of the Exercise Price
then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;<U>Calculation
of Consideration Received</U>. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the
issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the &ldquo;<B>Primary
Security</B>&rdquo;, and such Option and/or Convertible Security and/or Adjustment Right, the &ldquo;<B>Secondary Securities</B>&rdquo;
and together with the Primary Security, each a &ldquo;<B>Unit</B>&rdquo;), together comprising one integrated transaction, the
aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x)
the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share
for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance
with Sections 2(b)(i) or 2(b)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any Trading Day during the five
(5) Trading Day period (the &ldquo;<B>Adjustment Period</B>&rdquo;) immediately following the public announcement of such Dilutive
Issuance (for the avoidance of doubt, if such public announcement is released prior to the opening of the Principal Market on a
Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day period and if this Warrant is exercised,
on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant converted on
such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day
immediately prior to such Exercise Date). If any shares of Common Stock, Options or Convertible Securities are issued or sold or
deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration
received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except
where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company
for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately
preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the
non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor
will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable
to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the &ldquo;<B>Valuation Event</B>&rdquo;),
the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<SUP>th</SUP>) day following
such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of
such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall
be borne by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;<U>Record
Date</U>. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A)&nbsp;to
receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B)&nbsp;to
subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be
the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the
case may be).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Number
of Warrant Shares</U>. Simultaneously with any adjustment to the Exercise Price pursuant to only paragraph (a) of this Section&nbsp;2,
the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise
contained herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Holder&rsquo;s
Right of Alternative Exercise Price Following Issuance of Certain Options or Convertible Securities</U>. In addition to and not
in limitation of the other provisions of this Section&nbsp;2, if the Company in any manner issues or sells or enters into any agreement
to issue or sell, any Common Stock, Options or Convertible Securities (any such securities, &ldquo;<B>Variable Price Securities</B>&rdquo;)
after the Subscription Date that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for
shares of Common Stock at a price which varies or may vary with the market price of the shares of Common Stock, including by way
of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary anti-dilution provisions (such
as share splits, share combinations, share dividends and similar transactions) (each of the formulations for such variable price
being herein referred to as, the &ldquo;<B>Variable Price</B>&rdquo;), the Company shall provide written notice thereof via electronic
mail and overnight courier to the Holder on the date of such agreement and the issuance of such Convertible Securities or Options.
From and after the date the Company enters into such agreement or issues any such Variable Price Securities, the Holder shall have
the right, but not the obligation, in its sole discretion to substitute the Variable Price for the Exercise Price upon exercise
of this Warrant by designating in the Exercise Notice delivered upon any exercise of this Warrant that solely for purposes of such
exercise the Holder is relying on the Variable Price rather than the Exercise Price then in effect. The Holder&rsquo;s election
to rely on a Variable Price for a particular exercise of this Warrant shall not obligate the Holder to rely on a Variable Price
for any future exercises of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Other
Events</U>. In the event that the Company (or any Subsidiary (as defined in the Securities Purchase Agreement)) shall take any
action to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from
dilution or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by
such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features), then the Company&rsquo;s board of directors shall in good faith determine and implement an appropriate adjustment
in the Exercise Price and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that
no such adjustment pursuant to this Section 2(e) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise
determined pursuant to this Section 2, provided further that if the Holder does not accept such adjustments as appropriately protecting
its interests hereunder against such dilution, then the Company&rsquo;s board of directors and the Holder shall agree, in good
faith, upon an independent investment bank of nationally recognized standing to make such appropriate adjustments, whose determination
shall be final and binding absent manifest error and whose fees and expenses shall be borne by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Calculations</U>.
All calculations under this Section&nbsp;2 shall be made by rounding to the nearest cent or the nearest 1/100<SUP>th</SUP> of a
share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held
by or for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale of Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Voluntary
Adjustment By Company</U>. Subject to the rules and regulations of the Principal Market, the Company may at any time during the
term of this Warrant, with the prior written consent of the Required Holders (as defined in the Securities Purchase Agreement),
reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;<FONT STYLE="text-transform: uppercase"><U>RIGHTS
UPON DISTRIBUTION OF ASSETS</U></FONT>. In addition to any adjustments pursuant to Section&nbsp;2 above, 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, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement,
scheme of arrangement or other similar transaction) (a &ldquo;<B>Distribution</B>&rdquo;), 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 or restrictions on exercise of this Warrant, including without limitation,
the Maximum Percentage) immediately before the date on 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&rsquo;s right to participate in any such Distribution would result in the
Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate
in such Distribution to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares
of Common Stock as a result of such Distribution (and beneficial ownership) to the extent of any such excess) and the portion
of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto
would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the
Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent
Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp;<FONT STYLE="text-transform: uppercase"><U>PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Purchase
Rights</U>. In addition to any adjustments pursuant to Section&nbsp;2 above, if at any time the Company grants, issues or sells
any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Common Stock (the &ldquo;<B>Purchase Rights</B>&rdquo;), 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
or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) 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, issuance or sale of such Purchase Rights
(<U>provided</U>, <U>however</U>, that to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would
result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled
to participate in such Purchase Right to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership
of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to the extent of any such excess)
and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times, if ever,
as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which
time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right
or on any subsequent Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Fundamental
Transactions</U>. The Company shall not enter into or be party to a Fundamental Transaction unless (i)&nbsp; the Successor Entity
assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents (as defined in
the Securities Purchase Agreement) in accordance with the provisions of this Section 4(d) pursuant to written agreements in form
and substance reasonably satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction, such approval
not to be unreasonably withheld, conditioned or delayed, including agreements to 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,
including, without limitation, which is exercisable for a corresponding number of shares of capital stock 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 adjustments to the 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 (ii)&nbsp;the Successor Entity (including its Parent Entity) is a publicly traded corporation whose common stock
is quoted on or listed for trading on an Eligible Market. Upon the consummation of each Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of the applicable Fundamental Transaction, the
provisions of this Warrant and the other Transaction Documents referring to the &ldquo;Company&rdquo; 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. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there
shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in
lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under
Sections&nbsp;3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior
to the applicable Fundamental Transaction, such shares of publicly traded common stock (or its equivalent) of the Successor Entity
(including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental
Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any
limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the
foregoing, and without limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to
the Company to waive this Section&nbsp;4(a) to permit the Fundamental Transaction without the assumption of this Warrant. In addition
to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to
which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares
of Common Stock (a &ldquo;<B>Corporate Event</B>&rdquo;), the Company shall make appropriate provision to insure that the Holder
will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash,
assets or other property (except such items still issuable under Sections&nbsp;3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would
have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately
prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Provision
made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Black
Scholes Value</U>. Notwithstanding the foregoing and the provisions of Section&nbsp;4(b) above, at the request of the Holder delivered
at any time commencing on the earliest to occur of (x) the public disclosure of any contemplated Change of Control, (y) the consummation
of any Change of Control and (z) the Holder first becoming aware of any Change of Control through the date that is ninety (90)
days after the public disclosure of the consummation of such Change of Control by the Company pursuant to a Current Report on Form
8-K filed with the SEC, the Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on
the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value. Payment of such amounts shall
be made by the Company (or at the Company&rsquo;s direction) to the Holder on or prior to the later of (x) the second (2<SUP>nd</SUP>)
Trading Day after the date of such request and (y) the date of consummation of such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Application</U>.
The provisions of this Section&nbsp;4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events
and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage,
applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise of
this Warrant (or any such other warrant)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&nbsp;<FONT STYLE="text-transform: uppercase"><U>NONCIRCUMVENTION</U></FONT>.
The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation (as defined in
the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer
of assets, consolidation, merger, scheme of arrangement, dissolution, issuance 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, and will at all times in good faith
carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without
limiting the generality of the foregoing, the Company (a) shall not increase the par value of any shares of Common Stock receivable
upon the exercise of this Warrant above the Exercise Price then in effect, and (b) shall take all such actions as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon
the exercise of this Warrant. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary
of the Initial Execisability Date, the Holder is not permitted to exercise this Warrant in full for any reason (other than pursuant
to restrictions set forth in Section 1(f) hereof), the Company shall use its best efforts to promptly remedy such failure, including,
without limitation, obtaining such consents or approvals as necessary to permit such exercise into shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&nbsp;<FONT STYLE="text-transform: uppercase"><U>WARRANT
HOLDER NOT DEEMED A SHAREHOLDER</U></FONT>. Except as otherwise specifically provided herein, the Holder, solely in its capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity
as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing
contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company. Notwithstanding this Section&nbsp;6, the Company shall provide the Holder with copies of the same notices and
other information given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&nbsp;<FONT STYLE="text-transform: uppercase"><U>REISSUANCE
OF WARRANTS.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Transfer
of Warrant</U>. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section&nbsp;7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section&nbsp;7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Lost,
Stolen or Mutilated Warrant</U>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall
suffice as such evidence), but not the posting of any surety or similar bond, and, in the case of loss, theft or destruction, of
any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon
surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with
Section&nbsp;7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Exchangeable
for Multiple Warrants</U>. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section&nbsp;7(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such
portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for
fractional shares of Common Stock shall be given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Issuance
of New Warrants</U>. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section&nbsp;7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&nbsp;<FONT STYLE="text-transform: uppercase"><U>NOTICES</U></FONT>.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with Section&nbsp;9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of
all actions taken pursuant to this Warrant (other than the issuance of shares of Common Stock upon exercise in accordance with
the terms hereof), including in reasonable detail a description of such action and the reason therefor. Without limiting the generality
of the foregoing, the Company will give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price
and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s), (ii)
at least fifteen (15) Trading Days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options,
Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock
or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each
case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the
Holder, and (iii) at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that
any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries,
the Company shall simultaneously file such notice with the SEC (as defined in the Securities Purchase Agreement) pursuant to a
Current Report on Form 8-K. If the Company or any of its Subsidiaries provides material non-public information to the Holder that
is not simultaneously filed in a Current Report on Form 8-K and the Holder has not agreed to receive such material non-public
information, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality to the Company,
any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect to, or a
duty to any of the foregoing not to trade on the basis of, such material non-public information. It is expressly understood and
agreed that the time of execution specified by the Holder in each Exercise Notice shall be definitive and may not be disputed
or challenged by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&nbsp;<FONT STYLE="text-transform: uppercase"><U>DISCLOSURE</U></FONT>.
Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance with the terms
of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute material,
non-public information relating to the Company or any of its Subsidiaries, the Company shall on or prior to 9:00 am, New York
city time on the Business Day immediately following such notice delivery date, publicly disclose such material, non-public information
on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public
information relating to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder explicitly in writing
in such notice (or immediately upon receipt of notice from the Holder, as applicable), and in the absence of any such written
indication in such notice (or notification from the Company immediately upon receipt of notice from the Holder), the Holder shall
be entitled to presume that information contained in the notice does not constitute material, non-public information relating
to the Company or any of its Subsidiaries. Nothing contained in this Section 9 shall limit any obligations of the Company, or
any rights of the Holder, under Section 4(l) of the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&nbsp;<U>ABSENCE
OF TRADING AND DISCLOSURE RESTRICTIONS</U>. The Company acknowledges and agrees that the Holder is not a fiduciary or agent of
the Company and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the
Company or (b) refrain from trading any securities while in possession of such information in the absence of a written non-disclosure
agreement signed by an officer of the Holder that explicitly provides for such confidentiality and trading restrictions. In the
absence of such an executed, written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any
securities issued by the Company, may possess and use any information provided by the Company in connection with such trading activity,
and may disclose any such information to any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&nbsp;<FONT STYLE="text-transform: uppercase"><U>AMENDMENT
AND WAIVER</U></FONT>. Except as otherwise provided herein, the provisions of this Warrant (other than Section&nbsp;1(f)) may
be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by
it, only if the Company has obtained the written consent of the Holder. The Holder shall be entitled, at its option, to the benefit
of any amendment of (a) any other similar warrant issued under the Securities Purchase Agreement or (b) any other similar warrant.
No consideration shall be offered or paid to the Holder to amend or consent to a waiver or modification of any provision of this
Warrant unless the same consideration is also offered to all of the holders of the other Registered Warrants. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.&nbsp;<FONT STYLE="text-transform: uppercase"><U>SEVERABILITY</U></FONT>.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.&nbsp;<FONT STYLE="text-transform: uppercase"><U>GOVERNING
LAW</U></FONT>. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to the Company at the address set forth in Section 9(f) of the Securities Purchase Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from
bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company&rsquo;s obligations
to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court
ruling in favor of the Holder. The Company hereby appoints CT Corporation Service Company, with offices at 80 State Street, Albany,
New York 12207 as its agent for service of process in the United States. If service of process is effected pursuant to the above
sentence, such service will be deemed sufficient under New York law and the Company shall not assert otherwise. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. <B>THE COMPANY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.&nbsp;<FONT STYLE="text-transform: uppercase"><U>JUDGMENT
CURRENCY</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;If
for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to
convert into any other currency (such other currency being hereinafter in this Section 14 referred to as the &ldquo;<B>Judgment
Currency</B>&rdquo;) an amount due in U.S. Dollars under this Warrant, the conversion shall be made at the Exchange Rate prevailing
on the Trading Day immediately preceding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section 14 being hereinafter referred to as the &ldquo;<B>Judgment Conversion
Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;If
in the case of any proceeding in the court of any jurisdiction referred to in Section 14(a)(ii) above, there is a change in the
Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment
Conversion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.&nbsp;<FONT STYLE="text-transform: uppercase"><U>CONSTRUCTION;
HEADINGS</U></FONT>. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other Transaction Documents shall
have the meanings ascribed to such terms on the Closing Date (as defined in the Securities Purchase Agreement) in such other Transaction
Documents unless otherwise consented to in writing by the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.&nbsp;<FONT STYLE="text-transform: uppercase"><U>DISPUTE
RESOLUTION</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Submission
to Dispute Resolution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;In
the case of a dispute relating to the Exercise Price, the Closing Sale Price, the Bid Price, Black Scholes Value or fair market
value or the arithmetic calculation of the number of Warrant Shares (as the case may be) (including, without limitation, a dispute
relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute
to the other party via electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances
giving rise to such dispute or (B) if by the Holder, at any time after the Holder learned of the circumstances giving rise to such
dispute. If the Holder and the Company are unable to promptly resolve such dispute relating to such Exercise Price, such Closing
Sale Price, such Bid Price, such Black Scholes Value or such fair market value or such arithmetic calculation of the number of
Warrant Shares (as the case may be), at any time after the second (2<SUP>nd</SUP>) Business Day following such initial notice by
the Company or the Holder (as the case may be) of such dispute to the Company or the Holder (as the case may be), then the Holder
may, at its sole option, select an independent, reputable investment bank to resolve such dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;The
Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in
accordance with the first sentence of this Section 16 and (B) written documentation supporting its position with respect to such
dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5<SUP>th</SUP>) Business Day immediately following
the date on which the Holder selected such investment bank (the &ldquo;<B>Dispute Submission Deadline</B>&rdquo;) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the &ldquo;<B>Required Dispute
Documentation</B>&rdquo;) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on
the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless
otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company
nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection
with such dispute (other than the Required Dispute Documentation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;The
Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and
the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees
and expenses of such investment bank shall be borne solely by the Company, and such investment bank&rsquo;s resolution of such
dispute shall be final and binding upon all parties absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Miscellaneous</U>.
The Company expressly acknowledges and agrees that (i) this Section 16 constitutes an agreement to arbitrate between the Company
and the Holder (and constitutes an arbitration agreement) under the rules then in effect under &sect; 7501, et seq. of the New
York Civil Practice Law and Rules (&ldquo;<B>CPLR</B>&rdquo;) and that the Holder is authorized to apply for an order to compel
arbitration pursuant to CPLR &sect; 7503(a) in order to compel compliance with this Section 16, (ii) a dispute relating to the
Exercise Price includes, without limitation, disputes as to (A) whether an issuance or sale or deemed issuance or sale of Common
Stock occurred under Section 2(b), (B) the consideration per share at which an issuance or deemed issuance of Common Stock occurred,
(C) whether any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale
of Excluded Securities, (D) whether an agreement, instrument, security or the like constitutes and Option or Convertible Security
and (E) whether a Dilutive Issuance occurred, (iii) the terms of this Warrant and each other applicable Transaction Document shall
serve as the basis for the selected investment bank&rsquo;s resolution of the applicable dispute, such investment bank shall be
entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines
are required to be made by such investment bank in connection with its resolution of such dispute (including, without limitation,
determining (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 2(b), (B) the consideration
per share at which an issuance or deemed issuance of Common Stock occurred, (C) whether any issuance or sale or deemed issuance
or sale of Common Stock was an issuance or sale or deemed issuance or sale of Excluded Securities, (D) whether an agreement, instrument,
security or the like constitutes and Option or Convertible Security and (E) whether a Dilutive Issuance occurred) and in resolving
such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Warrant and any other
applicable Transaction Documents, (iv) the Holder (and only the Holder), in its sole discretion, shall have the right to submit
any dispute described in this Section 16 to any state or federal court sitting in The City of New York, Borough of Manhattan in
lieu of utilizing the procedures set forth in this Section 16 and (v) nothing in this Section 16 shall limit the Holder from obtaining
any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described in this
Section 16).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.&nbsp;<FONT STYLE="text-transform: uppercase"><U>REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF</U></FONT>. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants
to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts
to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available
remedies, to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court
of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other
security. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable
the Holder to confirm the Company&rsquo;s compliance with the terms and conditions of this Warrant (including, without limitation,
compliance with Section&nbsp;2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise
of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.&nbsp;<FONT STYLE="text-transform: uppercase"><U>PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS</U></FONT>. If (a) this Warrant is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect amounts
due under this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership
of the company or other proceedings affecting company creditors&rsquo; rights and involving a claim under this Warrant, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys&rsquo; fees and disbursements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">19.&nbsp;<FONT STYLE="text-transform: uppercase"><U>TRANSFER</U></FONT>.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">20.&nbsp;<FONT STYLE="text-transform: uppercase">CERTAIN
DEFINITIONS</FONT>. For purposes of this Warrant, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&ldquo;<B>1933
Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&ldquo;<B>1934
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&ldquo;<B>Additional
Excluded Securities</B>&rdquo; means any shares of Common Stock issued (or deemed issued) in any Subsequent Placement (as defined
in the Securities Purchase Agreement); provided that (i) the Holder (or any affiliate of the Holder) purchases securities in such
Subsequent Placement and (ii) such Subsequent Placement has minimum gross proceeds of at least $25 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;
&ldquo;<B>Adjustment Right</B>&rdquo; means any right granted with respect to any securities issued in connection with, or with
respect to, any issuance or sale (or deemed issuance or sale in accordance with Section&nbsp;2) of shares of Common Stock (other
than rights of the type described in Section&nbsp;3 and 4 hereof) that could result in a decrease in the net consideration received
by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights,
cash adjustment or other similar rights).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that &ldquo;control&rdquo; of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&ldquo;<B>Approved
Stock Plan</B>&rdquo; means any employee benefit plan which has been approved by the board of directors of the Company prior to
or subsequent to the date hereof pursuant to which, including, without limitation, shares of Common Stock, RSUs (as defined in
the Securities Purchase Agreement) and standard options to purchase Common Stock may be issued to any employee, officer or director
for services provided to the Company in their capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&ldquo;<B>Attribution
Parties</B>&rdquo; means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by
the Holder&rsquo;s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any
of the foregoing and (iv) any other Persons whose beneficial ownership of the Company&rsquo;s Common Stock would or could be aggregated
with the Holder&rsquo;s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose
of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&ldquo;<B>Bid
Price</B>&rdquo; means, for any security as of the particular time of determination, the bid price for such security on the Principal
Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply,
the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination,
the average of the bid prices of any market makers for such security as reported in the &ldquo;pink sheets&rdquo; by OTC Markets
Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as
of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to
agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section&nbsp;16.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&ldquo;<B>Black
Scholes Value</B>&rdquo; means the value of the unexercised portion of this Warrant remaining on the date of the Holder&rsquo;s
request pursuant to Section&nbsp;4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the
&ldquo;OV&rdquo; function on Bloomberg utilizing (i) an underlying price per share equal to the greater of (1) the highest Closing
Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding the announcement of the applicable
Change of Control (or the consummation of the applicable Change of Control, if earlier) and ending on the Trading Day of the Holder&rsquo;s
request pursuant to Section 4(c) and (2) the sum of the price per share being offered in cash in the applicable Change of Control
(if any) plus the value of the non-cash consideration being offered in the applicable Change of Control (if any), (ii) a strike
price equal to the Exercise Price in effect on the date of the Holder&rsquo;s request pursuant to Section&nbsp;4(c), (iii) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the greater of (1) the remaining term of this Warrant
as of the date of the Holder&rsquo;s request pursuant to Section&nbsp;4(c) and (2) the remaining term of this Warrant as of the
date of consummation of the applicable Change of Control or as of the date of the Holder&rsquo;s request pursuant to Section&nbsp;4(c)
if such request is prior to the date of the consummation of the applicable Change of Control, (iv) a zero cost of borrow and (v)
an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the &ldquo;HVT&rdquo; function on Bloomberg
(determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the earliest to occur of (A)
the public disclosure of the applicable contemplated Change of Control, (B) the consummation of the applicable Change of Control
and (C) the date on which the Holder first became aware of the applicable Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;
&ldquo;<B>Bloomberg</B>&rdquo; means Bloomberg, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&ldquo;<B>Business
Day</B>&rdquo; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; <U>provided</U>, <U>however</U>, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to &ldquo;stay at home&rdquo;, &ldquo;shelter-in-place&rdquo;, &ldquo;non-essential
employee&rdquo;&nbsp; or any other similar orders or restrictions or the closure of any physical branch locations at the direction
of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York generally are open for use by customers on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&ldquo;<B>Change
of Control</B>&rdquo; means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect,
wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification
of the Common Shares in which holders of the Company&rsquo;s voting power immediately prior to such reorganization, recapitalization
or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities
and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities
with the authority or voting power&nbsp;to elect the members of the board of directors (or their equivalent if other than a corporation)
of such entity or entities) after such reorganization, recapitalization or reclassification and (iii) pursuant to a migratory merger
effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;
&ldquo;<B>Closing Bid Price</B>&rdquo; and &ldquo;<B>Closing Sale Price</B>&rdquo; means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing
trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m.,
New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market
for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last
closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for
such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security
as reported in the &ldquo;pink sheets&rdquo; by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or
the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid
Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved in accordance with the procedures in Section&nbsp;16. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&ldquo;<B>Common
Stock</B>&rdquo; means (i)&nbsp;the Company&rsquo;s shares of common stock, $0.001 par value per share, and (ii) any capital stock
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&ldquo;<B>Convertible
Securities</B>&rdquo; means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&ldquo;<B>Eligible
Market</B>&rdquo; means The New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market or
the Principal Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&ldquo;<B>Excluded
Securities</B>&rdquo; means (i) shares of Common Stock, RSUs or standard options to purchase Common Stock issued to directors,
officers or employees of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Stock
Plan (as defined above), provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon vesting
of such RSUs or exercise of such options) after the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed
more than 10% of the Common Stock issued and outstanding immediately prior to the Subscription Date and (B) the exercise price
of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none
of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects any of the
Buyers; (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than standard options
to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) issued prior to the Subscription
Date, provided that the conversion price of any such Convertible Securities (other than standard options to purchase Common Stock
issued pursuant to an Approved Stock Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities
(other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i)
above) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible
Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by
clause (i) above) are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) any shares of
Common Stock issued or issuable in connection with any bona fide strategic or commercial alliances, acquisitions, mergers, licensing
arrangements, and strategic partnerships, provided, that (w) the primary purpose of such issuance is not to raise capital as reasonably
determined, (x) the purchaser or acquirer or recipient of the securities in such issuance is not a Person whose primary business
is investing in securities, (y) the purchaser or acquirer or recipient of the securities in such issuance solely consists of either
(A) the actual participants in such strategic or commercial alliance, strategic or commercial licensing arrangement or strategic
or commercial partnership, (B) the actual owners of such assets or securities acquired in such acquisition or merger or (C) the
shareholders, partners, employees, consultants, officers, directors or members of the foregoing Persons, in each case, which is,
itself or through its subsidiaries, an operating company or an owner of an asset, in a business synergistic with the business of
the Company and shall provide to the Company additional benefits in addition to the investment of funds, and (z) the number or
amount of securities issued to such Persons by the Company shall not be disproportionate to each such Person&rsquo;s actual participation
in (or fair market value of the contribution to) such strategic or commercial alliance or strategic or commercial partnership or
ownership of such assets or securities to be acquired by the Company, as applicable; (iv) the shares of Common Stock issuable upon
exercise of the Registered Warrants; provided, that the terms of the Registered Warrant are not amended, modified or changed on
or after the Subscription Date (other than antidilution adjustments pursuant to the terms thereof in effect as of the Subscription
Date); (v) solely to the extent not issued prior to the date hereof, 3,192,291 Shares (as defined in that certain Cancellation
Agreement, dated November 11, 2020 (as disclosed on the Current Report on Form 8-K of the Company filed with the SEC on November
17, 2020), as in effect on November 11, 2020 and without regard to any amendment, modification or waiver after November 11, 2020,
the &ldquo;<B>Cancellation Agreement</B>&rdquo;) as required by the terms and conditions of the Cancellation Agreement and (vi)
any Additional Excluded Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&ldquo;<B>Equity
Conditions</B>&rdquo; means: (i) on each day during the period beginning one month prior to the applicable date of determination
and ending on and including the applicable date of determination the Registration Statement is effective and the prospectus contained
therein shall be available for the issuance by the Company to the Holder of all of the Warrant Shares (disregarding any limitation
on exercise of this Warrant); (ii) on each day during the period beginning three months prior to the applicable date of determination
and ending on and including the applicable date of determination (the &ldquo;<B>Equity Conditions Measuring Period</B>&rdquo;),
the Common Stock (including all of the Warrant Shares) is listed or designated for quotation (as applicable) on an Eligible Market
and shall not have been suspended from trading on an Eligible Market (other than suspensions of not more than two (2) days and
occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension
by an Eligible Market have been threatened (with a reasonable prospect of delisting occurring) or pending either (A) in writing
by such Eligible Market or (B) by falling below the minimum listing maintenance requirements of the Eligible Market on which the
Common Stock is then listed or designated for quotation (as applicable); (iii) on each day during the Equity Conditions Measuring
Period, the Company shall have delivered all shares of Common Stock issuable upon exercise of this Warrant on a timely basis as
set forth in Section 11(a) hereof and all other shares of capital stock required to be delivered by the Company on a timely basis
as set forth in the other Transaction Documents; (iv) any shares of Common Stock to be issued in connection with the event requiring
determination may be issued in full without violating Section 1(f) hereof; (v) any shares of Common Stock to be issued in connection
with the event requiring determination may be issued in full without violating the rules or regulations of the Eligible Market
on which the Common Stock is then listed or designated for quotation (as applicable); (vi) on each day during the Equity Conditions
Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has
not been abandoned, terminated or consummated; (vii) the Company shall have no knowledge of any fact that would reasonably be expected
to cause the Registration Statement to not be effective or the prospectus contained therein to not be available for the issuance
by the Company to the Holder of all of the Warrant Shares (disregarding any limitation on exercise of this Warrant); (viii) the
Holder shall not be in (and no other Buyer shall be in) possession of any material, non-public information provided to any of them
by the Company, any of its Subsidiaries or any of their respective affiliates, employees, officers, representatives, agents or
the like; and (ix) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance
with each provision, covenant, representation or warranty of any of the Transaction Documents and shall not have breached any,
provision, covenant, representation or warranty of any of the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&ldquo;<B>Equity
Conditions Failure</B>&rdquo; means, with respect to a particular date of determination, that on any day during the period commencing
twenty (20) Trading Days immediately prior to such date of determination, the Equity Conditions have not been satisfied (or waived
in writing by the Holder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&ldquo;<B>Expiration
Date</B>&rdquo; means the date that is [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], which is thirty-six months from the Issuance Date, or, if such date falls on a day
other than a Trading Day or on which trading does not take place on the Principal Market (a &ldquo;<B>Holiday</B>&rdquo;), the
