<SEC-DOCUMENT>0001213900-25-123819.txt : 20251219
<SEC-HEADER>0001213900-25-123819.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20251219160009
ACCESSION NUMBER:		0001213900-25-123819
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251219
FILED AS OF DATE:		20251219
DATE AS OF CHANGE:		20251219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guardforce AI Co., Ltd.
		CENTRAL INDEX KEY:			0001804469
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-DETECTIVE, GUARD & ARMORED CAR SERVICES [7381]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40848
		FILM NUMBER:		251587399

	BUSINESS ADDRESS:	
		STREET 1:		10 ANSON ROAD
		STREET 2:		#28-01 INTERNATIONAL PLAZA
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			079903
		BUSINESS PHONE:		66 (0) 2973 6011

	MAIL ADDRESS:	
		STREET 1:		10 ANSON ROAD
		STREET 2:		#28-01 INTERNATIONAL PLAZA
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			079903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guardforce AI Co., Ltd
		DATE OF NAME CHANGE:	20200224
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0270290-6k_guardforce.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</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 6-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>REPORT OF FOREIGN PRIVATE ISSUER </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>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">For the month of, <B>December 2025</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">Commission File Number <B><U>001-40848</U></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><U>GUARDFORCE AI CO., LIMITED</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of registrant&rsquo;s name into English)</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>10 Anson Road, #28-01 International Plaza </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Singapore 079903</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)</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: left">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F: Form&nbsp;20-F
&#9746; Form&nbsp;40-F &#9744;</P>

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

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


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<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"><B><I>Information Contained in this Form 6-K Report</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Adoption of Rights Agreement</U></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 15, 2025, the Board of Directors (the
&ldquo;Board&rdquo;) of Guardforce AI Co., Limited (the &ldquo;Company&rdquo;) authorized and declared the grant of one right (a &ldquo;Right&rdquo;)
for each outstanding ordinary share, par value $0.12 per share, of the Company (the &ldquo;Ordinary Shares&rdquo;) to shareholders of
record as of the close of business on December 15, 2025 (the &ldquo;Record Date&rdquo;). Each Right entitles the registered holder to
purchase from the Company one preferred share, par value $0.12 per share (a &ldquo;Preferred Share&rdquo;), at a purchase price of $8.44
per Preferred Share, subject to adjustment, on the terms and subject to the conditions set forth in that certain Rights Agreement, dated
as of December 15, 2025 (the &ldquo;Rights Agreement&rdquo;), by and between the Company and VStock Transfer, LLC, as rights agent (the
&ldquo;Rights Agent&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"><U>Purpose of the Rights Plan</U></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 Board adopted the Rights Agreement to protect
shareholders from coercive or otherwise unfair takeover tactics and to enable all shareholders to realize the long-term value of their
investment in the Company. In general terms, the Rights Agreement imposes significant dilution upon any person or group that acquires
beneficial ownership of securities representing ten percent (10%) or more of the voting power of the Company without prior Board approval,
subject to customary exceptions and Board-designated exemptions, including an initial 25% exempted percentage for the Company&rsquo;s
founders.</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"><U>Distribution Date; Separation of Rights</U></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">Initially, the Rights will be attached to all
certificates representing Ordinary Shares then outstanding, and with respect to uncertificated Ordinary Shares will be evidenced by book-entry
notations in the Company&rsquo;s register of members; no separate rights certificates will be distributed until the Distribution Date
(as defined below). The Rights will separate and become exercisable upon the earlier of (i) the first date of public announcement by the
Company or an acquiring person that any person or group has become an &ldquo;Acquiring Person&rdquo; by acquiring beneficial ownership
of securities representing ten percent (10%) or more of the Company&rsquo;s voting power (the &ldquo;Stock Acquisition Date&rdquo;), and
(ii) the close of business on the tenth (10th) business day (or such later date as may be determined by the Board) after the commencement
of a tender or exchange offer which would result in such person or group becoming an Acquiring Person (such earlier date, the &ldquo;Distribution
Date&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U STYLE="text-decoration: none">&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Issuance of Rights Certificates; Legends</U></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">From and after the Distribution Date, separate
rights certificates will be mailed to holders of record of the Ordinary Shares as of the close of business on the Distribution Date and
thereafter the separate rights certificates will represent the Rights. Certificates representing Ordinary Shares issued after the Record
Date and prior to the Distribution Date will include a legend referencing the Rights Agreement, and the registration statements for uncertificated
Ordinary Shares will include a corresponding legend.</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"><U>Flip-In Feature; Exercise of Rights</U></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">Following the Distribution Date, each Right will
entitle the holder, subject to the terms of the Rights Agreement, to purchase one Preferred Share at the then-current purchase price,
subject to adjustment. If any person becomes an Acquiring Person, each Right (other than Rights that are, or under certain circumstances
were, beneficially owned by the Acquiring Person or certain related persons, which will become null and void) will entitle the holder,
for a 60-day period (subject to extension under certain circumstances), to purchase, at the then-current purchase price, Ordinary Shares
of the Company having a market value equal to two times the purchase price, or such other securities, cash or property as the Board may
determine, all as more fully described in the Rights 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>

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<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"><U>Flip-Over Feature</U></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">In the event that, after a Stock Acquisition Date,
the Company is involved in a merger or other business combination transaction in which the Company is not the surviving corporation, in
a merger or other business combination in which the Ordinary Shares are changed or exchanged, or in a sale or transfer of 50% or more
of its assets or earning power, then proper provision will be made so that each Right (other than Rights that have become null and void)
will entitle the holder to purchase, at the then-current purchase price, ordinary shares (or other equity interests) of the acquiring
company having a market value equal to two times the purchase price.</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"><U>Redemption; Exchange</U></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">At any time prior to the earlier of (x) the Stock
Acquisition Date and (y) the final expiration date of the Rights, the Board may redeem the Rights in whole, but not in part, at a redemption
price of $0.12 per Right, as adjusted pursuant to the Rights Agreement. In addition, after a Stock Acquisition Date, the Board may redeem
all, but not less than all, of the Rights in certain circumstances described in the Rights Agreement. The Board may also exchange all
or part of the then outstanding and exercisable Rights (other than Rights that have become void) for Ordinary Shares at an exchange ratio
of one Ordinary Share per Right or for substitute consideration, subject to the terms set forth in the Rights 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"><U>Expiration</U></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 Rights will expire on the earlier of 5:00
p.m., New York City time, on December 15, 2035, or such earlier time as the Rights are redeemed, exchanged, or terminated in accordance
with the Rights 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"><U>Amendment of Terms of Rights Agreement and
Rights</U></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 terms of the Rights and the Rights Agreement
may be amended in any respect without the consent of the holders of the Rights prior to the Distribution Date. After the Distribution
Date, amendments may be made without holder consent only to: (i) cure ambiguities; (ii) correct or supplement defective or inconsistent
provisions; (iii) shorten or lengthen time periods; or (iv) make changes that do not adversely affect the interests of holders of Rights
(other than an Acquiring Person and its affiliates/associates).</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"><U>Anti-Dilution Provisions</U></P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">To prevent dilution, the Purchase Price and the number and kind of
securities issuable on exercise adjust for stock dividends in, splits or combinations of, and reclassifications of the Preferred Shares;
the number of Rights may also adjust in certain cases, including proportionately per Ordinary Share for specified Ordinary Share changes
before the Distribution Date and, at the Company&rsquo;s election, via an adjustment to the number of Rights outstanding. Adjustments
to the Purchase Price are not required unless cumulative changes would alter the Purchase Price by at least 1%, and calculations are rounded
to the nearest cent and one-tenth of a share. The Company need not issue fractional Preferred or Ordinary Shares upon exercise or exchange
and may pay cash in lieu; upon exercise, fractional interests in Preferred Shares may, at the Company&rsquo;s election, be evidenced by
depositary receipts.</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 is a summary of the
terms of the Rights Agreement and does not purport to be complete and is qualified in its entirety by reference to the full text of the
Rights Agreement, including the exhibits thereto, which are filed as exhibits to this Form 6-K and 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">In addition, as soon as practicable following
the Record Date, the Company will provide to each registered holder of Ordinary Shares a copy of a Summary of Rights substantially in
the form attached as Exhibit B to the Rights Agreement, by posting such Summary of Rights on the Company&rsquo;s corporate website and
maintaining such posting through the expiration of the Rights, with paper copies available upon request, in accordance with the terms
of the Rights Agreement. &#8239;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report on Form 6-K is incorporated by reference
into (i) the prospectus contained in the Company&rsquo;s registration statement on Form F-3 (SEC File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1804469/000121390021067345/ea152792-f3_guardforce.htm">333-261881</A>) declared effective by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on January
5, 2022; (ii) the prospectus dated February 9, 2022 contained in the Company&rsquo;s registration statement on Form F-3 (SEC File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1804469/000121390022004598/ea154492-f3_guardforce.htm">333-262441</A>) declared effective by the Commission on February 9, 2022; (iii) the prospectus contained in the Company&rsquo;s
Post-Effective Amendment No. 1 to
Form F-1 on Form F-3 (SEC File No. <A HREF="https://www.sec.gov/Archives/edgar/data/1804469/000121390022030685/ea160860-posam_guard.htm">333-258054</A>) declared effective by the Commission on June 14, 2022; and (iv) the prospectus contained
in the Company&rsquo;s registration statement on Form
F-3 (SEC File No. <A HREF="https://www.sec.gov/Archives/edgar/data/1804469/000121390025003145/ea0227154-f3_guardforce.htm">333-284261</A>) declared effective by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on January
24, 2025</P>

<P STYLE="margin: 0">&nbsp;</P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: top; width: 9%; border-bottom: black 1.5pt solid; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit <BR>
No.</B></FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: top; width: 1%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea027029001ex4-1_guardforce.htm">Certificate of Designation of the Company&rsquo;s Series A Preferred Shares, dated December 15, 2025 (included in Exhibit 4.1)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><A HREF="ea027029001ex4-1_guardforce.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agreement, dated as of December 15, 2025, by and between Guardforce AI Co., Limited and VStock Transfer, LLC, as Rights Agent, including the form of Rights Certificate as Exhibit A, the form of Summary of Rights as Exhibit B and the Certificate of Designation as Exhibit C.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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: center"><B>SIGNATURES</B></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-align: justify">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, thereunto 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 STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: December 19, 2025</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guardforce AI Co., Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; width: 60%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; width: 3%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; width: 37%; text-indent: 0pt">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0pt; border-bottom: black 1.5pt solid; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lei Wang</FONT></TD></TR>
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    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lei Wang</FONT></TD></TR>
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    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ea027029001ex4-1_guardforce.htm
<DESCRIPTION>RIGHTS AGREEMENT, DATED AS OF DECEMBER 15, 2025, BY AND BETWEEN GUARDFORCE AI CO., LIMITED AND VSTOCK TRANSFER, LLC, AS RIGHTS AGENT, INCLUDING THE FORM OF RIGHTS CERTIFICATE AS EXHIBIT A, THE FORM OF SUMMARY OF RIGHTS AS EXHIBIT B
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

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

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

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

<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">VStock Transfer, LLC,</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">a New York corporation Rights Agent</P>

