<SEC-DOCUMENT>0001213900-20-036675.txt : 20201113
<SEC-HEADER>0001213900-20-036675.hdr.sgml : 20201113
<ACCEPTANCE-DATETIME>20201112191948
ACCESSION NUMBER:		0001213900-20-036675
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20201113
DATE AS OF CHANGE:		20201112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NLS Pharmaceutics Ltd.
		CENTRAL INDEX KEY:			0001783036
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-236797
		FILM NUMBER:		201308614

	BUSINESS ADDRESS:	
		STREET 1:		ALTER POSTPLATZ 2
		CITY:			STANS
		STATE:			V8
		ZIP:			CH-6370
		BUSINESS PHONE:		41-79-779-60-00

	MAIL ADDRESS:	
		STREET 1:		ALTER POSTPLATZ 2
		CITY:			STANS
		STATE:			V8
		ZIP:			CH-6370
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1/A
<SEQUENCE>1
<FILENAME>ea129645-f1a3_nlspharma.htm
<DESCRIPTION>AMENDMENT NO. 3 TO FORM F-1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed on November 12, 2020 to the Securities and Exchange Commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No. 333-236797</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
DC 20549</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
No. 3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Form&nbsp;F-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><U>NLS
Pharmaceutics Ltd.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Exact
name of registrant as specified in its charter)</I></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Switzerland</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2834</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not&nbsp;Applicable</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of
    incorporation&nbsp;or&nbsp;organization)</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Primary&nbsp;Standard&nbsp;Industrial
    Classification&nbsp;Code&nbsp;Number)</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(I.R.S.&nbsp;Employer
    Identification&nbsp;Number)</I></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alexander
    Zwyer</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
    Executive Officer</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Puglisi&nbsp;&amp;
    Associates</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alter
    Postplatz 2</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>850
    Library Ave., Suite&nbsp;204</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CH-6370
    Stans, Switzerland</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Newark,
    DE 19711</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    +41.41.618.80.00</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    (302) 738-6680</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Address,
    including zip code, and telephone number,<BR>
 including
    area code, of registrant&rsquo;s principal executive offices)</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Name,
    address, including zip code, and telephone number,<BR>

    including area code, of agent for service)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

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

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

<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="white-space: nowrap; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Oded
    Har-Even, Esq.</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Howard
    Berkenblit, Esq.</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mitchell
    Nussbaum, Esq.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hans-Jakob
    Diem, Esq.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ron
    Ben-Bassat, Esq.</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pascal
    Honold, Esq.</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Angela
    M. Dowd, Esq.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;Patrick
    Schleiffer, Esq.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sullivan
    &amp; Worcester LLP</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wenger
    &amp; Vieli AG</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loeb
    &amp; Loeb LLP&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lenz
    &amp; Staehelin&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1633
    Broadway</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dufourstrasse
    56 </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>345
    Park Ave.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Brandschenkestrasse
    24&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York, NY 10019</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Zurich,
    Switzerland CH-8034</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York, NY 10154&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zurich,
    Switzerland CH-8027</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    212.660.5000</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    +41.58.958.58.58</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    212.407.4000</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
    +41.58.450.8000</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
date of commencement of proposed sale to the public:</B> As soon as practicable after the effective date hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act, check the following box.&nbsp;&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering.&nbsp;&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
&dagger; provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;The
term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become
effective in accordance with Section&nbsp;8(a) of the Securities Act or until the Registration Statement shall become effective
on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.&nbsp;&nbsp;</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Amendment No.&nbsp;3 (this &ldquo;Amendment No.&nbsp;3&rdquo;) to the Registration Statement on&nbsp;Form F-1&nbsp;(Registration&nbsp;No.&nbsp;333-
236797) (the &ldquo;Registration Statement&rdquo;) is being filed solely for the purpose of filing certain exhibits as indicated
in Part II of this Amendment No.&nbsp;3. Accordingly, this Amendment No.&nbsp;3 consists only of the facing page, this&nbsp;explanatory
note, Part II&nbsp;of the Registration Statement, the signature page to this Amendment No.&nbsp;3 and the filed exhibits. The
preliminary prospectus is unchanged and has been omitted from this Amendment No.&nbsp;3.</FONT></P>