next date that is not a Holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;
&ldquo;<B>Fundamental Transaction</B>&rdquo; means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its &ldquo;significant subsidiaries&rdquo; (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or
(z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3
under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least
50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any
shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the &ldquo;beneficial owner&rdquo; (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance,
tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock,
(y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held by all such
Subject Entities as of the date of this Warrant calculated as if any shares of Common Stock held by all such Subject Entities were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common
Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger
or other transaction requiring other shareholders of the Company to surrender their shares of Common Stock without approval of
the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to
circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition
or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&ldquo;<B>Group</B>&rdquo;
means a &ldquo;group&rdquo; as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;
&ldquo;<B>Options</B>&rdquo; means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;&ldquo;<B>Parent
Entity</B>&rdquo; of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;&ldquo;<B>Person</B>&rdquo;
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;&ldquo;<B>Principal
Market</B>&rdquo; means the Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa)&#9; &ldquo;<B>SEC</B>&rdquo;
means the United States Securities and Exchange Commission or the successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb)&#9;<B>&ldquo;Subject
Entity</B>&rdquo; means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc)&#9;&ldquo;<B>Successor
Entity</B>&rdquo; means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd)&#9;&ldquo;<B>Trading
Day</B>&rdquo; means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that &ldquo;Trading Day&rdquo; shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on
such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day
in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the Common Stock,
any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee)&#9; &ldquo;<B>VWAP</B>&rdquo;
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded), during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m.,
New York time, as reported by Bloomberg through its &ldquo;VAP&rdquo; function (set to 09:30 start time and 16:00 end time) or,
if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the
electronic bulletin board for such security during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New
York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg
for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such
security as reported in the &ldquo;pink sheets&rdquo; by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot
be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section&nbsp;16.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization
or other similar transaction during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">21.&nbsp;<FONT STYLE="text-transform: uppercase"><U>COMPANY
OPTIONAL REDEMPTION</U></FONT>. If at any time after the date hereof, (i) the Closing Bid Price of the Common Stock is equal to
or greater than $16.15 per share (as adjusted for stock splits, stock combinations and the like occurring from and after the Issuance
Date) (the &ldquo;<B>Trigger Price</B>&rdquo;) for a period of seven (7) consecutive Trading Days (the &ldquo;<B>Measuring Period</B>&rdquo;),
(ii) no Equity Conditions Failure shall have occurred, and (iii) the aggregate dollar trading volume (as reported on Bloomberg)
of the Common Stock on the applicable Eligible Market for each Trading Day during the Measuring Period exceeds one hundred million
dollars ($100,000,000) per day, then the Company shall have the right to purchase all, or any part, of then-remaining portion
of this Warrant from the Holder as set forth below (a &ldquo;<B>Company Redemption</B>&rdquo;). The Company may exercise its right
to purchase the entire then-remaining portion of this Warrant under this Section 21 by delivering (provided that all of the conditions
set forth in clauses (i) through (iii) above are then satisfied), on the first (1<SUP>st</SUP>) Trading Day immediately following
the satisfaction of all the conditions set forth in clauses (i) through (iii) above, a written notice thereof to the Holder (the
&ldquo;<B>Redemption Notice</B>&rdquo; and the date the Holder receives such notice by electronic mail is referred to as the &ldquo;<B>Redemption
Notice Date</B>&rdquo;). The Company shall only be permitted to submit one Redemption Notice to the Holder pursuant to this Section
21. The Redemption Notice shall be irrevocable. The Redemption Notice shall (A) state the Trading Day selected for the Company
Redemption in accordance with this Section 21, which Trading Day shall be at least five (5) Trading Days but not more than twenty
(20) Trading Days following the Redemption Notice Date (the &ldquo;<B>Redemption Date</B>&rdquo;), (B) contain a certification
from the Chief Executive Officer of the Company that there has been no Equity Conditions Failure and (C) contain a certification
from the Chief Executive Officer of the Company that the Company has simultaneously taken the same action with respect to all
of the Warrants (as defined in the Securities Purchase Agreement) that are then eligible to be purchased by the Company. On the
Redemption Date, the Company shall pay an amount equal to the product of (x) the number of Warrant Shares then issuable upon exercise
of this Warrant (without regard to any limitations of exercise set forth herein) and (y) $0.001 (the &ldquo;<B>Redemption Price</B>&rdquo;)
to the Holder on the Redemption Date by wire transfer of immediately available funds to an account specified by the Holder. Notwithstanding
anything contained in this Section 21 to the contrary, if (x) any shares of Common Stock trade for a price less than the Trigger
Price on any day Trading Day during the period commencing on the Redemption Notice Date and ending on the Trading Day immediately
preceding the Redemption Date; (y) the aggregate dollar trading volume (as reported on Bloomberg) of the Common Stock on the applicable
Eligible Market on any day Trading Day during the period commencing on the Redemption Notice Date and ending on the Trading Day
immediately preceding the Redemption Date is less than $2 million; or (z) an Equity Conditions Failure occurs on any day during
the period commencing on the Redemption Notice Date and ending on the Redemption Date which has not been waived by the Holder,
then, in any case, the applicable Redemption Notice delivered to the Holder shall be null and void ab initio and the Company Redemption
shall not occur. If the Company elects to cause a Company Redemption of this Warrant pursuant to this Section 21, then it must
simultaneously take the same action with respect to all of the other Warrants that are then eligible to be purchased in the same
proportion as the Company Redemption of this Warrant. Notwithstanding the foregoing, the Holder may exercise all or any portion
of this Warrant at any time and from time to time after the Redemption Notice Date until the Holder&rsquo;s receipt of the Redemption
Price from the Company and any such exercise of this Warrant shall proportionally reduce the Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>signature page follows</I>]</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B>
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="text-transform: uppercase"><B>CBAK Energy Technology, Inc. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">EXERCISE
NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS</FONT><BR>
<FONT STYLE="font-size: 10pt">WARRANT TO PURCHASE COMMON STOCK</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">CBAK
ENERGY TECHNOLOGY, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned holder
hereby elects to exercise the Warrant to Purchase Common Stock No.&nbsp;_______ (the &ldquo;<B>Warrant</B>&rdquo;) of CBAK Energy
Technology, Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;) as specified below. Capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;<U>Form
of Exercise Price</U>. The Holder intends that payment of the Aggregate Exercise Price shall be made as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a &ldquo;<U>Cash Exercise</U>&rdquo; with respect to _________________
Warrant Shares; and/or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a &ldquo;<U>Cashless Exercise</U>&rdquo; with respect to _______________
Warrant Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder
hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date
set forth below and (ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was $________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&nbsp;<U>Payment
of Exercise Price</U>. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise </FONT>Price <FONT STYLE="font-size: 10pt">in the sum
of $___________________ to the Company in accordance with the terms of the Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&nbsp;<U>Delivery
of Warrant Shares</U>. The Company shall deliver to Holder, or its designee or agent as specified below, __________ </FONT>shares
of Common Stock <FONT STYLE="font-size: 10pt">in accordance with the terms of the Warrant. Delivery shall be made to Holder, or
for its benefit, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9744; Check
here if requesting delivery as a certificate to the following name and to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">Issue to:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#9744; Check here if
requesting delivery by Deposit/Withdrawal at Custodian as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">DTC Participant:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">DTC Number:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">Account Number:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: _____________ __,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Registered Holder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.45pt; text-indent: -18.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax ID:____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail Address:_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ACKNOWLEDGMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above </FONT>indicated <FONT STYLE="font-size: 10pt">number
of shares of Common Stock in accordance with the Transfer Agent Instructions dated _________, 202_, from the Company and acknowledged
and agreed to by _______________.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="text-transform: uppercase"><B>CBAK Energy Technology, Inc.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>ea131258ex4-2_cbakenergy.htm
<DESCRIPTION>FORM OF PLACEMENT AGENT WARRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>THE
NUMBER OF SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION </B></FONT><B>1(a) <FONT STYLE="text-transform: uppercase">OF THIS WARRANT.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>THE
WARRANT AND WARRANT SHARES SHALL NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING,
SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE SECURITIES BY ANY
PERSON FOR A PERIOD OF 180 DAYS IMMEDIATELY FOLLOWING THE COMMENCEMENT OF SALES OF THE PUBLIC OFFERING PURSUANT TO WHICH THE WARRANTS
WERE ISSUED, EXCEPT AS PROVIDED IN FINRA RULE 5110(E)(2).</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>CBAK
Energy Technology, Inc. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Warrant
To Purchase Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrant No.: <U> _________</U>&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date of Issuance: __________, 2020 (&ldquo;<B>Issuance
Date</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CBAK Energy Technology,
Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, [______________], the registered holder hereof or its permitted assigns
(the &ldquo;<B>Holder</B>&rdquo;), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, the &ldquo;<B>Warrant</B>&rdquo;), at any time or times on or
after the six month and one day anniversary of the Issuance Date (the &ldquo;<B>Initial Exercisability Date</B>&rdquo;), but not
after 11:59 p.m., New York time, on the Expiration Date (as defined below), (subject to adjustment as provided herein) <B>379,592
</B>fully paid and non-assessable shares of Common Stock (as defined below) (the &ldquo;<B>Warrant Shares</B>&rdquo;, and such
number of Warrant Shares, the &ldquo;<B>Warrant Number</B>&rdquo;). Except as otherwise defined herein, capitalized terms in this
Warrant shall have the meanings set forth in Section 20. This Warrant is being issued pursuant to the Placement Agent Agreement
between the Company and FT Global Capital, Inc. dated November 25, 2020 (the &ldquo;<B>PA Agreement</B>&rdquo;) and for purposes
of this Warrant is one of the Warrants to Purchase Common Stock (the &ldquo;<B>Registered Warrants</B>&rdquo;) issued pursuant
to (i) Section 1 of that certain Securities Purchase Agreement, dated as of December 8, 2020 (the &ldquo;<B>Subscription Date</B>&rdquo;),
by and among the Company and the investors (the &ldquo;<B>Buyers</B>&rdquo;) referred to therein, as amended from time to time
(the &ldquo;<B>Securities Purchase Agreement</B>&rdquo;) and (ii) the Company&rsquo;s Registration Statement on Form S-3 (File
number 333-250893) (the &ldquo;<B>Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;<FONT STYLE="text-transform: uppercase">EXERCISE
OF WARRANT</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Mechanics
of Exercise</U>. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section&nbsp;1(f)),
this Warrant may be exercised by the Holder on any day on or after the Initial Exercisability Date (each, an &ldquo;<B>Exercise
Date</B>&rdquo;), in whole or in part, by delivery (whether via electronic mail or otherwise) of a written notice, in the form
attached hereto as <B>Exhibit A</B> (the &ldquo;<B>Exercise Notice</B>&rdquo;), of the Holder&rsquo;s election to exercise this
Warrant. Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the
Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares
as to which this Warrant was so exercised (the &ldquo;<B>Aggregate Exercise Price</B>&rdquo;) in cash or via wire transfer of immediately
available funds if, subject to the provisions of Section 1(c), the Holder did not notify the Company in such Exercise Notice that
such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(c)) at a time and under circumstances which permit
a Cashless Exercise. The Holder shall not be required to deliver the original of this Warrant in order to effect an exercise hereunder.
Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as
cancellation of the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number
of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same
effect as cancellation of the original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof.
On or before the first (1<SUP>st</SUP>) Trading Day following the date on which the Company has received an Exercise Notice, the
Company shall transmit by electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached
hereto as <B><U>Exhibit&nbsp;B</U></B>, to the Holder and the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
which confirmation shall constitute an instruction to the Transfer Agent to process such Exercise Notice in accordance with the
terms herein. On or before the second (2nd) Trading Day following the date on which the Holder has delivered such Exercise Notice
to the Company (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement
of a trade of such Warrant Shares initiated on the applicable Exercise Date), the Company shall (i) provided that the Transfer
Agent is participating in The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) Fast Automated Securities Transfer Program, upon
the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such
exercise to the Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit/Withdrawal at Custodian system,
or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the
Holder or, at the Holder&rsquo;s instruction pursuant to the Exercise Notice, the Holder&rsquo;s agent or designee, in each case,
sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered in
the Company&rsquo;s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice),
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of an Exercise
Notice, 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 such Warrant Shares are credited to the Holder&rsquo;s DTC account
or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in
connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted
for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then, at the request of the Holder,
the Company shall as soon as practicable and in no event later than two (2) Business Days after any exercise and at its own expense,
issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this
Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company
shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and
expenses of the Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of
this Warrant. Notwithstanding the foregoing, except in the case where an exercise of this Warrant is validly made pursuant to a
Cashless Exercise, the Company&rsquo;s failure to deliver Warrant Shares to the Holder on or prior to the later of (A) two (2)
Trading Days after delivery of the applicable Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other
applicable law, rule or regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date)
and (B) one (1) Trading Day after the Company&rsquo;s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise)
(such later date, the &ldquo;<B>Share Delivery Date</B>&rdquo;) shall not be deemed to be a breach of this Warrant. From the Issuance
Date through and including the Expiration Date, the Company shall maintain a transfer agent that participates in the DTC&rsquo;s
Fast Automated Securities Transfer Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Exercise
Price</U>. For purposes of this Warrant, &ldquo;<B>Exercise Price</B>&rdquo; means $6.475, subject to adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Company&rsquo;s
Failure to Timely Deliver Securities</U>. If the Company shall fail, for any reason or for no reason, on or prior to the Share
Delivery Date, either (I) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, to
issue and deliver to the Holder (or its designee) a certificate for the number of Warrant Shares to which the Holder is entitled
and register such Warrant Shares on the Company&rsquo;s share register or, if the Transfer Agent is participating in the DTC Fast
Automated Securities Transfer Program, to credit the balance account of the Holder or the Holder&rsquo;s designee with DTC for
such number of Warrant Shares to which the Holder is entitled upon the Holder&rsquo;s exercise of this Warrant (as the case may
be) or (II) if the Registration Statement (or prospectus contained therein) covering the issuance of the Warrant Shares that are
the subject of the Exercise Notice (the &ldquo;<B>Unavailable Warrant Shares</B>&rdquo;) is not available for the issuance of such
Unavailable Warrant Shares and the Company fails to promptly (x) so notify the Holder and (y) deliver the Warrant Shares electronically
without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit/Withdrawal At Custodian
system (the event described in the immediately foregoing clause (II) is hereinafter referred as a &ldquo;<B>Notice Failure</B>&rdquo;
and together with the event described in clause (I) above, a &ldquo;<B>Delivery Failure</B>&rdquo;), then, in addition to all other
remedies available to the Holder, (X) the Company shall pay in cash to the Holder on each day after the first (1<SUP>st</SUP>)
Trading Day following the Share Delivery Date (until such Delivery Failure is cured) an amount equal to 1% of the product of (A)
the sum of the number of shares of Common Stock not issued to the Holder on or prior to the Share Delivery Date and to which the
Holder is entitled, multiplied by (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any
time during the period beginning on the applicable Exercise Date and ending on the applicable Share Delivery Date, and (Y) the
Holder, upon written notice to the Company, may void its Exercise Notice with respect to, and retain or have returned, as the case
may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the voiding of
an Exercise Notice shall not affect the Company&rsquo;s obligations to make any payments which have accrued prior to the date of
such notice pursuant to this Section 1(c) or otherwise. In addition to the foregoing, if on or prior to the Share Delivery Date
either (I) the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail
to issue and deliver to the Holder (or its designee) a certificate and register such shares of Common Stock on the Company&rsquo;s
share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, the Transfer Agent
shall fail to credit the balance account of the Holder or the Holder&rsquo;s designee with DTC for the number of shares of Common
Stock to which the Holder is entitled upon the Holder&rsquo;s exercise hereunder or pursuant to the Company&rsquo;s obligation
pursuant to clause (ii) below or (II) a Notice Failure occurs, and if on or after such Share Delivery Date the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or
any portion of the number of shares of Common Stock issuable upon such exercise that the Holder is entitled to receive from the
Company (a &ldquo;<B>Buy-In</B>&rdquo;), then, in addition to all other remedies available to the Holder, the Company shall, within
two (2) Business Days after the Holder&rsquo;s request and in the Holder&rsquo;s discretion, either (i) pay cash to the Holder
in an amount equal to the Holder&rsquo;s total purchase price (including brokerage commissions and other out-of-pocket expenses,
if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf,
of the Holder) (the &ldquo;<B>Buy-In Price</B>&rdquo;), at which point the Company&rsquo;s obligation to so issue and deliver such
certificate (and to issue such shares of Common Stock) or credit the balance account of such Holder or such Holder&rsquo;s designee,
as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder&rsquo;s exercise hereunder
(as the case may be) (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to so issue and
deliver to the Holder a certificate or certificates representing such Warrant Shares or credit the balance account of such Holder
or such Holder&rsquo;s designee, as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon
the Holder&rsquo;s exercise hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any)
of the Buy-In Price over the product of (A) such number of Warrant Shares multiplied by (B) the lowest Closing Sale Price of the
Common Stock on any Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date
of such issuance and payment under this clause (ii) (the &ldquo;<B>Buy-In Payment Amount</B>&rdquo;). Nothing shall limit the Holder&rsquo;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&rsquo;s failure to timely deliver certificates representing shares
of Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise of this Warrant as required pursuant
to the terms hereof. While this Warrant is outstanding, the Company shall cause its transfer agent to participate in the DTC Fast
Automated Securities Transfer Program. In addition to the foregoing rights, (i) if the Company fails to deliver the applicable
number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have
the right to rescind such exercise in whole or in part and retain and/or have the Company return, as the case may be, any portion
of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an exercise shall
not affect the Company&rsquo;s obligation to make any payments that have accrued prior to the date of such notice pursuant to this
Section 1(c) or otherwise, and (ii) if a registration statement (which may be the Registration Statement) covering the issuance
or resale of the Warrant Shares that are subject to an Exercise Notice is not available for the issuance or resale, as applicable,
of such Warrant Shares and the Holder has submitted an Exercise Notice prior to receiving notice of the non-availability of such
registration statement and the Company has not already delivered the Warrant Shares underlying such Exercise Notice electronically
without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the Holder&rsquo;s or its designee&rsquo;s balance account with DTC through its Deposit / Withdrawal At Custodian
system, the Holder shall have the option, by delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or
in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such
Exercise Notice; provided that the rescission of an Exercise Notice shall not affect the Company&rsquo;s obligation to make any
payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and/or (y) switch some
or all of such Exercise Notice from a cash exercise to a Cashless Exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Cashless
Exercise</U>. Notwithstanding anything contained herein to the contrary (other than Section&nbsp;1(f) below), if at the time of
exercise hereof the Registration Statement is not effective (or the prospectus contained therein is not available for use) for
the issuance of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part
and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, elect instead to receive upon such exercise the &ldquo;Net Number&rdquo; of Warrant Shares determined according
to the following formula (a &ldquo;<B>Cashless Exercise</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&#9;Net Number = <U>(A x B) - (A x C)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: 1in">B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&#9;For purposes of the
foregoing formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">A= the total number of shares with
respect to which this Warrant is then being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">B = as elected by the Holder, either
(i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice,
(ii) the Bid Price of the Common Stock as of the time of the Holder&rsquo;s execution of the applicable Exercise Notice if such
Exercise Notice is executed during &ldquo;regular trading hours&rdquo; on a Trading Day and is delivered within two (2) hours thereafter
pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice
if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section
1(a) hereof after the close of &ldquo;regular trading hours&rdquo; on such Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -2.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -2.8pt">C= the
Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Warrant Shares
are issued in a Cashless Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the 1933 Act, the
Warrant Shares take on the registered characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated
under the 1933 Act, as in effect on the Subscription Date, it is intended that the Warrant Shares issued in a Cashless Exercise
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued pursuant to the PA Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Disputes</U>.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are
not disputed and resolve such dispute in accordance with Section&nbsp;16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Limitations
on Exercises</U>. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right
to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null
and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with the other
Attribution Parties collectively would beneficially own in excess of 4.99% (the &ldquo;<B>Maximum Percentage</B>&rdquo;) of the
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the
number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude
shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or
warrants, including other Registered Warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation
on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section 1(f), beneficial
ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes of determining the number of outstanding
shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder
may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company&rsquo;s most recent Annual Report
on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be,
(y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any,
setting forth the number of shares of Common Stock outstanding (the &ldquo;<B>Reported Outstanding Share Number</B>&rdquo;). If
the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock
is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares
of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder&rsquo;s beneficial
ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of
a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares by which such purchase
is reduced, the &ldquo;<B>Reduction Shares</B>&rdquo;) and (ii) as soon as reasonably practicable, the Company shall return to
the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral
request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail 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
and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that
the issuance of shares of Common Stock to the Holder upon exercise of this Warrant results in the Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder&rsquo;s
and the other Attribution Parties&rsquo; aggregate beneficial ownership exceeds the Maximum Percentage (the &ldquo;<B>Excess Shares</B>&rdquo;)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer
the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the
Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice
to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61<SUP>st</SUP>)
day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified
in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61<SUP>st</SUP>)
day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the
other Attribution Parties and not to any other holder of Registered Warrants that is not an Attribution Party of the Holder. For
purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage
shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent
necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial
ownership limitation contained in this Section 1(f) or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this
Warrant. For the avoidance of doubt, in no event shall the Company be held liable for the issuance of the Excess Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Reservation
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Required
Reserve Amount</U>. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under
this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall
be necessary to satisfy the Company&rsquo;s obligation to issue shares of Common Stock under the Registered Warrants then outstanding
(without regard to any limitations on exercise) (the &ldquo;<B>Required Reserve Amount</B>&rdquo;); provided that at no time shall
the number of shares of Common Stock reserved pursuant to this Section 1(g)(i) be reduced other than proportionally in connection
with any exercise or redemption of Registered Warrants or such other event covered by Section 2(a) below. The Required Reserve
Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the
holders of the Registered Warrants based on number of shares of Common Stock issuable upon exercise of Registered Warrants held
by each holder on the Closing Date (without regard to any limitations on exercise) or increase in the number of reserved shares,
as the case may be (the &ldquo;<B>Authorized Share Allocation</B>&rdquo;). In the event that a holder shall sell or otherwise transfer
any of such holder&rsquo;s Registered Warrants, each transferee shall be allocated a pro rata portion of such holder&rsquo;s Authorized
Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Registered Warrants
shall be allocated to the remaining holders of Registered Warrants, pro rata based on the number of shares of Common Stock issuable
upon exercise of the Registered Warrants then held by such holders (without regard to any limitations on exercise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;<U>Insufficient
Authorized Shares</U>. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any of the Registered
Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved shares of Common Stock
to satisfy its obligation to reserve the Required Reserve Amount (an &ldquo;<B>Authorized Share Failure</B>&rdquo;), then the Company
shall immediately take all action necessary to increase the Company&rsquo;s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for all the Registered Warrants then outstanding. Without limiting
the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure,
but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its shareholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such
meeting, the Company shall provide each shareholder with a proxy statement and shall use its best efforts to solicit its shareholders&rsquo;
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the shareholders
that they approve such proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon an exercise
of this Warrant due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but
unissued shares of Common Stock (such unavailable number of shares of Common Stock, the &ldquo;<B>Authorization Failure Shares</B>&rdquo;),
in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in exchange for the cancellation
of such portion of this Warrant exercisable into such Authorization Failure Shares at a price equal to the sum of (i) the product
of (x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day
during the period commencing on the date the Holder delivers the applicable Exercise Notice with respect to such Authorization
Failure Shares to the Company and ending on the date of such issuance and payment under this Section 1(f); and (ii) to the extent
the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Holder of Authorization Failure Shares, any Buy-In Payment Amount, brokerage commissions and other out-of-pocket expenses,
if any, of the Holder incurred in connection therewith. Nothing contained in this Section 1(g)(ii) shall limit any obligations
of the Company under any provision of the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;<FONT STYLE="text-transform: uppercase"><U>ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES</U></FONT>. The Exercise Price and number of Warrant Shares issuable upon exercise
of this Warrant are subject to adjustment from time to time as set forth in this Section&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Stock
Dividends and Splits</U>. Without limiting any provision of Section&nbsp;2(b) or Section&nbsp;4, if the Company, at any time on
or after the Subscription Date, (i) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock
or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by
any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock
into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more classes of its
then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment
made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of
shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph
shall become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment
under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise
Price shall be adjusted appropriately to reflect such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Reserved</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Number
of Warrant Shares</U>. Simultaneously with any adjustment to the Exercise Price pursuant to only paragraph (a) of this Section&nbsp;2,
the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise
contained herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Reserved</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Other
Events</U>. In the event that the Company (or any Subsidiary (as defined in the Securities Purchase Agreement)) shall take any
action to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from
dilution or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by
such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features), then the Company&rsquo;s board of directors shall in good faith determine and implement an appropriate adjustment
in the Exercise Price and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that
no such adjustment pursuant to this Section 2(e) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise
determined pursuant to this Section 2, provided further that if the Holder does not accept such adjustments as appropriately protecting
its interests hereunder against such dilution, then the Company&rsquo;s board of directors and the Holder shall agree, in good
faith, upon an independent investment bank of nationally recognized standing to make such appropriate adjustments, whose determination
shall be final and binding absent manifest error and whose fees and expenses shall be borne by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Calculations</U>.
All calculations under this Section&nbsp;2 shall be made by rounding to the nearest cent or the nearest 1/100<SUP>th</SUP> of a
share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held
by or for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale of Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Voluntary
Adjustment By Company</U>. Subject to the rules and regulations of the Principal Market, the Company may at any time during the
term of this Warrant, with the prior written consent of the Required Holders (as defined in the Securities Purchase Agreement),
reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;<FONT STYLE="text-transform: uppercase"><U>RIGHTS
UPON DISTRIBUTION OF ASSETS</U></FONT>. Except as prohibited by FINRA Rule 5110(g)(8)(F), in addition to any adjustments pursuant
to Section&nbsp;2 above, 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, options, evidence of indebtedness or any other assets by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &ldquo;<B>Distribution</B>&rdquo;),
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 or restrictions on exercise of this Warrant,
including without limitation, the Maximum Percentage) immediately before the date on 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&rsquo;s right to participate in any
such Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder
shall not be entitled to participate in such Distribution to the extent of the Maximum Percentage (and shall not be entitled to
beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to the extent
of any such excess) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time
or times, if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum
Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such
initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no
such limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp;<FONT STYLE="text-transform: uppercase"><U>PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Purchase
Rights</U>. In addition to any adjustments pursuant to Section&nbsp;2 above, if at any time the Company grants, issues or sells
any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Common Stock (the &ldquo;<B>Purchase Rights</B>&rdquo;), 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
or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) 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, issuance or sale of such Purchase Rights
(<U>provided</U>, <U>however</U>, that to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would
result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled
to participate in such Purchase Right to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership
of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to the extent of any such excess)
and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times, if ever,
as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which
time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right
or on any subsequent Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Fundamental
Transactions</U>. The Company shall not enter into or be party to a Fundamental Transaction unless (i)&nbsp; the Successor Entity
assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents (as defined in
the Securities Purchase Agreement) in accordance with the provisions of this Section 4(d) pursuant to written agreements in form
and substance reasonably satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction, such approval
not to be unreasonably withheld, conditioned or delayed, including agreements to 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,
including, without limitation, which is exercisable for a corresponding number of shares of capital stock 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 adjustments to the 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 (ii)&nbsp;the Successor Entity (including its Parent Entity) is a publicly traded corporation whose common stock
is quoted on or listed for trading on an Eligible Market. Upon the consummation of each Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of the applicable Fundamental Transaction, the
provisions of this Warrant and the other Transaction Documents referring to the &ldquo;Company&rdquo; 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. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there
shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in
lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under
Sections&nbsp;3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior
to the applicable Fundamental Transaction, such shares of publicly traded common stock (or its equivalent) of the Successor Entity
(including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental
Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any
limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the
foregoing, and without limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to
the Company to waive this Section&nbsp;4(a) to permit the Fundamental Transaction without the assumption of this Warrant. In addition
to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to
which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares
of Common Stock (a &ldquo;<B>Corporate Event</B>&rdquo;), the Company shall make appropriate provision to insure that the Holder
will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash,
assets or other property (except such items still issuable under Sections&nbsp;3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would
have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately
prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Provision
made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Black
Scholes Value</U>. Notwithstanding the foregoing and the provisions of Section&nbsp;4(b) above, at the request of the Holder delivered
at any time commencing on the earliest to occur of (x) the public disclosure of any contemplated Change of Control, (y) the consummation
of any Change of Control and (z) the Holder first becoming aware of any Change of Control through the date that is ninety (90)
days after the public disclosure of the consummation of such Change of Control by the Company pursuant to a Current Report on Form
8-K filed with the SEC, the Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on
the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value. Payment of such amounts shall
be made by the Company (or at the Company&rsquo;s direction) to the Holder on or prior to the later of (x) the second (2<SUP>nd</SUP>)
Trading Day after the date of such request and (y) the date of consummation of such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Application</U>.