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

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<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">Rights Agreement</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">Dated as of December 15, 2025</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; text-align: justify"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&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: 0pt 0pt 1.5pt; width: 5%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt 0.125in; width: 86%; text-align: justify; text-indent: -0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Certain Definitions</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Appointment of Rights Agent</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Issue of Rights Certificates</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Form of Rights Certificates</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Countersignature and Registration</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Exercise of Rights; Purchase Price; Expiration Date of Rights</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Cancellation and Destruction of Rights Certificates</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Reservation and Availability of Preferred Shares</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Preferred Shares Record Date</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Certificate of Adjusted Purchase Price or Number of Shares</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Consolidation, Merger or Sale or Transfer of Assets or Earning Power</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Additional Covenants</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">2<FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">15.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Fractional Rights and Fractional Shares</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">2<FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">16.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Rights of Action</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">17.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Agreement of Rights Holders</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">18.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Rights Certificate Holder Not Deemed a Shareholder</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">19.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Concerning the Rights Agent</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">20.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Merger or Consolidation or Change of Name of Rights Agent</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">21.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Duties of Rights Agent</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">22.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Change of Rights Agent</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">2<FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">23.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Issuance of New Rights Certificates</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">2<FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">24.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Redemption, Termination and Exchange</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Notice of Certain Events</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">26.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">27.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Supplements and Amendments</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">28.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Determination and Actions by the Board</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">29.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Successors</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">30.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Benefits of This Agreement</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">31.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">32.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">33.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">34.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Descriptive Headings</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">35.</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 0pt 0.125in; text-align: justify; text-indent: -0.125in"><FONT STYLE="font-size: 10pt">Force Majeure</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Exhibit A &ndash; Form of Rights Certificate</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">A-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Exhibit B &ndash; Form of Summary of Rights </FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">B-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C &ndash; Certificate of Designation</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">C-1</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<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">RIGHTS AGREEMENT</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT><FONT STYLE="font-size: 10pt">THIS RIGHTS AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is effective as of December
15, 2025, by and between GUARDFORCE AI CO., LIMITED, a Cayman Islands exempted company (the &ldquo;<U>Company</U>&rdquo;), and VStock
Transfer, LLC, a New York corporation (the &ldquo;<U>R</U>ig<U>hts Agent</U>&rdquo;).</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; text-align: center"><U>WITNESSETH</U>:</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; text-align: justify; text-indent: 0.5in">WHEREAS, on
December 15, 2025, the Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;) authorized and declared the grant of one Right
(as hereinafter defined) for each Ordinary Share (as hereinafter defined) outstanding as of the Close of Business (as hereinafter defined)
on December 15, 2025 (the &ldquo;<U>Record Date</U>&rdquo;), and contemplated the issuance of one Right (subject to adjustment as provided
herein) for each Ordinary Share issued between the Record Date and the earlier of the Distribution Date and the Expiration Date, as such
terms are hereinafter defined (with Rights also to be issued in connection with certain issuances of Ordinary Shares after the Distribution
Date, as provided more fully herein), each Right being the right to purchase one Preferred Share, par value $0.12 per share, of the Company
having the rights set forth in <B><U>Exhibit C</U></B> Certificate of Designation hereto, upon the terms and subject to the conditions
hereinafter set forth (the &ldquo;<U>R</U>ig<U>hts</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the premises and the mutual agreements herein set forth, the parties hereto hereby agree that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">1.
<U>Certain Definitions</U>. For purposes of this Agreement, the following terms have the meanings indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) &ldquo;Acquiring
Person&rdquo; shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates (as such term is
hereinafter defined) and Associates (as such term is hereinafter defined) of such Person, shall be the Beneficial Owner (as such term
is hereinafter defined) of ten percent (10%) or more of the Voting Power (as such term is hereinafter defined) of the Company or who was
such a Beneficial Owner at any time on or after the Original Execution Date, whether or not such Person continues to be the Beneficial
Owner of ten percent (10%) or more of the Voting Power of the Company. Notwithstanding the foregoing:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(i) in
no event shall a Person who or which, together with all Affiliates and Associates of such Person, is the Beneficial Owner of less than
ten percent (10%) of the Voting Power of the Company become an Acquiring Person solely as a result of a reduction of the number of shares
outstanding, including repurchases of outstanding voting securities of the Company by the Company, which reduction increases the percentage
of outstanding voting securities of the Company Beneficially Owned (as such term is hereinafter defined) by such Person; provided, however,
that any subsequent increase in the amount of securities representing Voting Power Beneficially Owned by such Person, together with all
Affiliates and Associates of such Person, without the prior written approval of the Board shall cause such Person to be an Acquiring Person
(unless, measured at such time, such Person would not be an Acquiring Person);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: -13.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in">(ii)
the term Acquiring Person shall not mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: -14.65pt">&nbsp;</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 2.5in; text-align: justify">(A)
the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 2.5in">&nbsp;</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 2.5in; text-align: justify">(B)
any Subsidiary (as such term is hereinafter defined) of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 2.5in">&nbsp;</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 2.5in; text-align: justify">(C)
any employee benefit plan of the Company or any of its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(D) any
entity holding securities of the Company organized, appointed or established by the Company or any of its Subsidiaries for or pursuant
to the terms of any such employee benefit plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(E) any
underwriter acting in good faith in a firm commitment underwriting of an offering of the Company&rsquo;s securities pursuant to arrangements
with the Company that have been approved by the Board (<U>however</U>, the exception provided by this <U>clause </U>( <U>E</U>) shall
no longer be available in the event that any such underwriter is otherwise an Acquiring Person on or after the date which is forty (40)
days after the date of initial acquisition of the Company&rsquo;s securities by such underwriter in connection with such offering); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(F) the
Founders (Lei Wang, together with her respective Affiliates and Associates), so long as such Persons, in the aggregate, Beneficially Own
less than 25% of the Voting Power of the Company (the &ldquo;Founder Cap&rdquo;); provided that (x) any increase in Beneficial Ownership
by the Founders shall not result from acting in concert with any third party (other than among the Founders and their Affiliates and Associates),
(y) the Founders shall not form any group (within the meaning of Section 13(d) of the Exchange Act) with any Person other than among themselves
and their respective Affiliates and Associates, and (z) the Founder Cap shall be reduced by the extent of any Beneficial Ownership that
would be attributed to the Founders pursuant to Synthetic Equity Positions or other derivative or coordinated arrangements described in
Sections 1(a)(iv) and 1(a)(v). Any Beneficial Ownership by the Founders at or above the Founder Cap shall constitute the Founders as an
Acquiring Person to the extent of such excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(G) any
Exempt Person, but solely to the extent of such Exempt Person&rsquo;s Beneficial Ownership that does not exceed its Exempted Percentage;
provided that an Exempt Person shall be an Acquiring Person with respect to any Beneficial Ownership in excess of its Exempted Percentage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii) no
Person shall be deemed to be an Acquiring Person if: (A)(1) any Schedule 13D under the Exchange Act (as such term is hereinafter defined),
or any comparable or successor report, filed (or required to be filed) by such Person does not (or would not) state any intention to or
reserve the right to control or influence the management or policies of the Company or engage in any of the actions specified in Item
4 (or any comparable or successor Item) of such Schedule 13D (other than the disposition of securities representing Voting Power of the
Company), (2) either (x) within two (2) Business Days (as such term is hereinafter defined) of being requested by the Company to advise
the Company regarding the same, such Person certifies in writing to the Company that such Person acquired Beneficial Ownership of securities
representing ten percent (10%) or more of the Voting Power of the Company inadvertently or without knowledge of the terms of the Rights,
or </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT><FONT STYLE="font-size: 10pt">(y)
the Board determines in good faith that such Person has become an Acquiring Person inadvertently, (3) such Person divests as promptly
as practicable (as determined in good faith by the Board) a sufficient number of securities so that such Person would not be deemed to
be an Acquiring Person pursuant to the first sentence of this Section 1(a) (or such other provisions of this <U>Section 1(a</U>) as may
be applicable), and</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>  </B></FONT> <FONT STYLE="font-size: 10pt">(4)
promptly following such Person&rsquo;s divestiture of such securities, such Person certifies to the Board that such Person would no longer
be deemed an Acquiring Person as defined pursuant to the first sentence of this <U>Section 1(a</U>) (or such other provisions of this
<U>Section 1(a</U>) as may be applicable); or (B) by reason of such Person&rsquo;s Beneficial Ownership of securities representing ten
percent (10%) or more of the outstanding Voting Power of the Company on the Original Execution Date if prior to the Record Date such Person
notifies the Board that such Person is no longer the Beneficial Owner of securities representing ten percent (10%) or more of the then
outstanding Ordinary Shares;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(iv) a
Person shall also be deemed an Acquiring Person if such Person, together with any other Persons, acts in concert, whether pursuant to
an express or tacit agreement, arrangement, or understanding (whether formal or informal) to acquire, hold, vote, or dispose of shares
of the Company, and the combined Beneficial Ownership of such Persons and their Affiliates or Associates equals or exceeds ten percent
(10%) of the Voting Power of the Company, where Persons shall be reasonably presumed to be acting in concert if they:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(A)
acquire Beneficial Ownership of the Company&rsquo;s securities in close proximity to one another in time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(B)
engage in coordinated or parallel voting or investment strategies; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(C)
share advisors, financiers, or other resources in connection with acquiring or voting shares of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(v) a
Person shall also be deemed an Acquiring Person if such Person, together with its Affiliates or Associates, Beneficially Owns, directly
or indirectly, ten percent (10%) or more of the Voting Power of the securities of the Company, through Synthetic Equity Positions (as
defined below) or other derivative arrangements that provide such Person with the economic equivalent of ownership of, or control over,
any securities of the Company, regardless of whether such arrangements confer any Voting Power or actual or legal ownership with respect
to such securities, where the term Synthetic Equity Positions shall mean any derivative, contract, instrument, agreement, or arrangement
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(A)
replicates the economic value, return, or other financial benefits of ownership of the Company&rsquo;s securities,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(B)
conveys any rights to acquire or dispose of the Company&rsquo;s securities, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(C)
is designed, intended, or structured to circumventing the application of this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(vi)
notwithstanding any specific criteria set forth herein, the Board of Directors of the Company shall have the sole and exclusive discretion
to determine whether</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(A)
any Person or group of Persons is acting in concert,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(B)
any ownership constitutes a Synthetic Equity Position, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 1.5in">(C)
any transaction, agreement, or arrangement has the purpose or effect of circumventing the application of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 1.5in">(b) &ldquo;<U>Affiliate</U>&rdquo;
and &ldquo;<U>Associate</U>&rdquo; shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations
under the Exchange Act as in effect on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c)
A Person shall be deemed the &ldquo;<U>Beneficial Owner</U>,&rdquo; and shall be deemed to &ldquo;<U>Beneficial</U>ly <U>Own</U>&rdquo;
or have &ldquo;Beneficial Ownership&rdquo; of any securities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(i)
which such Person or any of such Person&rsquo;s Affiliates or Associates is deemed to beneficially own (within the meaning of Rule 13d-3
of the General Rules and Regulations under the Exchange Act as in effect on the date hereof);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
   </B></FONT><FONT STYLE="font-size: 10pt">which such Person or any of such Person&rsquo;s Affiliates or
Associates has (A) the right or obligation to acquire (whether such right or obligation is exercisable or effective immediately or only
after the passage of time) pursuant to any agreement, arrangement or understanding, whether or not in writing (other than customary agreements
with and between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise
of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise (iii) any securities which are
Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with whom such Person has an agreement,
arrangement or understanding to act together for the purpose of acquiring, holding, voting or disposing of any securities of the Company
and (iv) solely for purposes of determining whether any Person is an Acquiring Person, any securities that such Person or any of such
Person&rsquo;s Affiliates or Associates are determined to Constructively Own; <U>provided</U>, <U>however</U>, that a Person shall not
be deemed (under this <U>clause (A</U>)) the &ldquo;<U>Beneficial Owner</U>,&rdquo; and shall not be deemed (under this <U>clause (A</U>))
to &ldquo;<U>Beneficial</U>ly <U>Own</U>&rdquo; or have &ldquo;<U>Beneficial Ownership</U>,&rdquo; of securities tendered pursuant to
a tender or exchange offer made by or on behalf of such Person or any of such Person&rsquo;s Affiliates or Associates until such tendered
securities are accepted for payment or exchange; or</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT> <FONT STYLE="font-size: 10pt">(B) the right to vote or dispose of pursuant to any agreement, arrangement or understanding
(whether or not in writing); provided, however, that a Person shall not be deemed the &ldquo;Beneficial Owner,&rdquo; and shall not be
deemed to &ldquo;<U>Beneficial</U>ly <U>Own</U>&rdquo; or have &ldquo;<U>Beneficial Ownership</U>,&rdquo; of any security under this <U>clause
(B</U>) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy given in response
to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange
Act and (2) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(iii) which
are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person or
any of such Person&rsquo;s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) (other
than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities),
or with which such Person or any of such Person&rsquo;s Affiliates or Associates have otherwise formed a group, for the purpose of acquiring,
holding, voting (except pursuant to a revocable proxy as described in clause (B) of subparagraph (ii) of this paragraph (c)) or disposing
of any securities of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iv) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">which are &ldquo;Beneficially Owned&rdquo; (within the meaning of the foregoing clauses
(i) through (iii)), directly or indirectly, by a Counterparty (as such term is hereinafter defined) (or any of such Counterparty&rsquo;s
Affiliates or Associates) that has any Synthetic Equity Position (as such term is hereinafter defined) (without regard to any short or
similar position under the same or any other Synthetic Equity Position) to which such Person or any of such Person&rsquo;s Affiliates
or Associates is a Receiving Party (as such term is hereinafter defined) and that is not otherwise included in the definition of Beneficial
Ownership (within the meaning of foregoing clauses (i) through (iii)); p<U>rovided</U>, <U>however</U>, that the number of Ordinary Shares
that a Person is deemed to &ldquo;Beneficially Own&rdquo; pursuant to this clause (iv) in connection with a particular Synthetic Equity
Position shall not exceed the number of Notional Ordinary Shares (as such term is hereinafter defined) with respect to such Synthetic
Equity Position; p<U>rovided</U>, <U>further</U>, that the number of securities Beneficially Owned by each Counterparty (including its
Affiliates and Associates) under a Synthetic Equity Position shall for purposes of this clause (iv) be deemed to include all securities
that are Beneficially Owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty&rsquo;s Affiliates or
Associates) under any Synthetic Equity Position to which such first Counterparty (or any of such first Counterparty&rsquo;s Affiliates
or Associates) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(v) which
represent the number of Notional Ordinary Shares with respect to any Synthetic Equity Position (without regard to any short or similar
position under the same or any other Synthetic Equity Position) to which such Person or any of such Person&rsquo;s Affiliates or Associates
is a Receiving Party and that is not otherwise included in the definition of &ldquo;Beneficial Ownership.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(d) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Business Day</U>&rdquo; shall mean any day other than a Saturday, Sunday, or
a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(e) &ldquo;<U>Close
of Business</U>&rdquo; on any given date shall mean 5:00 p.m., New York City time, on such date; p<U>rovided</U>, <U>however</U>, that
if such date is not a Business Day it shall mean 5:00 p.m., New York City time, on the next succeeding Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 1.5in; text-align: justify">(f)
&ldquo;<U>Distribution Date</U>&rdquo; shall have the meaning set forth in <U>Section 3(a</U>) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 1.5in; text-align: justify">(g)
&ldquo;<U>Exchange Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 1.5in; text-align: justify">(h)
&ldquo;<U>Exempt Person</U>&rdquo; means each Person designated by the Board as an Exempt Person, which shall initially include the Founders
(Lei Wang, together with her respective Affiliates and Associates).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.5in; text-align: justify">(i)
&ldquo;<U>Exempted Percentage</U>&rdquo; means, with respect to any Exempt Person, the maximum percentage of Voting Power Beneficially
Owned by such Exempt Person as specified by the Board from time to time, which for the Founders shall initially be 25%. The Board may
reduce (but not retroactively below the then-current Beneficial Ownership) or increase any Exempted Percentage, in each case only prospectively
and after reasonable prior public disclosure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 1.5in; text-align: justify">(j)
&ldquo;<U>Final Expiration Date</U>&rdquo; shall mean the Close of Business on December 15, 2035, the ten-year anniversary of the date
of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(k) &ldquo;<U>M&amp;A</U>&rdquo;
shall mean the amended and restated memorandum of association and second amended and restated articles of association of the Company (as
such instrument may be further amended, supplemented, modified, revised or replaced after the date hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(l) &ldquo;<U>Ordinary
Shares</U>&rdquo; when used with reference to the Company shall mean the ordinary shares, par value $0.12 per share, of the Company or
any other shares in the share capital of the Company into which such ordinary shares may be reclassified or exchanged. &ldquo;<U>Ordinary
Shares</U>&rdquo; when used with reference to shares issued by any Person other than the Company shall mean the shares or other equity
interestwith the greatest Voting Power, or the equity securities or other equity interest having power to control or direct the management,
of such Person or, if such Person is a Subsidiary of another Person, of the Person which ultimately controls such first-mentioned Person
and which has issued and outstanding such shares, equity securities or equity interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(m) &ldquo;<U>Permitted
Offer</U>&rdquo; shall mean a tender or exchange offer for all securities representing the outstanding Voting Power of the Company at
a price and on terms determined, prior to the date of the first acceptance of payment for any of such shares, to be fair to, and in the
best interests of, the Company and its shareholders (other than the offeror or any Affiliate or Associate thereof) by at least a majority
of the members of the Board who are not (i) officers of the Company, (ii) the offeror, (iii) Acquiring Persons or (iv) Affiliates or Associates
of the offeror or any Acquiring Person.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(n) &ldquo;<U>Person</U>&rdquo;
shall mean any individual, firm, corporation, partnership, limited liability company, real estate investment trust, joint venture, association,
trust or other entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(o) &ldquo;<U>Preferred
Shares</U>&rdquo; shall mean the preferred shares, par value $0.12 per share, of the Company having the rights and preferences set forth
in <U>Exhibit C</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(p) &ldquo;<U>Stock
Acquisition Date</U>&rdquo; shall mean the first date of public announcement by the Company or an Acquiring Person that an Acquiring Person
has become such.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(q) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">A &ldquo;<U>Subsidiary</U>&rdquo; of any Person shall mean any corporation or other entity
of which a majority of the Voting Power of the voting equity securities or voting interests is owned, directly or indirectly, by such
Person, or which is otherwise controlled by such Person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(r) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Synthetic Equi</U>ty <U>Position</U>&rdquo; shall mean a &ldquo;derivative
security (as such term is defined in Rule 16a-1(c) under the Exchange Act as in effect as of the date hereof between two parties (the
&ldquo;<U>Receiving Par</U>ty&rdquo; and the &ldquo;<U>Counterpar</U>ty&rdquo;) that constitutes a &ldquo;call equivalent position&rdquo;
(as such term is defined in Rule 16a-1(b) under the Exchange Act); p<U>rovided</U> that, for the purposes of the definition of &ldquo;Synthetic
Equity Position,&rdquo; the term &ldquo;derivative security&rdquo; shall also include any security or instrument that would not otherwise
constitute a &ldquo;derivative security&rdquo; as a result of any feature that would make any conversion, exercise or similar right or
privilege of such security or instrument become determinable only at some future date or upon the happening of a future occurrence, in
which case the determination of the amount of securities into which such security or instrument would be convertible or exercisable shall
be made assuming that such security or instrument is immediately convertible or exercisable at the time of such determination. The number
of Ordinary Shares specified or referenced in such derivative security contract (as determined by the Board in good faith) is the number