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



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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;6.
Indemnification of Directors, Officers and Employees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Swiss law, a corporation may indemnify its directors or officers against losses and expenses (except for such losses and expenses
arising from willful misconduct or negligence, although legal scholars advocate that at least gross negligence be required; however,
some scholars also advocate that with any breach of duty, indemnification by the Company is not permissible), including attorney&rsquo;s
fees, judgments, fines and settlement amounts actually and reasonably incurred in a civil or criminal action, suit or proceeding
by reason of having been the representative of, or serving at the request of, the corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Swiss law, our articles of association provide for indemnification of the existing and former members of our board of directors,
executive management, and their heirs, executors and administrators, against liabilities arising in connection with the performance
of their duties in such capacity, and permit us to advance the expenses of defending any act, suit or proceeding to members of
our board of directors and executive management.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under general principles of Swiss employment law, an employer may be required to indemnify an employee against losses
and expenses incurred by such employee in the proper execution of his or her duties under the employment agreement with the company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to enter into indemnification agreements with each of the members of our board of directors and executive officers in the
form to be filed as an exhibit to this registration statement upon the completion of this offering. Irrespective of our entering
or not entering into indemnification agreements with our board of directors and executive officers, prior to or shortly after
the completion of this offering, we intend to take out directors&rsquo; and officers&rsquo; liability insurance&nbsp;to cover
certain actions undertaken by our board of directors and executive officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act of 1933, as amended, or the Securities Act, may be permitted
to directors, officers and controlling persons of the Company, the Company has been advised that, in the opinion of the Securities
and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act, and is, therefore,
unenforceable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;7.
Recent Sales of Unregistered Securities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are the sales of all securities by the Company since October 2017, which were not registered under the Securities
Act. The Company believes that each of such issuances was exempt from registration under the Securities Act in reliance on Section
4(a)(2) of the Securities Act, Rule 701 and/or Regulation S under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 14, 2020, our shareholders approved an amendment to our articles of association, which reflects a 5,000 for 1 stock
split of our common shares, effective as of&nbsp;September 14, 2020, or the Share Split. Information in this Item 7 reflects the
Share Split.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 17, 2018, we issued an aggregate of 260,000 of our common shares to the Shareholders, in connection with the conversion of
an aggregate amount of $3,418,519 borrowed by us pursuant to a $7.1 million credit facility, or the Credit Facility, at a conversion
price of $13 per common share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 12, 2019, we issued an aggregate of 280,000 of our common shares to the Shareholders, in connection with the conversion
of the remaining $3,681,481 borrowed by us pursuant to the Credit Facility, at a conversion price of $13 per common share.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on March 12, 2019, we issued an aggregate of an additional 40,000 of our common shares to Magnetic Rock Investment AG in connection
with the conversion CHF 526,979.84 ($526,769) of a CHF 550,000 ($557,920) convertible promissory note at a conversion price of
CHF 13 (approximately $13) per common share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 12, 2019, there was a reorganization of our Company, whereby NLS-0 Pharma AG and NLS Pharma AG merged into the Company,
or the Merger, and as a result thereof, and in connection therewith, we issued and subsequently assigned an aggregate of 745,000
of our common shares to those holders of NLS-0 and NLS Pharma common shares, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 12, 2019, simultaneously with the closing of the Merger, we issued an aggregate of 260,000 of our common shares to the Shareholders,
in exchange for the consideration of the conversion of a bridge loan in the amount of $2 million and a credit facility, of which
we had drawn $1.45 million, at a conversion price of $13 per common share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;8.
Exhibits and Financial Statement Schedules</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits:</B></FONT></P>

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