The provisions of this Section&nbsp;4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events
and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage,
applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise of
this Warrant (or any such other warrant)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&nbsp;<FONT STYLE="text-transform: uppercase"><U>NONCIRCUMVENTION</U></FONT>.
The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation (as defined in
the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer
of assets, consolidation, merger, scheme of arrangement, dissolution, issuance 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, and will at all times in good faith
carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without
limiting the generality of the foregoing, the Company (a) shall not increase the par value of any shares of Common Stock receivable
upon the exercise of this Warrant above the Exercise Price then in effect, and (b) shall take all such actions as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon
the exercise of this Warrant. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary
of the Initial Execisability Date, the Holder is not permitted to exercise this Warrant in full for any reason (other than pursuant
to restrictions set forth in Section 1(f) hereof), the Company shall use its best efforts to promptly remedy such failure, including,
without limitation, obtaining such consents or approvals as necessary to permit such exercise into shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&nbsp;<FONT STYLE="text-transform: uppercase"><U>WARRANT
HOLDER NOT DEEMED A SHAREHOLDER</U></FONT>. Except as otherwise specifically provided herein, the Holder, solely in its capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity
as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing
contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company. Notwithstanding this Section&nbsp;6, the Company shall provide the Holder with copies of the same notices and
other information given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&nbsp;<FONT STYLE="text-transform: uppercase"><U>REISSUANCE
OF WARRANTS.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Transfer
of Warrant</U>. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section&nbsp;7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section&nbsp;7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Lost,
Stolen or Mutilated Warrant</U>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall
suffice as such evidence), but not the posting of any surety or similar bond, and, in the case of loss, theft or destruction, of
any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon
surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with
Section&nbsp;7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Exchangeable
for Multiple Warrants</U>. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section&nbsp;7(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such
portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for
fractional shares of Common Stock shall be given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Issuance
of New Warrants</U>. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section&nbsp;7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&nbsp;<FONT STYLE="text-transform: uppercase"><U>NOTICES</U></FONT>.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with the PA Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant
(other than the issuance of shares of Common Stock upon exercise in accordance with the terms hereof), including in reasonable
detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will
give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares,
setting forth in reasonable detail, and certifying, the calculation of such adjustment(s), (ii) at least fifteen (15) Trading
Days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution
upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights
to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall
be made known to the public prior to or in conjunction with such notice being provided to the Holder, and (iii) at least ten (10)
Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously
file such notice with the SEC (as defined in the Securities Purchase Agreement) pursuant to a Current Report on Form 8-K. If the
Company or any of its Subsidiaries provides material non-public information to the Holder that is not simultaneously filed in
a Current Report on Form 8-K and the Holder has not agreed to receive such material non-public information, the Company hereby
covenants and agrees that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any
of their respective officers, directors, employees, affiliates or agents with respect to, or a duty to any of the foregoing not
to trade on the basis of, such material non-public information. It is expressly understood and agreed that the time of execution
specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&nbsp;<FONT STYLE="text-transform: uppercase"><U>DISCLOSURE</U></FONT>.
Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance with the terms
of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute material,
non-public information relating to the Company or any of its Subsidiaries, the Company shall on or prior to 9:00 am, New York
city time on the Business Day immediately following such notice delivery date, publicly disclose such material, non-public information
on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public
information relating to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder explicitly in writing
in such notice (or immediately upon receipt of notice from the Holder, as applicable), and in the absence of any such written
indication in such notice (or notification from the Company immediately upon receipt of notice from the Holder), the Holder shall
be entitled to presume that information contained in the notice does not constitute material, non-public information relating
to the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&nbsp;<U>ABSENCE
OF TRADING AND DISCLOSURE RESTRICTIONS</U>. The Company acknowledges and agrees that the Holder is not a fiduciary or agent of
the Company and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the
Company or (b) refrain from trading any securities while in possession of such information in the absence of a written non-disclosure
agreement signed by an officer of the Holder that explicitly provides for such confidentiality and trading restrictions. In the
absence of such an executed, written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any
securities issued by the Company, may possess and use any information provided by the Company in connection with such trading activity,
and may disclose any such information to any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&nbsp;<FONT STYLE="text-transform: uppercase"><U>AMENDMENT
AND WAIVER</U></FONT>. Except as otherwise provided herein, the provisions of this Warrant (other than Section&nbsp;1(f)) may
be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by
it, only if the Company has obtained the written consent of the Holder. The Holder shall be entitled, at its option, to the benefit
of any amendment of (a) any other similar warrant issued under the Securities Purchase Agreement or (b) any other similar warrant.
No consideration shall be offered or paid to the Holder to amend or consent to a waiver or modification of any provision of this
Warrant unless the same consideration is also offered to all of the holders of the other Registered Warrants. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.&nbsp;<FONT STYLE="text-transform: uppercase"><U>SEVERABILITY</U></FONT>.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.&nbsp;<FONT STYLE="text-transform: uppercase"><U>GOVERNING
LAW</U></FONT>. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to the Company at the address set forth in the PA Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. The Company hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other
legal action against the Company in any other jurisdiction to collect on the Company&rsquo;s obligations to the Holder, to realize
on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.
The Company hereby appoints CT Corporation Service Company, with offices at 80 State Street, Albany, New York 12207 as its agent
for service of process in the United States. If service of process is effected pursuant to the above sentence, such service will
be deemed sufficient under New York law and the Company shall not assert otherwise. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. <B>THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT
IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.&nbsp;<FONT STYLE="text-transform: uppercase"><U>JUDGMENT
CURRENCY</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;If
for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to
convert into any other currency (such other currency being hereinafter in this Section 14 referred to as the &ldquo;<B>Judgment
Currency</B>&rdquo;) an amount due in U.S. Dollars under this Warrant, the conversion shall be made at the Exchange Rate prevailing
on the Trading Day immediately preceding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section 14 being hereinafter referred to as the &ldquo;<B>Judgment Conversion
Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;If
in the case of any proceeding in the court of any jurisdiction referred to in Section 14(a)(ii) above, there is a change in the
Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment
Conversion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.&nbsp;<FONT STYLE="text-transform: uppercase"><U>CONSTRUCTION;
HEADINGS</U></FONT>. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other Transaction Documents shall
have the meanings ascribed to such terms on the Closing Date (as defined in the Securities Purchase Agreement) in such other Transaction
Documents unless otherwise consented to in writing by the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.&nbsp;<FONT STYLE="text-transform: uppercase"><U>DISPUTE
RESOLUTION</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Submission
to Dispute Resolution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;In
the case of a dispute relating to the Exercise Price, the Closing Sale Price, the Bid Price, Black Scholes Value or fair market
value or the arithmetic calculation of the number of Warrant Shares (as the case may be) (including, without limitation, a dispute
relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute
to the other party via electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances
giving rise to such dispute or (B) if by the Holder, at any time after the Holder learned of the circumstances giving rise to such
dispute. If the Holder and the Company are unable to promptly resolve such dispute relating to such Exercise Price, such Closing
Sale Price, such Bid Price, such Black Scholes Value or such fair market value or such arithmetic calculation of the number of
Warrant Shares (as the case may be), at any time after the second (2<SUP>nd</SUP>) Business Day following such initial notice by
the Company or the Holder (as the case may be) of such dispute to the Company or the Holder (as the case may be), then the Holder
may, at its sole option, select an independent, reputable investment bank to resolve such dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;The
Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in
accordance with the first sentence of this Section 16 and (B) written documentation supporting its position with respect to such
dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5<SUP>th</SUP>) Business Day immediately following
the date on which the Holder selected such investment bank (the &ldquo;<B>Dispute Submission Deadline</B>&rdquo;) (the documents
referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the &ldquo;<B>Required Dispute
Documentation</B>&rdquo;) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on
the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless
otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company
nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection
with such dispute (other than the Required Dispute Documentation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;The
Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and
the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees
and expenses of such investment bank shall be borne solely by the Company, and such investment bank&rsquo;s resolution of such
dispute shall be final and binding upon all parties absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Miscellaneous</U>.
The Company expressly acknowledges and agrees that (i) this Section 16 constitutes an agreement to arbitrate between the Company
and the Holder (and constitutes an arbitration agreement) under the rules then in effect under &sect; 7501, et seq. of the New
York Civil Practice Law and Rules (&ldquo;<B>CPLR</B>&rdquo;) and that the Holder is authorized to apply for an order to compel
arbitration pursuant to CPLR &sect; 7503(a) in order to compel compliance with this Section 16, (ii) a dispute relating to the
Exercise Price includes, without limitation, disputes as to (A) whether an issuance or sale or deemed issuance or sale of Common
Stock occurred under Section 2(b), (B) the consideration per share at which an issuance or deemed issuance of Common Stock occurred,
(C) whether any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale
of Excluded Securities, (D) whether an agreement, instrument, security or the like constitutes and Option or Convertible Security
and (E) whether a Dilutive Issuance occurred, (iii) the terms of this Warrant and each other applicable Transaction Document shall
serve as the basis for the selected investment bank&rsquo;s resolution of the applicable dispute, such investment bank shall be
entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines
are required to be made by such investment bank in connection with its resolution of such dispute (including, without limitation,
determining (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 2(b), (B) the consideration
per share at which an issuance or deemed issuance of Common Stock occurred, (C) whether any issuance or sale or deemed issuance
or sale of Common Stock was an issuance or sale or deemed issuance or sale of Excluded Securities, (D) whether an agreement, instrument,
security or the like constitutes and Option or Convertible Security and (E) whether a Dilutive Issuance occurred) and in resolving
such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Warrant and any other
applicable Transaction Documents, (iv) the Holder (and only the Holder), in its sole discretion, shall have the right to submit
any dispute described in this Section 16 to any state or federal court sitting in The City of New York, Borough of Manhattan in
lieu of utilizing the procedures set forth in this Section 16 and (v) nothing in this Section 16 shall limit the Holder from obtaining
any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described in this
Section 16).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.&nbsp;<FONT STYLE="text-transform: uppercase"><U>REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF</U></FONT>. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants
to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts
to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available
remedies, to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court
of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other
security. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable
the Holder to confirm the Company&rsquo;s compliance with the terms and conditions of this Warrant (including, without limitation,
compliance with Section&nbsp;2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise
of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.&nbsp;<FONT STYLE="text-transform: uppercase"><U>PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS</U></FONT>. If (a) this Warrant is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect amounts
due under this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership
of the company or other proceedings affecting company creditors&rsquo; rights and involving a claim under this Warrant, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys&rsquo; fees and disbursements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">19.&nbsp;<FONT STYLE="text-transform: uppercase"><U>TRANSFER</U></FONT>.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">20.&nbsp;<FONT STYLE="text-transform: uppercase"><U>CERTAIN
DEFINITIONS</U></FONT>. For purposes of this Warrant, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&ldquo;<B>1933
Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&ldquo;<B>1934
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&ldquo;<B>Additional
Excluded Securities</B>&rdquo; means any shares of Common Stock issued (or deemed issued) in any Subsequent Placement (as defined
in the Securities Purchase Agreement); provided that (i) the Holder (or any affiliate of the Holder) purchases securities in such
Subsequent Placement and (ii) such Subsequent Placement has minimum gross proceeds of at least $25 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;
&ldquo;<B>Adjustment Right</B>&rdquo; means any right granted with respect to any securities issued in connection with, or with
respect to, any issuance or sale (or deemed issuance or sale in accordance with Section&nbsp;2) of shares of Common Stock (other
than rights of the type described in Section&nbsp;3 and 4 hereof) that could result in a decrease in the net consideration received
by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights,
cash adjustment or other similar rights).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that &ldquo;control&rdquo; of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&ldquo;<B>Approved
Stock Plan</B>&rdquo; means any employee benefit plan which has been approved by the board of directors of the Company prior to
or subsequent to the date hereof pursuant to which, including, without limitation, shares of Common Stock, RSUs (as defined in
the Securities Purchase Agreement) and standard options to purchase Common Stock may be issued to any employee, officer or director
for services provided to the Company in their capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&ldquo;<B>Attribution
Parties</B>&rdquo; means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by
the Holder&rsquo;s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any
of the foregoing and (iv) any other Persons whose beneficial ownership of the Company&rsquo;s Common Stock would or could be aggregated
with the Holder&rsquo;s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose
of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&ldquo;<B>Bid
Price</B>&rdquo; means, for any security as of the particular time of determination, the bid price for such security on the Principal
Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply,
the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination,
the average of the bid prices of any market makers for such security as reported in the &ldquo;pink sheets&rdquo; by OTC Markets
Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as
of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to
agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section&nbsp;16.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&ldquo;<B>Black
Scholes Value</B>&rdquo; means the value of the unexercised portion of this Warrant remaining on the date of the Holder&rsquo;s
request pursuant to Section&nbsp;4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the
&ldquo;OV&rdquo; function on Bloomberg utilizing (i) an underlying price per share equal to the greater of (1) the highest Closing
Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding the announcement of the applicable
Change of Control (or the consummation of the applicable Change of Control, if earlier) and ending on the Trading Day of the Holder&rsquo;s
request pursuant to Section 4(c) and (2) the sum of the price per share being offered in cash in the applicable Change of Control
(if any) plus the value of the non-cash consideration being offered in the applicable Change of Control (if any), (ii) a strike
price equal to the Exercise Price in effect on the date of the Holder&rsquo;s request pursuant to Section&nbsp;4(c), (iii) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the greater of (1) the remaining term of this Warrant
as of the date of the Holder&rsquo;s request pursuant to Section&nbsp;4(c) and (2) the remaining term of this Warrant as of the
date of consummation of the applicable Change of Control or as of the date of the Holder&rsquo;s request pursuant to Section&nbsp;4(c)
if such request is prior to the date of the consummation of the applicable Change of Control, (iv) a zero cost of borrow and (v)
an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the &ldquo;HVT&rdquo; function on Bloomberg
(determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the earliest to occur of (A)
the public disclosure of the applicable contemplated Change of Control, (B) the consummation of the applicable Change of Control
and (C) the date on which the Holder first became aware of the applicable Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;
&ldquo;<B>Bloomberg</B>&rdquo; means Bloomberg, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&ldquo;<B>Business
Day</B>&rdquo; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; <U>provided</U>, <U>however</U>, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to &ldquo;stay at home&rdquo;, &ldquo;shelter-in-place&rdquo;, &ldquo;non-essential
employee&rdquo;&nbsp; or any other similar orders or restrictions or the closure of any physical branch locations at the direction
of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York generally are open for use by customers on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&ldquo;<B>Change
of Control</B>&rdquo; means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect,
wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification
of the Common Shares in which holders of the Company&rsquo;s voting power immediately prior to such reorganization, recapitalization
or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities
and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities
with the authority or voting power&nbsp;to elect the members of the board of directors (or their equivalent if other than a corporation)
of such entity or entities) after such reorganization, recapitalization or reclassification and (iii) pursuant to a migratory merger
effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;
&ldquo;<B>Closing Bid Price</B>&rdquo; and &ldquo;<B>Closing Sale Price</B>&rdquo; means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing
trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m.,
New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market
for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last
closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for
such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security
as reported in the &ldquo;pink sheets&rdquo; by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or
the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid
Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved in accordance with the procedures in Section&nbsp;16. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&ldquo;<B>Common
Stock</B>&rdquo; means (i)&nbsp;the Company&rsquo;s shares of common stock, $0.001 par value per share, and (ii) any capital stock
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&ldquo;<B>Convertible
Securities</B>&rdquo; means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&ldquo;<B>Eligible
Market</B>&rdquo; means The New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market or
the Principal Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&ldquo;<B>Excluded
Securities</B>&rdquo; means (i) shares of Common Stock, RSUs or standard options to purchase Common Stock issued to directors,
officers or employees of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Stock
Plan (as defined above), provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon vesting
of such RSUs or exercise of such options) after the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed
more than 10% of the Common Stock issued and outstanding immediately prior to the Subscription Date and (B) the exercise price
of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none
of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects any of the
Buyers; (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than standard options
to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) issued prior to the Subscription
Date, provided that the conversion price of any such Convertible Securities (other than standard options to purchase Common Stock
issued pursuant to an Approved Stock Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities
(other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i)
above) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible
Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by
clause (i) above) are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) any shares of
Common Stock issued or issuable in connection with any bona fide strategic or commercial alliances, acquisitions, mergers, licensing
arrangements, and strategic partnerships, provided, that (w) the primary purpose of such issuance is not to raise capital as reasonably
determined, (x) the purchaser or acquirer or recipient of the securities in such issuance is not a Person whose primary business
is investing in securities, (y) the purchaser or acquirer or recipient of the securities in such issuance solely consists of either
(A) the actual participants in such strategic or commercial alliance, strategic or commercial licensing arrangement or strategic
or commercial partnership, (B) the actual owners of such assets or securities acquired in such acquisition or merger or (C) the
shareholders, partners, employees, consultants, officers, directors or members of the foregoing Persons, in each case, which is,
itself or through its subsidiaries, an operating company or an owner of an asset, in a business synergistic with the business of
the Company and shall provide to the Company additional benefits in addition to the investment of funds, and (z) the number or
amount of securities issued to such Persons by the Company shall not be disproportionate to each such Person&rsquo;s actual participation
in (or fair market value of the contribution to) such strategic or commercial alliance or strategic or commercial partnership or
ownership of such assets or securities to be acquired by the Company, as applicable; (iv) the shares of Common Stock issuable upon
exercise of the Registered Warrants; provided, that the terms of the Registered Warrant are not amended, modified or changed on
or after the Subscription Date (other than antidilution adjustments pursuant to the terms thereof in effect as of the Subscription
Date); (v) solely to the extent not issued prior to the date hereof, 3,192,291 Shares (as defined in that certain Cancellation
Agreement, dated November 11, 2020 (as disclosed on the Current Report on Form 8-K of the Company filed with the SEC on November
17, 2020), as in effect on November 11, 2020 and without regard to any amendment, modification or waiver after November 11, 2020,
the &ldquo;<B>Cancellation Agreement</B>&rdquo;) as required by the terms and conditions of the Cancellation Agreement and (vi)
any Additional Excluded Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&ldquo;<B>Equity
Conditions</B>&rdquo; means: (i) on each day during the period beginning one month prior to the applicable date of determination
and ending on and including the applicable date of determination the Registration Statement is effective and the prospectus contained
therein shall be available for the issuance by the Company to the Holder of all of the Warrant Shares (disregarding any limitation
on exercise of this Warrant); (ii) on each day during the period beginning three months prior to the applicable date of determination
and ending on and including the applicable date of determination (the &ldquo;<B>Equity Conditions Measuring Period</B>&rdquo;),
the Common Stock (including all of the Warrant Shares) is listed or designated for quotation (as applicable) on an Eligible Market
and shall not have been suspended from trading on an Eligible Market (other than suspensions of not more than two (2) days and
occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension
by an Eligible Market have been threatened (with a reasonable prospect of delisting occurring) or pending either (A) in writing
by such Eligible Market or (B) by falling below the minimum listing maintenance requirements of the Eligible Market on which the
Common Stock is then listed or designated for quotation (as applicable); (iii) on each day during the Equity Conditions Measuring
Period, the Company shall have delivered all shares of Common Stock issuable upon exercise of this Warrant on a timely basis as
set forth in Section 11(a) hereof and all other shares of capital stock required to be delivered by the Company on a timely basis
as set forth in the other Transaction Documents; (iv) any shares of Common Stock to be issued in connection with the event requiring
determination may be issued in full without violating Section 1(f) hereof; (v) any shares of Common Stock to be issued in connection
with the event requiring determination may be issued in full without violating the rules or regulations of the Eligible Market
on which the Common Stock is then listed or designated for quotation (as applicable); (vi) on each day during the Equity Conditions
Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has
not been abandoned, terminated or consummated; (vii) the Company shall have no knowledge of any fact that would reasonably be expected
to cause the Registration Statement to not be effective or the prospectus contained therein to not be available for the issuance
by the Company to the Holder of all of the Warrant Shares (disregarding any limitation on exercise of this Warrant); (viii) the
Holder shall not be in (and no other Buyer shall be in) possession of any material, non-public information provided to any of them
by the Company, any of its Subsidiaries or any of their respective affiliates, employees, officers, representatives, agents or
the like; and (ix) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance
with each provision, covenant, representation or warranty of any of the Transaction Documents and shall not have breached any,
provision, covenant, representation or warranty of any of the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&ldquo;<B>Equity
Conditions Failure</B>&rdquo; means, with respect to a particular date of determination, that on any day during the period commencing
twenty (20) Trading Days immediately prior to such date of determination, the Equity Conditions have not been satisfied (or waived
in writing by the Holder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&ldquo;<B>Expiration
Date</B>&rdquo; means the date that is [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], which is thirty-six months from the Initial Exercisability Date, or, if such date falls
on a day other than a Trading Day or on which trading does not take place on the Principal Market (a &ldquo;<B>Holiday</B>&rdquo;),
the next date that is not a Holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;
&ldquo;<B>Fundamental Transaction</B>&rdquo; means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its &ldquo;significant subsidiaries&rdquo; (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or
(z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3
under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least
50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any
shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the &ldquo;beneficial owner&rdquo; (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance,
tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock,
(y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held by all such
Subject Entities as of the date of this Warrant calculated as if any shares of Common Stock held by all such Subject Entities were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common
Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger
or other transaction requiring other shareholders of the Company to surrender their shares of Common Stock without approval of
the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to
circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition
or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&ldquo;<B>Group</B>&rdquo;
means a &ldquo;group&rdquo; as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;
&ldquo;<B>Options</B>&rdquo; means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;&ldquo;<B>Parent
Entity</B>&rdquo; of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;&ldquo;<B>Person</B>&rdquo;
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;&ldquo;<B>Principal
Market</B>&rdquo; means the Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa)&#9; &ldquo;<B>SEC</B>&rdquo;
means the United States Securities and Exchange Commission or the successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb)&#9;<B>&ldquo;Subject
Entity</B>&rdquo; means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc)&#9;&ldquo;<B>Successor
Entity</B>&rdquo; means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd)&#9;&ldquo;<B>Trading
Day</B>&rdquo; means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that &ldquo;Trading Day&rdquo; shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on
such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day
in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the Common Stock,
any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee)&#9; &ldquo;<B>VWAP</B>&rdquo;
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded), during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m.,
New York time, as reported by Bloomberg through its &ldquo;VAP&rdquo; function (set to 09:30 start time and 16:00 end time) or,
if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the
electronic bulletin board for such security during the period beginning at 9:30 a.m., New York time, and ending at 4:00 p.m., New
York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg
for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such
security as reported in the &ldquo;pink sheets&rdquo; by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot
be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section&nbsp;16.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization
or other similar transaction during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">21.&nbsp;<FONT STYLE="text-transform: uppercase"><U>COMPANY
OPTIONAL REDEMPTION</U></FONT>. If at any time after the date hereof, (i) the Closing Bid Price of the Common Stock is equal to
or greater than $16.15 per share (as adjusted for stock splits, stock combinations and the like occurring from and after the Issuance
Date) (the &ldquo;<B>Trigger Price</B>&rdquo;) for a period of seven (7) consecutive Trading Days (the &ldquo;<B>Measuring Period</B>&rdquo;),
(ii) no Equity Conditions Failure shall have occurred, and (iii) the aggregate dollar trading volume (as reported on Bloomberg)
of the Common Stock on the applicable Eligible Market for each Trading Day during the Measuring Period exceeds one hundred million
dollars ($100,000,000) per day, then the Company shall have the right to purchase all, or any part, of then-remaining portion
of this Warrant from the Holder as set forth below (a &ldquo;<B>Company Redemption</B>&rdquo;). The Company may exercise its right
to purchase the entire then-remaining portion of this Warrant under this Section 21 by delivering (provided that all of the conditions
set forth in clauses (i) through (iii) above are then satisfied), on the first (1<SUP>st</SUP>) Trading Day immediately following
the satisfaction of all the conditions set forth in clauses (i) through (iii) above, a written notice thereof to the Holder (the
&ldquo;<B>Redemption Notice</B>&rdquo; and the date the Holder receives such notice by electronic mail is referred to as the &ldquo;<B>Redemption
Notice Date</B>&rdquo;). The Company shall only be permitted to submit one Redemption Notice to the Holder pursuant to this Section
21. The Redemption Notice shall be irrevocable. The Redemption Notice shall (A) state the Trading Day selected for the Company
Redemption in accordance with this Section 21, which Trading Day shall be at least five (5) Trading Days but not more than twenty
(20) Trading Days following the Redemption Notice Date (the &ldquo;<B>Redemption Date</B>&rdquo;), (B) contain a certification
from the Chief Executive Officer of the Company that there has been no Equity Conditions Failure and (C) contain a certification
from the Chief Executive Officer of the Company that the Company has simultaneously taken the same action with respect to all
of the Warrants (as defined in the Securities Purchase Agreement) that are then eligible to be purchased by the Company. On the
Redemption Date, the Company shall pay an amount equal to the product of (x) the number of Warrant Shares then issuable upon exercise
of this Warrant (without regard to any limitations of exercise set forth herein) and (y) $0.001 (the &ldquo;<B>Redemption Price</B>&rdquo;)
to the Holder on the Redemption Date by wire transfer of immediately available funds to an account specified by the Holder. Notwithstanding
anything contained in this Section 21 to the contrary, if (x) any shares of Common Stock trade for a price less than the Trigger
Price on any day Trading Day during the period commencing on the Redemption Notice Date and ending on the Trading Day immediately
preceding the Redemption Date; (y) the aggregate dollar trading volume (as reported on Bloomberg) of the Common Stock on the applicable
Eligible Market on any day Trading Day during the period commencing on the Redemption Notice Date and ending on the Trading Day
immediately preceding the Redemption Date is less than $2 million; or (z) an Equity Conditions Failure occurs on any day during
the period commencing on the Redemption Notice Date and ending on the Redemption Date which has not been waived by the Holder,
then, in any case, the applicable Redemption Notice delivered to the Holder shall be null and void ab initio and the Company Redemption
shall not occur. If the Company elects to cause a Company Redemption of this Warrant pursuant to this Section 21, then it must
simultaneously take the same action with respect to all of the other Warrants that are then eligible to be purchased in the same
proportion as the Company Redemption of this Warrant. Notwithstanding the foregoing, the Holder may exercise all or any portion
of this Warrant at any time and from time to time after the Redemption Notice Date until the Holder&rsquo;s receipt of the Redemption
Price from the Company and any such exercise of this Warrant shall proportionally reduce the Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>signature page
follows</I>]<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B>
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="text-transform: uppercase"><B>CBAK Energy Technology, Inc. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">EXERCISE
NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS</FONT><BR>
<FONT STYLE="font-size: 10pt">WARRANT TO PURCHASE COMMON STOCK</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">CBAK
ENERGY TECHNOLOGY, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned holder
hereby elects to exercise the Warrant to Purchase Common Stock No.&nbsp;_______ (the &ldquo;<B>Warrant</B>&rdquo;) of CBAK Energy
Technology, Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;) as specified below. Capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;<U>Form
of Exercise Price</U>. The Holder intends that payment of the Aggregate Exercise Price shall be made as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a &ldquo;<U>Cash Exercise</U>&rdquo; with respect to _________________
Warrant Shares; and/or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a &ldquo;<U>Cashless Exercise</U>&rdquo; with respect to _______________
Warrant Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder
hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date
set forth below and (ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was $________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&nbsp;<U>Payment
of Exercise Price</U>. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise </FONT>Price <FONT STYLE="font-size: 10pt">in the sum
of $___________________ to the Company in accordance with the terms of the Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&nbsp;<U>Delivery
of Warrant Shares</U>. The Company shall deliver to Holder, or its designee or agent as specified below, __________ </FONT>shares
of Common Stock <FONT STYLE="font-size: 10pt">in accordance with the terms of the Warrant. Delivery shall be made to Holder, or
for its benefit, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9744; Check
here if requesting delivery as a certificate to the following name and to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">Issue to:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#9744; Check here if
requesting delivery by Deposit/Withdrawal at Custodian as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">DTC Participant:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">DTC Number:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">Account Number:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: _____________ __,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Registered Holder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.45pt; text-indent: -18.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax ID:____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail Address:_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ACKNOWLEDGMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above </FONT>indicated <FONT STYLE="font-size: 10pt">number
of shares of Common Stock in accordance with the Transfer Agent Instructions dated _________, 202_, from the Company and acknowledged
and agreed to by _______________.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="text-transform: uppercase"><B>CBAK Energy Technology, Inc.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>ea131258ex5-1_cbakenergy.htm
<DESCRIPTION>OPINION OF SHERMAN & HOWARD L.L.C.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 46%; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">50 West Liberty Street, Suite 1000, Reno,
        Nevada 89501-1950</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: 775-323-1980 Fax: 775-323-2339</P></TD>
    <TD STYLE="padding: 0; width: 54%; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">3960 Howard Hughes Parkway, Suite 500,
        Las Vegas, Nevada 89169</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: 702-387-6073 Fax: 702-990-3564</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>www.shermanhoward.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">December 9, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">CBAK Energy Technology,
Inc.</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">Huayuankou Economic
Zone</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">Dalian City, Liaoning
Province, 11645</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">People&rsquo;s Republic
of China</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: small-caps 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; width: 5%; text-indent: 0"></TD><TD STYLE="padding: 0; width: 5%; text-indent: 0"><FONT STYLE="font-variant: normal"><B><I>Re:</I></B></FONT></TD><TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 90%"><FONT STYLE="font-variant: normal"><B><I>CBAK Energy Technology, Inc./Registration Statement on
Form S-3</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have acted
as special Nevada counsel to CBAK Energy Technology, Inc., a Nevada corporation (the &ldquo;Company&rdquo;), in connection
with the issuance by the Company of (a) 9,489,800 shares (the &ldquo;Shares&rdquo;) of common stock, par value $0.001 par
value per share (the &ldquo;Common Stock); (b) 3,795,920 warrants (the &ldquo;Investors Warrants&rdquo;) to purchase an
aggregate of 3,795,920 shares of Common Stock (the &ldquo;Warrant Shares&rdquo;) at an exercise price of $6.46 per share; and
(c) 379,592 warrants (the &ldquo;Placement Agent Warrants&rdquo;) to purchase an aggregate of 379,592 shares of Common Stock
(the &ldquo;PA Warrant Shares&rdquo;) at an exercise price of $6.475 per share. The Shares, the Investors Warrants, the
Warrant Shares, the Placement Agent Warrants, and the PA Warrant Shares are referred to herein collectively as the
&ldquo;Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Shares and the
Investors Warrants are being issued by the Company pursuant to a Securities Purchase Agreement, dated December 8, 2020 (the
&ldquo;Purchase Agreement&rdquo;) filed as an exhibit to the Company&rsquo;s Current Report on Form 8-K dated December 9,
2020 (the &ldquo;Current Report&rdquo;), as well as an effective registration statement (the &ldquo;Registration
Statement&rdquo;) on Form S-3 (File No. 333-250893) that was declared effective by the U.S. Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) on December 3, 2020, the statutory prospectus included in the Registration
Statement (the &ldquo;Base Prospectus&rdquo;), and the prospectus supplement dated December 8, 2020 (the &ldquo;Prospectus
Supplement&rdquo;) filed with the Commission pursuant to Rule 424(b) promulgated under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 9, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of these opinions,
we have examined originals or copies, certified or otherwise identified to our satisfaction, of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Base Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Prospectus Supplement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Purchase Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Exclusive Placement Agent Agreement between Company and FT Global Capital, Inc. dated November 25, 2020 (the &ldquo;Placement Agent
Agreement&rdquo;) as filed with the Current Report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;form
of Investors Warrant as filed with the Current Report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;form
of Placement Agent Warrant as filed with the Current Report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles
of Incorporation of the Company filed with the Nevada Secretary of State on December 8, 2006, as amended by (i) Certificate of
Change Pursuant to NRS 78.209 filed with the Nevada Secretary of State on October 22, 2012, (ii) Certificate of Amendment to Articles
of Incorporation For Nevada Profit Corporations filed with the Nevada Secretary of State on June 23, 2015, and (iii) Articles of
Merger filed with the Nevada Secretary of State on January 10, 2017;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bylaws
of the Company, adopted on November 30, 2007;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;forms
of agreements, resolutions of the Board of Directors of the Company, and such other matters as relevant related to the issuance
and the registration of the Securities under the Securities Act, and such other matters as relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We also have examined originals
or copies, certified or otherwise identified to our satisfaction, of such records of the Company and other documents, certificates,
and records as we have deemed necessary or appropriate as a basis for the opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In our examination, we
have assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the legal capacity of all natural persons executing the documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> the genuineness of all signatures on the documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the authenticity of all documents submitted to us as originals, and the conformity to original documents of all documents
submitted to us as copies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 9, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the parties to such documents, other than the Company, had the power, corporate or other, to enter into and perform
all obligations thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other than with respect to the Company, the due authorization by all requisite action, corporate or other, the execution
and delivery by all parties of the documents, and the validity and binding effect thereof on such parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On the basis of
the foregoing and in reliance thereon, and subject to the assumptions, limitations and qualifications set forth herein, we are
of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares have been duly authorized for issuance pursuant to the Purchase Agreement and, when issued and delivered by the Company
pursuant to the Purchase Agreement against receipt of the consideration set forth therein, the Shares will be validly issued, fully
paid, and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investors Warrants have been duly authorized for issuance pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agent Warrants have been duly authorized for issuance pursuant to the Placement Agent Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Warrant Shares have been duly authorized, and when issued upon exercise of the Investors Warrants against payment of the
exercise price in accordance with the terms of the Investors Warrants, will be validly issued, fully paid, and
nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PA Warrant Shares have been duly authorized, and when issued upon exercise of the Placement Agent Warrants against payment of the
exercise price in accordance with the terms of the Placement Agent Warrants, will be validly issued, fully paid, and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The opinions expressed
herein are limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly
stated. We disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or any changes
in applicable law that may come to our attention subsequent to the date of filing of the Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">While certain members of
this firm are admitted to practice in certain jurisdictions other than Nevada, in rendering the foregoing opinions we have not
examined the laws of any jurisdiction other than Nevada. Accordingly, the opinions we express herein are limited to matters involving
the laws of the State of Nevada (excluding securities laws). We express no opinion regarding the effect of the laws of any other
jurisdiction or state, including any federal securities laws related to the issuance and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 9, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby consent to the
filing of this opinion as an exhibit to the Current Report and we consent to the reference of our name under the caption &ldquo;Legal
Matters&rdquo; in the Prospectus Supplement. In giving the foregoing consent, we do not hereby admit that we are in the category
of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 50%; text-align: left; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">/s/ Sherman &amp; Howard L.L.C. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">SHERMAN &amp; HOWARD L.L.C.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B></B>&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>ea131258ex10-1_cbakenergy.htm
<DESCRIPTION>SECURITIES PURCHASE AGREEMENT BY AND AMONG THE COMPANY AND THE INVESTORS, DATED DECEMBER 8, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION COPY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES PURCHASE AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>SECURITIES
PURCHASE AGREEMENT</B> (this &ldquo;<B>Agreement</B>&rdquo;), dated as of December 8, 2020, is by and among CBAK Energy Technology,
Inc., a Nevada corporation with headquarters located at BAK Industrial Park, Meigui Street, Huayuankou Economic Zone, Dalian City,
Liaoning Province, People&rsquo;s Republic of China, 116450 (the&nbsp;&ldquo;<B>Company</B>&rdquo;), and each of the investors
listed on the Schedule of Buyers attached hereto (individually, a &ldquo;<B>Buyer</B>&rdquo; and collectively, the &ldquo;<B>Buyers</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;The
Company and each Buyer desire to enter into this transaction to purchase (i) the Common Shares (as defined below), and (ii) Warrants
(as defined below) pursuant to a currently effective shelf registration statement on Form S-3, which has at least $75,000,000 of
unallocated securities, including Common Stock (as defined below) and warrants to purchase Common Stock registered thereunder (Registration
Number 333-250893) (the &ldquo;<B>Registration Statement</B>&rdquo;), which Registration Statement has been declared effective
in accordance with the Securities Act of 1933, as amended (the &ldquo;<B>1933 Act</B>&rdquo;), by the United States Securities
and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;Each
Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, (i) such aggregate
number of shares of Common Stock as set forth opposite such Buyer&rsquo;s name in column (3) on the Schedule of Buyers (which aggregate
amount for all Buyers shall be 9,489,800 shares of Common Stock and shall collectively be referred to herein as the &ldquo;<B>Common
Shares</B>&rdquo;), and (ii) a warrant to initially acquire up to such aggregate number of shares of Common Stock set forth opposite
such Buyer&rsquo;s name in column (4) on the Schedule of Buyers, as evidenced by a certificate in the form attached hereto as <B><U>Exhibit
A</U></B> (the &ldquo;<B>Warrants</B>&rdquo;) (as exercised, collectively, the &ldquo;<B>Warrant Shares</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;The
Common Shares, the Warrants and the Warrant Shares are collectively referred to herein as the &ldquo;<B>Securities</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>1.