of &ldquo;<U>Notional Ordinary Shares</U>.&rdquo; For the avoidance of doubt, interests in broad-based index options, broad-based index
futures and broad- based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority
shall not be deemed to be Synthetic Equity Positions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(s) &ldquo;<U>Tr</U>igg<U>ering
Event</U>&rdquo; shall mean a Section 11 Event (as defined in <U>Section 11(a</U>) hereof) or a Section 13 Event (as defined in <U>Section
13(a</U>) hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(t) &ldquo;<U>Voting
Power</U>&rdquo; shall mean the voting power of all shares of the Company then outstanding and generally entitled to vote for the election
of directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">2. <U>A</U>pp<U>ointment
of R</U>ig<U>hts Agent</U>. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the terms
and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights
Agents as it may deem necessary or desirable upon written notice to the Rights Agent. The Rights Agent shall have no duty to supervise,
and shall in no event be liable for, the acts or omissions of any such co-Rights Agent. In the event the Company appoints one or more
co-Rights Agents, the respective duties of the Rights Agents and any co-Rights Agents shall be as the Company shall determine and the
Company shall provide written notice thereof to the Rights Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">3.
<U>Issue of R</U>ig<U>hts Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) Until
the earlier of (i) the Stock Acquisition Date or (ii) the Close of Business on the tenth (10th) Business Day (or such later date as may
be determined by action of the Board) after the date of the commencement (determined in accordance with Rule 14d-2 of the General Rules
and Regulations under the Exchange Act as in effect as of the date hereof or, if no longer applicable, the intent of such Rule 14d-2 as
in effect on the date hereof as determined in good faith by the Board) by any Person (other than the Company, any Subsidiary of the Company,
any employee benefit plan of the Company or any of its Subsidiaries, or any entity organized, appointed or established by the Company
or any of its Subsidiaries for or pursuant to the terms of any such plan) of a tender or exchange offer (other than a Permitted Offer)
the consummation of which would result in such Person becoming an Acquiring Person (including any such date which is on or after the date
of this Agreement and prior to the issuance of the Rights) (the earlier of such dates being herein referred to as the &ldquo;<U>Distribution
Date</U>&rdquo;), (x) the Rights shall be evidenced by the certificates for Ordinary Shares registered in the names of the holders of
the Ordinary Shares (which certificates for Ordinary Shares shall be deemed also to be certificates for Rights) and not by separate certificates,
except that the Rights associated with any uncertificated Ordinary Shares shall be evidenced by the registration of Ordinary Shares in
the Company&rsquo;s register of members in the names of the holders thereof (which registration shall also be deemed to be registration
of ownership of the associated Rights), and (y) the Rights (and the right to receive certificates therefor) shall be transferable only
in connection with the transfer of the underlying Ordinary Shares. As soon as practicable after the Distribution Date, upon written request
by the Company and receipt by the Rights Agent of all necessary and relevant information, the Rights Agent shall send, by first-class,
insured, postage prepaid mail, to each registered holder of the Ordinary Shares as of the Close of Business on the Distribution Date,
at the address of such holder shown on the register of members of the Company, a certificate for Rights, in substantially the form of
Exhibit A hereto (the &ldquo;Rights Certificates&rdquo;), evidencing one Right for each Ordinary Share so held (subject to adjustment
as provided herein). As of and after the Distribution Date, the Rights shall be evidenced solely by such Rights Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) As
soon as practicable following the Record Date, the Company shall provide each registered holder of the Ordinary Shares as of the Close
of Business on the Record Date with a copy of a Summary of Rights, in substantially the form attached hereto as Exhibit B (the &ldquo;Summary
of Rights&rdquo;), in accordance with Section 26 hereof, by posting the Summary of Rights on the Company&rsquo;s corporate website at
https://www.guardforceai.com/ in a prominent and easily accessible location and maintaining such posting through the expiration of the
Rights. Such publication shall be deemed effective notice to all record holders as of the date such materials are first made available
on the Company&rsquo;s website for purposes of this Agreement. Such posting shall constitute notice and delivery to all registered holders
for purposes of this Agreement under the laws of the Cayman Islands and pursuant to the M&amp;A. Upon request, the Company will promptly
provide any registered holder a paper copy of the Summary of Rights without charge. With respect to certificates for the Ordinary Shares
outstanding as of the Record Date, until the Distribution Date (or earlier redemption, expiration or termination of the Rights), the Rights
shall be evidenced by such certificates for the Ordinary Shares and the registered holders of the Ordinary Shares shall also be the registered
holders of the associated Rights. With respect to uncertificated Ordinary Shares outstanding as of the Record Date, until the Distribution
Date (or earlier redemption, expiration or termination of the Rights), the Rights will be evidenced by the registration of the Ordinary
Shares in the Company&rsquo;s register of members the names of the holders thereof. Until the Distribution Date (or earlier redemption,
expiration or termination of the Rights), the surrender for transfer of any of the certificates for the Ordinary Shares outstanding on
the Record Date shall also constitute the transfer of the Rights associated with the Ordinary Shares represented by such certificate,
and the registration of transfer of ownership of any uncertificated Ordinary Shares outstanding on the Record Date shall also constitute
the transfer of the Rights associated with such shares. The Company shall promptly notify the Rights Agent in writing upon the occurrence
of the Distribution Date and, if such notification is given orally, the Company shall confirm same in writing on or prior to the Business
Day next following. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that
the Distribution Date has not occurred.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) Certificates
issued for Ordinary Shares (including, without limitation, certificates issued upon transfer or exchange of Ordinary Shares) after the
Record Date, but prior to the earlier of the Distribution Date or the Expiration Date, shall be deemed also to be certificates for Rights,
and shall have impressed, printed, stamped, written or otherwise affixed onto them a legend in substantially the following form, or such
similar legend as the Company may deem appropriate and as is not inconsistent with the provisions of this Rights Agreement, or as may
be required to comply with any applicable law or with any rule or regulation or made pursuant thereto or with any rule or regulation of
any stock exchange or automated quotation system on which the Ordinary Shares may from time to time be listed or quoted, or to conform
to such usage:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">This certificate also evidences and entitles the holder hereof to certain &ldquo;Rights&rdquo;
as set forth in the Rights Agreement, by and between GUARDFORCE AI CO., LIMITED. (the &ldquo;<U>Company</U>&rdquo;) and VStock Transfer,
LLC (the &ldquo;<U>R</U>ig<U>hts Agent</U>&rdquo;), dated as of December 15, 2025 (the &ldquo;<U>R</U>ig<U>hts Agreement</U>&rdquo;),
the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal offices of the Company.
Under certain circumstances, as set forth in the Rights Agreement, such Rights may be redeemed, may expire, or may be evidenced by separate
certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the
Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, Rights &ldquo;Beneficially Owned&rdquo;
by &ldquo;Acquiring Persons&rdquo; (as such terms are defined in the Rights Agreement) or certain related parties, as well as subsequent
holders of such Rights, may become null and void.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">and, in the case of the initial
transaction statement or subsequent period statements with respect to uncertificated Ordinary Shares, a legend in substantially the following
form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt; text-align: justify">The
registration in the register of members of GUARDFORCE AI CO., LIMITED (the &ldquo;<U>Company</U>&rdquo;) of the Ordinary Shares to
which this initial transaction or subsequent periodic statement relates also evidences and entitles the registered holder of such
shares to certain rights as set forth in the Rights Agreement, by and between the Company and VStock Transfer, LLC (the
&ldquo;<U>R</U>ig<U>hts Agent</U>&rdquo;), dated as of December 15, 2025 (the &ldquo;<U>R</U>ig<U>hts Agreement</U>&rdquo;), the
terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the
Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be redeemed, may expire, or may be
evidenced by separate certificates and will no longer be evidenced by such registration. The Company will mail to the registered
holder of shares a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain
circumstances, Rights &ldquo;Beneficially Owned&rdquo; by &ldquo;Acquiring Persons&rdquo; (as such terms are defined in the Rights
Agreement) or certain related parties, as well as subsequent holders of such Rights, may become null and void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">With respect to such certificates
containing the foregoing legend, until the Distribution Date (or earlier redemption, expiration or termination of the Rights), the Rights
associated with the Ordinary Shares represented by such certificates shall be evidenced by such certificates alone, and the surrender
for transfer of any of such certificates shall also constitute the transfer of the Rights associated with the Ordinary Shares represented
by such certificate. With respect to such initial transaction statements or subsequent periodic statements containing the foregoing legend,
until the Distribution Date (or earlier redemption, expiration or termination of the Rights), the Rights associated with the Ordinary
Shares with respect to which such statements are issued shall be evidenced solely by the registration of ownership of such Ordinary Shares
in the register of members of the Company, and the registration of transfer of ownership in such shares shall also constitute the transfer
of the Rights associated with such Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(d) Notwithstanding
anything in this Agreement to the contrary, in the event that, prior to the Distribution Date (or earlier redemption, expiration or termination
of the Rights), any Ordinary Shares are cancelled in connection with the purchase or acquisition of such Ordinary Shares by the Company,
then the Rights associated with such Ordinary Shares shall be deemed to be similarly (and concurrently) retired and cancelled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">4.
<U>Form of R</U>ig<U>hts Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) The
Rights Certificates (and the forms of election to purchase shares and of assignment and certificates to be printed on the reverse thereof)
shall each be substantially in the form set forth in <U>Exhibit A</U> hereto and may have such marks of identification or designation
and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties
or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply
with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or interdealer
quotation system on which the Rights may from time to time be listed or traded, or to conform to usage. Subject to the provisions of <U>Section
11</U> and <U>Section 23</U> hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date, and on their
face shall entitle the holders thereof to purchase such number of Preferred Shares as shall be set forth therein at the price per Preferred
Share set forth therein (the &ldquo;<U>Purchase Price</U>&rdquo;), such Purchase Price to be initially equal to the amount set forth in
<U>Section 7(b</U>) below but the number of Preferred Shares and the Purchase Price shall be subject to adjustment as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) Any
Rights Certificate issued pursuant to <U>Section 3(a</U>) hereof that represents Rights Beneficially Owned by an Acquiring Person or any
Associate or Affiliate thereof, any Rights Certificate issued at any time upon the transfer of any Rights to such an Acquiring Person
or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate, and any Rights Certificate issued
pursuant to <U>Section 6</U>, <U>Section 11</U> or <U>Section 23</U> hereof upon transfer, exchange, replacement or adjustment of any
other Rights Certificate referred to in this sentence, shall contain a legend in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Rights represented by this
Rights Certificate were issued to a Person who was an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such
terms are defined in the Rights Agreement). This Rights Certificate and the Rights represented hereby may become null and void under the
circumstances specified in <U>Section 7(e</U>) of the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The provisions of <U>Section 7(e</U>)
hereof shall be operative whether or not the foregoing legend is contained on any such Rights Certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">5.
<U>Counters</U>ig<U>nature and Registration</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) The
Rights Certificates shall be executed on behalf of the Company by its Chief Executive Officer, its President, its Chief Financial Officer,
or any Vice President, either manually or by facsimile signature, and shall have affixed thereto the Company&rsquo;s seal or a facsimile
thereof which shall be attested by a Director, the Secretary or an Assistant Secretary of the Company, either manually or by facsimile
signature. The Rights Certificates shall be countersigned by the Rights Agent, either manually or by facsimile signature, and shall not
be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Rights Certificates
shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such
Rights Certificates, nevertheless, may be countersigned by the Rights Agent, and issued and delivered by the Company with the same force
and effect as though the Person who signed such Rights Certificates had not ceased to be such officer of the Company; and any Rights Certificates
may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Rights Certificate, shall be a proper
officer of the Company to sign such Rights Certificate, although at the date of the execution of this Agreement any such Person was not
such an officer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) Following
the Distribution Date, receipt by the Rights Agent of notice to that effect and all other relevant information referred to in Section
3(a), the Rights Agent will keep or cause to be kept, at its office designated for such purpose, books for registration and transfer of
the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates,
the number of Rights evidenced on its face by each of the Rights Certificates and the date of each of the Rights Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.5in; text-align: justify">6.
<U>Transfer, Split Up</U> , <U>Combination and Exchange of R</U>ig<U>hts Certificates; Mutilated, Destroyed, Lost or Stolen R</U>ig<U>hts
Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
   </B></FONT><FONT STYLE="font-size: 10pt">Subject to the provisions of <U>Sections 7(e</U>), <U>7(f</U>)
and <U>15</U> hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the
Expiration Date, any Rights Certificate or Certificates may be transferred, split up, combined or exchanged for another Rights Certificate
or Rights Certificates, entitling the registered holder to purchase a like number of Preferred Shares (or, after the occurrence of a Triggering
Event, Ordinary Shares or other securities and property, as the case may be) as the Rights Certificate or Rights Certificates surrendered
then entitled such registered holder (or former registered holder in the case of a transfer) to purchase. Any registered holder desiring
to transfer, split up, combine or exchange any Rights Certificate shall make such request in writing delivered to the Rights Agent, and
shall surrender the Rights Certificate or Rights Certificates to be transferred, split up, combined or exchanged at the office of the
Rights Agent designated for such purpose. The Rights Certificates are transferable only on the registry books of the Rights Agent. Neither
the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered
Rights Certificate or Certificates until the registered holder thereof shall have (i) properly completed and signed the certificate contained
in the form of assignment set forth on the reverse side of each such Rights Certificate, (ii) provided such additional evidence of the
identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby and the Affiliates and Associates
of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request, and (iii) paid a sum
sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights
Certificates as required by <U>Section 9(e</U>) hereof. Thereupon the Rights Agent shall countersign and deliver to the Person entitled
thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested, registered in such name or names as may be designated
by the surrendering registered holder. The Rights Agent shall promptly forward any such sum collected by it to the Company or to such
Persons as the Company shall specify by written notice. The Rights Agent shall have no duty or obligation under any Section of this Agreement
requiring the payment of taxes and charges unless and until it is satisfied that all such taxes and charges have been paid.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">Subject to the provisions of <U>Sections 7(e</U>), <U>7(f</U>) and <U>15</U>
hereof, upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Rights Certificate and such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or
Affiliates or Associates thereof as the Company shall reasonably request, and, in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to them, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental
thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company shall execute and
deliver a new Rights Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of
the Rights Certificate so lost, stolen, destroyed or mutilated.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">7.
<U>Exercise of R</U>ig<U>hts; Purchase Price; Expiration Date of R</U>ig<U>hts</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
     </B></FONT><FONT STYLE="font-size: 10pt">Subject to the provisions of <U>Sections
7(e</U>) and <U>7(f</U>) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein) in whole or in part at any time after the Distribution Date upon presentation of the Rights Certificate, with
the appropriate form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the principal office of
the Rights Agent, together with payment of the Purchase Price for each Preferred Share (or such other securities or property as the case
may be) as to which the Rights are exercised, at or prior to the earliest of (i) the Close of Business on the Final Expiration Date, (ii)
the time at which the Rights are redeemed as provided in <U>Section 24</U> hereof, (iii) the consummation of a transaction contemplated
by <U>Section 13(d</U>) hereof or the time at which the Rights are exchanged as provided in <U>Section 24(c</U>) hereof (such earliest
time being herein referred to as the &ldquo;<U>Expiration Date</U>&rdquo;). Notwithstanding any other provision of this Agreement, any
Person who prior to the Distribution Date becomes a registered holder of Ordinary Shares may exercise all of the rights of a registered
holder of a Rights Certificate with respect to the Rights associated with such Ordinary Shares in accordance with and subject to the provisions
of this Agreement, including the provisions of <U>Section 7(e</U>) hereof, as of the date such Person becomes a registered holder of Ordinary
Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) The
Purchase Price for each Preferred Share pursuant to the exercise of a Right shall initially be eight dollars and forty-four cents ($8.44),
shall be subject to adjustment from time to time as provided in <U>Sections 11</U> and <U>13</U> hereof and shall be payable in lawful
money of the United States of America in accordance with paragraph (c) of this <U>Section 7</U> below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">Upon receipt of a Rights Certificate representing exercisable Rights, with the appropriate
form of election to purchase duly executed, accompanied by payment of the Purchase Price for the fractional interests in Preferred Shares
(or other securities or property) to be purchased and an amount equal to any applicable transfer tax (as determined by the Rights Agent)
by certified check or bank draft payable to the order of VStock Transfer, LLC, the Rights Agent shall, subject to <U>Section 21(k) </U>hereof,
thereupon promptly (i)(A) requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer
agent) certificates for the number of Preferred Shares to be purchased or, in the case of uncertificated Preferred Shares, requisition
from any transfer agent therefor of a notice setting forth such number of Preferred Shares to be purchased for which registration will
be made in the Company&rsquo;s register of members, and the Company hereby irrevocably authorizes its transfer agent to comply with all
such requests, or (B) if the Company, in its sole discretion, shall have elected to deposit the fractional interests in Preferred Shares
issuable upon exercise of the Rights hereunder into a depositary, requisition from the depositary agent depositary receipts representing
such number of Preferred Shares as are to be purchased (in which case certificates for the Preferred Shares represented by such receipts
shall be deposited by the transfer agent with the depositary agent) and the Company shall direct the depositary agent to comply with such
request, (ii) when appropriate, requisition from the Company the amount of cash, if any, to be paid in lieu of issuance of fractional
shares in accordance with <U>Section 15</U>, (iii) promptly after receipt of such certificates or depositary receipts, cause the same
to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated
by such registered holder and, (iv) when appropriate, after receipt promptly deliver such cash to or upon the order of the registered
holder of such Rights Certificate. In the event that the Company is obligated to issue other securities of the Company, or distribute
other property pursuant to <U>Section 11(a</U>), the Company shall make all arrangements necessary so that such other securities or property
are available for distribution by the Rights Agent, if and when appropriate. In addition, in the case of an exercise of the Rights by
a holder pursuant to Section 11(a)(ii), the Rights Agent shall return such Rights Certificate to the registered holder thereof after imprinting,
stamping or otherwise indicating thereon that the rights represented by such Rights Certificate no longer include the rights provided
by <U>Section 11(a</U>) (<U>ii</U>) hereof; provided, however, that if less than all the Rights represented by such Rights Certificate
were so exercised, the Rights Agent shall, upon written receipt of the necessary information from the Company, indicate on the Rights
Certificate the number of Rights represented thereby which continue to include the rights provided by <U>Section 11 (a</U>)</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">( <U>ii</U>).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(d) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">In case the registered holder of any Rights Certificate shall exercise (except pursuant
to <U>Section 11(a</U>) (<U>ii</U>)) less than all the Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent
to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the registered holder of such Rights Certificate
or to such registered holder&rsquo;s duly authorized assigns, subject to the provisions of <U>Section 15</U> hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(e) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">Notwithstanding anything in this Agreement to the contrary, if there occurs
any Triggering Event, then any Rights that are or were on or after the Distribution Date Beneficially Owned by an Acquiring Person or
any Associate or Affiliate of an Acquiring Person shall become null and void, without any further action, and any registered holder of
such Rights shall thereafter have no rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise.
Without limiting the foregoing sentence, Rights held by the following Persons shall be null and void without any further action: (i) any
direct or indirect transferee of any Rights that are or were on or after the Distribution Date Beneficially Owned by an Acquiring Person
or any Associate or Affiliate of an Acquiring Person; (ii) any direct or indirect transferee of any Rights that were on or before the
Distribution Date Beneficially Owned by an Acquiring Person or any Associate or Affiliate of an Acquiring Person if the transferee received
such Rights, directly or indirectly, (A) from an Acquiring Person or any Associate or Affiliate of an Acquiring Person (x) as a result
of a distribution by such Acquiring Person or any Associate or Affiliate of an Acquiring Person to holders of its equity securities or
similar interests (including, without limitation, partnership interests) or (y) pursuant to any continuing agreement, arrangement or understanding
with respect to the Rights or (B) in a transfer (or series of transfers) which the Board determines is part of a plan, arrangement or
understanding which has the purpose or effect of avoiding the provisions of this <U>Section 7(e</U>); and (iii) subsequent transferees
of Persons referred to in the foregoing clauses (i) and (ii) as well as this clause (iii). The Company shall use all reasonable efforts
to ensure that the provisions of this <U>Section 7(e</U>) are complied with, but shall have no liability to any holder of Rights or any
Rights Certificate or to any other Person as a result of the Company&rsquo;s failure to make any determination with respect to an Acquiring
Person or its Affiliates, Associates or transferees hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(f) Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with respect
to a registered holder upon the occurrence of any purported exercise as set forth in this <U>Section 7</U> unless the Certificate contained
in the appropriate form of Election to Purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise
shall have been properly completed and duly executed by the registered holder thereof and the Company shall have been provided with such
additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company
or Rights Agent shall reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">8. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Cancellation and Destruction of R</U>ig<U>hts Certificates</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">All Rights
Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company
or any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall
be canceled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of
this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and
retire, any other Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">9.
<U>Reservation and Availabili</U>ty <U>of Preferred Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">The Company covenants and agrees that it shall cause to be reserved and kept available