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;Description</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.1*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex1-1_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement by and among NLS Pharmaceutics Ltd. and the underwriters named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.1**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex3-1_nlspharma.htm">Form of Amended and Restated Articles of Association of NLS Pharmaceutics Ltd.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.1*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex1-1_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Representative&rsquo;s Warrant (included in Exhibit 1.1).</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.2*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex4-2_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Warrant Agent Agreement.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.3*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex4-3_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Warrant.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex5-1_nlspharma.htm"><FONT STYLE="font-size: 10pt">Opinion of Wenger &amp; Vieli AG, Swiss counsel to NLS Pharmaceutics Ltd.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.2*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex5-2_nlspharma.htm"><FONT STYLE="font-size: 10pt">Opinion of Sullivan &amp; Worcester LLP, U.S. counsel to NLS Pharmaceutics Ltd.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.1**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-1_nlspharma.htm"><FONT STYLE="font-size: 10pt">Merger Agreement dated March 12, 2019 between NLS-1 Pharma AG, NLS-0 Pharma AG and NLS Pharma AG.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.2**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-2_nlspharma.htm"><FONT STYLE="font-size: 10pt">Convertible Promissory Note dated January 18, 2019 between Magnetic Rock Investment AG and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.3**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-3_nlspharma.htm"><FONT STYLE="font-size: 10pt">Addendum to Convertible Promissory Note dated January 18, 2019 between Magnetic Rock Investment AG and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.4**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-4_nlspharma.htm"><FONT STYLE="font-size: 10pt">Addendum Number 2 to Convertible Promissory Note dated January 18, 2019 between Magnetic Rock Investment AG and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.5**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-5_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Promissory Note dated January 2019 between certain investors and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.6**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-6_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Addendum to Promissory Note dated January 2019 between certain investors and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.7**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-7_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Addendum Number 2 to Promissory Note dated January 2019 between certain investors and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.8**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-8_nlspharma.htm"><FONT STYLE="font-size: 10pt">Credit Facility dated August 31, 2015 between NLS Pharma AG and the Lenders named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.9**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-9_nlspharma.htm"><FONT STYLE="font-size: 10pt">Addendum to Credit Facility dated August 31, 2015 between NLS Pharma AG and the Lenders named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.10**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-10_nlspharma.htm"><FONT STYLE="font-size: 10pt">Addendum Number 2 to Credit Facility dated August 31, 2015 between NLS Pharma AG and the Lenders named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.11**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-11_nlspharma.htm"><FONT STYLE="font-size: 10pt">Credit Facility dated August 31, 2015 between NLS-1 Pharma AG and the Lenders named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.12**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-12_nlspharma.htm"><FONT STYLE="font-size: 10pt">Addendum Number 1 to Credit Facility dated August 31, 2015 between NLS-1 Pharma AG and the Lenders named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.13**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-13_nlspharma.htm"><FONT STYLE="font-size: 10pt">Addendum Number 2 to Credit Facility dated August 31, 2015 between NLS-1 Pharma AG and the Lenders named therein.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.14**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-14_nlspharma.htm"><FONT STYLE="font-size: 10pt">License Agreement dated February 2019 between Eurofarma Laboratorios S.A. and the Company.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.15**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-15_nlspharma.htm"><FONT STYLE="font-size: 10pt">Assignment and Transfer Agreement dated August 31, 2015 between NLS-1 AG and NeuroLife Sciences SAS.</FONT></A></TD></TR>
</TABLE>