</B></FONT><B>PURCHASE AND SALE OF COMMON SHARES AND WARRANTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Purchase
of Common Shares and Warrants</U>. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below,
the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company
on the Closing Date (as defined below) (A) such aggregate number of Common Shares as is set forth opposite such Buyer&rsquo;s name
in column (3) on the Schedule of Buyers, and (B) Warrants to initially acquire up to that aggregate number of Warrant Shares as
is set forth opposite such Buyer&rsquo;s name in column (4) on the Schedule of Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Closing</U>.
The closing (the &ldquo;<B>Closing</B>&rdquo;) of the purchase of the Common Shares and the Warrants by the Buyers shall occur
at the offices of Kelley Drye &amp; Warren LLP, 101 Park Avenue, New York, NY 10178. The date and time of the Closing (the &ldquo;<B>Closing
Date</B>&rdquo;) shall be 10:00 a.m., New York time, on the first (1st) Business Day (as defined below) on which the conditions
to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the
Company and each Buyer). As used herein &ldquo;<B>Business Day</B>&rdquo; means any day other than Saturday, Sunday or other day
on which commercial banks in The City of New York are authorized or required by law to remain closed; <U>provided</U>, <U>however</U>,
for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &ldquo;stay
at home&rdquo;, &ldquo;shelter-in-place&rdquo;, &ldquo;non-essential employee&rdquo; or any other similar orders or restrictions
or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds
transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers
on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Purchase
Price</U>. The aggregate purchase price for the Common Shares and the Warrants to be purchased by each Buyer (the &ldquo;<B>Purchase
Price</B>&rdquo;) shall be the amount set forth opposite such Buyer&rsquo;s name in column (6) on the Schedule of Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Form
of Payment; Deliveries</U>. On the Closing Date, (i) each Buyer shall pay its respective Purchase Price to the Company for the
Common Shares and the Warrants to be issued and sold to such Buyer at the Closing, by wire transfer of immediately available funds
in accordance with the Flow of Funds Letter (as defined below) (less, in the case of the lead Buyer, the amounts withheld pursuant
to Section 4(j)) and (ii)&nbsp;the Company shall (A) cause Securities Transfer Corporation (together with any subsequent transfer
agent, the &ldquo;<B>Transfer Agent</B>&rdquo;) through the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) Fast Automated
Securities Transfer Program, to credit such aggregate number of Common Shares that each Buyer is purchasing as is set forth opposite
such Buyer&rsquo;s name in column (3) of the Schedule of Buyers to such Buyer&rsquo;s or its designee&rsquo;s balance account with
DTC through its Deposit/Withdrawal at Custodian system, and (B) deliver to each Buyer a Warrant pursuant to which such Buyer shall
have the right to initially acquire up to such aggregate number of Warrant Shares as is set forth opposite such Buyer&rsquo;s name
in column (4) of the Schedule of Buyers, in each case, duly executed on behalf of the Company and registered in the name of such
Buyer or its designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Sales
During Pre-Settlement Period</U>. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution
of this Agreement by the Company and an applicable Buyer, through, and including the time immediately prior to the Closing (the
&ldquo;<B>Pre-Settlement Period</B>&rdquo;), such Buyer sells (excluding &ldquo;short sales&rdquo; as defined in Rule 200 of Regulation
SHO) to any Person all, or any portion, of any Common Shares to be issued hereunder to such Buyer at the Closing (collectively,
the &ldquo;<B>Pre-Settlement Common Shares</B>&rdquo;), such Buyer shall, automatically hereunder (without any additional required
actions by such Buyer or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally
bound to sell, such Pre-Settlement Common Shares to such Buyer at the Closing; provided, that the Company shall not be required
to deliver any Pre-Settlement Common Shares to such Buyer prior to the Company's receipt of the purchase price of such Pre-Settlement
Common Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute
a representation or covenant by such Buyer as to whether or not during the Pre-Settlement Period such Buyer shall sell any Common
Shares to any Person and that any such decision to sell any Common Shares by such Buyer shall be made, in the sole discretion of
such Buyer, at the time such Buyer elects to effect any such sale, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>2.
</B></FONT><B>BUYER&rsquo;S REPRESENTATIONS AND WARRANTIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Buyer, severally
and not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof and as of the Closing
Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Organization;
Authority</U>. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations hereunder and thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Validity;
Enforcement</U>. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Buyer and constitutes
the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with its terms, except as such
enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors&rsquo; rights and
remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>No
Conflicts</U>. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer of the
transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such
Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and
state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts, defaults,
rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the ability of such Buyer to perform its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Certain
Trading Activities</U>. Such Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding
with such Buyer, engaged in any purchases and sales in the securities of the Company (including, without limitation, any Short
Sales (as defined below) involving the Company&rsquo;s securities) during the period commencing as of the time that such Buyer
was first contacted by the Placement Agent (as defined below) regarding the specific investment in the Company contemplated by
this Agreement and ending immediately prior to the execution of this Agreement by such Buyer, excluding any transaction in any
securities of the Company that relates to the exercise or assignment by a third party of any option sold or bought by such Buyer
prior to the initial date of contact of such Buyer. &ldquo;<B>Short Sales</B>&rdquo; means all &ldquo;short sales&rdquo; as defined
in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>1934 Act</B>&rdquo;)
(but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>3.
</B></FONT><B>REPRESENTATIONS AND WARRANTIES OF THE COMPANY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company represents
and warrants to each of the Buyers that, as of the date hereof and as of the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Organization
and Qualification</U>. Each of the Company and each of its Subsidiaries are entities duly organized and validly existing and in
good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority to own their
properties and to carry on their business as now being conducted and as presently proposed to be conducted. Each of the Company
and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction
in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to
the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse
Effect (as defined below). As used in this Agreement, &ldquo;<B>Material Adverse Effect</B>&rdquo; means any material adverse effect
on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in
any of the other Transaction Documents or any other agreements or instruments to be entered into in connection herewith or therewith
or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under
any of the Transaction Documents (as defined below). Other than the Persons (as defined below) set forth on Schedule&nbsp;3(a)
the Company has no Subsidiaries. &ldquo;<B>Subsidiaries</B>&rdquo; means any Person in which the Company, directly or indirectly,
(A) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (B) controls or operates
all or any part of the business, operations or administration of such Person, and each of the foregoing, is individually referred
to herein as a &ldquo;<B>Subsidiary</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Authorization;
Enforcement; Validity</U>. The Company has the requisite power and authority to enter into and perform its obligations under this
Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The
execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares, the issuance
of the Warrants and the reservation for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) have
been duly authorized by the Company&rsquo;s board of directors and (other than the filing with the SEC of one or more prospectus
supplements required by the Registration Statement pursuant to Rule 424(b) under the 1933 Act (collectively, the &ldquo;<B>Prospectus
Supplement</B>&rdquo;) supplementing the base prospectus forming part of the Registration Statement (the &ldquo;<B>Prospectus</B>&rdquo;)
and any other filings as may be required by any state securities agencies) no further filing, consent or authorization is required
by the Company, its board of directors or its shareholders or other governing body. This Agreement has been, and the other Transaction
Documents will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with its respective terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of applicable creditors&rsquo; rights and remedies and except
as rights to indemnification and to contribution may be limited by federal or state securities law. &ldquo;<B>Transaction Documents</B>&rdquo;
means, collectively, this Agreement, the Common Shares, the Warrants, the Irrevocable Transfer Agent Instructions (as defined below)
and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the
transactions contemplated hereby and thereby, as may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Issuance
of Securities; Registration Statement</U>. The issuance of the Common Shares and the Warrants are duly authorized and, upon issuance
and payment in accordance with the terms of the Transaction Documents shall be validly issued, fully paid and non-assessable and
free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal,
encumbrances, security interests and other encumbrances (collectively &ldquo;<B>Liens</B>&rdquo;) with respect to the issuance
thereof. As of the Closing, the Company shall have reserved from its duly authorized capital stock not less than 100% of the maximum
number of shares of Common Stock issuable upon exercise of the Warrants (without taking into account any limitations on the exercise
of the Warrants set forth in the Warrants). The issuance of the Warrant Shares is duly authorized, and upon exercise in accordance
with the Warrants, the Warrant Shares, when issued, will be validly issued, fully paid and non-assessable and free from all preemptive
or similar rights or Liens with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder
of Common Stock. The issuance by the Company of the Securities has been registered under the 1933 Act, the Securities are being
issued pursuant to the Registration Statement and all of the Securities are freely transferable and freely tradable by each of
the Buyers without restriction, whether by way of registration or some exemption therefrom. The Registration Statement is effective
and available for the issuance of the Securities thereunder and the Company has not received any notice that the SEC has issued
or intends to issue a stop-order with respect to the Registration Statement or that the SEC otherwise has suspended or withdrawn
the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened in writing to
do so. The &ldquo;Plan of Distribution&rdquo; section under the Registration Statement permits the issuance and sale of the Securities
hereunder and as contemplated by the other Transaction Documents. Upon receipt of the Securities, each of the Buyers will have
good and marketable title to the Securities. The Registration Statement and any prospectus included therein, including the Prospectus
and the Prospectus Supplement, complied in all material respects with the requirements of the 1933 Act and the Securities Exchange
Act of 1934, as amended (the &ldquo;<B>1934 Act</B>&rdquo;) and the rules and regulations of the SEC promulgated thereunder and
all other applicable laws and regulations. At the time the Registration Statement and any amendments thereto became effective,
at the date of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the 1933 Act, the Registration
Statement and any amendments thereto complied and will comply in all material respects with the requirements of the 1933 Act and
did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading. The Prospectus and any amendments or supplements thereto (including,
without limitation the Prospectus Supplement), at the time the Prospectus or any amendment or supplement thereto was issued and
at the Closing Date, complied, and will comply, in all material respects with the requirements of the 1933 Act and did not, and
will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Company meets all of the requirements for
the use of Form S-3 under the 1933 Act for the offering and sale of the Securities contemplated by this Agreement and the other
Transaction Documents, and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement
pursuant to Rule 401(g)(1) under the 1933 Act. The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x)
under the 1933 Act. At the earliest time after the filing of the Registration Statement that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2) under the 1933 Act) relating to any of the Securities, the Company
was not and is not an &ldquo;Ineligible Issuer&rdquo; (as defined in Rule 405 under the 1933 Act). The Company (i) has not distributed
any offering material in connection with the offer or sale of any of the Securities and (ii) until no Buyer holds any of the Securities,
shall not distribute any offering material in connection with the offer or sale of any of the Securities to, or by, any of the
Buyers (if required), in each case, other than the Registration Statement, the Prospectus or the Prospectus Supplement. In accordance
with Rule 5110(b)(7)(C)(i) of the Financial Industry Regulatory Authority Manual, the offering of the Securities has been registered
with the SEC on Form S-3 under the 1933 Act pursuant to the standards for Form S-3 in effect prior to October 21, 1992, and the
Securities are being offered pursuant to Rule 415 promulgated under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>No
Conflicts</U>. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares,
the Warrants and the Warrant Shares and the reservation for issuance of the Warrant Shares) will not (i) result in a violation
of the Articles of Incorporation (as defined below) (including, without limitation, any certificate of designation contained therein),
Bylaws (as defined below), certificate of formation, memorandum of association, articles of association, bylaws or other organizational
documents of the Company or any of its Subsidiaries, or any capital stock or other securities of the Company or any of its Subsidiaries,
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) in
any respect under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture
or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including, without limitation, foreign, federal and state securities laws and regulations and the rules
and regulations of the Nasdaq Capital Market (the &ldquo;<B>Principal Market</B>&rdquo;) and including all applicable foreign,
federal and state laws, rules and regulations) applicable to the Company or any of its Subsidiaries or by which any property or
asset of the Company or any of its Subsidiaries is bound or affected, except, in the case of clause (ii) or (iii) above, to the
extent such violations that could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Consents</U>.
Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of, or make any filing or
registration with (other than the filing with the SEC of the Prospectus Supplement and any other filings as may be required by
any state securities agencies), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or any other
Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by the Transaction
Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected
on or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which
might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings
contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal Market and has
no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Common Stock in the foreseeable
future. &ldquo;<B>Governmental Entity</B>&rdquo; means any nation, state, county, city, town, village, district, or other political
jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental
authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal),
multi-national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative,
police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity
or enterprise owned or controlled by a government or a public international organization or any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Acknowledgment
Regarding Buyer&rsquo;s Purchase of Securities</U>. The Company acknowledges and agrees that each Buyer is acting solely in the
capacity of an arm&rsquo;s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby
and thereby and that no Buyer is (i) an officer or director of the Company or any of its Subsidiaries, (ii) an &ldquo;affiliate&rdquo;
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively, &ldquo;<B>Rule 144</B>&rdquo;))
of the Company or any of its Subsidiaries or (iii) to its knowledge, a &ldquo;beneficial owner&rdquo; of more than 10% of the shares
of Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act). The Company further acknowledges that no Buyer is acting
as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the
Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its representatives
or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental
to such Buyer&rsquo;s purchase of the Securities. The Company further represents to each Buyer that the Company&rsquo;s decision
to enter into the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Placement
Agent&rsquo;s Fees</U>. The Company shall be responsible for the payment of any placement agent&rsquo;s fees, financial advisory
fees, or brokers&rsquo; commissions (other than for Persons engaged by any Buyer or its investment advisor) relating to or arising
out of the transactions contemplated hereby, including, without limitation, placement agent fees payable to FT Global Capital,
Inc., as placement agent (the &ldquo;<B>Placement Agent</B>&rdquo;) in connection with the sale of the Securities. The fees and
expenses of the Placement Agent to be paid by the Company or any of its Subsidiaries are as set forth on Schedule 3(g) attached
hereto. The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation,
attorney's fees and out-of-pocket expenses) arising in connection with any such claim. The Company acknowledges that it has engaged
the Placement Agent in connection with the sale of the Securities. Other than the Placement Agent, neither the Company nor any
of its Subsidiaries has engaged any placement agent or other agent in connection with the offer or sale of the Securities. At Closing,
the Company and the Placement Agent shall have entered into an escrow agreement with an entity reasonably satisfactory to both
parties pursuant to which $500,000 in proceeds from the Offering shall be deposited in an escrow account for a period of twelve
(12) months following the Closing Date for purposes of satisfying the Company&rsquo;s indemnification obligations set forth in
the Placement Agency Agreement by and between the Company dated as of November 25, 2020. The Company shall pay the reasonable fees
of the escrow agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>No
Integrated Offering</U>. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on their behalf
has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would cause this offering of the Securities to require approval of shareholders of the Company under any applicable shareholder
approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system
on which any of the securities of the Company are listed or designated for quotation. None of the Company, its Subsidiaries, their
affiliates nor any Person acting on their behalf will take any action or steps that would cause the offering of any of the Securities
to be integrated with other offerings of securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Dilutive
Effect</U>. The Company understands and acknowledges that the number of Warrant Shares will increase in certain circumstances.
The Company further acknowledges that its obligation to issue the Warrant Shares upon exercise of the Warrants in accordance with
this Agreement and the Warrants is, absolute and unconditional regardless of the dilutive effect that such issuance may have on
the ownership interests of other shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Application
of Takeover Protections; Rights Agreement</U>. The Company and its board of directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, interested shareholder, business combination, poison pill (including,
without limitation, any distribution under a rights agreement), shareholder rights plan or other similar anti-takeover provision
under the Articles of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction of its incorporation
or otherwise which is or could become applicable to any Buyer as a result of the transactions contemplated by this Agreement, including,
without limitation, the Company&rsquo;s issuance of the Securities and any Buyer&rsquo;s ownership of the Securities. The Company
and its board of directors have taken all necessary action, if any, in order to render inapplicable any shareholder rights plan
or similar arrangement relating to accumulations of beneficial ownership of shares of Common Stock or a change in control of the
Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>SEC
Documents; Financial Statements</U>. During the two (2) years prior to the date hereof, the Company has timely filed all reports,
schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant to the reporting
requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein
and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the &ldquo;<B>SEC Documents</B>&rdquo;). The Company has delivered or has made available to the Buyers or their respective
representatives true, correct and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective
dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations
of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with
the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects
with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as
of the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles
(&ldquo;<B>GAAP</B>&rdquo;), consistently applied, during the periods involved (except (i) as may be otherwise indicated in such
financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case
of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate).