out of its authorized and unissuedshares, or any authorized and issued Preferred Shares (and, following the occurrence of a Triggering
Event, Ordinary Shares and other securities) held in its treasury, the number of shares or Preferred Shares (and, following the occurrence
of a Triggering Event, Ordinary Shares and other securities) that will be sufficient (in accordance with the provisions of this Agreement,
including <U>Section 11(a</U>) (<U>iii</U>) hereof) to permit the exercise in full of all outstanding Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) So
long as the Preferred Shares (and, following the occurrence of a Triggering Event, Ordinary Shares and other securities) issuable upon
the exercise of the Rights may be listed on any national securities exchange or quoted on any national quotation system, the Company shall
use its best efforts to cause, from and after such time as the Rights become exercisable, all shares (or other securities) reserved for
such issuance to be listed on such exchange or quoted on such system upon official notice of issuance upon such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) If
then required by applicable law, the Company shall use its best efforts to (i) file, as soon as practicable following the earliest date
after the occurrence of a Triggering Event as to which the consideration to be delivered by the Company upon exercise of the Rights has
been determined pursuant to this Agreement, or as soon as is required by law following the Distribution Date, as the case may be, a registration
statement under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), with respect to the securities purchasable upon exercise
of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such filing
and (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Act) until
the earlier of (A) the date as of which the Rights are no longer exercisable for such securities, (B) the Expiration Date or (C) the date
the Company receives an opinion of counsel to the effect that the maintenance of such registration statement in effect is no longer necessary.
If then required by applicable law, the Company will also take such action as may be appropriate under the securities or &ldquo;blue sky&rdquo;
laws of the various states. The Company may temporarily suspend, for a period of time not to exceed ninety (90) days after the date set
forth in clause (i) of this <U>Section 9(c</U>), the exercisability of the Rights in order to prepare and file such registration statement
or to comply with such blue sky laws. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability
of the Rights has been temporarily suspended. The Company shall notify the Rights Agent in writing whenever it makes a public announcement
temporarily suspending the exercisability of the Rights. Notwithstanding any provision of this Agreement to the contrary, the Rights shall
not be exercisable in any jurisdiction unless the requisite qualification in such jurisdiction shall have been obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(d) The
Company covenants and agrees that it shall take all such action as may be necessary to ensure that all Preferred Shares or other securities
delivered upon exercise of Rights shall, at the time of delivery of the certificates for such shares or other securities (subject to payment
of the Purchase Price), be duly and validly authorized and issued and fully paid and non-assessable shares or securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(e) The
Company further covenants and agrees that it shall pay when due and payable any and all federal and state transfer taxes and charges which
may be payable in respect of the issuance or delivery of the Rights Certificates or of any certificates for Preferred Shares (or, if such
securities are uncertificated, the registration of such securities in the Company&rsquo;s register of members) or other securities upon
the exercise of Rights. The Company shall not, however, be required to (i) pay any transfer tax or charge which may be payable in respect
of any transfer or delivery of Rights Certificates to a Person other than, or in respect of the issuance or delivery or registration of
the Preferred Shares or other securities in a name other than that of, the registered holder of the Rights Certificates evidencing Rights
surrendered for exercise or (ii) issue or deliver any certificates for Preferred Shares or other securities in a name other than that
of the registered holder upon the exercise of any Rights until such tax or charge shall have been paid (any such tax or charge being payable
by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company&rsquo;s satisfaction
that no such tax or charge is due.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">10. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Preferred Shares Record Date</U>.3. Each Person in whose name any certificate for Preferred
Shares (or other securities) is issued upon the exercise of Rights shall for all purposes be deemed to have become the registered holder
of the fractional Preferred Share (or other securities) represented thereby on, and such certificate shall be dated, the date upon which
the Rights Certificate evidencing such Rights was duly presented and payment of the Purchase Price (and any applicable transfer taxes
or charges) was made; provided, however, that if the date of such presentation and payment is a date upon which the Preferred Shares (or
other securities) transfer books of the Company are closed, such Person shall be deemed to have become the registered holder of such shares
on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares (or other securities) transfer
books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate, as such, shall
not be entitled to any rights of a shareholder of the Company with respect to shares for which the Rights shall be exercisable, including,
without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not
be entitled to receive any notice of any proceedings of the Company, except as provided herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Ad</U>j<U>ustment of Purchase Price, Number and Kind of Shares or Number of R</U>ig<U>hts</U>.
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">The Purchase Price, the number
of shares covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section
11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a) (i)
In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Shares payable in
Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares into a smaller number of
shares or</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>  </B></FONT> <FONT STYLE="font-size: 10pt">(D)
issue any shares in a reclassification of the Preferred Shares (including any such reclassification in connection with a consolidation
or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in this <U>Section 11(a</U>)
and in <U>Section 7(e</U>) hereof, the Purchase Price in effect at the time of the record date for such dividend or of the effective date
of such subdivision, combination or reclassification, and the number and kind of shares issuable on such date, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares
and other securities which, if such Right had been exercised immediately prior to such date and at a time when the register of members
of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision,
combination or reclassification. If an event occurs which would require an adjustment under both this <U>Section 11(a</U>)(i) and <U>Section
11(a</U>) (<U>ii</U>) hereof the adjustment provided for in this <U>Section 11(a</U>)(i) shall be in addition to, and shall be made prior
to, any adjustment required pursuant to Section 11(a)(ii) hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">Subject to <U>Section 24(c</U>) hereof, in the event any Person, alone or together with
its Affiliates and Associates, shall become an Acquiring Person other than pursuant to a Permitted Offer (such an event being a &ldquo;<U>Section
11 Event</U>&rdquo;), then, promptly following the first occurrence of such a Section 11 Event, proper provision shall be made so that
each holder of a Right, except as provided in <U>Section 7(e</U>) hereof, shall, for a period of sixty (60) days after the later of the
occurrence of any such Section 11 Event and the effective date of an appropriate registration statement pursuant to Section 9 hereof,
have a right to receive, upon exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, in lieu
of fractional interests in Preferred Shares, such number of Ordinary Shares as shall equal the result obtained by (x) multiplying the
then current Purchase Price by the number of Preferred Shares for which a Right was exercisable immediately prior to the Section 11 Event
at issue and (y) dividing that product by fifty percent (50%) of the current market price per one Ordinary Share (determined pursuant
to <U>Section 11(d</U>) hereof) on the date of the occurrence of the Section 11 Event at issue (such number of shares being referred to
as the &ldquo;<U>number of Ad</U>j<U>ustment Shares</U>&rdquo;); p<U>rovided</U>, <U>however</U>, that if the transaction that would otherwise
give rise to the foregoing adjustment is also subject to the provisions of Section 13 hereof, then only the provisions of <U>Section 13</U>
hereof shall apply and no adjustment shall be made pursuant to this Section 11(a)(ii); and provided, further, that such sixty (60) day
period shall not be deemed to run during any period in which the exercise of the Rights or the fulfillment by the Company or the Rights
Agent of its or their obligations under this Agreement shall be enjoined or otherwise prohibited in full or in part by any court or other
governmental agency or body.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 71.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 71.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
   </B></FONT><FONT STYLE="font-size: 10pt">In lieu of issuing Ordinary Shares in accordance with <U>Section
11(a</U>) (<U>ii</U>) hereof, the Company may, if a majority of the Board then in office determines that such action is necessary or appropriate
and not contrary to the interests of holders of Rights, elect to (and, in the event that the Board has not exercised the exchange right
contained in <U>Section 24(c</U>) hereof and there are not sufficient treasury shares and authorized but unissued shares to permit the
exercise in full of the Rights in accordance with <U>Section 11(a</U>) (<U>ii</U>) hereof, the Company shall) take all such action as
may be necessary to authorize, issue or pay, upon the exercise of the Rights, cash (including by way of a reduction of the Purchase Price),
property, Ordinary Shares, other securities (whether equity or debt securities of the Company, any Subsidiary of the Company, or otherwise)
or any combination thereof having an aggregate value equal to the value of the Ordinary Shares which otherwise would have been issuable
pursuant to <U>Section 11(a</U>) (<U>ii</U>) hereof, which aggregate value shall be determined by a nationally recognized investment banking
firm selected by a majority of the Board. For purposes of the preceding sentence, the value of the Ordinary Shares shall be determined
pursuant to Section 11(d) hereof and the value of any fractional interests in preferred shares or preference shares which a majority of
the Board determines to be a &ldquo;<U>ordinary shares equivalent</U>&rdquo; shall be deemed to have the same value as the Ordinary Shares.
Any such election by the Board must be made and publicly announced within sixty (60) days following the date on which the Section 11 Event
at issue shall have occurred. Following the occurrence of such Section 11 Event, a majority of the Board then in office may suspend the
exercisability of the Rights for a period of up to sixty (60) days following the date on which such Section 11 Event shall have occurred
to the extent that such Directors have not determined whether to exercise their rights of election under this <U>Section 11(a</U>) (<U>iii</U>).
If the Board shall determine in good faith that it is unlikely that sufficient additional shares or ordinary shares equivalents could
be authorized for issuance upon exercise in full of the Rights without shareholder approval, the sixty (60) day period set forth above
may be extended to the extent necessary, but not more than ninety (90) days following the occurrence of the Section 11 Event at issue,
in order that the Company may take steps to authorize such additional shares. In the event of any such suspension, the Company shall issue
a public announcement stating that the exercisability of the Rights has been temporarily suspended. The Company shall notify the Rights
Agent in writing whenever it makes such a public announcement temporarily suspending the exercisability of the Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">If the Company shall fix a record date for the issuance of rights, options or warrants
to all registered holders of any interests in Preferred Shares entitling them (for a period expiring within forty-five (45) calendar days
after such record date) to subscribe for or purchase any interests in Preferred Shares (or securities having the same or more favorable
rights, privileges and preferences as the Preferred Shares (&ldquo;<U>equivalent preferred shares</U>&rdquo;)) or securities convertible
into Preferred Shares or equivalent preferred shares at a price per Preferred Share or per share of equivalent preferred shares (or having
a conversion price per share, if a security convertible into Preferred Shares or equivalent preferred shares) less than the current market
price (as defined in <U>Section 11(d</U>)) per Preferred Share on such record date, the Purchase Price to be in effect after such record
date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator
of which shall be the number of Preferred Shares outstanding on such record date, plus the number of Preferred Shares which the aggregate
offering price of the total number of Preferred Shares or equivalent preferred shares to be offered (or the aggregate initial conversion
price of the convertible securities so to be offered) would purchase at such current market price and the denominator of which shall be
the number of Preferred Shares outstanding on such record date, plus the number of additional Preferred Shares or equivalent preferred
shares to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible).
In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such
consideration shall be as determined reasonably and with good faith to the holders of Rights by the Board, whose determination shall be
described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and conclusive for all purposes. Preferred
Shares owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed; and in the event that such rights, options or warrants are not so issued,
the Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
   </B></FONT><FONT STYLE="font-size: 10pt">If the Company shall fix a record date for the making of a distribution
to all registered holders of interests in Preferred Shares (including any such distribution made in connection with a consolidation or
merger in which the Company is the continuing corporation) of evidences of indebtedness, cash (other than a regular quarterly cash dividend
out of the earnings or retained earnings or distributable reserves of the Company), assets (other than a dividend payable in Preferred
Shares, but including any dividend payable in shares other than Preferred Shares) or subscription rights, options or warrants (excluding
those referred to in <U>Section 11(b</U>) hereof), the Purchase Price to be in effect after such record date shall be determined by multiplying
the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the then current market
price (as defined in <U>Section 11(d</U>) hereof) per Preferred Share on such record date, less the fair market value (as determined reasonably
and with good faith to the holders of Rights by the Board, whose determination shall be described in a statement filed with the Rights
Agent and shall be binding on the Rights Agent and conclusive for all purposes) of the portion of the cash, assets or evidences of indebtedness
so to be distributed or of such subscription rights, options or warrants distributable in respect of one Preferred Share and the denominator
of which shall be the then current market price (as defined in <U>Section 11(d</U>) hereof) per Preferred Share. Such adjustments shall
be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Purchase Price
shall again be adjusted to be the Purchase Price which would be in effect if such record date had not been fixed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(d) (i)
For the purpose of any computation hereunder, other than as provided in <U>Section 11(a</U>) (<U>iii</U>) hereof, the &ldquo;<U>current
market price</U>&rdquo; per Ordinary Share on any date shall be deemed to be the average of the daily closing prices per share of such
Ordinary Shares for the thirty (30) consecutive Trading Days (as such term is hereinafter defined) immediately prior to such date; p<U>rovided</U>,
<U>however</U>, that in the event that the current per share market price of the Ordinary Shares is determined in whole or in part during
a period following the announcement by the issuer of such Ordinary Shares of (A) a dividend or distribution on such Ordinary Shares payable
in shares of such Ordinary Shares or securities convertible into shares of such Ordinary Shares or (B) any subdivision, combination or
reclassification of such Ordinary Shares, and prior to the expiration of thirty (30) Trading Days after the ex-dividend date for such
dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the &ldquo;current
market price&rdquo; shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the last
sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way,
in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to
trading on the Nasdaq Stock Market or, if the Ordinary Shares are not listed or admitted to trading on the Nasdaq Stock Market, as reported
in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange
on which the Ordinary Shares are listed or admitted to trading or, if the Ordinary Shares are not listed or admitted to trading on any
national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-
counter market, as reported by the OTC Bulletin Board or such other system then in use, or, if on any such date the Ordinary Shares are
not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making
a market in the Ordinary Shares selected by the Board. If on any such date no market maker is making a market in the Ordinary Shares,
the fair value of such shares on such date as determined reasonably and with good faith by the Board shall be used and shall be binding
on the Rights Agent and conclusive for all purposes. The term &ldquo;Trading Day&rdquo; shall mean a day on which the principal national
securities exchange on which the Ordinary Shares are principally listed or admitted to trading or quoted is open for the transaction of
business or, if the Ordinary Shares are not listed or admitted to trading or quoted on any national securities exchange, a Business Day.
If the Ordinary Shares are not publicly held or not so listed or traded, &ldquo;<U>current market price</U>&rdquo; per share shall mean
the fair value per share determined reasonably and with good faith to the holders of Rights by the Board, whose determination shall be
described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and conclusive for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 71.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 71.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 71.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">(ii) For the purpose of any computation hereunder, the &ldquo;<U>current
market price</U>&rdquo; per Preferred Share shall be determined in the same manner as set forth above for the Ordinary Shares in <U>Section
11(d</U>)(i) (other than the last sentence thereof). If the current market price per Preferred Share cannot be determined in the manner
provided above or if the Preferred Shares are not publicly held or listed or traded in a manner described in <U>Section 11(d</U>)(i),
the &ldquo;<U>current market price</U>&rdquo; per Preferred Share shall be conclusively deemed to be an amount equal to 10 (as such number
may be appropriately adjusted for such events as share splits, share dividends and recapitalization with respect to the Ordinary Shares
occurring after the date of this Agreement) multiplied by the current market price per share of the Ordinary Shares. If neither the Ordinary
Shares nor the Preferred Shares are publicly held or so listed or traded, &ldquo;current market price&rdquo; per share shall mean the
fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights
Agent and shall be conclusive for all purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(e) Anything
herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment would require an
increase or decrease of at least one percent (1%) in the Purchase Price; p<U>rovided</U>, <U>however</U>, that any adjustments which by
reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 11 shall be made to the nearest cent or to the nearest tenth of an Ordinary Share or other share or
tenth of a Preferred Share, as the case may be. Notwithstanding the first sentence of this <U>Section 11(e</U>), any adjustment required
by this <U>Section 11</U> shall be made no later than the earlier of (i) three (3) years from the date of the transaction which mandates
such adjustment or (ii) the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(f) If
as a result of any provision of this <U>Section 11</U>, the holder of any Right shall become entitled to receive any shares of the Company
other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares (and the related
Purchase Price) contained in this <U>Section 11</U>, and the provisions of Sections <U>7, 9, 10, 13</U> and <U>15</U> hereof with respect
to the Preferred Shares shall apply on like terms to any such other shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(g) All
Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of Preferred Shares purchasable from time to time hereunder upon exercise of the
Rights, all subject to further adjustment as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(h) Unless
the Company shall have exercised its election as provided in <U>Section 11</U>(i) hereof, upon each adjustment of the Purchase Price as
a result of the calculations made in <U>Section 11(b</U>) and (c) hereof, each Right outstanding immediately prior to the making of such
adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of Preferred Shares (calculated
to the nearest one-tenth) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately prior to this
adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the product
so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt">The Company may elect on or after the date of any adjustment of the Purchase Price to
adjust the number of Rights, in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right.
Each of the Rights outstanding after the adjustment in the number of Rights shall be exercisable for the number of Preferred Shares for
which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of
Rights shall become that number of Rights (calculated to the nearest one millionth) obtained by dividing the Purchase Price in effect
immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price.
The Company shall make a public announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number
of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record
date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued,
shall be at least ten (10) days later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment
of the number of Rights pursuant to this <U>Section 11</U>(i), the Company shall, as promptly as practicable, cause to be distributed
to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to <U>Section 15</U> hereof, the
additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause
to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by such holders prior to
the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which
such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and countersigned
in the manner provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and shall be registered in
the names of the holders of record of Rights Certificates on the record date specified in the public announcement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(j) Irrespective
of any adjustment or change in the Purchase Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights
Certificates theretofore and thereafter issued may continue to express the Purchase Price per share and the number of shares which were
expressed in the initial Rights Certificates issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(k) Before
taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the number of Preferred
Shares or Ordinary Shares or other securities issuable upon exercise of the Rights (aggregating, for this purpose, an appropriate amount
of the Purchase Price for fractional shares to compare such aggregated amount to the par value for a whole share), the Company shall take
any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully
paid and non-assessable Preferred Shares or Ordinary Shares or other securities at such adjusted Purchase Price. If upon any exercise
of the Rights, a registered holder is to receive a combination of Ordinary Shares and ordinary shares equivalents, or Preferred Shares
and preferred shares equivalents, a portion of the consideration paid upon such exercise, equal to at least the then par value, if any,
of an Ordinary Share or Preferred Share, as the case may be, shall be allocated as the payment for each Ordinary Share or Preferred Share,
as the case may be, so received.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(l) In
any case in which this <U>Section 11</U> shall require that an adjustment in the Purchase Price be made effective as of a record date
for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of
such event the issuing to the holder of any Right exercised after such record date the Preferred Shares and other securities of the Company,
if any, issuable upon such exercise over and above the Preferred Shares and other securities of the Company, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment; p<U>rovided</U>, <U>however</U>, that the Company shall
deliver to such registered holder a due bill or other appropriate instrument evidencing such registered holder&rsquo;s right to receive
such additional shares upon the occurrence of the event requiring such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(m) Anything
to the contrary in this <U>Section 11</U> notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price,
in addition to those adjustments expressly required by this <U>Section 11</U>, as and to the extent that it in its sole discretion shall
determine to be advisable in order that any consolidation or subdivision of the Preferred Shares, issuance wholly for cash of any Preferred
Shares at less than the current market price, issuance wholly for cash of Preferred Shares or securities which by their terms are convertible
into or exchangeable for Preferred Shares, share dividends or issuance of rights, options or warrants referred to hereinabove in this
<U>Section 11</U>, hereafter made by the Company to registered holders of Preferred Shares shall not be taxable to such shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(n) Anything
in this Agreement to the contrary notwithstanding, in the event that the Company shall at any time after the date of this Agreement and
prior to the Distribution Date (i) declare a dividend on the outstanding Ordinary Shares payable in Ordinary Shares, (ii) subdivide the
outstanding Ordinary Shares, (iii) effect a subdivision, combination or consolidation of the outstanding Ordinary Shares into a greater
or lesser number of shares, or (iv) issue any shares in a reclassification of the outstanding Ordinary Shares, the number of Rights associated
with each Ordinary Share then outstanding, or issued or delivered thereafter but prior to the Distribution Date, shall be proportionately