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


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-size: 10pt">10.16**</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 91%; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-16_nlspharma.htm"><FONT STYLE="font-size: 10pt">First Amendment to Assignment and Transfer Agreement dated August 31, 2015 between NLS-1 AG and NeuroLife Sciences SAS.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.17**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-17_nlspharma.htm"><FONT STYLE="font-size: 10pt">Second Amendment to Assignment and Transfer Agreement dated August 31, 2015 between NLS-1 AG and NeuroLife Sciences SAS.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.18**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020005070/ea119052ex10-18_nlspharma.htm"><FONT STYLE="font-size: 10pt">Form of Convertible Loan Agreement between NLS Pharmaceutics Ltd. and certain lenders.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.19**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020024460/ea125945ex10-19_nlspharma.htm"><FONT STYLE="font-size: 10pt">Amendment Number 1 to Convertible Loan Agreement dated February 21, 2020 between NLS Pharmaceutics Ltd. and Alexander Zwyer.</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.20**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-20_nlspharma.htm">Amendment Number 2 to Convertible Loan Agreement dated February 21, 2020 between NLS Pharmaceutics Ltd. and Alexander Zwyer.</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.21**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-21_nlspharma.htm">Amendment Number 3 to Convertible Loan Agreement dated February 21, 2020 between NLS Pharmaceutics Ltd. and Alexander Zwyer.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.22**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-22_nlspharma.htm">Bridge Loan Agreement between NLS Pharmaceutics Ltd. and Magnetic Rock Investment AG.</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.23**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-23_nlspharma.htm">Amendment to Bridge Loan Agreement between NLS Pharmaceutics Ltd. and Magnetic Rock Investment AG.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.24**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-24_nlspharma.htm">Form of Amendment to Convertible Loan Agreement between NLS Pharmaceutics Ltd. and certain lenders.</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.25**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-25_nlspharma.htm">Form of Addendum Number 3 to Promissory Note dated January 2019 between certain investors and the Company.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.26**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-26_nlspharma.htm">Addendum Number 3 to Credit Facility dated August 31, 2015 between NLS Pharma AG and the Lenders named therein.</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.27**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-27_nlspharma.htm">Addendum Number 3 to Credit Facility dated August 31, 2015 between NLS-1 Pharma AG and the Lenders named therein.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.28**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex10-28_nlspharma.htm">Addendum Number 3 to Convertible Promissory Note dated January 18, 2019 between Magnetic Rock Investment AG and the Company.</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.1**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex23-1_nlspharma.htm">Consent of Marcum LLP.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex5-1_nlspharma.htm"><FONT STYLE="font-size: 10pt">Consent of Wenger &amp; Vieli AG, Swiss counsel to NLS Pharmaceutics Ltd. (included in Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.3*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="ea129645ex5-2_nlspharma.htm"><FONT STYLE="font-size: 10pt">Consent of Sullivan &amp; Worcester LLP, U.S. counsel to NLS Pharmaceutics Ltd. (included in Exhibit 5.2).</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">24.1**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281-f1a2_nlspharma.htm">Power of Attorney (included on the signature page of this Registration Statement).</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.1**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex99-1_nlspharma.htm">Consent of Stig L&oslash;kke Pedersen.</A></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">99.2**</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1783036/000121390020031906/ea128281ex99-2_nlspharma.htm">Consent of Myoung-Ok Kwon.</A></FONT></TD></TR>
</TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously filed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
Statement Schedules:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
financial statement schedules have been omitted because either they are not required, are not applicable or the information required
therein is otherwise set forth in the Company&rsquo;s financial statements and related notes thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;9.
Undertakings</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the provisions described in Item&nbsp;6 hereof, or otherwise, the registrant
has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The undersigned registrant hereby undertakes that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
That for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the
registrant pursuant to Rule&nbsp;424(b)(1) or (4), or 497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
That for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains
a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of&nbsp;1933, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement on Form F-1 to be signed
on its behalf by the undersigned, thereunto duly authorized, in&nbsp;Stans, Switzerland on November 12, 2020.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NLS Pharmaceutics Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alexander Zwyer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexander Zwyer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement on Form F-1 has been signed by the following persons
in the capacities and on the dates indicated.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature
    </B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    </B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alexander Zwyer </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 12, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexander Zwyer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Robert Dickey </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 12, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Dickey</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    *</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board of Directors</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 12, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ronald Hafner</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    * </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 12, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pascal Brenneisen</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alexander Zwyer</FONT></TD>
    <TD STYLE="width: 60%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexander Zwyer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE
OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Securities Act of 1933, as amended, the undersigned,&nbsp;Puglisi &amp; Associates, the duly authorized representative
in the United States of&nbsp;NLS Pharmaceutics Ltd., has signed this registration statement on&nbsp;November 12, 2020.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Puglisi &amp; Associates</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Donald J. Puglisi </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD></TR>
</TABLE>
<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: center"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea129645ex1-1_nlspharma.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT BY AND AMONG NLS PHARMACEUTICS LTD. AND THE UNDERWRITERS NAMED THEREIN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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