The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances
known by the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of
Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its
financial statements or otherwise. No other information provided by or on behalf of the Company to any of the Buyers which is not
included in the SEC Documents (including, without limitation, information in the disclosure schedules to this Agreement) contains
any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein not
misleading, in the light of the circumstance under which they are or were made. The Company is not currently contemplating to amend
or restate any of the financial statements (including, without limitation, any notes or any letter of the independent accountants
of the Company with respect thereto) included in the SEC Documents (the &ldquo;<B>Financial Statements</B>&rdquo;), nor is the
Company currently aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements,
in each case, in order for any of the Financials Statements to be in compliance with GAAP and the rules and regulations of the
SEC. The Company has not been informed by its independent accountants that they recommend that the Company amend or restate any
of the Financial Statements or that there is any need for the Company to amend or restate any of the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Absence
of Certain Changes</U>. . Except as disclosed Schedule 3(l), since the date of the Company&rsquo;s most recent audited financial
statements contained in a Form 10-K, there has been no material adverse change and no material adverse development in the business,
assets, liabilities, properties, operations (including results thereof), condition (financial or otherwise) or prospects of the
Company or any of its Subsidiaries. Since the date of the Company&rsquo;s most recent audited financial statements contained in
a Form 10-K, neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any material assets,
individually or in the aggregate, outside of the ordinary course of business or (iii) made any material capital expenditures, individually
or in the aggregate, outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries has taken any
steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation
or winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors
intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor
to do so. The Company and its Subsidiaries, individually and on a consolidated basis, are not as of the date hereof, and after
giving effect to the transactions contemplated hereby to occur at the Closing, will not be Insolvent (as defined below). For purposes
of this Section 3(l), &ldquo;<B>Insolvent</B>&rdquo; means, (i) with respect to the Company and its Subsidiaries, on a consolidated
basis, (A) the present fair saleable value of the Company&rsquo;s and its Subsidiaries&rsquo; assets is less than the amount required
to pay the Company&rsquo;s and its Subsidiaries&rsquo; total Indebtedness (as defined below), (B) the Company and its Subsidiaries
are unable to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute
and matured or (C) the Company and its Subsidiaries intend to incur or believe that they will incur debts that would be beyond
their ability to pay as such debts mature; and (ii) with respect to the Company and each Subsidiary, individually, (A) the present
fair saleable value of the Company&rsquo;s or such Subsidiary&rsquo;s (as the case may be) assets is less than the amount required
to pay its respective total Indebtedness, (B) the Company or such Subsidiary (as the case may be) is unable to pay its respective
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured or (C)
the Company or such Subsidiary (as the case may be) intends to incur or believes that it will incur debts that would be beyond
its respective ability to pay as such debts mature. Neither the Company nor any of its Subsidiaries has engaged in any business
or in any transaction, and is not about to engage in any business or in any transaction, for which the Company&rsquo;s or such
Subsidiary&rsquo;s remaining assets constitute unreasonably small capital with which to conduct the business in which it is engaged
as such business is now conducted and is proposed to be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>No
Undisclosed Events, Liabilities, Developments or Circumstances</U>. No event, liability, development or circumstance has occurred
or exists, or is reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective
businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that
(i) would be required to be disclosed by the Company under applicable securities laws on a registration statement on Form S-1 filed
with the SEC relating to an issuance and sale by the Company of its Common Stock and which has not been publicly announced, (ii)
could have a material adverse effect on any Buyer&rsquo;s investment hereunder or (iii) could have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Conduct
of Business; Regulatory Permits</U>. Neither the Company nor any of its Subsidiaries is in violation of any term of or in default
under its Articles of Incorporation, any certificate of designation, preferences or rights of any other outstanding series of preferred
stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation, memorandum
of association, articles of association, Articles of Incorporation or certificate of incorporation or bylaws, respectively. Neither
the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation
applicable to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its business
in violation of any of the foregoing, except in all cases for possible violations which could not, individually or in the aggregate,
have a Material Adverse Effect. Without limiting the generality of the foregoing, the Company is not in violation of any of the
rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances that could reasonably
lead to delisting or suspension of the Common Stock by the Principal Market in the foreseeable future. Since the date of the Company&rsquo;s
last Annual Report on Form 10-K filed with the SEC, (i) the Common Stock has been listed or designated for quotation on the Principal
Market, (ii) trading in the Common Stock has not been suspended by the SEC or the Principal Market and (iii) the Company has received
no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Common Stock
from the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and neither
the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit. There is no agreement, commitment, judgment, injunction, order or decree binding upon the
Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party which has or would reasonably
be expected to have the effect of prohibiting or materially impairing any business practice of the Company or any of its Subsidiaries,
any acquisition of property by the Company or any of its Subsidiaries or the conduct of business by the Company or any of its Subsidiaries
as currently conducted other than such effects, individually or in the aggregate, which have not had and would not reasonably be
expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;<U>Foreign
Corrupt Practices</U>. Neither the Company, the Company&rsquo;s subsidiary or any director, officer, agent, employee, nor any other
person acting for or on behalf of the foregoing (individually and collectively, a &ldquo;<B>Company Affiliate</B>&rdquo;) have
violated the U.S. Foreign Corrupt Practices Act (the &ldquo;<B>FCPA</B>&rdquo;) or any other applicable anti-bribery or anti-corruption
laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment of any money, or offered, given,
promised to give, or authorized the giving of anything of value, to any officer, employee or any other person acting in an official
capacity for any Governmental Entity to any political party or official thereof or to any candidate for political office (individually
and collectively, a &ldquo;<B>Government Official</B>&rdquo;) or to any person under circumstances where such Company Affiliate
knew or was aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised,
directly or indirectly, to any Government Official, for the purpose of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;(A)
influencing any act or decision of such Government Official in his/her official capacity, (B) inducing such Government Official
to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing such Government
Official to influence or affect any act or decision of any Governmental Entity, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;assisting
the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company or its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;<U>Sarbanes-Oxley
Act</U>. The Company and each Subsidiary is in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of
2002, as amended, and any and all applicable rules and regulations promulgated by the SEC thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;<U>Transactions
With Affiliates</U>. Except as disclosed Schedule 3(q), since January 1, 2019, no current or former employee, partner, director,
officer or shareholder (direct or indirect) of the Company or its Subsidiaries, or any associate, or, to the knowledge of the Company,
any affiliate of any thereof, or any relative with a relationship no more remote than first cousin of any of the foregoing, is
presently, or has ever been, (i) a party to any transaction with the Company or its Subsidiaries (including any contract, agreement
or other arrangement providing for the furnishing of services by, or rental of real or personal property from, or otherwise requiring
payments to, any such director, officer or shareholder or such associate or affiliate or relative Subsidiaries (other than for
ordinary course services as employees, officers or directors of the Company or any of its Subsidiaries)) or (ii) the direct or
indirect owner of an interest in any corporation, firm, association or business organization which is a competitor, supplier or
customer of the Company or its Subsidiaries (except for a passive investment (direct or indirect) in less than 5% of the common
stock of a company whose securities are traded on or quoted through an Eligible Market (as defined below)), nor does any such Person
receive income from any source other than the Company or its Subsidiaries which relates to the business of the Company or its Subsidiaries
or should properly accrue to the Company or its Subsidiaries. Except as disclosed Schedule 3(q), no employee, officer, shareholder
or director of the Company or any of its Subsidiaries or member of his or her immediate family is indebted to the Company or its
Subsidiaries, as the case may be, nor is the Company or any of its Subsidiaries indebted (or committed to make loans or extend
or guarantee credit) to any of them, other than (i) for payment of salary for services rendered, (ii) reimbursement for reasonable
expenses incurred on behalf of the Company, and (iii) for other standard employee benefits made generally available to all employees
or executives (including stock option agreements outstanding under any stock option plan approved by the Board of Directors of
the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;<U>Equity
Capitalization.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1in; text-indent: 0in; text-align: justify">(i)
<U>Definitions</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&ldquo;<B>Common
Stock</B>&rdquo; means (x)&nbsp;the Company&rsquo;s shares of common stock, $0.001 par value per share, and (y) any capital stock
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;[Intentionally
Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;<U>Authorized
and Outstanding Capital Stock</U>. As of the date hereof, the authorized capital stock of the Company consists of 500,000,000 shares
of Common Stock, of which, 66,628,158 are issued and 144,206 shares are held in the treasury of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;<U>Valid
Issuance; Available Shares; Affiliates</U>. All of such outstanding shares are duly authorized and have been, or upon issuance
will be, validly issued and are fully paid and nonassessable. <U>Schedule 3(r)(iii)</U> sets forth the number of shares of Common
Stock that are (A) reserved for issuance pursuant to Convertible Securities (as defined below) (other than the Warrants) and (B)
that are, as of the date hereof, owned by Persons who are &ldquo;affiliates&rdquo; (as defined in Rule 405 of the 1933 Act and
calculated based on the assumption that only officers, directors and holders of at least 10% of the Company&rsquo;s issued and
outstanding Common Stock are &ldquo;affiliates&rdquo; without conceding that any such Persons are &ldquo;affiliates&rdquo; for
purposes of federal securities laws) of the Company or any of its Subsidiaries. To the Company&rsquo;s knowledge, except as disclosed
on Schedule 3(r)(iii), no Person owns 10% or more of the Company&rsquo;s issued and outstanding shares of Common Stock (calculated
based on the assumption that all Convertible Securities (as defined below), whether or not presently exercisable or convertible,
have been fully exercised&nbsp;or converted&nbsp;(as the case may be) taking account of any limitations on exercise or conversion
(including &ldquo;blockers&rdquo;) contained therein without conceding that such identified Person is a 10% shareholder for purposes
of federal securities laws).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;<U>Existing
Securities; Obligations</U>. Except as disclosed on Schedule 3(r) attached hereto: (A) none of the Company&rsquo;s or any Subsidiary&rsquo;s
shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered or permitted by
the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares,
interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements
by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or capital stock of
the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or
capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which the Company or
any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except pursuant to this
Agreement); (D) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (E) there are
no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities;
and (F) neither the Company nor any Subsidiary has any stock appreciation rights or &ldquo;phantom stock&rdquo; plans or agreements
or any similar plan or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;<U>Organizational
Documents</U>. The Company has furnished to the Buyers true, correct and complete copies of the Company&rsquo;s Articles of Incorporation,
as amended and as in effect on the date hereof (the &ldquo;<B>Articles of Incorporation</B>&rdquo;), and the Company&rsquo;s bylaws,
as amended and as in effect on the date hereof (the &ldquo;<B>Bylaws</B>&rdquo;), and the terms of all Convertible Securities and
the material rights of the holders thereof in respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;<U>Indebtedness
and Other Contracts</U>. Neither the Company nor any of its Subsidiaries, (i) except as set forth in the SEC Documents, has any
material outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments
evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may
become bound, (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which, by the
other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect,
(iii) has any financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries;
(iv) is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness, except
where such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect, or (v) is
a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which, in the judgment of the
Company&rsquo;s officers, has or is expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries
have any liabilities or obligations required to be disclosed in the SEC Documents which are not so disclosed in the SEC Documents,
other than those incurred in the ordinary course of the Company&rsquo;s or its Subsidiaries&rsquo; respective businesses and which,
individually or in the aggregate, do not or could not have a Material Adverse Effect. For purposes of this Agreement: (x) &ldquo;<B>Indebtedness</B>&rdquo;
of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services (including, without limitation, &ldquo;capital leases&rdquo; in accordance
with GAAP) (other than trade payables entered into in the ordinary course of business consistent with past practice), (C) all reimbursement
or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced
by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention
agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness
(even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession
or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP,
consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses
(A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien upon or in any property or assets (including accounts and contract rights) owned by any Person, even
though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and
(H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through
(H) above; (y) &ldquo;<B>Contingent Obligation</B>&rdquo; means, as to any Person, any direct or indirect liability, contingent
or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary
purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee
of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with,
or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; and (z) &ldquo;<B>Person</B>&rdquo;
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and any Governmental Entity or any department or agency thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;<U>Litigation</U>.
Except as disclosed in the SEC Documents and Schedule 3(t), there is no action, suit, arbitration, proceeding, inquiry or investigation
before or by the Principal Market, any court, public board, other Governmental Entity, self-regulatory organization or body pending
or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the Common Stock or
any of the Company&rsquo;s or its Subsidiaries&rsquo; officers or directors, whether of a civil or criminal nature or otherwise,
in their capacities as such, which is outside of the ordinary course of business or individually or in the aggregate material to
the Company or any of its Subsidiaries. No director, officer or employee of the Company or any of its subsidiaries has willfully
violated 18 U.S.C. &sect;1519 or engaged in spoliation in reasonable anticipation of litigation. Without limitation of the foregoing,
there has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving
the Company, any of its Subsidiaries or any current or former director or officer of the Company or any of its Subsidiaries. The
SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company
under the 1933 Act or the 1934 Act, including, without limitation, the Registration Statement. After reasonable inquiry of its
employees, the Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment,
injunction, decree, determination or award of any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;<U>Insurance</U>.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or
applied for, and neither the Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;<U>Employee
Relations</U>. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs any
member of a union. The Company and its Subsidiaries believe that their relations with their employees are good. No executive officer
(as defined in Rule 501(f) promulgated under the 1933 Act) or other key employee of the Company or any of its Subsidiaries has
notified the Company or any such Subsidiary that such officer intends to leave the Company or any such Subsidiary or otherwise
terminate such officer&rsquo;s employment with the Company or any such Subsidiary. No executive officer or other key employee of
the Company or any of its Subsidiaries is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other contract or agreement
or any restrictive covenant, and the continued employment of each such executive officer or other key employee (as the case may
be) does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The
Company and its Subsidiaries are in compliance with all federal, state, local and foreign laws and regulations respecting labor,
employment and employment practices and benefits, terms and conditions of employment and wages and hours, except where failure
to be in compliance would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;<U>Title</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;<U>Real
Property</U>. Each of the Company and its Subsidiaries holds good title to all real property, leases in real property, facilities
or other interests in real property owned or held by the Company or any of its Subsidiaries (the &ldquo;<B>Real Property</B>&rdquo;)
owned by the Company or any of its Subsidiaries (as applicable). The Real Property is free and clear of all Liens and is not subject
to any rights of way, building use restrictions, exceptions, variances, reservations, or limitations of any nature except for (a)
Liens for current taxes not yet due and (b) zoning laws and other land use restrictions that do not impair the present or anticipated
use of the property subject thereto. Any Real Property held under lease by the Company or any of its Subsidiaries are held by them
under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made
and proposed to be made of such property and buildings by the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;<U>Fixtures
and Equipment</U>. Each of the Company and its Subsidiaries (as applicable) has good title to, or a valid leasehold interest in,
the tangible personal property, equipment, improvements, fixtures, and other personal property and appurtenances that are used
by the Company or its Subsidiary in connection with the conduct of its business (the &ldquo;<B>Fixtures and Equipment</B>&rdquo;).
The Fixtures and Equipment are structurally sound, are in good operating condition and repair, are adequate for the uses to which
they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient
for the conduct of the Company&rsquo;s and/or its Subsidiaries&rsquo; businesses (as applicable) in the manner as conducted prior
to the Closing. Each of the Company and its Subsidiaries owns all of its Fixtures and Equipment free and clear of all Liens except
for (a) Liens for current taxes not yet due and (b) zoning laws and other land use restrictions that do not impair the present
or anticipated use of the property subject thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;<U>Intellectual
Property Rights</U>. The Company and its Subsidiaries own or possess adequate rights or licenses to use all trademarks, trade names,
service marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights, inventions,
licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and
registrations therefor (&ldquo;<B>Intellectual Property Rights</B>&rdquo;) necessary to conduct their respective businesses as
now conducted. Except as set forth in Schedule 3(x)(ii), none of the Company's Intellectual Property Rights have expired or terminated
or have been abandoned or are expected to expire or terminate or are expected to be abandoned, within three years from the date
of this Agreement. The Company does not have any knowledge of any infringement by the Company or its Subsidiaries of Intellectual
Property Rights of others. There is no claim, action or proceeding being made or brought, or to the knowledge of the Company or
any of its Subsidiaries, being threatened, against the Company or any of its Subsidiaries regarding its Intellectual Property Rights.
Neither the Company nor any of its Subsidiaries is aware of any facts or circumstances which might give rise to any of the foregoing
infringements or claims, actions or proceedings. The Company and its Subsidiaries have taken reasonable security measures to protect
the secrecy, confidentiality and value of all of their Intellectual Property Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;<U>Environmental
Laws</U>. (i) The Company and its Subsidiaries (A) are in compliance with any and all Environmental Laws (as defined below), (B)
have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses and (C) are in compliance with all terms and conditions of any such permit, license or approval where, in each of the
foregoing clauses (A), (B) and (C), the failure to so comply could be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect. The term &ldquo;Environmental Laws&rdquo; means all federal, state, local or foreign laws relating to
pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, &ldquo;<B>Hazardous
Materials</B>&rdquo;) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand
letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated
or approved thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;No
Hazardous Materials:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;have
been disposed of or otherwise released into any Real Property (as defined below) in violation of any Environmental Laws; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;are
present on, over, beneath, in or upon any Real Property or any portion thereof in quantities that would constitute a violation
of any Environmental Laws. No prior use by the Company or any of its Subsidiaries of any Real Property has occurred that violates
any Environmental Laws, which violation would have a material adverse effect on the business of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;Neither
the Company nor any of its Subsidiaries knows of any other person who or entity which has stored, treated, recycled, disposed of
or otherwise located any Hazardous Materials on any Real Property, including, without limitation, such substances as asbestos and
polychlorinated biphenyls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;None
of the Real Properties are on any federal or state &ldquo;Superfund&rdquo; list or Liability Information System (&ldquo;<B>CERCLIS</B>&rdquo;)
list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related
Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;<U>Subsidiary
Rights</U>. The Company or one of its Subsidiaries has the unrestricted right to vote, and (subject to limitations imposed by applicable
law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by the Company or such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa)&#9;<U>Tax Status</U>.
The Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state income and all other tax returns,
reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except
those being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes
for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know
of no basis for any such claim. The Company is not operated in such a manner as to qualify as a passive foreign investment company,
as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;). The net operating
loss carryforwards (&ldquo;<B>NOLs</B>&rdquo;) for United States federal income tax purposes of the consolidated group of which
the Company is the common parent, if any, shall not be adversely effected by the transactions contemplated hereby. The transactions
contemplated hereby do not constitute an &ldquo;ownership change&rdquo; within the meaning of Section 382 of the Code, thereby
preserving the Company&rsquo;s ability to utilize such NOLs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb)&#9;<U>Internal
Accounting and Disclosure Controls</U>. Except as disclosed in the SEC Documents, the Company and each of its Subsidiaries maintains
internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the 1934 Act) that is effective to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles, including that (i) transactions are executed in accordance
with management&rsquo;s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset and liability accountability, (iii) access to assets or incurrence
of liabilities is permitted only in accordance with management&rsquo;s general or specific authorization and (iv) the recorded
accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate
action is taken with respect to any difference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc)&#9;<U>Off Balance
Sheet Arrangements</U>. There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries
and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its 1934 Act filings
and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd)&#9;<U>Investment
Company Status</U>. The Company is not, and upon consummation of the sale of the Securities will not be, an &ldquo;investment company,&rdquo;
an affiliate of an &ldquo;investment company,&rdquo; a company controlled by an &ldquo;investment company&rdquo; or an &ldquo;affiliated
person&rdquo; of, or &ldquo;promoter&rdquo; or &ldquo;principal underwriter&rdquo; for, an &ldquo;investment company&rdquo; as
such terms are defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee)&#9;<U>Acknowledgement
Regarding Buyers&rsquo; Trading Activity</U>. It is understood and acknowledged by the Company that (i) following the public disclosure
of the transactions contemplated by the Transaction Documents, in accordance with the terms thereof, none of the Buyers have been
asked by the Company or any of its Subsidiaries to agree, nor has any Buyer agreed with the Company or any of its Subsidiaries,
to desist from effecting any transactions in or with respect to (including, without limitation, purchasing or selling, long and/or
short) any securities of the Company, or &ldquo;derivative&rdquo; securities based on securities issued by the Company or to hold
any of the Securities for any specified term; (ii) any Buyer, and counterparties in &ldquo;derivative&rdquo; transactions to which
any such Buyer is a party, directly or indirectly, presently may have a &ldquo;short&rdquo; position in the Common Stock which
was established prior to such Buyer&rsquo;s knowledge of the transactions contemplated by the Transaction Documents; (iii) each
Buyer shall not be deemed to have any affiliation with or control over any arm&rsquo;s length counterparty in any &ldquo;derivative&rdquo;
transaction; and (iv) each Buyer may rely on the Company&rsquo;s obligation to timely deliver shares of Common Stock upon exercise
or exchange, as applicable, of the Securities as and when required pursuant to the Transaction Documents for purposes of effecting
trading in the Common Stock of the Company. The Company further understands and acknowledges that following the public disclosure
of the transactions contemplated by the Transaction Documents pursuant to the Press Release (as defined below) one or more Buyers
may engage in hedging and/or trading activities (including, without limitation, the location and/or reservation of borrowable shares
of Common Stock) at various times during the period that the Securities are outstanding, including, without limitation, during
the periods that the value and/or number of the Warrant Shares deliverable with respect to the Securities are being determined
and such hedging and/or trading activities (including, without limitation, the location and/or reservation of borrowable shares
of Common Stock), if any, can reduce the value of the existing shareholders&rsquo; equity interest in the Company both at and after
the time the hedging and/or trading activities are being conducted. The Company acknowledges that such aforementioned hedging and/or
trading activities do not constitute a breach of this Agreement, the Warrants or any other Transaction Document or any of the documents
executed in connection herewith or therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff)&#9;<U>Manipulation
of Price</U>. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their
behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities,
(ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities (other than the Placement
Agent), (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the
Company or any of its Subsidiaries or (iv) paid or agreed to pay any Person for research services with respect to any securities
of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg)&#9;<U>U.S. Real
Property Holding Corporation</U>. Neither the Company nor any of its Subsidiaries is, or has ever been, and so long as any of the
Securities are held by any of the Buyers, shall become, a U.S. real property holding corporation within the meaning of Section
897 of the Code, and the Company and each Subsidiary shall so certify upon any Buyer&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh)&#9;<U>Registration
Eligibility</U>. The Company is eligible to register the issuance of the Securities by the Company using Form S-3 promulgated under
the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;<U>Transfer
Taxes</U>. On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required to be
paid in connection with the issuance, sale and transfer of the Securities to be sold to each Buyer hereunder will be, or will have
been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jj)&#9;<U>Bank Holding
Company Act</U>. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act of 1956, as amended
(the &ldquo;<B>BHCA</B>&rdquo;) and to regulation by the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal
Reserve</B>&rdquo;). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly, five
percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any
of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(kk)&#9;[Intentionally
Omited].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ll)&#9;<U>Illegal
or Unauthorized Payments; Political Contributions</U>. Neither the Company nor any of its Subsidiaries nor, to the best of the
Company&rsquo;s knowledge (after reasonable inquiry of its officers and directors), any of the officers, directors, employees,
agents or other representatives of the Company or any of its Subsidiaries or any other business entity or enterprise with which
the Company or any Subsidiary is or has been affiliated or associated, has, directly or indirectly, made or authorized any payment,
contribution or gift of money, property, or services, whether or not in contravention of applicable law, (i) as a kickback or bribe
to any Person or (ii) to any political organization, or the holder of or any aspirant to any elective or appointive public office
except for personal political contributions not involving the direct or indirect use of funds of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(mm)&#9;<U>Money Laundering</U>.
The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act of 2001 and all
other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the laws, regulations
and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, without limitation,
(i) Executive Order 13224 of September 23, 2001 entitled, &ldquo;Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism&rdquo; (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR,
Subtitle B, Chapter V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(nn)&#9;<U>Management</U>.
Except as set forth in <U>Schedule&nbsp;3(nn)</U> hereto, during the past five year period, no current or former officer or director
or, to the knowledge of the Company, no current ten percent (10%) or greater shareholder of the Company or any of its Subsidiaries
has been the subject of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(i)&nbsp;a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent
or similar officer for such Person, or any partnership in which such person was a general partner at or within two years before
the filing of such petition or such appointment, or any corporation or business association of which such person was an executive
officer at or within two years before the time of the filing of such petition or such appointment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(ii)&nbsp;a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do not
relate to driving while intoxicated or driving under the influence);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(iii)&nbsp;any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.8pt; text-align: justify; text-indent: 71.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.8pt; text-align: justify; text-indent: 71.2pt">(1)&nbsp;Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.8pt; text-align: justify; text-indent: 71.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.8pt; text-align: justify; text-indent: 71.2pt">(2)&nbsp;Engaging
in any particular type of business practice; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.8pt; text-align: justify; text-indent: 71.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.8pt; text-align: justify; text-indent: 71.2pt">(3)&nbsp;Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities
laws or commodities laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(iv)&nbsp;any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting
for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(v)&nbsp;a
finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently
reversed, suspended or vacated; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(vi)&nbsp;a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(oo)&nbsp;<U>Stock
Option Plans</U>. Each stock option granted by the Company was granted (i) in accordance with the terms of the applicable stock
option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date
such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company's stock
option plan has been backdated. The Company has not knowingly granted, and there is no and has been no policy or practice of the
Company to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release
or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(pp)&#9;<U>No Disagreements
with Accountants and Lawyers</U>. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company
to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is
current with respect to any fees owed to its accountants and lawyers which could affect the Company's ability to perform any of
its obligations under any of the Transaction Documents. In addition, on or prior to the date hereof, the Company had discussions
with its accountants about its financial statements previously filed with the SEC. Based on those discussions, the Company has
no reason to believe that it will need to restate any such financial statements or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(qq)&#9;<U>No Additional
Agreements.</U> The Company does not have any agreement or understanding with any Buyer with respect to the transactions contemplated
by the Transaction Documents other than as specified in the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(rr)&#9;<U>Public Utility
Holding Act</U> None of the Company nor any of its Subsidiaries is a &ldquo;holding company,&rdquo; or an &ldquo;affiliate&rdquo;
of a &ldquo;holding company,&rdquo; as such terms are defined in the Public Utility Holding Act of 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ss)&#9;<U>Federal
Power Act.</U> None of the Company nor any of its Subsidiaries is subject to regulation as a &ldquo;public utility&rdquo; under
the Federal Power Act, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(tt)&#9;<U>Registration
Rights</U>. No holder of securities of the Company has rights to the registration of any securities of the Company because of the
filing of the Registration Statement or the issuance of the Securities hereunder that could expose the Company to material liability
or any Buyer to any liability or that could impair the Company&rsquo;s ability to consummate the issuance and sale of the Securities
in the manner, and at the times, contemplated hereby, which rights have not been waived by the holder thereof as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(uu)&#9;<U>Compliance
With FINRA Rule 5110</U>. At the time the Registration Statement was declared effective by the SEC, and as of the date hereof and
as of the Closing Date, the Company has (i) a 1934 Act reporting history in excess of 36 months and (ii) a non-affiliate, public
common float of at least $100 million and annual trading volume of at least three million shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vv)&#9;<U>Disclosure</U>.
The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers or their agents or
counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning
the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other
Transaction Documents. The Company understands and confirms that each of the Buyers will rely on the foregoing representations
in effecting transactions in securities of the Company. All disclosure provided to the Buyers regarding the Company and its Subsidiaries,
their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf
of the Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months
preceding the date of this Agreement did not at the time of release contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they are made, not misleading. No event or circumstance has occurred or information exists with respect to the Company
or any of its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof)
or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before
the date hereof or announcement by the Company but which has not been so publicly disclosed. The Company acknowledges and agrees
that no Buyer makes or has made any representations or warranties with respect to the transactions contemplated hereby other than
those specifically set forth in Section 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>4.
</B></FONT><B>COVENANTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Best
Efforts</U>. Each Buyer shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied
by it as provided in Section 6 of this Agreement. The Company shall use its best efforts to timely satisfy each of the covenants
hereunder and conditions to be satisfied by it as provided in Section 7 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Amendments
to the Registration Statement; Prospectus Supplements; Free Writing Prospectuses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Amendments
to the Registration Statement; Prospectus Supplements; Free Writing Prospectuses</U>. Except as provided in this Agreement and
other than periodic reports required to be filed pursuant to the 1934 Act, the Company shall not file with the SEC any amendment
to the Registration Statement that relates to the Buyer, this Agreement or the transactions contemplated hereby or thereby or file
with the SEC any Prospectus Supplement that relates to the Buyer, this Agreement or the transactions contemplated hereby or thereby
with respect to which (a) the Buyer shall not previously have been advised, (b) the Company shall not have given due consideration
to any comments thereon received from the Buyer or its counsel, or (c) the Buyer shall reasonably object after being so advised,
unless the Company reasonably has determined that it is necessary to amend the Registration Statement or make any supplement to
the Prospectus to comply with the 1933 Act or any other applicable law or regulation, in which case the Company shall promptly
(but in no event later than 24 hours) so inform the Buyer, the Buyer shall be provided with a reasonable opportunity to review
and comment upon any disclosure relating to the Buyer and the Company shall expeditiously furnish to the Buyer an electronic copy
thereof. In addition, for so long as, in the reasonable opinion of counsel for the Buyer, the Prospectus (or in lieu thereof, the
notice referred to in Rule 173(a) under the 1933 Act) is required to be delivered in connection with any acquisition or sale of
Securities by the Buyer, the Company shall not file any Prospectus Supplement with respect to the Securities without delivering
or making available a copy of such Prospectus Supplement, together with the Prospectus, to the Buyer promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;The
Company has not made, and agrees that unless it obtains the prior written consent of the Buyer it will not make, an offer relating
to the Securities that would constitute an &ldquo;issuer free writing prospectus&rdquo; as defined in Rule 433 promulgated under
the 1933 Act (an &ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;) or that would otherwise constitute a &ldquo;free writing
prospectus&rdquo; as defined in Rule 405 promulgated under the 1933 Act (a &ldquo;<B>Free Writing Prospectus</B>&rdquo;) required
to be filed by the Company or the Buyer with the SEC or retained by the Company or the Buyer under Rule 433 under the 1933 Act.
The Buyer has not made, and agrees that unless it obtains the prior written consent of the Company it will not make, an offer relating
to the Securities that would constitute a Free Writing Prospectus required to be filed by the Company with the SEC or retained
by the Company under Rule 433 under the 1933 Act. Any such Issuer Free Writing Prospectus or other Free Writing Prospectus consented
to by the Buyer or the Company is referred to in this Agreement as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo; The
Company agrees that (x) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer
Free Writing Prospectus and (y) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433
under the 1933 Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the SEC, legending
and record keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Prospectus
Delivery</U>. Immediately prior to execution of this Agreement, the Company shall have delivered to the Buyer, and as soon as practicable
after execution of this Agreement the Company shall file, Prospectus Supplements with respect to the Securities to be issued on
the Closing Date, as required under, and in conformity with, the 1933 Act, including Rule 424(b) thereunder. The Company shall
provide the Buyer a reasonable opportunity to comment on a draft of each Prospectus Supplement and any Issuer Free Writing Prospectus,
shall give due consideration to all such comments and, subject to the provisions of Section 4(b) hereof, shall deliver or make
available to the Buyer, without charge, an electronic copy of each form of Prospectus Supplement, together with the Prospectus,
and any Permitted Free Writing Prospectus on the Closing Date. The Company consents to the use of the Prospectus (and of any Prospectus
Supplements thereto) in accordance with the provisions of the 1933 Act and with the securities or &ldquo;blue sky&rdquo; laws of
the jurisdictions in which the Securities may be sold by the Buyer, in connection with the offering and sale of the Securities
and for such period of time thereafter as the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933
Act) is required by the 1933 Act to be delivered in connection with sales of the Securities. If during such period of time any
event shall occur that in the judgment of the Company and its counsel is required to be set forth in the Registration Statement
or the Prospectus or any Permitted Free Writing Prospectus or should be set forth therein in order to make the statements made
therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading, or if it is necessary
to amend the Registration Statement or supplement or amend the Prospectus or any Permitted Free Writing Prospectus to comply with
the 1933 Act or any other applicable law or regulation, the Company shall forthwith prepare and, subject to Section 4(b) above,
file with the SEC an appropriate amendment to the Registration Statement or Prospectus Supplement to the Prospectus (or supplement
to the Permitted Free Writing Prospectus) and shall expeditiously furnish or make available to the Buyer an electronic copy thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Stop
Orders</U>. The Company shall advise the Buyer promptly (but in no event later than 24 hours) and shall confirm such advice in
writing: (i) of the Company&rsquo;s receipt of notice of any request by the SEC for amendment of or a supplement to the Registration
Statement, the Prospectus, any Permitted Free Writing Prospectus or for any additional information; (ii) of the Company&rsquo;s
receipt of notice of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or prohibiting
or suspending the use of the Prospectus or any Prospectus Supplement, or of the suspension of qualification of the Securities for
offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; (iii) of
the Company becoming aware of the happening of any event, which makes any statement of a material fact made in the Registration
Statement, the Prospectus or any Permitted Free Writing Prospectus untrue or which requires the making of any additions to or changes
to the statements then made in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus in order to
state a material fact required by the 1933 Act to be stated therein or necessary in order to make the statements then made therein
(in the case of the Prospectus, in light of the circumstances under which they were made) not misleading, or of the necessity to
amend the Registration Statement or supplement the Prospectus or any Permitted Free Writing Prospectus to comply with the 1933
Act or any other law or (iv) if at any time following the date hereof the Registration Statement is not effective or is not otherwise
available for the issuance of the Securities or any Prospectus contained therein is not available for use for any other reason.