adjusted so that the number of Rights thereafter associated with each Ordinary Share following any such event shall equal the result obtained
by multiplying the number of Rights associated with each Ordinary Share immediately prior to such event by a fraction the numerator of
which shall be the total number of Ordinary Shares outstanding immediately prior to the occurrence of the event and the denominator of
which shall be the total number of Ordinary Shares outstanding immediately following the occurrence of such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(o) The
exercise of Rights under <U>Section 11(a</U>) (<U>ii</U>) hereof shall only result in the loss of rights under <U>Section 11(a</U>) (<U>ii</U>)
hereof to the extent so exercised and shall not otherwise affect the rights represented by the Rights under this Agreement, including
the rights represented by Section 13 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">12. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Certificate of Ad</U>j<U>usted Purchase Price or Number of Shares</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">Whenever an adjustment
is made as provided in <U>Sections 11</U> or <U>13</U> hereof, the Company shall (a) promptly prepare a certificate setting forth such
adjustment and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Rights Agent and with each transfer
agent for the Preferred Shares and the Ordinary Shares a copy of such certificate and (c) mail a brief summary thereof to each holder
of a Rights Certificate in accordance with Section 26 hereof. The Rights Agent shall be fully protected in relying on any such certificate
and on any adjustment or statement therein contained and shall have no duty or liability with respect to, and shall not be deemed to have
knowledge of any adjustment or any such event unless and until it shall have received such certificate. Notwithstanding the foregoing
provisions of this <U>Section 12</U>, the failure of the Company to make such certification or give such notice shall not affect the validity,
or the force or effect, of the requirement for such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in">13.
<U>Consolidation, Merger or Sale or Transfer of Assets or Earning Power</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) In
the event that, following the Stock Acquisition Date, directly or indirectly, (x) the Company shall consolidate with, or merge with and
into, any other Person, (y) any Person shall consolidate with the Company, or merge with and into the Company and the Company shall be
the continuing or surviving corporation of such merger (other than, in the case of any transaction described in (x) or (y), a merger or
consolidation which would result in all of the Voting Power represented by the securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into securities of the surviving entity) all of
the Voting Power represented by the securities of the Company or such surviving entity outstanding immediately after such merger or consolidation
and the holders of such securities not having changed as a result of such merger or consolidation), or (z) the Company shall sell, mortgage
or otherwise transfer (or one or more of its Subsidiaries shall sell, mortgage or otherwise transfer), in one or more transactions, assets
or earning power aggregating more than fifty percent (50%) of the assets or earning power of the Company and its Subsidiaries (taken as
a whole) to any other Person (any of the events described in the foregoing clauses (x), (y) or (z) being herein referred to as a &ldquo;<U>Section
13 Event</U>&rdquo;), then, and in each such case, proper provision shall be made so that (i) each holder of a Right (other than as provided
in <U>Section 7(e</U>) hereof) shall have the right to receive, upon the exercise thereof at the then current Purchase Price in accordance
with the terms of this Agreement, such number of freely tradable Ordinary Shares of the Principal Party (as hereinafter defined), free
and clear of liens, rights of call or first refusal, encumbrances or other adverse claims, as shall be equal to the result obtained by
(x) multiplying the then current Purchase Price by the number of Preferred Shares for which a Right is then exercisable (without taking
into account any adjustment previously made pursuant to <U>Section 11(a</U>) (<U>ii</U>) hereof) and (y) dividing that product by fifty
percent (50%) of the current market price per share of the Ordinary Shares of such Principal Party (determined pursuant to Section 11(d)
hereof) on the date of consummation of such consolidation, merger, sale or transfer; (ii) such Principal Party shall thereafter be liable
for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant
to this Agreement; (iii) the term &ldquo;Company&rdquo; shall thereafter be deemed to refer to such Principal Party, it being specifically
intended that the provisions of <U>Section 11</U> hereof shall apply to such Principal Party; and (iv) such Principal Party shall take
such steps (including, but not limited to, the reservation of a sufficient number of shares of its Ordinary Shares in accordance with
<U>Section 9</U> hereof) in connection with such consummation as may be necessary to ensure that the provisions hereof shall thereafter
be applicable, as nearly as reasonably may be, in relation to its Ordinary Shares thereafter deliverable upon the exercise of the Rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)
&ldquo;<U>Principal Par</U>ty&rdquo; shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(i) in
the case of any transaction described in clauses (x) or (y) of the first sentence of this <U>Section 13</U>, the Person that is the issuer
of any securities into which Ordinary Shares of the Company are converted in such merger or consolidation, and if no securities are so
issued, the Person that is the other party to the merger or consolidation (including, if applicable, the Company, if it is the surviving
corporation); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii) in
the case of any transaction described in clause (z) of the first sentence in this <U>Section 13</U>, the Person that is the party receiving
the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions; <U>provided</U>, <U>however</U>,
that in any such case, (A) if the Ordinary Shares of such Person are not at such time and have not been continuously over the preceding
twelve</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>  </B></FONT> <FONT STYLE="font-size: 10pt">(12)
month period registered under <U>Section 12</U> of the Exchange Act, and such Person is a direct or indirect Subsidiary or Affiliate of
another Person the Ordinary Shares of which are and have been so registered, &ldquo;<U>Principal Par</U>ty&rdquo; shall refer to such
other Person; (B) in case such Person is a Subsidiary, directly or indirectly, or Affiliate of more than one Person, the Ordinary Shares
of two or more of which are and have been so registered, &ldquo;<U>Principal Par</U>ty&rdquo; shall refer to whichever of such Persons
is the issuer of the Ordinary Shares having the greatest aggregate market value; and (C) in case such Person is owned, directly or indirectly,
by a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth in
clauses (A) and (B) above shall apply to each of the chains of ownership having an interest in such joint venture as if such joint venture
were a Subsidiary of each such joint venturer and the Principal Parties in each such chain shall bear the obligations set forth in this
Section 13 in the same ratio as their direct or indirect interests in such Person bear to the total of such interests.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) The
Company shall not consummate any Section 13 Event unless the Principal Party shall have a sufficient number of authorized shares of its
Ordinary Shares that have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this
<U>Section 13</U> and unless prior thereto the Company and each Principal Party and each other Person who may become a Principal Party
as a result of such Section 13 Event shall have executed and delivered to the Rights Agent a supplemental agreement providing for the
terms set forth in paragraphs (a) and (b) of this Section 13 and further providing that, as soon as practicable after the date of such
<U>Section 13</U> Event, the Principal Party at its own expense shall:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(i) prepare
and file a registration statement under the Act with respect to the Rights and the securities purchasable upon exercise of the Rights
on an appropriate form, will use its best efforts to cause such registration statement to become effective as soon as practicable after
such filing and will use its best efforts to cause such registration statement to remain effective (with a prospectus at all times meeting
the requirements of the Act) until the Expiration Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(ii) use
its best efforts to (x) qualify or register the Rights and the securities purchasable upon exercise of the Rights under the blue sky laws
of such jurisdictions as may be necessary or appropriate and (y) cause the Rights and the securities purchasable upon exercise of the
Rights to be listed on any national securities exchange or national quotation system upon which its Ordinary Shares are listed, traded
or quoted; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in">(iii) deliver
to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates that comply in all material
respects with the requirements for registration on Form 10 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The provisions
of this <U>Section 13</U> shall similarly apply to successive mergers or consolidations or sales or other transfers. The rights under
this</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT> <FONT STYLE="font-size: 10pt"><U>Section
13</U> shall be in addition to the rights to exercise Rights and adjustments under <U>Section 11(a</U>) (<U>ii</U>) hereof and shall survive
any exercise thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.5in; text-align: justify">(d)
Notwithstanding anything in this Agreement to the contrary, this <U>Section 13</U> shall not be applicable to a transaction described
in clauses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">(x) or (y) of <U>Section 13(a</U>) hereof if (i) such transaction is (x) consummated with a Person
or Persons who acquired Ordinary Shares pursuant to a Permitted Offer (or a wholly owned Subsidiary of any such Person or Persons) and
(y) related to such Permitted Offer, (ii) the price per Ordinary Share offered in such transaction is not less than the price per Ordinary
Share paid to all holders of Ordinary Shares whose shares were purchased pursuant to such Permitted Offer and (iii) the form of consideration
being offered to the remaining holders of Ordinary Shares pursuant to such transaction is the same as the form of consideration paid
pursuant to such Permitted Offer. Upon consummation of any such transaction contemplated by this subsection (d), all Rights hereunder
shall expire.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"> 14. <U>Additional Covenants</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"> (a) The Company covenants and agrees that after the Stock Acquisition Date it shall not (i) consolidate with, (ii) merge with or into or (iii) sell or transfer to any other Person, in one or more transactions, assets or earning power aggregating more than fifty percent (50%) of the assets or earning power of the Company and its Subsidiaries taken as a whole, if at the time of or after such consolidation, merger or sale there are any memorandum and articles of association, charter or by-law provisions or any rights, warrants or other instruments outstanding or any other action taken which would diminish or otherwise eliminate the benefits intended to be afforded by the Rights. The Company shall not consummate any such consolidation, merger or sale unless prior thereto the Company and such other Person shall have executed and delivered to the Rights Agent a supplemental agreement evidencing compliance with this subsection.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"> (b) The Company covenants and agrees that, after the Stock Acquisition Date, it will not, except as permitted by Section 24 hereof, take any action the purpose or effect of which is to diminish or otherwise eliminate the benefits intended to be afforded by the Rights.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"> 15. <U>Fractional R</U>ig<U>hts and Fractional Shares</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
   </B></FONT><FONT STYLE="font-size: 10pt">The Company shall not be required to issue fractions of Rights,
except prior to the Distribution Date as provided in <U>Section 11(n</U>) hereof, or to distribute Rights Certificates which evidence
fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Rights Certificates with regard
to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value
of a whole Right. For the purposes of this <U>Section 15(a</U>), the current market value of a whole Right shall be (except as otherwise
provided in the last sentence of this <U>Section 15(a</U>)) the closing price of the Rights for the Trading Day immediately prior to the
date on which such fractional Rights would have been otherwise issuable. The closing price of the Rights for any day shall be the last
sale price, the last quoted price or, if on any such date the Rights are not quoted by any such organization, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board. If on any such date
no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined reasonably and with good
faith to the holders of Rights by the Board shall be used and shall be binding on the Rights Agent and conclusive for all purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">The Company shall not be required to issue fractions of Preferred Shares
upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares. In lieu of fractional Preferred
Shares, the Company may pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided
an amount in cash equal to the current market value of a Preferred Share. For the purposes of this <U>Section 15(b</U>), the current market
value of a Preferred Share shall be determined in the manner set forth in <U>Section 11(d</U>) hereof for the Trading Day immediately
prior to the date of such exercise. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) Following
the occurrence of a Triggering Event, the Company shall not be required to issue fractions of Ordinary Shares upon exercise of the Rights
or to distribute certificates which evidence fractional Ordinary Shares. In lieu of fractional Ordinary Shares, the Company may pay to
the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the
same fraction of the current market value of an Ordinary Share. For purposes of this <U>Section 15(c</U>), the current market value shall
be determined in the manner set forth in <U>Section 11(d</U>) hereof for the Trading Day immediately prior to the date of such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(d) Except
as otherwise expressly provided herein, the holder of a Right by the acceptance of the Right expressly waives such holder&rsquo;s right
to receive any fractional Rights or any fractional shares upon exercise of a Right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(e) Whenever
a payment for fractional Rights or fractional shares is to be made by the Rights Agent, the Company shall (i) promptly prepare and deliver
to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and formulas utilized
in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such
payments. The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall
not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any Section of this Agreement relating
to the payment of fractional Rights or fractional shares unless and until the Rights Agent shall have received such a certificate and
sufficient monies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">16. <U>R</U>ig<U>hts
of Action</U>. All rights of action in respect of this Agreement, except those rights of action vested in the Rights Agent pursuant to
<U>Section 21</U>, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the
registered holders of the Ordinary Shares); and any registered holder of any Rights Certificate (or, prior to the Distribution Date, of
the Ordinary Shares), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution
Date, of the Ordinary Shares), may, in such holder&rsquo;s own behalf and for such holder&rsquo;s own benefit, enforce, and may institute
and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such holder&rsquo;s right
to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without
limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights
would not have an adequate remedy at law for any breach of this Agreement and shall be entitled to specific performance of the obligations
hereunder and injunctive relief against actual or threatened violations of the obligations hereunder of any Person subject to this Agreement.
Holders of Rights shall be entitled to recover the reasonable costs and expenses, including attorneys&rsquo; fees, incurred by them in
any action to enforce the provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">17. <U>Agreement
of R</U>ig<U>hts Holders</U>. Every holder of a Right by accepting the same consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"> (a) prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of Ordinary Shares;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) after
the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent and only if surrendered
at the principal office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate
forms and certificates attached;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) the
Company and the Rights Agent may deem and treat the Person in whose name a Rights Certificate (or, prior to the Distribution Date, the
associated Ordinary Shares certificate or uncertificated Ordinary Shares) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or the associated Ordinary Shares
certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights
Agent shall be affected by any notice to the contrary; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(d) notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right
or other Person as a result of the inability of the Company or the Rights Agent to perform any of its or their obligations under this
Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment or ruling issued by a court of competent
jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order
promulgated or enacted by any governmental authority prohibiting or otherwise restraining performance of such obligation; <U>provided</U>,
<U>however</U>, that the Company must use its best efforts to have any such order, decree or ruling lifted or otherwise overturned as
soon as possible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">18. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>R</U>ig<U>hts Certificate Holder Not Deemed a Shareholder</U>. No holder, as such,
of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the Preferred Shares,
Ordinary Shares or any other securities of the Company which may at any time be issuable upon exercise of the Rights represented thereby,
nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as
such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in <U>Section 25</U> hereof), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"> 19. <U>Concerning the R</U>ig<U>hts Agent</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) The Company agrees to
pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the
Rights Agent, its reasonable expenses and counsel fees and disbursements and other disbursements incurred in the preparation,
delivery, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder. The
Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine,
penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal
counsel) incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, for any action taken,
suffered or omitted by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of
its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom,
directly or indirectly. The provisions provided for under this <U>Section 19</U> and <U>Section 21</U> below shall survive the
expiration of the Rights and the termination of this Agreement and the resignation, replacement or removal of the Rights Agent. The
costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) The Rights Agent shall
be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in
connection with its acceptance and administration of this Agreement and the exercise and performance of its duties hereunder, in
reliance upon any Rights Certificate or certificate for Ordinary Shares or for other securities of the Company, instrument of
assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or
other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged by
the proper Person or Persons, or otherwise upon the advice of counsel as set forth in <U>Section 21</U> hereof. The Rights Agent
shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights
Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith, unless and until it
has received such notice in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"> 20. <U>Merger or Consolidation or Change of Name of R</U>ig<U>hts Agent</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) Any
Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting
from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to
the corporate trust or shareholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the
Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of <U>Section 22</U> hereof.
In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights Certificates
shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights
Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been
countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor or in the name
of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates
and in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) In
case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned;
and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights
Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force
provided in the Rights Certificates and in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">21. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Duties of R</U>ig<U>hts Agent</U>. The Rights Agent undertakes to perform only the
duties and obligations expressly imposed by this Agreement (and no implied duties or obligations) upon the following terms and conditions,
by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) The Rights Agent may
consult with legal counsel selected by it (who may be legal counsel for the Company or an employee of the Rights Agent), and the
advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent
shall incur no liability for or in respect of any action taken, suffered or omitted by it in good faith and in accordance with such
advice or opinion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(b) Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including,
without limitation, the identity of any Acquiring Person and the determination of current market price) be proved or established by the
Company prior to taking, or suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect
thereof shall be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the
Chief Executive Officer, the President, any Managing Director, any Vice President, the Chief Financial Officer, the Treasurer, any Assistant
Treasurer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full
and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action
taken, suffered or   omitted in good faith by it under the provisions of this Agreement in reliance upon such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) The
Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful misconduct.
Anything in this Agreement to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect,
incidental or consequential loss or damages of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent
has been advised of the possibility or likelihood of such loss or damages. Any liability of the Rights Agent under this Agreement will
be limited to the amount of annual fees paid by the Company to the Rights Agent. Anything to the contrary notwithstanding, in no event
will the Rights Agent be liable for special, punitive, indirect, incidental or consequential loss or damages of any kind whatsoever (including,
without limitation, lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damages.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(d) The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Rights
Certificates (except as to the fact that it has countersigned the Rights Certificates) or be required to verify the same, but all such
statements and recitals are and shall be deemed to have been made by the Company only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(e) The
Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution
and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate
(except its countersignature thereof); nor shall it be responsible for any change in the exercisability of Rights (including Rights becoming
null and void pursuant to <U>Section 7(e</U>) hereof) except with respect to the exercise of Rights evidenced by Rights Certificates after
actual notice of such change; nor shall it be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Rights Certificate; nor shall it be responsible for any adjustment required under the provisions of <U>Section 11</U>
or <U>13</U> hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts
that would require any such adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt of
a certificate pursuant to <U>Section 12</U> describing any such adjustment, upon which the Rights Agent may rely); nor shall it be responsible
for any determination by the Board of the current market value of the Rights or Preferred Shares or Ordinary Shares pursuant to the provisions
of <U>Section 15</U> hereof; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Preferred Shares or other securities to be issued pursuant to this Agreement or any Rights Certificate or as to
whether any Preferred Shares or other securities will, when so issued, be validly authorized and issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(f) The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all
such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performance
by the Rights Agent of the provisions of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(g) The Rights Agent is
hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder and certificates
delivered pursuant to any provision hereof from the Chief Executive Officer, the President, any Vice President, the Chief Financial
Officer, the Secretary, any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company, and is authorized to apply
to such officers for advice or instructions in connection with its duties under this Agreement, and it shall not be liable for any
action taken or suffered to be taken by it in good faith in accordance with written instructions of any such officer or for any
delay in acting while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the
most recent instructions received by any such officer. Any application by the Rights Agent for written instructions from the Company
may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted by the Rights
Agent with respect to its duties or obligations under this Agreement and the date on or after which such action shall be taken,
suffered or omitted and the Rights Agent shall not be liable for any action taken, suffered or omitted in accordance with a proposal
included in any such application on or after the date specified therein (which date shall not be less than three (3) Business Days
after the date any such officer actually receives such application, unless any such officer shall have consented in writing to an
earlier date) unless, prior to taking, suffering or omitting to take any such action, the Rights Agent has received written