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

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

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

<P STYLE="font: bold 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: right">November __, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maxim Group LLC<BR>
405 Lexington Avenue, 2nd Floor<BR>
New York, NY 10174</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Representative of the Underwriters<BR>
named on <U>Schedule I</U> hereto</P>

<P STYLE="font: italic 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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">The undersigned, NLS
Pharmaceutics Ltd., a corporation incorporated under the laws of Switzerland (the &ldquo;<B>Company</B>&rdquo;), hereby confirms
its agreement (this &ldquo;<B>Agreement</B>&rdquo;) to issue and sell to the underwriter or underwriters, as the case may be, named
in Schedule I hereto (each, an &ldquo;<B>Underwriter</B>&rdquo; and, collectively, the &ldquo;<B>Underwriters</B>&rdquo;), for
whom Maxim Group LLC is acting as representative (in such capacity, the &ldquo;<B>Representative</B>&rdquo;), an aggregate of ________
units (the &ldquo;<B>Firm Units</B>&rdquo; or &ldquo;<B>Units</B>&rdquo;) of the Company&rsquo;s securities, and, at the election
of the Representative, up to an additional ________ Option Shares (as defined herein and collectively with the Common Shares (as
defined below) underlying the Firm Units, the &ldquo;<B>Shares</B>&rdquo;), and/or up to an additional _________ Option Warrants
(as defined herein and collectively with warrants underlying the Firm Units, the &ldquo;<B>Warrants</B>&rdquo;). Each Unit consists
of one Common Share (the &ldquo;<B>Firm Shares</B>&rdquo;) of the Company, par value CHF 0.02 per share (the &ldquo;<B>Common Shares</B>&rdquo;)
and one Warrant. Each Warrant entitles the holder to purchase one Common Share (as more fully described in Section 2 hereof). The
Units, the Shares, the Warrants and the Common Shares issuable upon exercise of the Warrants (the &ldquo;<B>Warrant Shares</B>&rdquo;)
are hereinafter referred to collectively as the &ldquo;<B>Securities</B>.&rdquo; The offering and sale of the Securities contemplated
by this Agreement is referred to herein as the &ldquo;<B>Offering</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">Units will not be issued
or certificated. The Common Shares and Warrants that comprise the Units are immediately separable and will be issued separately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1. <U>Agreement to Sell
and Purchase</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) <U>Purchase of
Firm Units</U>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell, severally and not jointly, to the several Underwriters, an aggregate of _________
Firm Units at a purchase price per Firm Unit of $________which represents a 8.0% discount to the public offering price of $______
per Firm <U>Unit</U> (the &ldquo;<B>Purchase Price</B>&rdquo; and the &ldquo;<B>Public Price</B>,&rdquo; respectively). The Underwriters,
severally and not jointly, agree to purchase from the Company the number of Firm Units set forth opposite their respective names
on <U>Schedule I</U> attached hereto and made a part hereof, payable to the order of the Company.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) <U>Over-allotment
Option</U>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares, the
Representative, on behalf of the Underwriters, is hereby granted an option (the &ldquo;<B>Over-Allotment Option</B>&rdquo;) to
purchase up to an additional __________ Common Shares (the &ldquo;<B>Option Shares</B>&rdquo;) and/or up to an additional __________
Warrants (the &ldquo;<B>Option Warrants</B>&rdquo; and collectively with the Option Shares, the &ldquo;<B>Option Securities</B>&rdquo;)
solely to cover over-allotments. The purchase price to be paid for the Option Shares subject to the Over-allotment Option will
be equal to $______ per Option Share, the purchase price to be paid for the Option Warrants subject to the Over-allotment Option
will be equal to $_________ per Option Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) <U>Exercise of
Option</U>. The Over-Allotment Option granted pursuant to Section 1(d) hereof may be exercised by the Representative as to all
(at any time) or any part (from time to time) of the Option Shares within 45 days after the Closing Date. The Underwriters will
not be under any obligation to purchase any of such Option Shares and/or Option Warrants prior to the exercise of the Over-Allotment
Option. The Over-Allotment Option granted hereby may be exercised by the giving of written notice to the Company from the Representative,
setting forth the number of Option Shares and/or Option Warrants to be purchased and the date and time for delivery of and payment
for such Option Shares and/or Option Warrants, which will not be later than three (3) Business Days after the date of the notice
or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative or at such
other place as shall be agreed upon by the Company and the Representative. If such delivery and payment for all of the Option Shares
and/or Option Warrants does not occur on the Closing Date, the date and time of the closing for such Option Shares and/or Option
Warrants will be as set forth in the written notice pertaining to the exercise of the Over-Allotment Option (hereinafter the &ldquo;<B>Option
Closing Date</B>&rdquo;). Upon exercise of the Over-Allotment Option, the Company will become obligated to convey to the Underwriters,
and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option
Shares and/or Option Warrants specified in such notice. If any Option Shares and/or Option Warrants are to be purchased, each Underwriter
agrees, severally and not jointly, to purchase the number of Option Shares and/or Option Warrants (subject to such adjustments
to eliminate fractional shares and/or fractional warrants as the Representative may determine) that bears the same proportion to
the number of Firm Units to be purchased as set forth on <U>Schedule I</U> opposite the name of such Underwriter bears to the total
number of Firm Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(d) <U>Representative&rsquo;s