Thereafter, the Company shall promptly notify such holders when the Registration Statement, the Prospectus, any Permitted Free
Writing Prospectus and/or any amendment or supplement thereto, as applicable, is effective and available for the issuance of the
Securities. If at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement or prohibiting
or suspending the use of the Prospectus or any Prospectus Supplement, the Company shall use best efforts to obtain the withdrawal
of such order at the earliest possible time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Blue
Sky</U>. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine is necessary
in order to obtain an exemption for, or to, qualify the Securities for sale to the Buyers at the Closing pursuant to this Agreement
under applicable securities or &ldquo;Blue Sky&rdquo; laws of the states of the United States (or to obtain an exemption from such
qualification), and shall provide evidence of any such action so taken to the Buyers on or prior to the Closing Date. Without limiting
any other obligation of the Company under this Agreement, the Company shall timely make all filings and reports relating to the
offer and sale of the Securities required under all applicable securities laws (including, without limitation, all applicable federal
securities laws and all applicable &ldquo;Blue Sky&rdquo; laws), and the Company shall comply with all applicable foreign, federal,
state and local laws, statutes, rules, regulations and the like relating to the offering and sale of the Securities to the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Reporting
Status</U>. Until the date on which no Warrants are outstanding (the &ldquo;<B>Reporting Period</B>&rdquo;), the Company shall
timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status
as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no
longer require or otherwise permit such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Use
of Proceeds</U>. The Company will use the proceeds from the sale of the Securities as described in the Prospectus Supplement, but
not, directly or indirectly, for (i) except as set forth on Schedule 4(g), the satisfaction of any indebtedness of the Company
or any of its Subsidiaries, (ii) the redemption or repurchase of any securities of the Company or any of its Subsidiaries, or (iii)
the settlement of any outstanding litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>Financial
Information</U>. The Company agrees to send the following to each holder of Warrants (each, an &ldquo;<B>Investor</B>&rdquo;) during
the Reporting Period (i) unless the following are filed with the SEC through EDGAR and are available to the public through the
EDGAR system, within one (1) Business Day after the filing thereof with the SEC, a copy of its Annual Reports on Form 10-K or Form
20-F, if applicable, and Quarterly Reports on Form 10-Q, if required by the SEC, any interim reports or any consolidated balance
sheets, income statements, shareholders&rsquo; equity statements and/or cash flow statements for any period other than annual,
any Current Reports on Form 8-K or Form 6-K, if applicable and any registration statements (other than on Form S-8) or amendments
filed pursuant to the 1933 Act, (ii) unless the foregoing are either filed with the SEC through EDGAR or are otherwise widely disseminated
via a recognized news release service (such as PR Newswire), on the same day as the release thereof, facsimile copies of all press
releases issued by the Company or any of its Subsidiaries and (iii) unless the foregoing are filed with the SEC through EDGAR,
copies of any notices and other information made available or given to the shareholders of the Company generally, contemporaneously
with the making available or giving thereof to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Listing</U>.
The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the Underlying Securities
(as defined below) upon each national securities exchange and automated quotation system, if any, upon which the Common Stock is
then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain such listing
or designation for quotation (as the case may be) of all Underlying Securities from time to time issuable under the terms of the
Transaction Documents on such national securities exchange or automated quotation system. The Company shall maintain the Common
Stock&rsquo;s listing or authorization for quotation (as the case may be) on the Principal Market, The New York Stock Exchange,
the NYSE American, the Nasdaq Global Market or the Nasdaq Global Select Market (each, an &ldquo;<B>Eligible Market</B>&rdquo;).
Neither the Company nor any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting
or suspension of the Common Stock on an Eligible Market. The Company shall pay all fees and expenses in connection with satisfying
its obligations under this Section 4(i). &ldquo;<B>Underlying Securities</B>&rdquo; means the (i) the Common Shares, (ii) the Warrant
Shares and (iii) any capital stock of the Company issued or issuable with respect to the Common Shares, the Warrant Shares, or
the Warrants, respectively, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise and (2) shares of capital stock of the Company into which the shares of Common Stock are
converted or exchanged and shares of capital stock of a Successor Entity (as defined in the Warrants) into which the shares of
Common Stock are converted or exchanged, in each case, without regard to any limitations on exercise of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Fees</U>.
The Company shall reimburse the lead Buyer a non-accountable fee of $60,000 for all costs and expenses incurred by it or its affiliates
in connection with the structuring, documentation, negotiation and closing of the transactions contemplated by the Transaction
Documents (including, without limitation, as applicable, legal fees and disbursements of Kelley Drye &amp; Warren, LLP, counsel
to the lead Buyer and any other reasonable fees and expenses in connection with the structuring, documentation, negotiation and
closing of the transactions contemplated by the Transaction Documents and due diligence and regulatory filings in connection therewith)
(the &ldquo;<B>Transaction Expenses</B>&rdquo;) and shall be withheld by the lead Buyer from its Purchase Price at the Closing,
less $15,000 previously paid by the Company to Kelley Drye &amp; Warren, LLP; provided, that the Company shall promptly reimburse
Kelley Drye &amp; Warren, LLP on demand for all Transaction Expenses not so reimbursed through such withholding at the Closing.
In addition to the Transaction Expenses, the Company shall be responsible for the payment of any placement agent&rsquo;s fees,
financial advisory fees, transfer agent fees, DTC fees or broker&rsquo;s commissions (other than for Persons engaged by any Buyer)
relating to or arising out of the transactions contemplated hereby (including, without limitation, any fees or commissions payable
to the Placement Agent, who is the Company&rsquo;s sole placement agent in connection with the transactions contemplated by this
Agreement). The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation,
reasonable attorneys&rsquo; fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment.
Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection
with the sale of the Securities to the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>Pledge
of Securities</U>. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that
the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities
hereunder, and no Investor effecting a pledge of Securities shall be required to provide the Company with any notice thereof or
otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document. The Company hereby agrees
to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of
the Securities to such pledgee by a Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Disclosure
of Transactions and Other Material Information</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Disclosure
of Transaction</U>. The Company shall, on or before 9:30&nbsp;a.m., New York time, on the date of this Agreement, issue a press
release (the &ldquo;<B>Press Release</B>&rdquo;) reasonably acceptable to the Buyers disclosing all the material terms of the transactions
contemplated by the Transaction Documents. On or before 9:30 a.m., New York time, on the first (1<SUP>st</SUP>) Business Day after
the date of this Agreement, the Company shall file a Current Report on Form 8-K describing all the material terms of the transactions
contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all the material Transaction Documents
(including, without limitation, this Agreement (and all schedules to this Agreement), and the form of the Warrants) (including
all attachments, the &ldquo;<B>8-K Filing</B>&rdquo;). From and after the issuance of the Press Release, the Company shall have
disclosed all material, non-public information (if any) provided to any of the Buyers by the Company or any of its Subsidiaries
or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction
Documents. In addition, effective upon the filing of the Press Release, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any of their affiliates,
on the other hand, shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;<U>Limitations
on Disclosure</U>. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective
officers, directors, employees and agents not to, provide any Buyer with any material, non-public information regarding the Company
or any of its Subsidiaries from and after the issuance of the Press Release without the express prior written consent of such Buyer
(which may be granted or withheld in such Buyer&rsquo;s sole discretion). In the event of a breach of any of the foregoing covenants,
including, without limitation, Section&nbsp;4(q) of this Agreement, or any of the covenants or agreements contained in any other
Transaction Document, by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees
and agents (as determined in the reasonable good faith judgment of such Buyer), in addition to any other remedy provided herein
or in the Transaction Documents, such Buyer shall have the right to make a public disclosure, in the form of a press release, public
advertisement or otherwise, of such breach or such material, non-public information, as applicable, without the prior approval
by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees or agents. No Buyer shall
have any liability to the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates,
shareholders or agents, for any such disclosure. To the extent that the Company delivers any material, non-public information to
a Buyer without such Buyer's consent, the Company hereby covenants and agrees that such Buyer shall not have any duty of confidentiality
with respect to, or a duty not to trade on the basis of, such material, non-public information. Subject to the foregoing, neither
the Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements with respect to the transactions
contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of any Buyer, to make the Press
Release and any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the
8-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case
of clause (i) each Buyer shall be consulted by the Company in connection with any such press release or other public disclosure
prior to its release). Without the prior written consent of the applicable Buyer (which may be granted or withheld in such Buyer&rsquo;s
sole discretion), the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of such
Buyer in any filing, announcement, release or otherwise. Notwithstanding anything contained in this Agreement to the contrary and
without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer shall
have (unless expressly agreed to by a particular Buyer after the date hereof in a written definitive and binding agreement executed
by the Company and such particular Buyer (it being understood and agreed that no Buyer may bind any other Buyer with respect thereto)),
any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material, non-public information regarding
the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>Additional
Issuance of Securities</U>. The Company agrees that for the period commencing on the date hereof and ending on the date immediately
following the 60<SUP>th</SUP> Trading Day after the Closing Date (the &ldquo;<B>Restricted Period</B>&rdquo;), neither the Company
nor any of its Subsidiaries shall directly or indirectly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;file
a registration statement under the 1933 Act relating to securities that are not the Underlying Securities (other than a registration
statement on Form S-8 or such supplements or amendments to registration statements that are outstanding and have been declared
effective by the SEC as of the date hereof (solely to the extent necessary to keep such registration statements effective and available
and not with respect to any Subsequent Placement));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;amend
or modify (whether by an amendment, waiver, exchange of securities, or otherwise) any of the Company&rsquo;s warrants to purchase
Common Stock that are outstanding as of the date hereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;issue,
offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any
option or right to purchase or other disposition of) any equity security or any equity-linked or related security (including, without
limitation, any &ldquo;equity security&rdquo; (as that term is defined under Rule 405 promulgated under the 1933 Act)), any Convertible
Securities (as defined below), any debt, any preferred stock or any purchase rights (any such issuance, offer, sale, grant, disposition
or announcement (whether occurring during the Restricted Period or at any time thereafter) is referred to as a &ldquo;<B>Subsequent
Placement</B>&rdquo;). Notwithstanding the foregoing, this Section 4(l)(iii) shall not apply in respect of the issuance of (A)
shares of Common Stock, restricted shares units, granted under the Approved Stock Plan (as defined below) (&ldquo;<B>RSUs</B>&rdquo;)
or standard options to purchase Common Stock to directors, officers, employees or consultants of the Company or any of its Subsidiaries
in their capacity as such pursuant to an Approved Stock Plan (as defined below) (it being expressly understood and agreed that
lawyers, law firms, accountants, accounting firms and other similar professional advisors and professional advisory firms are not
consultants), provided that (x) all such issuances (taking into account the shares of Common Stock issuable upon vesting of such
RSUs or exercise of such options) after the date hereof pursuant to this clause (A) do not, in the aggregate, exceed more than
more than 10% of the Common Stock issued and outstanding immediately prior to the date hereof, (y) the exercise price of any such
options is not lowered, none of such options or RSUs are amended to increase the number of shares issuable thereunder and none
of the terms or conditions of any such options or RSUs are otherwise materially changed in any manner that adversely affects any
of the Buyers and (z) all issuances to consultants pursuant to this clause (A) must be restricted securities without any registration
rights; (B) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than standard options
to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (A) above) issued prior to the date
hereof, provided that the conversion, exercise or other method of issuance (as the case may be) of any such Convertible Security
is made solely pursuant to the conversion, exercise or other method of issuance (as the case may be) provisions of such Convertible
Security that were in effect on the date immediately prior to the date of this Agreement, the conversion, exercise or issuance
price of any such Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock
Plan that are covered by clause (A) above) is not lowered, none of such Convertible Securities (other than standard options to
purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (A) above) are amended to increase the
number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than standard
options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (A) above) are otherwise
materially changed in any manner that adversely affects any of the Buyers; (C) shares of Common Stock issued in connection with
strategic alliances, strategic mergers and acquisitions and strategic partnerships, provided that (I) the primary purpose of such
issuance is not to raise capital as determined in good faith by the Buyers, (II) the purchaser or acquirer of such shares of Common
Stock in such issuance solely consists of either (1) the actual participants in such strategic alliance or strategic partnership,
(2) the actual owners of such assets or securities acquired in such merger or acquisition or (3) the shareholders, partners or
members of the foregoing Persons, (III) the number or amount (as the case may be) of such shares of Common Stock issued to such
Person by the Company shall not be disproportionate to such Person&rsquo;s actual participation in such strategic alliance or strategic
partnership or ownership of such assets or securities to be acquired by the Company (as applicable), (IV) all issuances pursuant
to this clause (C) must be restricted securities without any registration rights and (V) all such issuances of Common Stock after
the date hereof pursuant to this clause (C) do not, in the aggregate, exceed more than 10% of the Common Stock issued and outstanding
immediately prior to the date hereof; (D) standard warrants to purchase Common Stock and the shares of Common Stock issuable upon
exercise of such warrants issued solely to placement agents solely as compensation for services rendered to the Company in their
capacity as such in connection with a Subsequent Placement, provided that (I) all such issuances (taking into account the shares
of Common Stock issuable upon exercise of such warrants) after the date hereof pursuant to this clause (D) do not, in the aggregate,
exceed more than 379,592 shares of Common Stock (adjusted for stock splits, stock combinations and other similar transactions),
(II) the exercise price of any such warrants is not lower than the Exercise Price (as defined in the Warrants) and (III) the exercise
price of any such warrants is not lowered, none of such warrants are amended to increase the number of shares issuable thereunder
and none of the terms or conditions of any such warrants are otherwise materially changed in any manner that adversely affects
any of the Buyers; (E) solely to the extent not issued prior to the date hereof, 3,192,291 Shares (as defined in that certain Cancellation
Agreement, dated November 11, 2020 (as disclosed on the Current Report on Form 8-K of the Company filed with the SEC on November
17, 2020), as in effect on November 11, 2020 and without regard to any amendment, modification or waiver after November 11, 2020,
the &ldquo;<B>Cancellation Agreement</B>&rdquo;) as required by the terms and conditions of the Cancellation Agreement; (F) the
Common Shares, (G) the Warrants and (H) the Warrant Shares (each of the foregoing in clauses (A) through (G), collectively the
&ldquo;<B>Excluded Securities</B>&rdquo;). &ldquo;<B>Approved Stock Plan</B>&rdquo; means any employee benefit plan which has been
approved by the board of directors of the Company prior to or subsequent to the date hereof pursuant to which shares of Common
Stock, RSUs and standard options to purchase Common Stock may be issued to any employee, officer, director or consultant for services
provided to the Company or any of its Subsidiaries in their capacity as such. &ldquo;<B>Convertible Securities</B>&rdquo; means
any capital stock or other security of the Company or any of its Subsidiaries that is at any time and under any circumstances directly
or indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
capital stock or other security of the Company (including, without limitation, Common Stock) or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Reservation
of Shares</U>. So long as any of the Warrants remain outstanding, the Company shall take all action necessary to at all times have
authorized, and reserved for the purpose of issuance, no less than 100% of the maximum number of Warrant Shares issuable upon exercise
of all the Warrants then outstanding (without regard to any limitations on the exercise of the Warrants set forth therein) (collectively,
the &ldquo;<B>Required Reserve Amount</B>&rdquo;); provided that at no time shall the number of shares of Common Stock reserved
pursuant to this Section 4(n) be reduced other than proportionally in connection with any exercise of the Warrants. If at any time
the number of shares of Common Stock authorized and reserved for issuance is not sufficient to meet the Required Reserve Amount,
the Company will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares, including,
without limitation, calling a special meeting of shareholders to authorize additional shares to meet the Company's obligations
pursuant to the Transaction Documents, in the case of an insufficient number of authorized shares, obtain shareholder approval
of an increase in such authorized number of shares, and voting the management shares of the Company in favor of an increase in
the authorized shares of the Company to ensure that the number of authorized shares is sufficient to meet the Required Reserve
Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;<U>Conduct
of Business</U>. The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or
regulation of any Governmental Entity, except where such violations would not reasonably be expected to result, either individually
or in the aggregate, in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;<U>Variable
Rate Transaction</U>. From the date hereof until such time as no Warrants remain outstanding, the Company and each Subsidiary shall
be prohibited from effecting or entering into an agreement to effect any Subsequent Placement involving a Variable Rate Transaction.
&ldquo;<B>Variable Rate Transaction</B>&rdquo; means a transaction in which the Company or any Subsidiary (i) issues or sells any
Convertible Securities either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with
the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such Convertible Securities,
or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance
of such Convertible Securities or upon the occurrence of specified or contingent events directly or indirectly related to the business
of the Company or the market for the Common Stock, other than pursuant to a customary &ldquo;weighted average&rdquo; anti-dilution
provision or (ii) enters into any agreement (including, without limitation, an equity line of credit or an &ldquo;at-the-market&rdquo;
offering) whereby the Company or any Subsidiary may sell securities at a future determined price (other than standard and customary
&ldquo;preemptive&rdquo; or &ldquo;participation&rdquo; rights). Each Buyer shall be entitled to obtain injunctive relief against
the Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;<U>Participation
Right</U>. From the date hereof through the first anniversary of the Closing Date, neither the Company nor any of its Subsidiaries
shall, directly or indirectly, effect any Subsequent Placement unless the Company shall have first complied with this Section&nbsp;4(q).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: 35.3pt">(i)&nbsp;At
least three (3) Trading Days prior to any proposed or intended Subsequent Placement, the Company shall deliver to each Buyer a
written notice of its proposal or intention to effect a Subsequent Placement (each such notice, a &ldquo;<B>Pre-Notice</B>&rdquo;),
which Pre-Notice shall not contain any information (including, without limitation, material, non-public information) other than:
(A) if the proposed Offer Notice (as defined below) constitutes or contains material, non-public information, a statement asking
whether the Investor is willing to accept material non-public information or (B) if the proposed Offer Notice does not constitute
or contain material, non-public information, (x) a statement that the Company proposes or intends to effect a Subsequent Placement,
(y) a statement that the statement in clause (x) above does not constitute material, non-public information and (z) a statement
informing such Buyer that it is entitled to receive an Offer Notice (as defined below) with respect to such Subsequent Placement
upon its written request. Upon the written request of a Buyer within two (2) Trading Days after the Company&rsquo;s delivery to
such Buyer of such Pre-Notice, and only upon a written request by such Buyer, the Company shall promptly, but no later than one
(1) Trading Day after such request, deliver to such Buyer an irrevocable written notice (the &ldquo;<B>Offer Notice</B>&rdquo;)
of any proposed or intended issuance or sale or exchange (the &ldquo;<B>Offer</B>&rdquo;) of the securities being offered (the
&ldquo;<B>Offered Securities</B>&rdquo;) in a Subsequent Placement, which Offer Notice shall (A) identify and describe the Offered
Securities, (B) describe the price and other terms upon which they are to be issued, sold or exchanged, and the number or amount
of the Offered Securities to be issued, sold or exchanged, (C) identify the Persons (if known) to which or with which the Offered
Securities are to be offered, issued, sold or exchanged and (D) offer to issue and sell to or exchange with such Buyer in accordance
with the terms of the Offer up to thirty-five percent (35%) in total of the Offered Securities, provided that the number of Offered
Securities which such Buyer shall have the right to subscribe for under this Section&nbsp;4(q) shall be (x) based on such Buyer&rsquo;s
pro rata portion of the aggregate number of Common Shares purchased hereunder by all Buyers (the &ldquo;<B>Basic Amount</B>&rdquo;),
and (y) with respect to each Buyer that elects to purchase its Basic Amount, any additional portion of the Offered Securities attributable
to the Basic Amounts of other Buyers as such Buyer shall indicate it will purchase or acquire should the other Buyers subscribe
for less than their Basic Amounts (the &ldquo;<B>Undersubscription Amount</B>&rdquo;), which process shall be repeated until each
Buyer shall have an opportunity to subscribe for any remaining Undersubscription Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(ii)&nbsp;To
accept an Offer, in whole or in part, such Buyer must deliver a written notice to the Company prior to the end of the third (3<SUP>rd</SUP>)
Business Day after such Buyer&rsquo;s receipt of the Offer Notice (the &ldquo;<B>Offer Period</B>&rdquo;), setting forth the portion
of such Buyer&rsquo;s Basic Amount that such Buyer elects to purchase and, if such Buyer shall elect to purchase all of its Basic
Amount, the Undersubscription Amount, if any, that such Buyer elects to purchase (in either case, the &ldquo;<B>Notice of Acceptance</B>&rdquo;).
If the Basic Amounts subscribed for by all Buyers are less than the total of all of the Basic Amounts, then each Buyer who has
set forth an Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts
subscribed for, the Undersubscription Amount it has subscribed for; provided, however, if the Undersubscription Amounts subscribed
for exceed the difference between the total of all the Basic Amounts and the Basic Amounts subscribed for (the &ldquo;<B>Available
Undersubscription Amount</B>&rdquo;), each Buyer who has subscribed for any Undersubscription Amount shall be entitled to purchase
only that portion of the Available Undersubscription Amount as the Basic Amount of such Buyer bears to the total Basic Amounts
of all Buyers that have subscribed for Undersubscription Amounts, subject to rounding by the Company to the extent it deems reasonably
necessary. Notwithstanding the foregoing, if the Company desires to modify or amend the terms and conditions of the Offer prior
to the expiration of the Offer Period, the Company may deliver to each Buyer a new Offer Notice and the Offer Period shall expire
on the third (3rd) Business Day after such Buyer&rsquo;s receipt of such new Offer Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify; text-indent: 35.3pt">(iii)&nbsp;The
Company shall have five (5) days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange all or any
part of such Offered Securities as to which a Notice of Acceptance has not been given by a Buyer (the &ldquo;<B>Refused Securities</B>&rdquo;)
pursuant to a definitive agreement(s) (the &ldquo;<B>Subsequent Placement Agreement</B>&rdquo;), but only to the offerees described
in the Offer Notice (if so described therein) and only upon terms and conditions (including, without limitation, unit prices and
interest rates) that are not more favorable to the acquiring Person or Persons or less favorable to the Company than those set
forth in the Offer Notice and (B) to publicly announce (x) the execution of such Subsequent Placement Agreement, and (y) either
(I) the consummation of the transactions contemplated by such Subsequent Placement Agreement or (II) the termination of such Subsequent
Placement Agreement, which shall be filed with the SEC on a Current Report on Form 8-K with such Subsequent Placement Agreement
and any documents contemplated therein filed as exhibits thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;In
the event the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and on the
terms specified in Section&nbsp;4(q)(iii) above), then each Buyer may, at its sole option and in its sole discretion, reduce the
number or amount of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number
or amount of the Offered Securities that such Buyer elected to purchase pursuant to Section&nbsp;4(q)(ii) above multiplied by a
fraction, (A) the numerator of which shall be the number or amount of Offered Securities the Company actually proposes to issue,
sell or exchange (including Offered Securities to be issued or sold to Buyers pursuant to this Section&nbsp;4(q) prior to such
reduction) and (B) the denominator of which shall be the original amount of the Offered Securities. In the event that any Buyer
so elects to reduce the number or amount of Offered Securities specified in its Notice of Acceptance, the Company may not issue,
sell or exchange more than the reduced number or amount of the Offered Securities unless and until such securities have again been
offered to the Buyers in accordance with Section&nbsp;4(q)(i) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;Upon
the closing of the issuance, sale or exchange of all or less than all of the Refused Securities, such Buyer shall acquire from
the Company, and the Company shall issue to such Buyer, the number or amount of Offered Securities specified in its Notice of Acceptance,
as reduced pursuant to Section&nbsp;4(q)(iv) above if such Buyer has so elected, upon the terms and conditions specified in the
Offer. The purchase by such Buyer of any Offered Securities is subject in all cases to the preparation, execution and delivery
by the Company and such Buyer of a separate purchase agreement relating to such Offered Securities reasonably satisfactory in form
and substance to such Buyer and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;Any
Offered Securities not acquired by a Buyer or other Persons in accordance with this Section&nbsp;4(q) may not be issued, sold or
exchanged until they are again offered to such Buyer under the procedures specified in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;The
Company and each Buyer agree that if any Buyer elects to participate in the Offer, neither the Subsequent Placement Agreement with
respect to such Offer nor any other transaction documents related thereto (collectively, the &ldquo;<B>Subsequent Placement Documents</B>&rdquo;)
shall include any term or provision whereby such Buyer shall be required to agree to any restrictions on trading as to any securities
of the Company or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under
or in connection with, any agreement previously entered into with the Company or any instrument received from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;Notwithstanding
anything to the contrary in this Section 4(q) and unless otherwise agreed to by such Buyer, the Company shall either confirm in
writing to such Buyer that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose
its intention to issue the Offered Securities, in either case, in such a manner such that such Buyer will not be in possession
of any material, non-public information, by the fifth (5<SUP>th</SUP>) Business Day following delivery of the Offer Notice. If
by such fifth (5<SUP>th</SUP>) Business Day, no public disclosure regarding a transaction with respect to the Offered Securities
has been made, and no notice regarding the abandonment of such transaction has been received by such Buyer, such transaction shall
be deemed to have been abandoned and such Buyer shall not be in possession of any material, non-public information with respect
to the Company or any of its Subsidiaries. Should the Company decide to pursue such transaction with respect to the Offered Securities,
the Company shall provide such Buyer with another Offer Notice in accordance with, and subject to, the terms of this Section 4(q)and
such Buyer will again have the right of participation set forth in this Section 4(q). The Company shall not be permitted to deliver
more than one such Offer Notice to such Buyer in any sixty (60) day period, except as expressly contemplated by the last sentence
of Section 4(q)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ix)&nbsp;The
restrictions contained in this Section 4(q) shall not apply in connection with the issuance of any Excluded Securities. The Company
shall not circumvent the provisions of this Section 4(q) by providing terms or conditions to one Buyer that are not provided to
all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;<U>Passive
Foreign Investment Company</U>. The Company shall conduct its business, and shall cause its Subsidiaries to conduct their respective
businesses, in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment company
within the meaning of Section 1297 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;<U>Corporate
Existence</U>. So long as any Buyer beneficially owns any Warrants, the Company shall not be party to any Fundamental Transaction
(as defined in the Warrants) unless the Company is in compliance with the applicable provisions governing Fundamental Transactions
set forth in the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;<U>Stock
Splits</U>. So long as any Warrants remain outstanding, the Company shall not effect any stock combination, reverse stock split
or other similar transaction (or make any public announcement or disclosure with respect to any of the foregoing) without the prior
written consent of the Required Holders (as defined below), except for the purposes of maintaining its compliance with Section
4(i) herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;<U>Exercise
Procedures</U>. The form of Exercise Notice (as defined in the Warrants) included in the Warrants sets forth the totality of the
procedures required of the Buyers in order to exercise the Warrants. No legal opinion or other information or instructions shall
be required of the Buyers to exercise their Warrants. The Company shall honor exercises of the Warrants and shall deliver the Warrant
Shares in accordance with the terms, conditions and time periods set forth in the Warrants. Without limiting the preceding sentences,
no ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Exercise Notice form be required in order to exercise the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;<U>Regulation
M</U>. The Company will not take any action prohibited by Regulation M under the 1934 Act, in connection with the distribution
of the Securities contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;<U>Closing
Documents.</U> On or prior to fourteen (14) calendar days after the Closing Date, the Company agrees to deliver, or cause to be
delivered, to each Buyer and Kelley Drye &amp; Warren, LLP a complete closing set of the executed Transaction Documents, Securities
and any other document required to be delivered to any party pursuant to Section&nbsp;7 hereof or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;<U>D&amp;O
Insurance Policy</U>. On or before six (6) month anniversary after the Closing Date, the Company agrees to use its best efforts
to obtain an insurance policy coverage for the Company&rsquo;s officers and directors with reputable insurers in the amount of
such insurance coverage of at least $2,000,000 and to include the Placement Agent as an additional insured party to the directors
and officers insurance coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>5.