instructions in response to such application specifying the action to be taken, suffered or omitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(h) The
Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with
or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under this Agreement. Nothing
herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(i) The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, omission, default, neglect
or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, omission,
default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(j) No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(k) If,
with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form
of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative response
to clause l or 2 thereof, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without
first consulting with the Company.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">22. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Change of R</U>ig<U>hts Agent</U>. The Rights Agent or any successor Rights Agent may
resign and be discharged from its duties under this Agreement upon thirty (30) days&rsquo; notice in writing mailed to the Company and
to each transfer agent of the Ordinary Shares and Preferred Shares by registered or certified mail. In the event the transfer agency relationship
in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged
from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any
required notice to the holders of the Rights Certificates by first-class mail. The Company may remove the Rights Agent or any successor
Rights Agent upon thirty (30) days&rsquo; notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be,
and to each transfer agent of the Ordinary Shares and Preferred Shares by registered or certified mail, and to the holders of the Rights
Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit such holder&rsquo;s Rights Certificate for
inspection by the Company), then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction for
the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a
Person organized and doing business under the laws of the Cayman Islands<B>, </B>the United States or of the State of New York or the
State of Delaware (or of any other state of the United States so long as such Person is authorized to do business in the State of New
York or the State of Delaware), in good standing, having a principal office in the Cayman Islands, the State of New York or the State
of Delaware, which is authorized under such laws to exercise corporate trust or shareholder services powers and is subject to supervision
or examination by a foreign or U.S. federal or state authority and which has at the time of its appointment as Rights Agent a combined
capital and surplus of at least $25,000,000.00 or (b) an Affiliate of a Person described in clause (a) of this sentence. After appointment,
the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named
as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent
any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the
purpose. Not later than the effective date of any such appointment the Company shall mail notice thereof in writing to the predecessor
Rights Agent and each transfer agent of the Ordinary Shares and Preferred Shares, and mail a notice thereof in writing to the registered
holders of the Rights Certificates. Failure to give any notice provided for in this <U>Section 22</U>, however, or any defect therein,
shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights
Agent, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">23. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Issuance of New R</U>ig<U>hts Certificates</U>. Notwithstanding any of the provisions
of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in
such form as may be approved by the Board to reflect any adjustment or change in the Purchase Price per share and the number or kind or
class of shares or other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this
Agreement. In addition, in connection with the issuance or sale of Ordinary Shares following the Distribution Date and prior to the redemption
or expiration of the Rights, the Company (a) shall, with respect to Ordinary Shares so issued or sold pursuant to the exercise of share
options or otherwise under any employee plan or arrangement, which plan or arrangement is existing as of the Distribution Date, or upon
the exercise, conversion or exchange of any other securities issued by the Company on or prior to the Distribution Date, and (b) may,
in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing the appropriate number of Rights
in connection with such issuance or sale; p <U>rovided</U>, <U>however</U>, that (i) no such Rights Certificates shall be issued if, and
to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax
consequences to the Company or the Person to whom such Rights Certificates would be issued, and (ii) no such Rights Certificates shall
be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"> <FONT STYLE="font-size: 10pt">24.</FONT> <FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt"><U>Redemption, Termination and Exchan</U>ge.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) (i)
The Board may, at its option, at any time prior to the earlier of (x) the Stock Acquisition Date or (y) the Close of Business on the Final
Expiration Date, redeem all but not less than all of the then outstanding Rights at a redemption price of $0.12 per Right, appropriately
adjusted to reflect any share split, share dividend or similar transaction occurring after the Original Execution Date (such redemption
price being hereinafter referred to as the &ldquo;<U>Redemption Price</U>&rdquo;). The Company may, at its option, pay the Redemption
Price in any form of consideration deemed appropriate by the Board. (ii) (x) In addition, and notwithstanding the provisions of Section
24(a)(i) hereof, the Board may redeem all but not less than all of the then outstanding Rights at the Redemption Price on or after the
Stock Acquisition Date but prior to any Section 13 Event either in connection with any Section 13 Event in which all holders of Ordinary
Shares are treated alike and not involving (other than as a holder of Ordinary Shares being treated like all other such holders) an Acquiring
Person or an Affiliate or Associate thereof or any other Person in which such Acquiring Person or Affiliate or Associate thereof has any
interest, or any other Person acting directly or indirectly on behalf of or in association with any such Acquiring Person or Affiliate
or Associate thereof, or (y) following the occurrence of a Section 11 Event, and the expiration of any period during which the holder
of Rights may exercise the rights under <U>Section 11(a</U>) (<U>ii</U>) hereof as a result thereof, if and for as long as any Acquiring
Person having triggered the Section 11 Event at issue is not thereafter the Beneficial Owner of securities representing ten percent (10%)
or more of the outstanding Voting Power of the Company, and at the time of redemption there are no other Persons who are Acquiring Persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">(i) In the case of a redemption permitted under <U>Section 24(a</U>)(i) hereof,
immediately upon the action of the Board ordering the redemption of the Rights, evidence of which shall have been filed with the Rights
Agent and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter
of the holders of Rights shall be to receive the Redemption Price. In the case of a redemption permitted only under <U>Section 24(a</U>)
(<U>ii</U>) hereof, evidence of which shall have been filed with the Rights Agent, the right to exercise the Rights will terminate and
represent only the right to receive the Redemption Price only after ten (10) Business Days following the giving of notice of such redemption
to the holders of such Rights if no Section 11 Event shall have occurred, and, if a Section 11 Event shall have occurred, upon the later
of ten</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT> <FONT STYLE="font-size: 10pt">(10)
Business Days following the giving of such notice or the expiration of any period during which the rights under <U>Section 11(a</U>) (<U>ii</U>)
hereof may be exercised as a result thereof. Within ten (10) days after the action of the Board ordering any such redemption of the Rights,
the Company shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice
to the Rights Agent and to all such holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior
to the Distribution Date, on the registry books of the transfer agent for the Ordinary Shares. Any notice that is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method
by which the payment of the Redemption Price will be made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">(ii) In the case of a redemption permitted under <U>Section 24(a</U>)(i)
or ( <U>ii</U>), the Company may, at its option, discharge all of its obligations with respect to the Rights by (i) issuing a press release
announcing the manner of redemption of the Rights and (ii) mailing payment of the Redemption Price to the registered holders of the Rights
at their last addresses as they appear on the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books
of the transfer agent of the Ordinary Shares, and upon such action, all outstanding Rights Certificates shall be null and void without
any further action by the Company.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c) </FONT>(i)
Subject to the limitations of applicable laws, the Board may, at its option and at any time after any Person becomes an Acquiring
Person, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void
pursuant to the provisions of <U>Section 7(e</U>) hereof) for (A) Ordinary Shares at an exchange ratio of one Ordinary Share per
Right, appropriately adjusted to reflect any share split, share dividend or similar transaction occurring after the Original
Execution Date (the &ldquo;<U>Exchange Shares</U>&rdquo;), or (B) Substitute Consideration (as that term is defined below). The
Board may determine, in its sole discretion, whether to deliver Exchange Shares or Substitute Consideration. Notwithstanding the
foregoing, the Board shall not be empowered to effect such exchange at any time after any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Ordinary Shares
for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial
Owner of fifty percent (50%) or more of the Ordinary Shares then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -13.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1in">(ii) In the event the Board shall determine to deliver Substitute Consideration in exchange for Rights, the Company
shall <FONT STYLE="font-size: 10pt">(1) determine the value of the Exchange Shares (the &ldquo;<U>Exchange Value</U>&rdquo;), and (2)
with respect to each Right to be exchanged, make adequate provision to substitute for Exchange Shares the following (the &ldquo;<U>Substitute
Consideration</U>&rdquo;): (v) cash, (w) Ordinary Shares or ordinary shares equivalents (as that term is defined in <U>Section 11(a</U>)
(<U>iii</U>) hereof) or Preferred Shares or equivalent preferred shares (as that term is defined in <U>Section 11(b</U>) hereof), (x)
debt securities of the Company, (y) other assets, or (z) any combination of the foregoing, having an aggregate value equal to the Exchange
Value, where such aggregate value has been determined by the Board based upon the advice of a nationally recognized investment banking
firm selected by the Board. For purposes of this <U>Section 24(c</U>), the value of an Ordinary Share shall be the current market price
(as determined pursuant to <U>Section 11(d</U>) hereof) per Ordinary Share on the day that is the later of (x) the first occurrence of
a Section 11 Event or (y) the date on which the Company&rsquo;s right of redemption pursuant to <U>Section 24(a</U>)(i) hereof expires;
and the value of any ordinary shares equivalent shall be deemed to have the same value as the Ordinary Shares on such date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT>Immediately
upon the action of the Board ordering the exchange of any Rights pursuant to this <U>Section 24(c</U>), and without any further
action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a registered
holder of such Rights shall be entitled to receive Exchange Shares or Substitute Consideration for each Right exchanged by such
registered holder. The Company shall promptly give public notice of any such exchange (with prompt written notice thereof to the
Rights Agent); p<U>rovided</U>, <U>however</U>, that the failure to give, or any defect in, such notice shall not affect the
validity of such exchange. The Company promptly shall mail a notice of any such exchange to all of the registered holders of such
Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice that is mailed in the manner
herein provided shall be deemed given, whether or not the registered holder receives the notice. Each such notice of exchange will
state the method by which the exchange of Ordinary Shares (or Substitute Consideration) for Rights will be effected and, in the
event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based
on the number of Rights (other than Rights which have become void pursuant to the provisions of <U>Section 7(e</U>) hereof) held by
each holder of Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1in">(iv) In
the event that there shall not be sufficient Ordinary Shares or Preferred Shares available to permit any exchange of Rights as contemplated
in accordance with this Section 24(c), the Company shall take all such action as may be necessary to increase the number of Ordinary Shares
or Preferred Shares available for issuance upon exchange of the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT>
The Company shall not be required to issue fractions of Ordinary Shares or to distribute certificates which evidence fractional
Ordinary Shares. In lieu of such fractional Ordinary Shares, the Company shall pay to the registered holders of the Rights
Certificates with regard to which such fractional Ordinary Shares would otherwise be issuable an amount in cash equal to the same
fraction of the current market value of a whole Ordinary Share. For the purposes of this <U>Section 24(c</U>) (<U>v</U>), the
current market value of a whole Ordinary Share shall be determined in the manner set forth in <U>Section 11(d</U>) hereof for the
Trading Day immediately prior to the date of exchange pursuant to this <U>Section 24(c</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"> 25. <U>Notice of Certain Events</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(a) In
case the Company shall propose (i) to pay any dividend payable in shares of any class to the holders of Preferred Shares or to make any
other distribution to the holders of Preferred Shares (other than a regular quarterly cash dividend out of earnings or retained earnings
of the Company), (ii) to offer to the registered holders of Preferred Shares rights or warrants to subscribe for or to purchase any additional
Preferred Shares or shares of any class or any other securities, rights or options, (iii) to effect any reclassification of Preferred
Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares), (iv) to effect any consolidation
or merger into or with, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other
transfer), in one or more transactions, of more than fifty percent (50%) of the assets or earning power of the Company and its Subsidiaries
(taken as a whole) to, any other Person or (v) to effect the liquidation, dissolution or winding up of the Company, then, in each such
case, the Company shall give to the Rights Agent and each holder of a Rights Certificate, in accordance with Section 26 hereof, a notice
of such proposed action, which shall specify the record date for the purposes of such share dividend, distribution of rights or warrants,
or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to take place
and the date of participation therein by the registered holders of the Preferred Shares, if any such date is to be fixed, and such notice
shall be so given in the case of any action covered by clause (i) or (ii) above at least twenty (20) days prior to the record date for
determining registered holders of the Preferred Shares for purposes of such action, and in the case of any such other action, at least
twenty (20) days prior to the date of the taking of such proposed action or the date of participation therein by the registered holders
of the Preferred Shares, whichever shall be the earlier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b) </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
  </B></FONT><FONT STYLE="font-size: 10pt">In case any Triggering Event shall occur, then, in any such case, the Company
or the Principal Party, as the case may be, shall as soon as practicable thereafter give to each holder of a Rights Certificate, in accordance
with <U>Section 26</U> hereof, a notice of the occurrence of such Triggering Event, which shall specify the event and the consequences
of the Triggering Event to holders of Rights under <U>Sections 11(a</U>) (<U>ii</U>) or <U>13(a</U>) hereof, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in">(c) The
failure to give notice required by this Section 25 or any defect therein shall not affect the legality or validity of the action taken
by the Company or the vote upon any such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">26. <U>Notices</U>.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate to
or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, or sent by nationwide overnight delivery,
postage-prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">#28-01 International Plaza,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Singapore 079903</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">Subject to the provisions of <U>Section
22</U>, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Rights Certificate
to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, or sent by nationwide overnight
delivery, postage-prepaid, addressed (until another address is filed in writing with the Company) as follows:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">18 Lafayette Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Woodmere, New York 11598</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">Notices or demands authorized by
this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate shall be sufficiently given
or made if sent by first-class mail, postage prepaid, or sent by nationwide overnight delivery, postage prepaid, addressed to such registered
holder at the address of such holder as shown on the register of members of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">27. <U>Su</U>pp<U>lements
and Amendments</U>. The Company and the Rights Agent may from time to time supplement or amend this Agreement without approval of any
holders of Rights or Rights Certificates in order (i) to cure any ambiguity, (ii) to correct or supplement any provision contained herein
which may be defective or inconsistent with any other provisions herein, (iii) prior to the Distribution Date, to change or supplement
any provision hereunder in any manner which the Company may deem necessary or desirable or (iv) on or following the Distribution Date,
to change or supplement any provision hereunder in any manner which the Company may deem necessary or desirable and which shall not adversely
affect the interests of the holders of Rights Certificates. Upon the delivery of a certificate from an appropriate officer of the Company
and, if requested by the Rights Agent, an opinion of counsel which states that the proposed supplement or amendment is in compliance with
the terms of this Section 27, the Rights Agent shall execute such supplement or amendment unless the Rights Agent shall have determined
in good faith that such supplement or amendment would adversely affect its interests under this Agreement. Prior to the Distribution Date,
the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">28. <U>Determination
and Actions by the Board</U>. For all purposes of this Agreement, any calculation of the number of securities representing the outstanding
Voting Power of the Company at any particular time, including for purposes of determining the particular percentage of such outstanding
Voting Power of the Company or any other securities of which any Person is the Beneficial Owner, shall be made in accordance with the
last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement.
Except as otherwise provided herein, the Board shall have the exclusive power and authority to administer this Agreement and to exercise
all rights and powers specifically granted to the Board or to the Company, or as may be necessary or advisable in the administration of
this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all
determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem
the Rights or to amend this Agreement). All such actions, calculations, interpretations and determinations (including, for purposes of
clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall (x) be final,
conclusive and binding on the Company, the Rights Agent, the holders of the Rights Certificates and all other parties and (y) not subject
the Board to any liability to the holders of the Rights Certificates. The Rights Agent is entitled always to assume the Company&rsquo;s
Board of Directors acted in good faith and shall be fully protected and incur no liability in reliance thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">29. <U>Successors</U>.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">30. <U>Benefits
of This Agreement</U>. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent and
the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Ordinary Shares) any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent
and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Ordinary Shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">31. <U>Severabili</U>ty.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, null and void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">32. <U>Governing
Law</U>. This Agreement, each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws
of the State of New York save to the extent that the laws of the Cayman Islands are mandatorily applicable under private law and for all
purposes shall be governed by and construed in accordance with the laws of such jurisdiction applicable to contracts to be made and to
be performed entirely within such state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">33. <U>Counterparts</U>.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically
shall have the same authority, effect, and enforceability as an original signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">34. </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>
 </B></FONT><FONT STYLE="font-size: 10pt"><U>Descriptive Headin</U>gs. Descriptive headings of the several Sections of this Agreement
are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: 0in">35. <U>Force
Ma</U>j<U>eure</U>. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts,
shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due to power failures
or mechanical difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 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: 0pt 0pt 0pt 0in; text-align: justify">IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; 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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUARDFORCE
    AI CO., LIMITED</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify"></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/
    Lei Wang</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lei
    Wang</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VStock Transfer, LLC, AS RIGHTS AGENT</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Young D. Kim</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Young
    D. Kim</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    Officer</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><I>Signature Page to Shareholder Rights
Agreement</I></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B><U>Form of Rights Certificate</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Certificate No. R-______________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________
Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">NOT EXERCISABLE AFTER DECEMBER 15,
2035 OR EARLIER IF NOTICE OF REDEMPTION OR EXCHANGE IS GIVEN.&nbsp;&nbsp;THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY,
AT $0.12 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT.&nbsp;&nbsp;THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE
WERE ISSUED TO A PERSON WHO WAS AN ACQUIRING PERSON OR AN ASSOCIATE OR AN AFFILIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED
IN THE RIGHTS AGREEMENT).&nbsp;&nbsp;THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME VOID UNDER THE CIRCUMSTANCES
SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>GUARDFORCE AI CO. LIMITED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">This certifies that ____________________,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject
to the terms, provisions and conditions of the Rights Agreement dated as of December 15, 2025 (the &ldquo;<U>Rights Agreement</U>&rdquo;)
between GUARDFORCE AI CO. LIMITED, a Cayman Islands exempted company (the &ldquo;<U>Company</U>&rdquo;), and VStock Transfer, LLC, a<B>&nbsp;</B>New
York limited liability company (the &ldquo;<U>Rights Agent</U>&rdquo;), to purchase from the Company at any time after the Distribution
Date (as such term is defined in the Rights Agreement) and prior to 5:00 p.m. (New York City time) on December 15, 2035, unless earlier
redeemed or exchanged by the Company as set forth in the Rights Agreement, at the office of the Rights Agent designated for such purpose,
a fully paid, non-assessable Preferred Share of the Company, at a purchase price of<B>&nbsp;</B>eight dollars and forty-four cents ($8.44)
per share (the &ldquo;<U>Purchase Price</U>&rdquo;), upon presentation and surrender of this Rights Certificate with the appropriate Form
of Election to Purchase and Certificate duly executed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">The number of Rights evidenced by this
Rights Certificate (and the number of shares which may be purchased upon exercise thereof) set forth above, and the Purchase Price set
forth above, are the number and Purchase Price as of the close of business on the record date relating to the initial distribution of
the Rights, based on the Preferred Shares as constituted at such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">Upon the occurrence of a Triggering
Event (as such term is defined in the Rights Agreement), if the Rights evidenced by this Rights Certificate are Beneficially Owned (as
such term is defined in the Rights Agreement) by (i) an Acquiring Person (as such term is defined in the Rights Agreement) or an Associate
or Affiliate thereof (as such terms are defined in the Rights Agreement) or, (ii) under certain circumstances specified in the Rights
Agreement, a transferee of an Acquiring Person, or an Affiliate or Associate of an Acquiring Person, such Rights shall become null and
void and no holder hereof shall have any rights with respect to such Rights from and after the occurrence of any such Triggering Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">* &nbsp;&nbsp;&nbsp;&nbsp;The portion of the legend
in brackets shall be inserted only if applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">As provided in the Rights Agreement,
the Purchase Price and the number of Preferred Shares or other securities which may be purchased upon the exercise of the Rights evidenced
by this Rights Certificate are subject to modification and adjustment upon the happening of certain events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">This Rights Certificate is subject to all of the terms,
provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference
and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights,
obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Rights Certificates.&nbsp;&nbsp;Copies
of the Rights Agreement are on file at the principal office of the Company and are also available upon written request to the Company.</P>