Warrants</U>. The Company hereby agrees to issue to the Representative (and/or its designees) on the Closing Date, Warrants to
purchase ______ Common Shares (the &ldquo;<B>Closing Representative&rsquo;s Warrants</B>&rdquo;) and, on each Option Closing Date,
Warrants to purchase a number of Common Shares equal to up to an aggregate of 3% of the total number of Option Shares issued at
such Option Closing Date (the &ldquo;<B>Option Representative&rsquo;s Warrants</B>&rdquo; and, together with the Closing Representative&rsquo;s
Warrants, the &ldquo;<B>Representative&rsquo;s Warrants</B>&rdquo;). The Representative&rsquo;s Warrants shall be exercisable,
in whole or in part, commencing 180 days from the effective date of the Registration Statement (the &ldquo;<B>Effective Date</B>&rdquo;)
and expiring on the five-year anniversary of the Effective Date at an initial exercise price of $_______ per Common Share, which
is equal to one hundred and ten percent (125%) of the Public Price per Share. The Representative&rsquo;s Warrants and the Common
Shares issuable upon exercise of the Representative&rsquo;s Warrants are hereinafter referred to collectively as the &ldquo;<B>Representative&rsquo;s
Securities</B>.&rdquo;&rdquo;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) <U>Firm Units</U>.
Payment for the Firm Units shall be made to the Company in Federal or other funds immediately available in New York City against
delivery of such Firm Units for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>],
2020 or at such other time on the same or such other date, not later than [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>],
2020 as shall be designated in writing by the Representative. The time and date of such payment are hereinafter referred to as
the &ldquo;<B>Closing Date</B>.&rdquo; Payment shall be made as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) by
way of a payment of $________ (corresponding to the aggregate nominal value of the Firm Shares in CHF valued at the average exchange
rate over the five business days immediately prior to the date of this Agreement) (such amount, the &ldquo;<B>Firm Shares Nominal
Value</B>&rdquo;) to Alexander Zwyer, the CEO of the Company who previously advanced such payment on behalf the Underwriters; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii)
by way of a payment of $________ (corresponding to the aggregate Purchase Price of the Firm Units less the <FONT STYLE="color: red"><STRIKE> </STRIKE></FONT>Firm Shares Nominal Value) to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b)
<U>Option Shares and Option Warrants</U>. Payment for any Option Shares and/or Option Warrants shall be made to the Company in
Federal or other funds immediately available in New York City against delivery of such Option Shares and/or Option Warrants for
the respective accounts of the several Underwriters at 10:00 a.m. (New York City time), on the date specified in the corresponding
notice described in Section 2 or at such other time on the same or on such other date, in any event not later than [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>],
2020 as shall be designated in writing by the Representatives in the same manner as set forth in the preceding paragraphs of this
Section&nbsp;2. Payment for any Option Shares shall be made as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) by
way of a payment in U.S. dollars (corresponding to the aggregate nominal value of the relevant number of Option Shares in CHF valued
at the average exchange rate over the five business days immediately prior to the date of this Agreement )(such amount, the &ldquo;<B>Option
Shares Nominal Value</B>&rdquo;) to Alexander Zwyer, the CEO of the Company who previously advanced the payment on behalf of the
Underwriters; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii)
by way of a payment of an amount in U.S. Dollars corresponding to the aggregate Purchase Price of the relevant number of Option
Shares less the Option Shares Nominal Value to the Company and/or by way of a payment of an amount in U.S.
Dollars corresponding to the aggregate Purchase Price of the relevant number of Option Warrants to the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) <U>Registration
of Firm Units and Option Securities</U>. The Firm Units, the Option Shares and the Option Warrants shall be registered in such
names and in such denominations as the Representative shall request in writing not later than one (1) full Business Day prior to
the Closing Date or the applicable Option Closing Date, as the case may be. The Company shall cause the Firm Units, the Option
Shares and the Option Warrants to be delivered to the Representative on the Closing Date or an Option Closing Date, as the case
may be, for the respective accounts of the several Underwriters, with any transfer taxes payable in connection with the transfer
of the Shares to the Underwriters duly paid, against payment of the Purchase Price therefor.</P>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3. <U>Capital Increase,
Initial Subscription and Delivery of Firm Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) <U>Shareholder&rsquo;s
Resolution on Capital Increase</U><I>.</I> The Company confirms that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) as
of the date of this Agreement, at least CHF [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>] (corresponding
to the aggregate par value of the Firm Shares ) (the &ldquo;<B>Firm Capital Increase Amount</B>&rdquo;) has been deposited with
UBS Switzerland AG (the &ldquo;<B>Capital Increase Bank</B>&rdquo;), in a blocked account in Switzerland for such capital increase
(<I>Kapitalerh&ouml;hungskonto</I>), made out to the Company&rsquo;s name (the &ldquo;<B>Firm Capital Increase Account</B>&rdquo;),
and Capital Increase Bank has issued and delivered a written confirmation of payment of the Firm Capital Increase Amount to the
Company (a copy thereof will be provided to the Representative and its Swiss counsel by no later than 8:00 a.m. New York time two
(2) Business Days prior to the Closing Date);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii)
an extraordinary shareholders&rsquo; meeting of the Company will be held no later than later than the Business Day immediately
prior to the Closing Date, 12:00 a.m. New York City time and such shareholders&rsquo; meeting will resolve on an increase of the