</B></FONT><B>REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Register</U>.
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to each holder of Securities), a register for the Common Shares and the Warrants in which the Company shall record the
name and address of the Person in whose name the Common Shares and the Warrants have been issued (including the name and address
of each transferee), the number of Common Shares held by such Person and the number of Warrant Shares issuable upon exercise of
the Warrants held by such Person. The Company shall keep the register open and available at all times during business hours for
inspection of any Buyer or its legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Transfer
Agent Instructions</U>. The Company shall issue irrevocable instructions to its Transfer Agent and any subsequent transfer agent
in a form acceptable to each of the Buyers (the &ldquo;<B>Irrevocable Transfer Agent Instructions</B>&rdquo;) to issue certificates
or credit shares to the applicable balance accounts at DTC, registered in the name of each Buyer or its respective nominee(s),
for the Common Shares and the Warrant Shares in such amounts as specified from time to time by each Buyer to the Company upon the
exercise of the Warrants (as the case may be). The Company represents and warrants that no instruction other than the Irrevocable
Transfer Agent Instructions referred to in this Section&nbsp;5(b) will be given by the Company to its Transfer Agent with respect
to the Securities, and that the Securities shall otherwise be freely transferable on the books and records of the Company, as applicable,
to the extent provided in this Agreement and the other Transaction Documents. If a Buyer effects a sale, assignment or transfer
of the Securities, the Company shall permit the transfer and shall promptly instruct its Transfer Agent to issue one or more certificates
or credit shares to the applicable balance accounts at DTC in such name and in such denominations as specified by such Buyer to
effect such sale, transfer or assignment. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to a Buyer. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under
this Section&nbsp;5(b) will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Section&nbsp;5(b), that a Buyer shall be entitled, in addition to all other available remedies, to an order and/or injunction
restraining any breach and requiring immediate issuance and transfer, without the necessity of showing economic loss and without
any bond or other security being required. The Company shall cause its counsel to issue each legal opinion referred to in the Irrevocable
Transfer Agent Instructions to the Transfer Agent as follows: (i) at the Closing with respect to the Common Shares, (ii) upon each
exercise of the Warrants (unless such issuance covered by a prior legal opinion previously delivered to the Transfer Agent), and
(iii) on each date a registration statement with respect to the issuance or resale of any of the Securities is declared effective
by the SEC. Any fees (with respect to the Transfer Agent, counsel to the Company or otherwise) associated with the issuance of
such opinions or the removal of any legends on any of the Securities shall be borne by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Legends</U>.
Certificates and any other instruments evidencing the Securities shall not bear any restrictive or other legend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>FAST
Compliance</U>. While any Warrants remain outstanding, the Company shall maintain a transfer agent that participates in the DTC
Fast Automated Securities Transfer Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>6.
</B></FONT><B>CONDITIONS TO THE COMPANY&rsquo;S OBLIGATION TO SELL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation of the
Company hereunder to issue and sell the Common Shares and the related Warrants to each Buyer at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company&rsquo;s
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;Such
Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Such
Buyer and each other Buyer shall have delivered to the Company the Purchase Price for the Common Shares and the related Warrants
being purchased by such Buyer at the Closing by wire transfer of immediately available funds in accordance with the Flow of Funds
Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;The
representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in
all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied
with by such Buyer at or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>7.
</B></FONT><B>CONDITIONS TO EACH BUYER&rsquo;S OBLIGATION TO PURCHASE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation of each
Buyer hereunder to purchase its Common Shares and its related Warrants at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these conditions are for each Buyer&rsquo;s sole benefit and
may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;The
Company shall have duly executed and delivered to such Buyer each of the Transaction Documents and the Company shall have duly
executed and delivered to such Buyer (x) such aggregate number of Common Shares set forth across from such Buyer&rsquo;s name in
column (3) of the Schedule of Buyers, and (y) Warrants (initially for such aggregate number of Warrant Shares as is set forth across
from such Buyer&rsquo;s name in column (4) of the Schedule of Buyers), in each case, as being purchased by such Buyer at the Closing
pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Such
Buyer shall have received the opinion from each of Bevilacqua PLLC, the Company&rsquo;s US securities counsel and Sherman &amp;
Howard L.L.C., the Company&rsquo;s Nevada counsel, dated as of the Closing Date, in the form acceptable to such Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;The
Company shall have delivered to such Buyer a copy of the Irrevocable Transfer Agent Instructions, in the form acceptable to such
Buyer, which instructions shall have been delivered to and acknowledged in writing by the Company&rsquo;s transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;The
Company shall have delivered to such Buyer a certificate evidencing the formation and good standing of the Company and each of
its Subsidiaries in each such entity&rsquo;s jurisdiction of formation issued by the Secretary of State (or comparable office)
of such jurisdiction of formation as of a date within ten (10) days of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;The
Company shall have delivered to such Buyer a certificate evidencing the Company&rsquo;s qualification as a foreign corporation
and good standing issued by the Secretary of State (or comparable office) of each jurisdiction in which the Company conducts business
and is required to so qualify, as of a date within ten (10) days of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;The
Company shall have delivered to such Buyer a certificate, in the form acceptable to such Buyer, executed by the Secretary of the
Company and dated as of the Closing Date, as to (i) the resolutions consistent with Section&nbsp;3(b) as adopted by the Company&rsquo;s
board of directors in a form reasonably acceptable to such Buyer, (ii) the Articles of Incorporation of the Company and (iii)&nbsp;the
Bylaws of the Company, each as in effect at the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;Each
and every representation and warranty of the Company shall be true and correct as of the date when made and as of the Closing Date
as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall
be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects with
the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the
Closing Date. Such Buyer shall have received a certificate, duly executed by the Chief Executive Officer of the Company, dated
as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by such Buyer in the
form acceptable to such Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;The
Company shall have delivered to such Buyer a letter from the Company&rsquo;s transfer agent certifying the number of shares of
Common Stock outstanding on the Closing Date immediately prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;The
Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been
suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension
by the SEC or the Principal Market have been threatened, as of the Closing Date, either (I) in writing by the SEC or the Principal
Market or (II) by falling below the minimum maintenance requirements of the Principal Market as evidenced by a deficiency notice
from the Principal Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;The
Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Securities, including without limitation, those required by the Principal Market, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;Since
the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or result
in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;The
Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) the Common
Shares and the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;Such
Buyer shall have received a letter on the letterhead of the Company, duly executed by the Chief Executive Officer of the Company,
setting forth the wire amounts of each Buyer and the wire transfer instructions of the Company (the &ldquo;<B>Flow of Funds Letter</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;From
the date hereof to the Closing Date, (i) trading in the Common Stock shall not have been suspended by the SEC or the Principal
Market (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated
prior to the Closing), and, (ii) at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on the Principal Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of each Buyer, makes it impracticable or inadvisable to purchase the Securities at the Closing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;The
Registration Statement shall be effective and available for the issuance and sale of the Securities hereunder and the Company shall
have delivered to such Buyer the Prospectus and the Prospectus Supplement as required thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;The
Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to the
transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>8.
</B></FONT><B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such Buyer shall have the
right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business on
such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate this Agreement under
this Section&nbsp;8 shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement to have
been consummated by such date is the result of such Buyer&rsquo;s breach of this Agreement and (ii) the abandonment of the sale
and purchase of the Common Shares and the Warrants shall be applicable only to such Buyer providing such written notice, provided
further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the
expenses described in Section&nbsp;4(j) above. Nothing contained in this Section&nbsp;8 shall be deemed to release any party from
any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or
to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the
other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>9.
</B></FONT><B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Governing
Law; Jurisdiction; Jury Trial</U>. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement and the other Transaction Documents shall be governed by the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdiction other than the State of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or under any of the other Transaction Documents or in connection herewith or therewith or with any transaction
contemplated hereby or thereby or discussed herein or therein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude
any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company&rsquo;s
obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer. The Company hereby appoints Corporation
Service Company, with offices at 80 State Street, Albany, New York 12207, as its agent for service of process in New York. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. <B>EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that
any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an
executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Headings;
Gender</U>. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms &ldquo;including,&rdquo; &ldquo;includes,&rdquo; &ldquo;include&rdquo;
and words of like import shall be construed broadly as if followed by the words &ldquo;without limitation.&rdquo; The terms &ldquo;herein,&rdquo;
&ldquo;hereunder,&rdquo; &ldquo;hereof&rdquo; and words of like import refer to this entire Agreement instead of just the provision
in which they are found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Severability;
Maximum Payment Amounts</U>. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).
Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document (and without implication
that the following is required or applicable), it is the intention of the parties that in no event shall amounts and value paid
by the Company and/or any of its Subsidiaries (as the case may be), or payable to or received by any of the Buyers, under the Transaction
Documents (including without limitation, any amounts that would be characterized as &ldquo;interest&rdquo; under applicable law)
exceed amounts permitted under any applicable law. Accordingly, if any obligation to pay, payment made to any Buyer, or collection
by any Buyer pursuant the Transaction Documents is finally judicially determined to be contrary to any such applicable law, such
obligation to pay, payment or collection shall be deemed to have been made by mutual mistake of such Buyer, the Company and its
Subsidiaries and such amount shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest,
as the case may be, as would not be so prohibited by the applicable law. Such adjustment shall be effected, to the extent necessary,
by reducing or refunding, at the option of such Buyer, the amount of interest or any other amounts which would constitute unlawful
amounts required to be paid or actually paid to such Buyer under the Transaction Documents. For greater certainty, to the extent
that any interest, charges, fees, expenses or other amounts required to be paid to or received by such Buyer under any of the Transaction
Documents or related thereto are held to be within the meaning of &ldquo;interest&rdquo; or another applicable term to otherwise
be violative of applicable law, such amounts shall be pro-rated over the period of time to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Entire
Agreement; Amendments</U>. This Agreement, the other Transaction Documents and the schedules and exhibits attached hereto and thereto
and the instruments referenced herein and therein supersede all other prior oral or written agreements between the Buyers, the
Company, its Subsidiaries, their affiliates and Persons acting on their behalf, including, without limitation, any transactions
by any Buyer with respect to Common Stock or the Securities, and the other matters contained herein and therein, and this Agreement,
the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and
therein contain the entire understanding of the parties solely with respect to the matters covered herein and therein; provided,
however, nothing contained in this Agreement or any other Transaction Document shall (or shall be deemed to) (i) have any effect
on any agreements any Buyer has entered into with, or any instruments any Buyer has received from, the Company or any of its Subsidiaries
prior to the date hereof with respect to any prior investment made by such Buyer in the Company or (ii) waive, alter, modify or
amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Buyer or any
other Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries
and any Buyer, or any instruments any Buyer received from the Company and/or any of its Subsidiaries prior to the date hereof,
and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein,
neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For
clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an
instrument in writing signed by the Company and the Required Holders (as defined below), and any amendment to any provision of
this Agreement made in conformity with the provisions of this Section&nbsp;9(e) shall be binding on all Buyers and holders of Securities,
as applicable, provided that no such amendment shall be effective to the extent that it (A) applies to less than all of the holders
of the Securities then outstanding or (B) imposes any obligation or liability on any Buyer without such Buyer&rsquo;s prior written
consent (which may be granted or withheld in such Buyer&rsquo;s sole discretion). No waiver shall be effective unless it is in
writing and signed by an authorized representative of the waiving party, provided that the Required Holders may waive any provision
of this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions of this Section&nbsp;9(e)
shall be binding on all Buyers and holders of Securities, as applicable, provided that no such waiver shall be effective to the
extent that it (1) applies to less than all of the holders of the Securities then outstanding (unless a party gives a waiver as
to itself only) or (2) imposes any obligation or liability on any Buyer without such Buyer&rsquo;s prior written consent (which
may be granted or withheld in such Buyer&rsquo;s sole discretion). No consideration (other than reimbursement of legal fees) shall
be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents
unless the same consideration also is offered to all of the parties to the Transaction Documents, all holders of the Common Shares,
or all holders of the Warrants (as the case may be). From the date hereof and while any Warrants are outstanding, the Company shall
not be permitted to receive any consideration from a Buyer or a holder of Warrants that is not otherwise contemplated by the Transaction
Documents in order to, directly or indirectly, induce the Company or any Subsidiary (i) to treat such Buyer or holder of Warrants
in a manner that is more favorable than to other similarly situated Buyers or holders of Warrants, as applicable, or (ii) to treat
any Buyer(s) or holder(s) of Warrants in a manner that is less favorable than the Buyer or holder of Warrants that is paying such
consideration; provided, however, that the determination of whether a Buyer has been treated more or less favorably than another
Buyer shall disregard any securities of the Company purchased or sold by any Buyer. The Company has not, directly or indirectly,
made any agreements with any Buyers relating to the terms or conditions of the transactions contemplated by the Transaction Documents
except as set forth in the Transaction Documents. Without limiting the foregoing, the Company confirms that, except as set forth
in this Agreement, no Buyer has made any commitment or promise or has any other obligation to provide any financing to the Company,
any Subsidiary or otherwise. As a material inducement for each Buyer to enter into this Agreement, the Company expressly acknowledges
and agrees that (x) no due diligence or other investigation or inquiry conducted by a Buyer, any of its advisors or any of its
representatives shall affect such Buyer&rsquo;s right to rely on, or shall modify or qualify in any manner or be an exception to
any of, the Company&rsquo;s representations and warranties contained in this Agreement or any other Transaction Document, (y) nothing
contained in the Registration Statement, the Prospectus or the Prospectus Supplement shall affect such Buyer&rsquo;s right to rely
on, or shall modify or qualify in any manner or be an exception to any of, the Company&rsquo;s representations and warranties contained
in this Agreement or any other Transaction Document and (z) unless a provision of this Agreement or any other Transaction Document
is expressly preceded by the phrase &ldquo;except as disclosed in the SEC Documents,&rdquo; nothing contained in any of the SEC
Documents shall affect such Buyer&rsquo;s right to rely on, or shall modify or qualify in any manner or be an exception to any
of, the Company&rsquo;s representations and warranties contained in this Agreement or any other Transaction Document. &ldquo;<B>Required
Holders</B>&rdquo; means (I) prior to the Closing Date, all the Buyers hereunder and (II) on or after the Closing Date, holders
of, in the aggregate, at least a majority of the Underlying Securities as of such time (excluding any Underlying Securities held
by the Company or any of its Subsidiaries as of such time) issued or issuable hereunder or pursuant to the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Notices</U>.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party) or electronic mail (provided that such sent email is kept on file (whether electronically or otherwise) by the sending party
and the sending party does not receive an automatically generated message from the recipient's email server that such e-mail could
not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service with next day
delivery specified, in each case, properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail
addresses for such communications shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">CBAK Energy Technology, Inc.<BR>
BAK Industrial Park, Meigui Street<BR>
Huayuankou Economic Zone<BR>
Dalian City, Liaoning Province,<BR>
People&rsquo;s Republic of China, 116450<BR>
Telephone: (86)(411)-3918-5985<BR>
Facsimile: (86)(411)-3918-5980<BR>
Attention: Yuna Pei<BR>
E-Mail: ir@cbak.com.cn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">With a copy (for informational purposes only) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Bevilacqua PLLC<BR>
1050 Connecticut Ave., NW, Suite 500<BR>
Washington, DC 20036<BR>
Telephone: (202)-869-0888<BR>
Facsimile: (202)-869-0889<BR>
Attention: Kevin (Qixiang) Sun, Esq.<BR>
E-Mail: kevin@bevilacquapllc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">If to the Transfer Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Securities Transfer Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">2901 N Dallas Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Suite 380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Plano, Texas 75093<BR>
Telephone: (469) 633-0101<BR>
Facsimile: (469) 633-0088<BR>
Attention: Matthew Smith<BR>
E-Mail: smith@stctransfer.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to a Buyer, to its address, e-mail address
and facsimile number set forth on the Schedule of Buyers, with copies to such Buyer&rsquo;s representatives as set forth on the
Schedule of Buyers,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with a copy (for informational purposes only) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Kelley Drye &amp; Warren LLP<BR>
101 Park Avenue<BR>
New York, NY 10178<BR>
Telephone: (212) 808-7540<BR>
Facsimile: (212) 808-7897<BR>
Attention: Michael A. Adelstein, Esq.<BR>
E-mail: madelstein@kelleydrye.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to such other address, e-mail address
and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given
to each other party five (5) days prior to the effectiveness of such change, provided that Kelley Drye &amp; Warren LLP shall only
be provided copies of notices sent to the lead Buyer. Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically generated by the sender&rsquo;s facsimile machine or
e-mail containing the time, date, recipient facsimile number and, with respect to each facsimile transmission, an image of the
first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Successors
and Assigns</U>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns, including any purchasers of any of the Warrants (but excluding any purchasers of Underlying Securities, unless pursuant
to a written assignment by such Buyer). The Company shall not assign this Agreement or any rights or obligations hereunder without
the prior written consent of the Required Holders, including, without limitation, by way of a Fundamental Transaction (as defined
in the Warrants) (unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth
in the Warrants). A Buyer may assign some or all of its rights hereunder in connection with any transfer of any of its Securities
without the consent of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such assigned
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>No
Third Party Beneficiaries</U>. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, other than
the Indemnitees referred to in Section&nbsp;9(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Survival</U>.
The representations, warranties, agreements and covenants shall survive the Closing. Each Buyer shall be responsible only for its
own representations, warranties, agreements and covenants hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Further
Assurances</U>. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(i)&nbsp;In
consideration of each Buyer&rsquo;s execution and delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company&rsquo;s other obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless each Buyer and each holder of any Securities and all of their shareholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the foregoing Persons&rsquo; agents or other representatives (including,
without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the &ldquo;<B>Indemnitees</B>&rdquo;)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys&rsquo; fees and disbursements (the &ldquo;<B>Indemnified Liabilities</B>&rdquo;),
incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation
or warranty made by the Company or any Subsidiary in any of the Transaction Documents, (ii) any breach of any covenant, agreement
or obligation of the Company or any Subsidiary contained in any of the Transaction Documents or (iii) any cause of action, suit,
proceeding or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action
brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from
(A) the execution, delivery, performance or enforcement of any of the Transaction Documents, (B) any transaction financed or to
be financed in whole or in part, directly or indirectly, with the proceeds of the issuance of the Securities, (C) any disclosure
properly made by such Buyer pursuant to Section&nbsp;4(l), or (D) the status of such Buyer or holder of the Securities either as
an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a party to this Agreement
(including, without limitation, as a party in interest or otherwise in any action or proceeding for injunctive or other equitable
relief). To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make
the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(ii)&nbsp;Promptly
after receipt by an Indemnitee under this Section 9(k) of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof is
to be made against the Company under this Section 9(k), deliver to the Company a written notice of the commencement thereof, and
the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of the defense
thereof with counsel mutually satisfactory to the Company and the Indemnitee; provided, however, that an Indemnitee shall have
the right to retain its own counsel with the fees and expenses of such counsel to be paid by the Company if: (A) the Company has
agreed in writing to pay such fees and expenses; (B) the Company shall have failed promptly to assume the defense of such Indemnified
Liability and to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified Liability; or (C) the named
parties to any such Indemnified Liability (including any impleaded parties) include both such Indemnitee and the Company, and such
Indemnitee shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent
such Indemnitee and the Company (in which case, if such Indemnitee notifies the Company in writing that it elects to employ separate
counsel at the expense of the Company, then the Company shall not have the right to assume the defense thereof and such counsel
shall be at the expense of the Company), provided further, that in the case of clause (C) above the Company shall not be responsible
for the reasonable fees and expenses of more than one (1) separate legal counsel for the Indemnitees. The Indemnitee shall reasonably
cooperate with the Company in connection with any negotiation or defense of any such action or Indemnified Liability by the Company
and shall furnish to the Company all information reasonably available to the Indemnitee which relates to such action or Indemnified
Liability. The Company shall keep the Indemnitee reasonably apprised at all times as to the status of the defense or any settlement
negotiations with respect thereto. The Company shall not be liable for any settlement of any action, claim or proceeding effected
without its prior written consent, provided, however, that the Company shall not unreasonably withhold, delay or condition its
consent. The Company shall not, without the prior written consent of the Indemnitee, consent to entry of any judgment or enter
into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnitee of a release from all liability in respect to such Indemnified Liability or litigation, and such settlement
shall not include any admission as to fault on the part of the Indemnitee. Following indemnification as provided for hereunder,
the Company shall be subrogated to all rights of the Indemnitee with respect to all third parties, firms or corporations relating
to the matter for which indemnification has been made. The failure to deliver written notice to the Company within a reasonable
time of the commencement of any such action shall not relieve the Company of any liability to the Indemnitee under this Section
9(k), except to the extent that the Company is materially and adversely prejudiced in its ability to defend such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(iii)&nbsp;The
indemnification required by this Section 9(k) shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, within ten (10) days after bills are received or Indemnified Liabilities are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.4pt; text-align: justify; text-indent: 35.6pt">(iv)&nbsp;The
indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against
the Company or others, and (B) any liabilities the Company may be subject to pursuant to the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Construction</U>.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each and every reference to share prices, shares of Common Stock
and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted for any stock splits, stock
dividends, stock combinations, recapitalizations or other similar transactions that occur with respect to the Common Stock after
the date of this Agreement. Notwithstanding anything in this Agreement to the contrary, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of,
arrangement to borrow, identification of the availability of, and/or securing of, securities of the Company in order for such Buyer
(or its broker or other financial representative) to effect short sales or similar transactions in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>Remedies</U>.
Each Buyer and in the event of assignment by Buyer of its rights and obligations hereunder, each holder of Securities, shall have
all rights and remedies set forth in the Transaction Documents and all rights and remedies which such holders have been granted
at any time under any other agreement or contract and all of the rights which such holders have under any law. Any Person having
any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond
or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights
granted by law. Furthermore, the Company recognizes that in the event that it or any Subsidiary fails to perform, observe, or discharge
any or all of its or such Subsidiary&rsquo;s (as the case may be) obligations under the Transaction Documents, any remedy at law
would inadequate relief to the Buyers. The Company therefore agrees that the Buyers shall be entitled to specific performance and/or
temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such
case without the necessity of proving actual damages and without posting a bond or other security. The remedies provided in this
Agreement and the other Transaction Documents shall be cumulative and in addition to all other remedies available under this Agreement
and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Withdrawal
Right</U>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction
Documents, whenever any Buyer exercises a right, election, demand or option under a Transaction Document and the Company or any
Subsidiary does not timely perform its related obligations within the periods therein provided, then such Buyer may rescind or
withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the case may be),
any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;<U>Payment
Set Aside; Currency</U>. To the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant to any of
the other Transaction Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder, and such payment
or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent
or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company,
a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal
law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement
or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other
Transaction Documents are in United States Dollars (&ldquo;<B>U.S. Dollars</B>&rdquo;), and all amounts owing under this Agreement
and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be
converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. &ldquo;<B>Exchange
Rate</B>&rdquo; means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the
U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;<U>Judgment
Currency</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;If
for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction
Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter
in this Section&nbsp;9(p) referred to as the &ldquo;<B>Judgment Currency</B>&rdquo;) an amount due in US Dollars under this Agreement,
the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(1)&nbsp;the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(2)&nbsp;the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section&nbsp;9(p)(i)(1) being hereinafter referred to as the &ldquo;<B>Judgment
Conversion Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;If
in the case of any proceeding in the court of any jurisdiction referred to in Section&nbsp;9(p)(i)(1) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US Dollars which could have been purchased with
the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Agreement or any other Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;<U>Independent
Nature of Buyers&rsquo; Obligations and Rights</U>. The obligations of each Buyer under the Transaction Documents are several and
not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance of the obligations
of any other Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action
taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers as, and the Company acknowledges that the
Buyers do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption
that the Buyers are in any way acting in concert or as a group or entity, and the Company shall not assert any such claim with
respect to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges
that the Buyers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such
obligations or the transactions contemplated by the Transaction Documents. The decision of each Buyer to purchase Securities pursuant
to the Transaction Documents has been made by such Buyer independently of any other Buyer. Each Buyer acknowledges that no other
Buyer has acted as agent for such Buyer in connection with such Buyer making its investment hereunder and that no other Buyer will
be acting as agent of such Buyer in connection with monitoring such Buyer&rsquo;s investment in the Securities or enforcing its
rights under the Transaction Documents. The Company and each Buyer confirms that each Buyer has independently participated with
the Company and its Subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel and
advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including, without limitation, the rights
arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer to be
joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase and
sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision of any Buyer, and
was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested to do so by
any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company, each Subsidiary and a Buyer, solely, and not between the Company, its Subsidiaries and the Buyers
collectively and not between and among the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>signature pages follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B>
each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><B>COMPANY:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><B>CBAK ENERGY TECHNOLOGY, INC.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt; text-align: justify; text-indent: -25.9pt"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">Name:</TD>
    <TD STYLE="width: 31%; text-align: justify">Yunfei Li</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B>
each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left"><B>BUYER:</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt; text-align: left; text-indent: -25.9pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE OF BUYERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-left: 5.15pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; padding-left: 5.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-left: 5.15pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-left: 5.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-left: 5.15pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-left: 5.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-left: 5.15pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-left: 5.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-left: 5.15pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; padding-left: 5.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(6)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Buyer</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Address and Facsimile Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate<BR>
Number of<BR>
&nbsp;Common Shares</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate<BR>
Number of <BR>
Warrant Shares</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Purchase Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal Representative&rsquo;s<BR>
Address and Facsimile Number</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>ea131258ex10-2_cbakenergy.htm
<DESCRIPTION>PLACEMENT AGENT AGREEMENT BY AND BETWEEN THE COMPANY AND FT GLOBAL CAPITAL, INC., DATED NOVEMBER 25, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<IMG SRC="ex10-2_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
25, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Yunfei Li</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman,
President &amp; CEO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBAK
Energy Technology, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAK
Industrial Park, Meigui Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huayuankou
Economic Zone</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dalian,
China, 116442</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive
Placement Agent Agreement</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Chairman Li,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of this letter agreement (this &ldquo;<U>Engagement Letter</U>&rdquo; or this &ldquo;<U>Agreement</U>&rdquo;) is to set
forth the terms and conditions pursuant to which FT Global Capital, Inc. (&ldquo;<U>FTGC</U>&rdquo; or the &ldquo;<U>Placement
Agent</U>&rdquo;), shall serve as the Exclusive Placement Agent for CBAK Energy Technology, Inc. NASDAQ: CBAT (the &ldquo;<U>Company</U>&rdquo;),
on a &ldquo;best efforts&rdquo; basis, in connection with any public or private offering or other financing or capital-raising
transaction of any kind (each, a &ldquo;<U>Placement</U>&rdquo;) of unregistered or registered securities (the &ldquo;<U>Securities</U>&rdquo;)
of the Company, which may include shares (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common stock (the &ldquo;<U>Common
Stock</U>&rdquo;) or securities convertible into Shares, pursuant to a private placement or, if registered, pursuant to a registration
statement. It is contemplated that the offering will be $20 million to $60 million depending on market conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall become effective fifteen days following the date it is signed by the Company, unless an earlier date is agreed
upon in writing by the Company and the Placement Agent (the &ldquo;<U>Effective Date</U>&rdquo;). The terms of such Placement(s)
and the Securities shall be mutually agreed upon by the Company and the investors (each, an &ldquo;<U>Investor</U>&rdquo; and
collectively, the &ldquo;<U>Investors</U>&rdquo;) and nothing herein enables the Placement Agent to bind the Company or any Investor.
This Agreement and the documents executed and delivered by the Company and the Investors in connection with the Placement(s) shall
be collectively referred to herein as the &ldquo;<U>Transaction Documents</U>.&rdquo; The date of each of the closings of the
Placement(s) shall be referred to herein as the &ldquo;<U>Closing Date</U>.&rdquo; The Company expressly acknowledges and agrees
that the Placement Agent&rsquo;s obligations hereunder are on a reasonable &ldquo;best efforts&rdquo; basis only and that the
execution of this Agreement does not constitute a commitment by the Placement Agent to purchase or to sell any Securities and
does not ensure the successful placement of any Securities or any portion thereof. The identities of the investors to which the
Placement Agent introduces the Company shall be proprietary information of the Placement Agent and shall not be divulged to third
parties by the Company, nor used by the Company outside the scope of the Placement Agent&rsquo;s engagement as described herein,
other than as required by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5 Concourse Parkway, Suite 3000, Atlanta,
GA, 30328</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">770-350-2698 (Office), 770-353-0756 (Fax)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
1.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>COMPENSATION AND OTHER FEES</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;As
compensation for the Placement Agent&rsquo;s services hereunder, the Company shall pay to the Placement Agent a cash placement
fee upon each Closing, in an amount equal to seven percent (7%) of the aggregate offering price of the total amount of capital
received by the Company from the sale of its Securities during the term of this Agreement (the &ldquo;<U>Placement Agent Fee</U>&rdquo;).