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

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

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    <DIV STYLE="break-before: page; 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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">This Rights Certificate, with or without
other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another
Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number
of Preferred Shares as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder
to purchase.&nbsp;&nbsp;If this Rights Certificate shall be exercised (other than pursuant to&nbsp;<U>Section 11(a)(ii)</U>&nbsp;of the
Rights Agreement) in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates
for the number of whole Rights not exercised.&nbsp;&nbsp;If this Rights Certificate shall be exercised in whole or in part pursuant to&nbsp;<U>Section
11(a)(ii)</U>&nbsp;of the Rights Agreement, the holder shall be entitled to receive this Rights Certificate duly marked to indicate that
such exercise has occurred as set forth in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">Subject to the provisions of the Rights
Agreement, the Rights evidenced by this Certificate may, in certain instances, be (i) redeemed by the Company at its option at a redemption
price of $0.12 per Right or (ii) exchanged in whole or in part for shares of the Company&rsquo;s Ordinary Shares or substitute consideration.&nbsp;&nbsp;Subject
to the provisions of the Rights Agreement, the Company, at its option, may elect to mail payment of the redemption price to the registered
holder of the Rights at the time of redemption, in which event this Certificate may become void without any further action by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">The Company may elect not to issue
fractional Preferred Shares or other securities upon the exercise of any Right or Rights evidenced hereby, in which event a cash payment
will be made, in lieu thereof, as provided in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">No holder of this Rights Certificate,
as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of Preferred Shares or of any other securities
of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein
be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote for the
election of Directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised
as provided in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">This Rights Certificate shall not be valid or obligatory
for any purpose until it shall have been countersigned by the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">WITNESS the facsimile signature of the proper officers
of the Company and its corporate seal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;[___________], 20[__].</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 4%">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center; width: 36%">Attest:</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 4%">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center; width: 36%">GUARDFORCE AI CO. LIMITED</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">By:</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0pt; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">By:</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0pt; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Name:</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Title:</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Title:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Countersigned:</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">VSTOCK TRANSFER, LLC,</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">as Rights Agent</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">By:</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0pt; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Name:</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">Title:</TD>
  <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
  <TD STYLE="padding: 0pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; 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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">[Form of Reverse Side of Rights Certificate]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(To be executed by the registered holder
if such</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">holder desires to transfer the Rights Certificate.)&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">FOR VALUE RECEIVED, ____________________ hereby
sells, assigns and transfers unto ______________________________________________</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(please print name, address and social security
or other identifying number of transferee)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: center">this Rights Certificate, together with
all right, title and interest therein, and does hereby irrevocably constitute and appoint _______________ Attorney, to transfer the within
Rights Certificate on the books of the within-named Company, with full power of substitution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;____________, 20___.&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Signatures must be guaranteed by an Eligible Guarantor
Institution, as defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 37 -->
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    <DIV STYLE="break-before: page; 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; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">The undersigned hereby certifies by checking the
appropriate boxes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">(1) the Rights evidenced by this Rights Certificate
[&nbsp;&nbsp;&nbsp;] are [&nbsp;&nbsp;&nbsp;] are not being sold, assigned and transferred by or on behalf of a Person who is or was
an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined in the Rights Agreement); and&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify">(2) after due inquiry and to the best knowledge
of the undersigned, the undersigned&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;] did [&nbsp;&nbsp;&nbsp;] did not acquire the Rights evidenced by
this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring
Person.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;____________, 20__.</P>

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

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The signature to the foregoing Assignment must correspond
to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change
whatsoever.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In the event the Certificate set forth above is
not completed, the Company will deem the beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person
or an Affiliate or Associate thereof (as defined in the Rights Agreement) and will affix a legend to that effect on any Rights Certificate
issued in exchange for this Rights Certificate.&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 38 -->
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    <DIV STYLE="break-before: page; 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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><U>FORM OF ELECTION TO PURCHASE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(To be executed if holder desires to</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">exercise the Rights Certificate pursuant
to</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><U>Section 11(a)(ii)</U>&nbsp;of the Rights Agreement.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">TO: GUARDFORCE AI CO. LIMITED</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The undersigned hereby irrevocably elects to exercise
__________ Rights represented by this Rights Certificate to purchase the Ordinary Shares (or such other securities of the Company) issuable
upon the exercise of the Rights and requests that certificates for such shares be issued in the name of:&nbsp;</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(Please insert social security or other identifying
number)&nbsp;</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(Please print name and address)&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Rights Certificate indicating the balance, if
any, of such Rights which may still be exercised pursuant to&nbsp;<U>Section 11(a)(ii)</U>&nbsp;of the Rights Agreement shall be returned
to the undersigned unless the undersigned requests that the Rights Certificate be registered in the name of and delivered to:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Please insert social security or other identifying
number (complete only if Rights Certificate is to be registered in a name other than the undersigned)&nbsp;</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(Please print name and address)&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;____________, 20__.&nbsp;</P>

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

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Signatures must be guaranteed by an Eligible Guarantor
Institution, as defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.&nbsp;</P>


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

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

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    <DIV STYLE="break-before: page; 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; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">The undersigned hereby certifies by checking the
appropriate boxes that:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0in; text-align: justify">(1) &nbsp;the Rights
evidenced by this Rights Certificate [&nbsp;&nbsp;&nbsp;] are [&nbsp;&nbsp;&nbsp;] are not being exercised by or on behalf of a Person
who is or was an Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are defined pursuant to the
Rights Agreement);&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0in; text-align: justify">(2) &nbsp;this Rights Certificate [&nbsp;&nbsp;&nbsp;]
is [&nbsp;&nbsp;&nbsp;] is not being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring Person or
an Affiliate or Associate of any such Acquiring Person (as such terms are defined in the Rights Agreement); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0in; text-align: justify">(3) after due
inquiry and to the best knowledge of the undersigned, the undersigned [ ] did [ ] did not acquire the Rights evidenced by this Rights
Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;____________, 20__.&nbsp;</P>

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

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



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

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

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

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    <DIV STYLE="break-before: page; 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; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">The signature to the foregoing Election
to Purchase must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or
enlargement or any change whatsoever.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">In the event the Certificate set forth
above is not completed, the Company will deem the beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring
Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><U>FORM OF ELECTION TO PURCHASE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(To be executed if holder desires to
exercise</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">the Rights Certificate other than pursuant
to</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><U>Section 11(a)(ii)</U>&nbsp;of the Rights Agreement.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">TO: GUARDFORCE AI CO. LIMITED</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">The undersigned hereby irrevocably
elects to exercise __________ Rights represented by this Rights Certificate to purchase the Preferred Shares (or such other securities
of the Company or any other Person) issuable upon the exercise of the Rights and requests that certificates for such shares be issued
in the name of:&nbsp;</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(Please insert social security or other identifying
number)</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(Please print name and address)&nbsp;</P>

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

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

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    <DIV STYLE="break-before: page; 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 0pt 0pt 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">If applicable, the Rights Certificate
indicating the balance, if any, of such Rights which may still be exercised pursuant to&nbsp;<U>Section 11(a)(ii)</U>&nbsp;of the Rights
Agreement shall be returned to the undersigned unless such Person requests that the Rights Certificate be registered in the name of and
delivered to:</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">Please insert social security or other
identifying number (complete only if Rights Certificate is to be registered in a name other than the undersigned)&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">(Please print name and address)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;____________, 20__.&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Signatures must be guaranteed by an Eligible Guarantor
Institution, as defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.</P>



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

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    <DIV STYLE="break-before: page; 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 0pt 0pt 0in; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">The undersigned hereby certifies by checking the
appropriate boxes that:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0.5in; text-align: justify">(1) &nbsp;the Rights evidenced by this
Rights Certificate [&nbsp;&nbsp;&nbsp;] are [&nbsp;&nbsp;&nbsp;] are not being exercised by or on behalf of a Person who is or was an Acquiring Person or an Affiliate
or Associate of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement);&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-indent: 0.5in; text-align: justify">(2) &nbsp;the Rights evidenced by this
Rights Certificate [&nbsp;&nbsp;&nbsp;] are [&nbsp;&nbsp;&nbsp;] are not being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring Person
or an Affiliate or Associate of any such Acquiring Person (as such terms are defined in the Rights Agreement); and&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0in; text-align: justify">(3) &nbsp;after due inquiry and to
the best knowledge of the undersigned, the undersigned&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;] did [&nbsp;&nbsp;&nbsp;] did not acquire the Rights evidenced by this Rights Certificate
from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Dated:&nbsp;&nbsp;____________, 20__.</P>

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

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">The signature to the foregoing Election
to Purchase must correspond to the name as written upon the fact of this Rights Certificate in every particular, without alteration or
enlargement or any change whatsoever.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify">In the event the Certificate set forth
above is not completed, the Company will deem the beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring
Person or an Affiliate or Associate thereof (as defined in the Rights Agreement).</P>