Company&rsquo;s share capital in the amount of CHF [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>] by
issuing [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>] new Common Shares (the &ldquo;<B>Firm Capital
Increase</B>&rdquo;), and such other amendments to the Company&rsquo;s articles of association as is necessary or useful in connection
with the Offering, including the amendment of the Company&rsquo;s authorized capital and the creation of sufficient conditional
share capital as underlying for the Warrants, the Closing Representative&rsquo;s Warrants, the Option Warrants and the Option Representative&rsquo;s
Warrants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-left: 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii)
the&nbsp;Board of Directors of the Company (the &ldquo;<B>Board</B>&rdquo;) will implement the Firm Capital Increase referred to in
Section&nbsp;3(a) immediately after the extraordinary shareholders' meeting and in no event later than the Business Day immediately
prior to the Closing Date, 12:30 a.m. New York City time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iv) all statutory preemptive
rights to which the existing shareholders of the Company are entitled under Swiss law with respect to the capital increase described
in Section 3(a)(ii) will have been validly, irrevocably and unconditionally waived.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) <U>Subscription
of Firm Shares</U>. Maxim Group LLC, acting in its own name but for the accounts of the several Underwriters, agrees, on the basis
of the representations, warranties and agreements herein contained, to deliver one or several executed subscription forms (<I>Zeichnungsschein</I>),
each in the form of <U>Annex IV</U> hereto (the &ldquo;<B>Subscription Agreement</B>&rdquo;), to the Company, on or by 8:00 a.m.
New York time two (2) Business Days prior to the Closing Date or such other time and date as agreed between the Company and the
Representative, for all of the Firm Shares at the issue price (<I>Ausgabepreis</I>) of CHF 0.02 per Firm Share corresponding to
the par value for each Firm Share and to deliver the applicable Subscription Agreement to the Company; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify"><FONT STYLE="color: Black">(c)
<U>Implementation of Firm Capital Increase</U> Upon receipt of the documents referred to in Section 3(a) and before 12:30 a.m.
(New York City time) on the Business Day prior to the Closing Date, or such other time and date as agreed between the Company
and the Representatives, the Board will:</FONT></P>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) adopt a report on
the Firm Capital Increase (<I>Kapitalerh&ouml;hungsbericht</I>) in accordance with Swiss law (article 652e CO);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) resolve in the form
of a duly notarized deed on the Firm Capital Increase as set forth in article 652g CO and make all amendments to the articles of
association of the Company necessary in connection with the Firm Capital Increase (<I>Feststellungs- und Statuten&auml;nderungsbeschluss</I>);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) promptly thereafter,
file the documents necessary for the registration of the Firm Capital Increase with the Commercial Register of the Canton of Nidwalden;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify"><I>provided, however</I>,
that if this Agreement is terminated pursuant to Section 14 prior to the Company filing the relevant resolutions with the Commercial
Register of the Canton of Nidwalden, the Company undertakes not to resolve on the Firm Capital Increase (if it has not already
done so) and not to file the relevant resolutions with the Commercial Register of the Canton of Nidwalden.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(d) Immediately after
the registration of the Firm Capital Increase in the Commercial Register of the Canton of Nidwalden pursuant to Section &lrm;3(b),
but in no event later than 9:00 a.m.  (New York City time) on the Business Day immediately prior to the Closing Date, the Company
and its Board, respectively will:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) Resolve on the issuance
of the Warrants and the Closing Representative&rsquo;s Warrants, respectively;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) deliver by way of
email to each of the Representatives, the share registrar of the Company, Wenger &amp; Vieli Ltd. and Lenz &amp; Staehelin pdf-copies
of, (A) the certified excerpt of the journal entry (<I>Tagebuch</I>) or the certified excerpt from the Commercial Register of the
Canton of Nidwalden evidencing the Firm Capital Increase, (B) the certified updated articles of association of the Company evidencing
the Firm Capital Increase, (C) the Company&rsquo;s book of uncertificated securities (<I>Wertrechtebuch</I>) duly signed by the
Company and evidencing Maxim Group LLC, acting on behalf of the several Underwriters in proportion of their respective holdings
set out in Schedule I hereto, as first holder of the Firm Shares, the Warrants and the Closing Representative&rsquo;s Warrants,
respectively, and (D) a copy of the share register (<I>Aktienbuch</I>) of the Company evidencing the Underwriters as shareholders
with respect to the Firm Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) take all steps
necessary to ensure that the Firm Shares will be (A) issued to the Representative, acting on behalf of the several Underwriters,
(B) duly recorded as intermediated securities (<I>Bucheffekten</I>) according to U.S. law with The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;),
(C) duly recorded in an account of the Representative, all in accordance with the provisions of the Swiss Federal Act on Intermediated
Securities, and (D) freely transferable (subject to any applicable restrictions set forth in the articles of association of the
Company) on the Closing Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iv) take all steps necessary
to ensure that the Firm Shares will be (A) duly recorded in an account of the Representative at the DTC on the Closing Date and
(B) freely transferable (subject to any applicable restrictions set forth in the articles of association of the Company) on the
Closing Date in accordance with the instructions of the Representative.</P>