Notwithstanding anything to the contrary in this Agreement, the compensation provided for in this Agreement shall be subject to
such reduction as may be necessary for the compensation to comply with Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;)
Rule 5110. The Company agrees to reimburse the Placement Agent for all travel, due diligence or related expenses, up to $30,000
in the aggregate. In addition, the Company shall reimburse Placement Agent for its legal expense in an amount of $50,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;Upon
each Closing, the Company shall also grant Placement Agent, or its designees, at the Closing warrants (the &ldquo;<U>Placement
Agent&rsquo;s Warrants</U>&rdquo;) to purchase that number of Shares equal to four percent (4%) of the aggregate number of Shares
placed in the Placement (or underlying any convertible Securities sold in the Placement, which shall be calculated based on the
maximum number of Shares that may be issued to Investors in the Offering) to the Investors, excluding any Shares issuable upon
exercise of any warrants issued in the Placement. The Placement Agent Warrants shall have the same terms, including anti-dilution
and registration rights, as the warrants issued to the Investors in the Placement, and shall have an exercise price equal to 125%
of the offering price of the Placement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;The
Placement Agent shall be entitled to a Placement Agent Fee, calculated in the manner provided in Section 1(A) and (B), with respect
to any public or private offering or other financing or capital-raising transaction of any kind (&ldquo;<U>Tail Financing</U>&rdquo;)
to the extent that such financing or capital is provided to the Company by investors whom the Placement Agent had contacted on
behalf of the Company, or investors &ldquo;wall-crossed&rdquo; by the Placement Agent in connection with the Placement during
the Term , if such Tail Financing is consummated at any time within the 12-month period following the termination of this Agreement
(the &ldquo;<U>Tail Period</U>&rdquo;). Within 10 days after termination or expiration of this Agreement, Placement Agent will
provide a written list of such investors Placement Agent had introduced or &ldquo;wall-crossed&rdquo; to the Company during the
Term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
2.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>COMPANY REPRESENTATIONS AND WARRANTIES</U>.
The Company represents and warrants to, and agrees with, the Placement Agent on the date hereof and on each date on which any
Securities are offered that (Sections (A)-(D) shall only be applicable to any Placement completed on a registered basis pursuant
to the Securities Act (as defined below)):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;The
Company has filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a registration statement on
Form S-3 under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), which will become effective on
prior to the Placement, for the registration under the Securities Act of the Securities. At the time of such filing and on the
date hereof, the Company will have met the requirements of Form S-3 under the Securities Act. Such registration statement meets
the requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with
the Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the &ldquo;<U>Rules and Regulations</U>&rdquo;)
of the Commission promulgated thereunder, a supplement to the form of prospectus included in such registration statement relating
to the placement of the Securities and the plan of distribution thereof and has advised the Placement Agent of all further information
(financial and other) with respect to the Company required to be set forth therein. Such registration statement, including the
exhibits thereto, as amended from time to time, is hereinafter called the &ldquo;<U>Registration Statement</U>&rdquo;; such prospectus
in the form in which it appears in the Registration Statement is hereinafter called the &ldquo;<U>Base Prospectus</U>&rdquo;;
and the supplemented form of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including
the Base Prospectus as so supplemented) is hereinafter called the &ldquo;<U>Prospectus Supplement</U>.&rdquo; Any reference in
this Agreement to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and
include the documents incorporated by reference therein (the &ldquo;<U>Incorporated Documents</U>&rdquo;) pursuant to Item 12
of Form S-3 which were filed under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), on
or before the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be;
and any reference in this Agreement to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with
respect to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include
the filing of any document under the Exchange Act after the date of this Agreement, or the issue date of the Base Prospectus or
the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement
to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;described,&rdquo;
&ldquo;referenced,&rdquo; &ldquo;set forth&rdquo; or &ldquo;stated&rdquo; in the Registration Statement, the Base Prospectus or
the Prospectus Supplement (and all other references of like import) shall be deemed to mean and include all such financial statements
and schedules and other information that is or is deemed to be incorporated by reference in the Registration Statement, the Base
Prospectus or the Prospectus Supplement, as the case may be. No stop order suspending the effectiveness of the Registration Statement
or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending
or has been initiated or, to the Company's knowledge, is threatened by the Commission. For purposes of this Agreement, &ldquo;<U>free
writing prospectus</U>&rdquo; has the meaning set forth in Rule 405 under the Securities Act and the &ldquo;<U>Time of Sale Prospectus</U>&rdquo;
means the preliminary prospectus, if any, together with the free writing prospectuses, if any, used in connection with the Placement,
including any documents incorporated by reference therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;The
Registration Statement (and any further documents to be filed with the Commission) will contain all exhibits and schedules as
required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it becomes
effective, will comply in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations
and did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus,
the Time of Sale Prospectus, if any, and the Prospectus Supplement, each as of its respective date, will comply in all material
respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the
Time of Sale Prospectus, if any, and the Prospectus Supplement, as amended or supplemented, will not contain as of the date thereof
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they are filed with the
Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations,
and none of such documents, when they were filed with the Commission, will contain any untrue statement of a material fact or
omitted to state a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated
by reference in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading;
and any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus, if any,
or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements
of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after
the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein
will be required to be filed with the Commission. There are no documents required to be filed with the Commission in connection
with the transaction contemplated hereby that will not be filed pursuant to the Securities Act within the requisite time period.
There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus, if any,
or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, that will not be described or
filed as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;The
Company is currently eligible to use free writing prospectuses in connection with the Placement pursuant to Rules 164 and 433
under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities
Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable
rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to
file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or
will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the
Commission thereunder. The Company will not, without the prior consent of the Placement Agent, prepare, use or refer to, any free
writing prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;The
Company will as promptly as practicable deliver to the Placement Agent complete conformed copies of the Registration Statement
and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration
Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, as amended
or supplemented, in such quantities and at such places as the Placement Agent reasonably request. Neither the Company nor any
of its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material
in connection with the offering and sale of the Securities other than the Base Prospectus, the Time of Sale Prospectus, if any,
the Prospectus Supplement, the Registration Statement, copies of the documents incorporated by reference therein and any other
materials permitted by the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;There
are no affiliations with any FINRA member firm among the Company&rsquo;s officers, directors or, to the knowledge of the Company,
any five percent (5%) or greater stockholder of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;The
Placement Agent shall have received on each Closing Date a comfort letter dated the Closing Date and addressed to the Placement
Agent in form and substance satisfactory to the Placement Agent; and a written opinion of counsel for the Company, dated the Closing
Date and addressed to the Placement Agent in form and substance satisfactory to the Placement Agent, which shall include, without
limitation, opinions related to (i) the corporate existence of the Company and power to operate its business; (ii) the corporate
power and authority of the Company to execute all agreements and perform its obligations related in the Placement; (iii) the ability
of the Company to enter into all agreements and perform its obligations related to the Placement without contravening or violating
(or causing the triggering of any anti-dilution or similar provisions in) its charter documents, any other agreements or any applicable
law, regulation or rule; (iv) that any Securities (and any Common Stock underlying such Securities) will be duly authorized, fully
paid, validly issued and non-assessable, as applicable; (v) that no approval, consent, order, filing or notice is required to
complete the Placement and for the Company to perform its obligations in the Placement; (vi) if the Placement is being completed
pursuant to a Registration Statement, the effectiveness of the Registration Statement and that all filings required by the Securities
Act of 1933, as amended, have been made; and (vii) the Company&rsquo;s status as an &ldquo;investment company&rdquo; as defined
in the Investment Company Act of 1940, as amended. The Placement Agent shall also have received on each Closing Date a negative
assurance letter from counsel for the Company, dated the Closing Date and addressed to the Placement Agent in form and substance
satisfactory to the Placement Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(G)&nbsp;The
Placement Agent shall be entitled to rely upon any and all representations and warranties of the Company included in the purchase
agreements entered into by the Company and the Investors in connection with the Placement, subject to the qualifications and limitations
therein, including, but not limited to, any disclosure set forth on an applicable schedule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
3.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>REPRESENTATIONS AND WARRANTIES
OF PLACEMENT AGENT</U>. The Placement Agent represents and warrants to the Company that: (i) it will comply with all applicable
federal laws regarding trading in securities of the Company, (ii) it will not disclose any non-public material information of
the Company without the prior written consent of the Company during the Term for a period of one (1) year from the termination
date of this Agreement, and (iii) that it is a registered broker-dealer in good standing with the relevant regulatory agencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
4.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ENGAGEMENT TERM &amp; SURVIVAL</U>.
The term of this Agreement shall be for a period of the earlier of six months from the Effective Date or the completion of the
Placement (the &ldquo;<U>Term</U>&rdquo;). After the Effective Date the Agreement may be terminated by either the Company or the
Placement Agent at any time during the Term upon fifteen (15) calendar days&rsquo; written notice. In the event of the termination
of this Agreement, the Placement Agent&rsquo;s compensation due under this Agreement will be payable in full and the compensation
payable under Section 1(A) and (B) will continue for the eighteen (12) month period commencing with such termination as set forth
in Section 1(C). The provisions of Sections 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 of this Agreement and Appendix A shall survive this
Agreement&rsquo;s expiration or termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
5.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>PLACEMENT AGENT INFORMATION</U>.
The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement is for the
confidential use of the Company only in its evaluation of the Placement and, except as otherwise required by law, the Company
will not disclose or otherwise refer to the advice or information in any manner without prior written consent of the Placement
Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
6.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NO FIDUCIARY RELATIONSHIP; THIRD
PARTY BENEFICIARIES</U>. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity that is not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company
acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and that the
Placement Agent shall not have any duties or liabilities to the equity holders or the creditors of the Company or to any other
person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
7.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>INDEMNIFICATION</U>. The parties
agree to the terms of the Placement Agent&rsquo;s standard indemnification agreement, which is attached hereto as Appendix A and
incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
8.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ANNOUNCEMENTS</U>. The Company
grants to the Placement Agent the right to place customary announcement(s) of the Placement in certain newspapers and to mail
announcement(s) to persons and firms selected by Placement Agent, at the Placement Agent&rsquo;s expense, subject to the Company&rsquo;s
prior approval, which shall not be unreasonably withheld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
9.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>GOVERNING LAW</U>. This Agreement
will be governed by, and construed in accordance with, the laws of the State of Georgia applicable to agreements made and to be
performed entirely in such State. This Agreement may not be assigned by either party without the prior written consent of the
other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors
and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction
or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State
of Georgia located in Fulton County or into the Federal Court located in Atlanta, Georgia and, by execution and delivery of this
Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Agreement,
then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys' fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
10.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ENTIRE AGREEMENT/MISC</U>. This
Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and
understandings, relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement,
which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument
in writing signed by each of the Placement Agent and the Company. The representations, warranties, agreements and covenants contained
herein shall survive the closing of the Placement and delivery and/or exercise of the Securities, as applicable. This Agreement
may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><U>Section
11.</U>&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTICES</U>. Any and all notices
or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given
and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified on the signature pages attached hereto prior to 6:30 p.m. (Atlanta, Georgia time) on a business day,
(b) the next business day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (Atlanta, Georgia time)
on any business day, (c) the business day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and
communications shall be as set forth on the signature pages hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
confirm that the foregoing correctly sets forth our agreement by signing and returning an executed copy of this Agreement to FTGC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FT GLOBAL
    CAPITAL, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Patrick J. Ko</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick J. Ko</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Address
    for notice:</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FT Global
    Capital, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 Concourse
    Parkway, Suite 3000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Atlanta,
    GA, 30328</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fax: 770-353-0756</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accepted
    and Agreed to as of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date first written above:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Yunfei Li </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunfei Li</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, President &amp; CEO</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Address
    for notice</U>:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CBAK
    Energy Technology, Inc.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAK
    Industrial Park, Meigui Street</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huayuankou
    Economic Zone</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dalian,
    China, 116442</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPENDIX
A - - INDEMNIFICATION PROVISIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;The
Company agrees to indemnify and hold harmless the Placement Agent and its affiliates and their respective officers, directors,
employees, agents, counsel, advisers and consultants, and any persons controlling the Placement Agent or any of its affiliates
within the meaning of Section 15 of the Securities Act of 1933 or Section 20 of the Securities Exchange Act of 1934 (the Placement
Agent and each such other person or entity being referred to herein as an &ldquo;<U>Indemnified Person</U>&rdquo;), from and against
all claims, liabilities, losses or damages (or actions in respect thereof) or other expenses (and further agrees to advance all
expenses) which (A) are related to or arise out of (i) actions taken or omitted to be taken (including any untrue statements made
or any statements omitted to be made) by the Company or its respective affiliates in connection with this Agreement, the Placement
or which affect the Placement or (ii) actions taken or omitted to be taken by an Indemnified Person with the consent or in conformity
with the actions or omissions of the Company or their respective affiliates in connection with this Agreement, the Placement or
which affect the Placement or (iii) any investigation, litigation, or inquiry by a regulatory or self-regulatory agency or authority
involving the Company or any transaction arising under any agreements between the Company and the Placement Agent or (B) are otherwise
related to or arise out of the Placement Agents&rsquo; activities on behalf of the Company or its respective affiliates pursuant
to this Agreement or (C) in any way involving or alleged to involve the Company, any Placement or any Securities. The Company
will not be responsible, however, for any losses, claims, damages, liabilities or expenses pursuant to clause (B) of the preceding
sentence which are finally judicially determined to have resulted solely from such Indemnified Person&rsquo;s gross negligence
or willful misconduct. In addition, the Company agrees to advance (and in the absence of advancement required hereunder) to promptly
reimburse each Indemnified Person for all reasonable out-of-pocket expenses (including fees and expenses of counsel) as they are
incurred by such Indemnified Person in connection with investigating, preparing, conducting or defending any such action or claim,
whether or not in connection with litigation in which any Indemnified Person is a named party, or in connection with enforcing
the rights of such Indemnified Person under this Agreement, including the costs of any claims asserted by an Indemnified Person
against any indispensable party or by way of a counterclaim in any litigation within the scope of this provision. The Company
agrees to advance such expenses incurred by an Indemnified Person pursuant to which indemnity may be sought hereunder within thirty
(30) days after receipt by the Company of a statement requesting such advances from time to time, whether prior to or after final
disposition of any proceeding. Such advances shall be unsecured and interest free and without regard to the Indemnified Person&rsquo;s
ultimate entitlement to indemnification under the other provisions of this Agreement. Indemnified Persons shall be entitled to
continue to receive advancement of expenses pursuant to this section unless and until the matter of an Indemnified Person&rsquo;s
entitlement to indemnification hereunder has been finally adjudicated by court order or judgment from which no further right of
appeal exists. Each Indemnified Person undertakes to repay such amounts advanced only if and to the extent that, it ultimately
is determined that the Indemnified Person is not entitled to be indemnified by the Company under the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which
the Placement Agent is entitled to indemnity hereunder, the Placement Agent will notify the Company in writing of such claim or
of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will
employ counsel reasonably satisfactory to the Placement Agent and will pay the reasonable fees and expenses of such counsel. Notwithstanding
the preceding sentence, the Placement Agent will be entitled to employ counsel separate from counsel for the Company and from
any other party in such action if counsel for the Placement Agent determines that to do so would be in the best interests of the
Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be paid by
the Company. The Company will have the exclusive right to settle the claim or proceeding at its sole expense provided that the
Company obtains a full and unconditional release of any claims against the Placement Agent and the Indemnified Persons from all
liability on claims that are the subject matter of such proceeding and does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of Placement Agent or any Indemnified Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5 Concourse Parkway, Suite 3000, Atlanta,
GA, 30328</P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">770-350-2698 (Office), 770-353-0756 (Fax)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;The
Company and the Placement Agent and any Indemnified Persons agree to notify each other promptly of the assertion of any claim
or the commencement of any action or proceeding relating to a transaction contemplated by this engagement letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless,
then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims, damages
or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one
hand and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the Placement Agent
on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The
amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to
include any legal or other fees and expenses reasonably incurred in defending any litigation, proceeding or other action or claim.
Notwithstanding the provisions hereof, the Placement Agent&rsquo;s share of the liability hereunder shall not be in excess of
the amount of fees actually received by Placement Agent under this engagement letter (excluding any amounts received as reimbursement
of expenses incurred by Placement Agent).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;These
indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this Agreement
is completed and shall survive the termination of this Agreement, and shall be in addition to any liability that the Company might
otherwise have to any indemnified party under this engagement letter or otherwise.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>ea131258ex99-1_cbakenergy.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>CBAK
Energy Announces Entry into Agreement for Registered Direct Placement of $49.2 Million of Common Stock and Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">DALIAN,
China,&nbsp;December 8, 2020&nbsp;/PRNewswire/ -- CBAK Energy Technology, Inc. (&ldquo;CBAK Energy&rdquo;, or the &ldquo;Company&rdquo;,
NASDAQ:&nbsp;CBAT), a leading lithium-ion battery manufacturer and electric energy solution provider, announced </FONT><FONT STYLE="font-size: 10pt">that
it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of approximately
$49.2 million of common stock at a price of $5.18 per share. The Company will issue a total of 9,489,800 shares of common stock
to the institutional investors. As part of the transaction, the Company will also issue to the investors warrants (&ldquo;Warrants&rdquo;)
for the purchase of up to 3,795,920 shares of common stock at an exercise price of $6.46 per share, which Warrants will have a
term of 36 months from the date of issuance. During the term of Warrants, if the closing bid price of the common stock is equal
to or greater than $16.15 per share for seven consecutive trading days and aggregate daily dollar trading volume exceeds $100 million
per day during this seven-day period and certain other conditions are satisfied, the Company has the option to redeem all, or any
part, of then-outstanding Warrants at $0.001 for each share issuable upon the exercise of the redeemed Warrants. The net proceeds
from this offering will be used for general working capital purposes including the repayment of some outstanding debts. &nbsp;The
completion of the placement is expected to occur on or about December 10, 2020, subject to the satisfaction of customary closing
conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FT Global Capital, Inc. acted as the exclusive
placement agent and The Benchmark Company, LLC acted as co-agent for the transaction. These securities are being offered through
a prospectus supplement pursuant to the Company&rsquo;s effective shelf registration statement and the base prospectus contained
therein. A shelf registration statement (SEC Filing No. 333-250893) relating to these securities has been filed with and was declared
effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on December 3, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus supplement related to the
offering will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to
buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further details of this transaction,
please see the Form 8-K to be filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>About CBAK
Energy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">CBAK Energy Technology,
Inc. (NASDAQ:&nbsp;CBAT) is a leading high-tech enterprise engaged in the R&amp;D, manufacture, and sales of high power lithium
batteries. The application of its products and solutions covers such areas as electric vehicles, light electric vehicles, electric
tools, transportation and energy storage. As the first lithium battery company in&nbsp;China&nbsp; listed in NASDAQ in&nbsp;2006,
CBAK Energy possesses&nbsp;China&rsquo;s&nbsp;first production base specially engaged in power battery, and has has multiple operating
subsidiaries in both Dalian and Nanjing and a large-scale R&amp;D and production base in Dalian..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For more information,
please visit&nbsp;www.cbak.com.cn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Safe Harbor Statement</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release contains certain statements
that may include &ldquo;forward-looking statements.&rdquo; All statements other than statements of historical fact included herein
are &ldquo;forward-looking statements.&rdquo; These forward-looking statements are often identified by the use of forward-looking
terminology such as &ldquo;believes,&rdquo; &ldquo;expects&rdquo; or similar expressions, involving known and unknown risks and uncertainties.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on
these forward-looking statements, which speak only as of the date of this press release. The Company&rsquo;s actual results could differ
materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors
discussed in the Company&rsquo;s periodic reports that are filed with the SEC and available on the SEC&rsquo;s website (http://www.sec.gov).
All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety
by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update
these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For More Information:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CBAK Energy Technology, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ms. Yuna Pei&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phone: +86-0411-39185900&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: IR@cbak.com.cn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>ex10-2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex10-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !& 4L# 2(  A$! Q$!_\0
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M]KGB;Q)KUY%8Z1HVD:<AENK^]NW;8B(N%BB&Z>XE>."WCDGD1&_A2_X*D?\
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M0%UW0M%-!R2,?J,_EU'XTN1G&1GTSSB@!:*** "BBB@ HHHH **** "BBB@
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MA*+4>:O5=.E3?M/SOQ%\1<I\/LGEC,4EBLVQ,)QRC*%+EK8BNK1^L8FS;P^
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MKFQ2_BN);,6]I-#9VOTW_P %T/V4/V\O''QN_8?\ Z[^R#^V#^T_^RY\,O\
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MI8FZU'5+EUN/*!G4$ _;;_@SVC1?^"/]LZ*JL_[3_P ;99"% +N+'P1$&8@
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MGL .@I/^&/\ P7R?^%O?M89(4'_C+'X^<;<XQ_Q7?&<G/K110 @_8]\%#/\
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M8PWUS]DGA>0N.M'['W@H C_A;O[6!!QD']K'X^GH<\?\5WQD_>QU&0>":**
M'K^R#X,5E8?%S]JX[6W -^U?\>V4]>&4^.R&49X4@C@<<4S_ (8_\%[2H^+O
M[6 !))/_  UC\?=V3CC=_P )YNQQP,X!+8QDT44 (W['O@I@_P#Q=W]K!2ZL
MI9?VLOCZK , ,JR^.PRL,#:P.Y3T(KZ>TS28-*TW3M+AN-0NH=-L;/3XKK5+
J^ZU34[F.RMX[:.?4=3OY)[[4;Z9(A)=W][/-=WEPTEQ<2R32.Y** /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !8 ?X# 2(  A$! Q$!_\0
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M]C_"C_A"M*];C_OL?X4<^+_D7W_\ -#:_M"R_P"?NW_[^K_C1_:%E_S]V_\
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M^+_D7W_\ -#:_M"R_P"?NW_[^K_C1_:%E_S]V_\ W]7_ !K%_P"$*TKUN/\
MOL?X4?\ "%:5ZW'_ 'V/\*.?%_R+[_\ @!H;7]H67_/W;_\ ?U?\:/[0LO\
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M]C_"C_A"M*];C_OL?X4<^+_D7W_\ -#:_M"R_P"?NW_[^K_C1_:%E_S]V_\
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MIT5YWX<^*]I?ZJNC>(-.GT/520JI/G8['H,D @GMD8/K7HE1*$HNS ****D
MHHHH **** "BBB@#QKQG>'P=\9M.\4:C;RRZ7/;>2)$7.P[2IQ[C(..X)Q7I
MND^*] UU%;3=7M+@MT19 '_%3R/RK0O;&TU*T>UOK:*YMW&&CE0,I_ UP.J_
M!3PE?EGM([G3IOX6MY254_[K9_3%;<T)I*6C0CT4(H=G"@,P +8Y('3^9KSG
MXX?\DWF_Z^H?YUD>$;_7O!GQ#C\$ZOJ#:C8741>TF<DLG!(QG) ^5@5R<'&*
MU_C@<?#B8CJ+J'^=5"'+5B!U&@ZUI2>'=,1]3LE9;2($&X0$'8/>M#^W=(_Z
M"MC_ .!"?XUY[I/P:\'7NCV-U-:W1EFMXY'(N6'S%03_ #JY_P *1\$_\^EU
M_P"!+5+5*^[^X9E_!EE?5O&;*P93J ((.01NDYI/COQI.@$_\_\ _P"RTWX)
M6\=I>^+K:$$10WJQH"<D*ID _04OQY4-H^A*>C7Q!^A4UM_S$?UV%T/3/[=T
MC_H*V/\ X$)_C3H]9TN618X]2LW=CA56=22?0#-<5_PI3P1_SX7'_@4_^-6+
M#X0^#],U&VO[6RG6XMI5EC8W+D!E.1QGFL+4N[^X9W1Z&O)O@1_R!M=_Z_\
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M<?\  2O_ 'R:L?!^VEU6YU_QE=+B;4[IHX<]HP<D?3) _P" 4VE"4IKY?/\
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M 'RO_P 51]J\7_\ /I%_WRO_ ,57/]=C_)+[AV.LHKD_M7B__GTB_P"^5_\
MBJ/M7B__ )](O^^5_P#BJ/KL?Y)?<%CK**Y/[5XO_P"?2+_OE?\ XJC[5XO_
M .?2+_OE?_BJ/KL?Y)?<%CK**Y/[5XO_ .?2+_OE?_BJ/M7B_P#Y](O^^5_^
M*H^NQ_DE]P6.LHKD_M7B_P#Y](O^^5_^*H^U>+_^?2+_ +Y7_P"*H^NQ_DE]
MP6.LHKD_M7B__GTB_P"^5_\ BJ/M7B__ )](O^^5_P#BJ/KL?Y)?<%CK**Y/
M[5XO_P"?2+_OE?\ XJC[5XO_ .?2+_OE?_BJ/KL?Y)?<%CK**Y/[5XO_ .?2
M+_OE?_BJ/M7B_P#Y](O^^5_^*H^NQ_DE]P6.LHKD_M7B_P#Y](O^^5_^*H^U
M>+_^?2+_ +Y7_P"*H^NQ_DE]P6.LHKD_M7B__GTB_P"^5_\ BJ/M7B__ )](
MO^^5_P#BJ/KL?Y)?<%CK**Y/[5XO_P"?2+_OE?\ XJC[5XO_ .?2+_OE?_BJ
M/KL?Y)?<%CK**Y/[5XO_ .?2+_OE?_BJ/M7B_P#Y](O^^5_^*H^NQ_DE]P6.
MLHKD_M7B_P#Y](O^^5_^*H^U>+_^?2+_ +Y7_P"*H^NQ_DE]P6.LHKD_M7B_
M_GTB_P"^5_\ BJ/M7B__ )](O^^5_P#BJ/KL?Y)?<%CK**Y/[5XO_P"?2+_O
ME?\ XJC[5XO_ .?2+_OE?_BJ/KL?Y)?<%CIY;6WG=7FMXI&7[K.@)'YU+7)_
M:O%__/I%_P!\K_\ %4?:O%__ #Z1?]\K_P#%4?75_)+[F%CK**Y/[5XO_P"?
M2+_OE?\ XJC[5XO_ .?2+_OE?_BJ/KL?Y)?<%CK**Y/[5XO_ .?2+_OE?_BJ
M/M7B_P#Y](O^^5_^*H^NQ_DE]P6.LHKD_M7B_P#Y](O^^5_^*H^U>+_^?2+_
M +Y7_P"*H^NQ_DE]P6.LHKD_M7B__GTB_P"^5_\ BJ/M7B__ )](O^^5_P#B
MJ/KL?Y)?<%CK**Y/[5XO_P"?2+_OE?\ XJC[5XO_ .?2+_OE?_BJ/KL?Y)?<
M%CK**Y/[5XO_ .?2+_OE?_BJ/M7B_P#Y](O^^5_^*H^NQ_DE]P6.LHKD_M7B
M_P#Y](O^^5_^*H^U>+_^?2+_ +Y7_P"*H^NQ_DE]P6.LHKD_M7B__GTB_P"^
M5_\ BJ/M7B__ )](O^^5_P#BJ/KL?Y)?<%CK**Y/[5XO_P"?2+_OE?\ XJC[
M5XO_ .?2+_OE?_BJ/KL?Y)?<%CK**Y/[5XO_ .?2+_OE?_BJ/M7B_P#Y](O^
M^5_^*H^NQ_DE]P6.LHKD_M7B_P#Y](O^^5_^*H^U>+_^?2+_ +Y7_P"*H^NQ
M_DE]P6.LHKD_M7B__GTB_P"^5_\ BJ/M7B__ )](O^^5_P#BJ/KL?Y)?<%CK
M**Y/[5XO_P"?2+_OE?\ XJC[5XO_ .?2+_OE?_BJ/KL?Y)?<%CK**Y/[5XO_
M .?2+_OE?_BJ/M7B_P#Y](O^^5_^*H^NQ_DE]P6.LHJ&U,S6D)N %G*#S .S
M8YJ:NM.ZN(****8!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
#!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