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

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

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    <DIV STYLE="break-before: page; 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; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>GUARDFORCE AI CO. LIMITED</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>Except as set forth below, each Right,
when exercisable, entitles the registered holder to purchase from the Company one share of the preferred shares of the Company (the &ldquo;<U>Preferred
Shares</U>&rdquo;), at a price of eight dollars and forty-four cents ($8.44) per Preferred Share (the &ldquo;<U>Purchase Price</U>&rdquo;),
subject to adjustment.&nbsp;&nbsp;The description and terms of the Rights are set forth in a Rights Agreement (the &ldquo;<U>Rights Agreement</U>&rdquo;)
between the Company and VStock Transfer, LLC, as &ldquo;<U>Rights Agent</U>.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>Initially, the Rights will be attached
to all certificates representing Ordinary Shares then outstanding, and no separate Rights certificates or stock statements will be distributed
or provided.&nbsp;&nbsp;The Rights will separate from the Ordinary Shares and a &ldquo;<U>Distribution Date</U>&rdquo; will occur upon
the earliest of the following: (i) a public announcement that a person, entity or group of affiliated or associated persons or entities
(an &ldquo;<U>Acquiring Person</U>&rdquo;) has acquired, or obtained the right to acquire, beneficial ownership of securities representing
ten percent (10%) or more of the voting power of all securities of the Company then outstanding and generally entitled to vote for the
election of directors of the Company (&ldquo;<U>Voting Power</U>&rdquo;) (other than (A) as a result of repurchases of shares by the Company
or certain inadvertent actions by institutional or certain other shareholders, (B) the Company, any subsidiary of the Company or any employee
benefit plan of the Company or any subsidiary, and (C) any Exempt Person, including the Founders, up to such holder&rsquo;s Exempted Percentage
(initially 25% for the Founders); and (D) certain other instances set forth in the Rights Agreement); or (ii) ten (10) business days (unless
such date is extended by the Board) following the commencement of a tender offer or exchange offer which would result in any person, entity
or group of affiliated or associated persons or entities becoming an Acquiring Person (unless such tender offer or exchange offer is a
Permitted Offer (defined below)).</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>Until the Distribution Date (or earlier
redemption or expiration of the Rights, if applicable), (i) the Rights will be evidenced (x) with respect to any uncertificated Ordinary
Shares outstanding as of or after the Record Date, by the registration of the Ordinary Shares in the Company&rsquo;s share register in
the names of the holders thereof, and (y) with respect to any certificates for Ordinary Shares outstanding as of or after the Record Date,
by such Ordinary Share certificates, and (ii) the surrender for transfer of any certificates for outstanding Ordinary Shares will also
constitute the transfer of the Rights associated with such Ordinary Shares, and the registration of transfer of ownership of any uncertificated
Ordinary Shares will also constitute the transfer of the Rights associated with such Ordinary Shares.&nbsp;&nbsp;As soon as practicable
following the Distribution Date, separate certificates evidencing the Rights (&ldquo;<U>Rights Certificates</U>&rdquo;) will be mailed
to holders of record of the Ordinary Shares as of the close of business on the Distribution Date, and the separate Rights Certificates
alone will evidence the Rights.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>The Rights are not exercisable unless
and until a Distribution Date occurs.&nbsp;&nbsp;The Rights will expire on the earliest of (i) December 15, 2035, (ii) consummation of
a merger transaction with a person, entity or group who (x) acquired Ordinary Shares pursuant to a Permitted Offer and (y) is offering
in the merger the same price per share and form of consideration paid in the Permitted Offer or (iii) redemption or exchange of the Rights
by the Company as described below. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>The number of Rights associated with
each Ordinary Share shall be proportionately adjusted in the event of a share dividend on, or a subdivision, combination or reclassification
of, the Ordinary Shares.&nbsp;&nbsp;The Purchase Price payable, and the number of Preferred Shares or other securities or property issuable,
upon exercise of the Rights are subject to adjustment from time to time (i) in the event of a share dividend on, or a subdivision, combination
or reclassification of, the Preferred Shares, (ii) upon the grant to holders of the Preferred Shares of certain rights, options or warrants
to subscribe for Preferred Shares, certain convertible securities or securities having the same or more favorable rights, privileges and
preferences as the Preferred Shares at less than the current market price of the Preferred Shares, or (iii) upon the distribution to holders
of the Preferred Shares of evidences of indebtedness or assets (excluding regular quarterly cash dividends out of earnings or retained
earnings) or of subscription rights, options or warrants (other than those referred to above).&nbsp;&nbsp;With certain exceptions, no
adjustments in the Purchase Price will be required until cumulative adjustments require an adjustment of at least one percent (1%) in
such Purchase Price.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>In the event that, after the first
date of public announcement by the Company or an Acquiring Person that an Acquiring Person has become such, the Company is involved in
a merger or other business combination transaction (whether or not the Company is the surviving corporation) or fifty percent (50%) or
more of the Company&rsquo;s assets or earning power are sold (in one transaction or a series of transactions), proper provision shall
be made so that each holder of a Right (other than an Acquiring Person) shall thereafter have the right to receive, upon the exercise
thereof at the then current Purchase Price, that number of ordinary shares of either the Company, in the event that it is the surviving
corporation of a merger or consolidation, or the acquiring company (or, in the event there is more than one acquiring company, the acquiring
company receiving the greatest portion of the assets or earning power transferred) which at the time of such transaction would have a
market value of two (2) times the Purchase Price (such right being called the &ldquo;<U>Merger Right</U>&rdquo;).&nbsp;&nbsp;In the event
that a person, entity or group becomes an Acquiring Person (unless pursuant to a tender offer or exchange offer for all outstanding Ordinary
Shares at a price and on terms determined prior to the date of the first acceptance of payment for any of such shares by at least a majority
of the Directors who are not officers of the Company and are not Acquiring Persons (or affiliated or associated persons or entities thereof)
to be fair to, and in the best interests of, the Company and its shareholders (a &ldquo;<U>Permitted Offer</U>&rdquo;)), then proper provision
shall be made so that each holder of a Right will, for a sixty (60) day period (subject to extension under certain circumstances) thereafter,
have the right to receive upon exercise that number of Ordinary Shares (or, at the election of the Company, which election may be obligatory
if sufficient Ordinary Shares are not available, a combination of Ordinary Shares, property, other securities (<U>e.g.</U>, Preferred
Shares) or cash (including by way of a reduction in the Purchase Price)) having a market value of two (2) times the Purchase Price (such
right being called the &ldquo;<U>Subscription Right</U>&rdquo;).&nbsp;&nbsp;The holder of a Right will continue to have the Merger Right
whether or not such holder exercises the Subscription Right.&nbsp;&nbsp;Notwithstanding the foregoing, upon the occurrence of any of the
events giving rise to the exercisability of the Merger Right or the Subscription Right, any Rights that are or were at any time after
the Distribution Date owned by an Acquiring Person (or affiliated or associated persons or entities thereof) shall immediately become
null and void.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>t any time prior to the earlier to
occur of (i) a person, entity or group becoming an Acquiring Person or (ii) the expiration of the Rights, the Company may redeem the Rights
in whole, but not in part, at a price of $0.12 per Right (the &ldquo;<U>Redemption Price</U>&rdquo;), which redemption shall be effective
upon the action of the Board.&nbsp;&nbsp;Additionally, the Company may, following a person, entity or group becoming an Acquiring Person,
redeem the then outstanding Rights in whole, but not in part, at the Redemption Price (i) if such redemption is incidental to a merger
or other business combination transaction or series of transactions involving the Company but not involving an Acquiring Person (or certain
related persons or entities) or (ii) following an event giving rise to, and the expiration of the exercise period for, the Subscription
Right if and for as long as the Acquiring Person triggering the Subscription Right beneficially owns securities representing less than
twenty percent (20%) of the outstanding Voting Power of the Company and at the time of redemption there are no other Acquiring Persons.&nbsp;&nbsp;The
redemption of Rights described in the preceding sentence shall be effective only as of such time when the Subscription Right is not exercisable.&nbsp;&nbsp;Upon
the effective date of the redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders
of Rights will be to receive the Redemption Price.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>Subject to applicable law, the Board,
at its option, may at any time after a person, group or entity becomes an Acquiring Person (but not after the acquisition by such Acquiring
Person of securities representing fifty percent (50%) or more of the outstanding Voting Power of the Company), exchange all or part of
the then outstanding and exercisable Rights (except for Rights which have become void) for Ordinary Shares at a rate of one Ordinary Share
per Right (subject to adjustment) or, alternatively, for substitute consideration consisting of cash, securities of the Company or other
assets (or any combination thereof).</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>Fractional Preferred Shares will
be issuable;&nbsp;<U>however</U>, the Company may elect to make an adjustment in cash, in lieu of fractional shares, based on the market
price of the Preferred Shares prior to the date of exercise.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>Until a Right is exercised, the holder
thereof, as such, will have no rights as a shareholder of the Company, including, without limitation, the right to vote or to receive
dividends.&nbsp;&nbsp;While the distribution of the Rights should not be taxable to shareholders or to the Company, holders of Rights
may, depending upon the circumstances, recognize taxable income in the event (i) that the Rights become exercisable for (x) Ordinary Shares
or Preferred Shares (or other consideration) or (y) ordinary shares or common stock of an acquiring company in the instance of the Merger
Right as set forth above or (ii) of any redemption or exchange of the Rights as set forth above.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>The Company and the Rights Agent
retain broad authority to amend the Rights Agreement;&nbsp;<U>however</U>, following any Distribution Date any amendment may not adversely
affect the interests of holders of Rights.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify"><I>A copy of the Rights Agreement will
be filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A.&nbsp;&nbsp;A copy of the Rights
Agreement is available free of charge from the Company.&nbsp;&nbsp;THIS SUMMARY DESCRIPTION OF THE RIGHTS DOES NOT PURPORT TO BE COMPLETE
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE RIGHTS AGREEMENT, WHICH IS INCORPORATED HEREIN BY REFERENCE.</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>FORM OF<BR>
CERTIFICATE OF DESIGNATION, PREFERENCES AND<BR>
RIGHTS OF PREFERRED SHARES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0in"><B>GUARDFORCE AI CO., LIMITED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0in">(the &ldquo;Company&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Pursuant to the Second Amended and Restated Articles
of Association of the Company (the &ldquo;Articles&rdquo;), the following resolutions were duly adopted at a meeting of the Board of Directors
of the Company held on December 15, 2025:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0in">RESOLVED, that pursuant to the authority granted
to and vested in the Board of Directors of the Company (the &ldquo;Board&rdquo;) in accordance with the provisions of the Articles, a
series of preferred shares of the Company be and it hereby is created, and that the designation and amount thereof and the voting rights,
preferences and relative, participating, optional and other special rights of the shares of such series, and the qualifications, limitations
or restrictions thereof are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 1. <FONT STYLE="font-size: 10pt"><U>Designation
and Amount</U>. The shares of such series shall be designated as &ldquo;Series A Preferred Shares&rdquo; (the &ldquo;Series A
Preferred Shares&rdquo;). The Series A Preferred Shares shall have a par value of $0.12 per share, and the number of shares
constituting such series shall be 24,353,539. Such number of shares may be increased or decreased by resolution of the Board; <I>provided</I>,
that no decrease shall reduce the number of Series A Preferred Shares to a number less than the number of shares then outstanding
plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the exercise of
any options, rights or warrants issuable upon conversion of any outstanding securities issued by the Company convertible into Series
A Preferred Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt -0.5in; text-indent: 1in">Section 2. <FONT STYLE="font-size: 10pt"><U>Conversion</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(A) Optional
Conversion. Each holder of Series A Preferred Shares shall have the right, at any time and from time to time, to convert all or any portion
of such holder&rsquo;s Series A Preferred Shares into fully paid and non-assessable Ordinary Shares at the then-effective Conversion Rate
(as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) Conversion
Rate; Adjustments. The &ldquo;Conversion Rate&rdquo; shall initially be ten (10) Ordinary Shares for each Series A Preferred Share, subject
to appropriate equitable adjustment in the event of any share split, share dividend, combination, reclassification, recapitalization or
similar event affecting the Ordinary Shares or the Series A Preferred Shares. In the event of any such adjustment, the Conversion Rate
shall be adjusted so that each holder of Series A Preferred Shares thereafter shall be entitled to receive, upon conversion, the number
and kind of securities or other property that such holder would have received if such holder&rsquo;s Series A Preferred Shares had been
converted immediately prior to the record date for such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) Mechanics
of Conversion. To convert Series A Preferred Shares, a holder shall deliver to the Company (a) a duly executed notice of conversion specifying
the number of shares to be converted, and (b) the certificate(s) representing such shares, if certificated, duly endorsed or accompanied
by appropriate instruments of transfer. Conversion shall be deemed to occur, and the rights of the holder as a holder of Series A Preferred
Shares with respect to such converted shares shall cease, as of the close of business on the date the foregoing items are delivered. Promptly
thereafter, the Company shall issue and deliver to such holder a certificate or book-entry statement evidencing the number of Ordinary
Shares issuable upon such conversion and any cash in lieu of fractional shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(B) Fractional
Shares. No fractional Ordinary Shares shall be issued upon conversion of Series A Preferred Shares. In lieu of any fractional share otherwise
issuable upon conversion, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one
Ordinary Share as of the conversion date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(C) Reservation
of Shares. The Company shall at all times reserve and keep available out of its authorized but unissued Ordinary Shares, solely for the
purpose of effecting the conversion of the Series A Preferred Shares, such number of Ordinary Shares as shall from time to time be sufficient
to effect the conversion of all outstanding Series A Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(D) No Reverse
Conversion. Under no circumstances shall any Ordinary Shares be convertible into, or exchangeable for, Series A Preferred Shares. No provision
of this instrument, the Articles shall be construed to authorize the conversion of Ordinary Shares into Series A Preferred Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(E) No Impairment.
The Company shall not, by amendment of its Articles or through any reorganization, transfer of assets, consolidation, merger, 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
to be observed or performed hereunder, but shall at all times in good faith take all actions necessary or appropriate to protect the conversion
rights of the Series A Preferred Shares against impairment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(F) Status
of Converted Shares. All Series A Preferred Shares that shall have been converted as provided herein shall be canceled and shall not be
reissued, and all Ordinary Shares issued upon conversion shall be duly issued, fully paid, and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt -0.5in; text-indent: 1in">Section 3. <FONT STYLE="font-size: 10pt"><U>Dividends
and Distributions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(A) Subject
to the prior and superior right of the holders of any shares of any series of preferred shares ranking prior and superior to the Series
A Preferred Shares with respect to dividends, the holders of Series A Preferred Shares shall be entitled to receive when, as and if declared
by the Board out of funds legally available for the purpose, quarterly dividends payable in cash on the last day of March, June, September
and December in each year (each such date being referred to herein as a &ldquo;Quarterly Dividend Payment Date&rdquo;), commencing on
the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Shares, in
an amount per share (rounded to the nearest cent) equal to 10 times the aggregate per share amount of all cash dividends, and 10 times
the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in ordinary
shares, par value $0.12 per share, of the Company (&ldquo;Ordinary Shares&rdquo;) or a subdivision of the outstanding Ordinary Shares
(by reclassification or otherwise), declared on Ordinary Shares since the immediately preceding Quarterly Dividend Payment Date, or, with
respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(B) The
Company shall declare a dividend or distribution on the Series A Preferred Shares as provided in paragraph (A) above immediately after
it declares a dividend or distribution on the Ordinary Shares (other than a dividend payable in Ordinary Shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(C) Dividends
shall begin to accrue on outstanding Series A Preferred Shares from the Quarterly Dividend Payment Date immediately preceding the date
of issue of such Series A Preferred Shares, unless the date of issue of such shares is prior to the record date for the first Quarterly
Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the
date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of Series A Preferred
Shares entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends
shall begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid
on the Series A Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares
shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for
the determination of holders of Series A Preferred Shares entitled to receive payment of a dividend or distribution declared thereon,
which record date shall be no more than 30 days prior to the date fixed for the payment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.5in">Section 4. <FONT STYLE="font-size: 10pt"><U>Voting
Rights</U>. The holders of Series A Preferred Shares shall have the following voting rights:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(A) Subject
to the provision for adjustment hereinafter set forth, each share of Series A Preferred Shares shall entitle the holder thereof to 10
votes on all matters submitted to a vote of the shareholders of the Company. In the event the Company shall at any time after December
15, 2025 (the &ldquo;Rights Issuance Authorization Date&rdquo;) (i) declare or pay any dividend on Ordinary Shares payable in Ordinary
Shares, (ii) subdivide the outstanding Ordinary Shares, or (iii) combine the outstanding Ordinary Shares into a smaller number of shares,
then in each such case the number of votes per share to which holders of Series A Preferred Shares were entitled immediately prior to
such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of Ordinary Shares outstanding
immediately after such event and the denominator of which is the number of Ordinary Shares that were outstanding immediately prior to
such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(B) Except
as otherwise provided herein, in any other Certificate of Designations creating a series of Series A Preferred Shares or any similar shares,
or by law, the holders of Series A Preferred Shares and the holders of Ordinary Shares entitled to vote shall vote together as one class
on all matters submitted to a vote of shareholders of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(C) Except
as set forth herein or as otherwise provided by law, holders of Series A Preferred Shares shall have no special voting rights and their
consent shall not be required (except to the extent they are entitled to vote with holders of Ordinary Shares entitled to vote as set
forth herein) for taking any corporate action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 5. <FONT STYLE="font-size: 10pt"><U>Certain
Restrictions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(A) Whenever
dividends or distributions payable on the Series A Preferred Shares as provided in Section 2 are in arrears, thereafter and until all
accrued and unpaid dividends and distributions, whether or not declared, on Series A Preferred Shares outstanding shall have been paid
in full, the Company shall not:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares ranking
junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) declare
or pay dividends on or make any other distributions on any shares ranking on a parity (either as to dividends or upon liquidation, dissolution
or winding up) with the Series A Preferred Shares, except dividends paid ratably on the Series A Preferred Shares and all such parity
shares on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then
entitled;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) redeem
or purchase or otherwise acquire for consideration any shares ranking on a parity (either as to dividends or upon liquidation, dissolution
or winding up) with the Series A Preferred Shares, <I>provided that</I> the Company may at any time redeem, purchase or otherwise acquire
any shares ranking in parity in exchange for any shares of the Company ranking junior (either as to dividends or upon dissolution, liquidation
or winding up) to the Series A Preferred Shares; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) redeem
or purchase or otherwise acquire for consideration any Series A Preferred Shares, or any shares ranking on a parity with the Series A
Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders
of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and
preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the
respective series or classes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(B) The
Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of the Company unless
the Company could, under Paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 6. <FONT STYLE="font-size: 10pt"><U>Reacquired
Shares</U>. Any Series A Preferred Shares purchased or otherwise acquired by the Company in any manner whatsoever shall be retired
and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued
preferred shares and may be reissued as part of a new series of preferred shares to be created by resolution or resolutions of the
Board, subject to the conditions and restrictions on issuance set forth herein, in the Articles of Association of the Company, as
amended, or in any other Certificate of Designations creating a series of preferred shares or any similar shares or as otherwise
required by law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 7. <FONT STYLE="font-size: 10pt"><U>Liquidation,
Dissolution or Winding Up</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(A) Upon
any liquidation (voluntary or otherwise), dissolution or winding up of the Company, no distribution shall be made to the holders of any
shares ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares unless,
prior thereto, the holders of Series A Preferred Shares shall have received an amount equal to eight dollars and forty-four cents ($8.44)
per share of Series A Preferred Shares, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not
declared, to the date of such payment (the &ldquo;Liquidation Preference&rdquo;). Following the payment of the full amount of the Liquidation
Preference, no additional distributions shall be made to the holders of Series A Preferred Shares unless, prior thereto, the holders of
Ordinary Shares shall have received an amount per share (the &ldquo;Ordinary Adjustment&rdquo;) equal to the quotient obtained by dividing
(i) the Liquidation Preference by (ii) 10 (as appropriately adjusted as set forth in subparagraph (C) below to reflect such events as
shares splits, shares dividends and recapitalizations with respect to the Ordinary Shares) (such number in clause (ii), the &ldquo;Adjustment
Number&rdquo;). Following the payment of the full amount of the Liquidation Preference and the Ordinary Adjustment in respect of all outstanding
Series A Preferred Shares and Ordinary Shares, respectively, holders of Series A Preferred Shares and holders of Ordinary Shares shall
receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number to one with
respect to such preferred shares and Ordinary Shares, on a per share basis, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(B) In the
event, however, that there are not sufficient assets available to permit payment in full of the Liquidation Preference and the liquidation
preferences of all other series of preferred shares, if any, which rank on a parity with the Series A Preferred Shares, then such remaining
assets shall be distributed ratably to the holders of such parity shares in proportion to their respective liquidation preferences. In
the event, however, that there are not sufficient assets available to permit payment in full of the Ordinary Adjustment, then such remaining
assets shall be distributed ratably to the holders of Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(C) In the
event the Company shall at any time after the Rights Issuance Authorization Date (i) declare any dividend on Ordinary Shares payable in
Ordinary Shares, (ii) subdivide the outstanding Ordinary Shares, or (iii) combine the outstanding Ordinary Shares into a smaller number
of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such
Adjustment Number by a fraction, the numerator of which is the number of Ordinary Shares outstanding immediately after such event and
the denominator of which is the number of Ordinary Shares that were outstanding immediately prior to such event.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 8. <FONT STYLE="font-size: 10pt"><U>Consolidation,
Merger, etc</U>. In case the Company shall enter into any consolidation, merger, combination, scheme of arrangement or other
transaction in which the Ordinary Shares are exchanged for or changed into other shares or securities, cash and/or any other
property, then in any such case the Series A Preferred Shares shall at the same time be similarly exchanged or changed in an amount
per share (subject to the provision for adjustment hereinafter set forth) equal to 10 times the aggregate amount of shares,
securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Ordinary
Shares is changed or exchanged. In the event the Company shall at any time (i) declare any dividend on Ordinary Shares payable in
Ordinary Shares, (ii) subdivide the outstanding Ordinary Shares, or (iii) combine the outstanding Ordinary Shares into a smaller
number of shares, then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of
Series A Preferred Shares shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of
Ordinary Shares outstanding immediately after such event and the denominator of which is the number of Ordinary Shares that were
outstanding immediately prior to such event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 9. <FONT STYLE="font-size: 10pt"><U>No
Redemption</U>. The Series A Preferred Shares shall not be redeemable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 10. <FONT STYLE="font-size: 10pt"><U>Ranking</U>.
The Series A Preferred Shares shall rank junior to all other series of the Company&rsquo;s Series A Preferred Shares as to the
payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. No special vote of
the holders of Series A Preferred Shares shall be required to authorize any other series of preferred shares, irrespective of the
ranking of these shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 11. <FONT STYLE="font-size: 10pt"><U>Amendment</U>.
At any time when any Series A Preferred Shares are outstanding, this Certificate of Designation shall not be amended in any manner
which would materially alter or change the powers, preferences or special rights of the Series A Preferred Shares so as to affect
them adversely without the affirmative vote of the holders of a majority or more of the outstanding Series A Preferred Shares,
voting separately as a class.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Section 12. <FONT STYLE="font-size: 10pt"><U>Fractional
Shares</U>. Series A Preferred Shares may be issued in fractions of a share which shall entitle the holder, in proportion to such
holder&rsquo;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit
of all other rights of holders of Series A Preferred Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, this Certificate of Designation
has been executed this 15th day of December, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Lei Wang</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Lei Wang</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>

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