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

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4. <U>Subscription, Issuance
and Delivery of Option Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) With respect to
the Option Shares, the Company agrees and undertakes that it will procure that immediately after the registration of the amended
authorized share capital referred to in Section 3(a)(ii) with the Commercial Register of the Canton of Nidwalden and by no later
than the Closing Date, at least CHF 0.02 per share [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>] (corresponding
to the aggregate par value of the Option Shares) (the &ldquo;<B>Option Shares Increase Amount</B>&rdquo;) has been deposited with
Capital Increase Bank, in a blocked account in Switzerland for such capital increase (<I>Kapitalerh&ouml;hungskonto</I>), made
out to the Company&rsquo;s name (the &ldquo;<B>Option Capital Increase Account</B>&rdquo;), and Capital Increase Bank has issued
and delivered a written confirmation of payment of the Option Capital Increase Amount to the Company (a copy thereof will be provided
to the Representative and its Swiss counsel by no later than 10:00 a.m. New York City time on the Closing Date);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) If the Representatives
exercise the Over-Allotment Option granted to them under Section 1(a) of this Agreement, the Representative acting on behalf of
the several Underwriters, agrees, on the basis of the representations, warranties and agreements herein contained, and subject
to the conditions stated below and to this Agreement having not been terminated, to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) subscribe for the
number of Option Shares for which the option to purchase has been exercised pursuant to Section 1(c) (the &ldquo;<B>Applicable
Option Shares</B>&rdquo;) at the issue price (<I>Ausgabepreis</I>) of CHF 0.02 for each Applicable Option Share corresponding to
the nominal value of each Applicable Option Share, and to deliver the corresponding Subscription Agreement to the Company by not
later than 6:00 p.m. New York City time three (3) Business Days prior to the Option Closing Date (or such other date set forth
in the relevant option exercise notice delivered by the Representatives pursuant to Section 3); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) <U>Board Resolution
and Registration of Over-Allotment Capital Increase</U>. Upon receipt of the documents referred to under Section 4(a) and 4(b)(i)
in relation to any Applicable Option Shares and before 12:30 a.m. New York time on the Business Day prior to the Option Closing
Date (or at a later date, as set forth in the relevant option exercise notice delivered by the Representatives pursuant to Section
1(d)), the Board (or a committee or Board member duly authorized by the Board) will:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">i.</TD><TD STYLE="text-align: justify">pass a capital increase resolution (<I>Durchf&uuml;hrungsbeschluss</I>)
regarding the issuance of the Applicable Option Shares subscribed for pursuant to Section 5(a)(i) (the &ldquo;<B>Over-Allotment
Capital Increase</B>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">ii.</TD><TD STYLE="text-align: justify">adopt a report on the Over-Allotment Capital Increase
(<I>Kapitalerh&ouml;hungsbericht</I>) and take note of the auditors&rsquo; report (<I>Pr&uuml;fbest&auml;tigung</I>), all in accordance
with Swiss statutory law, if necessary;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">iii.</TD><TD STYLE="text-align: justify">resolve on the Over-Allotment Capital Increase and making
all amendments to the articles of association of the Company necessary in connection with the Over-Allotment Capital Increase
(<I>Feststellungs- und Statuten&auml;nderungsbeschluss</I>); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">iv.</TD><TD STYLE="text-align: justify">resolve on the issuance of the applicable number of Option
Warrants and Option Representative&rsquo;s Warrants; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) promptly thereafter,
no later than 2:00 a.m. New York time on the Business Day prior to the Option Closing Date (or at a later date, as set forth in
the relevant option exercise notice delivered by the Representative pursuant to Section 1(c)) file the documents necessary for
the registration of the Over-Allotment Capital Increase with the Commercial Register of the Canton of Nidwalden.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">provided, however,
that if this Agreement is terminated pursuant to Section 14 prior to the Company filing the relevant resolutions with the Commercial
Register of the Canton of Nidwalden, the Company undertakes not to resolve on the Over-Allotment Capital Increase (if it has not
already done so) or to file the relevant resolutions with the Commercial Register of the Canton of Nidwalden.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) Not later than
9:00 a.m. (New York City time) on the Business Day prior to the Option Closing Date (or such other date set forth in the relevant
Over-Allotment Option exercise notice delivered by the Representative pursuant to Section 1(c)), the Company will:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) deliver by way of
email to each of the Representatives, the share registrar of the Company, Wenger &amp; Vieli Ltd. and Lenz &amp; Staehelin, pdf-copies
of the Company&rsquo;s book of uncertificated securities (<I>Wertrechtebuch</I>) duly signed by the Company and evidencing Maxim
Group LLC, acting on behalf of the several Underwriters in proportion of their respective holdings set out in Schedule I hereto,
as holder of the Applicable Option Shares and applicable number of Option Warrants, and applicable number of Option Representative&rsquo;s
Warrants, respectively; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) take all steps necessary
to ensure that the Applicable Option Shares, the applicable number of Option Warrants, and the applicable number of and Option
Representative&rsquo;s Warrants will be (1) duly recorded in an account of Maxim Group LLC at DTC on the relevant Option Closing
Date, and (2) freely transferable (subject to any applicable restrictions set forth in the articles of association of the Company)
on the relevant Option Closing Date in accordance with the instructions of the Representative.</P>

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

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5. <U>Representations
and Warranties of the Company</U>. The Company represents, warrants and covenants to, and agrees with, each of the Underwriters
that, as of the date hereof and as of the Closing Date:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) The Company has
prepared and filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration statement on
Form F-1 (Registration No. 333-236797), and amendments thereto, and related preliminary prospectuses for the registration under
the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), of the Securities, which registration statement,
as so amended (including post-effective amendments, if any), has been declared effective by the Commission and copies of which
have heretofore been delivered to the Underwriters. Such registration statement on Form F-1 (Registration No. 333-236797), as amended
at the time it became effective, including the prospectus, financial statements, schedules, exhibits and other information (if
any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A under the Securities Act,
is hereinafter referred to as the &ldquo;<B>Registration Statement</B>.&rdquo; If the Company has filed or is required pursuant
to the terms hereof to file a registration statement pursuant to Rule 462(b) under the Securities Act registering additional Securities
(a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), then, unless otherwise specified, any reference herein to the term
&ldquo;<B>Registration Statement</B>&rdquo; shall be deemed to include such Rule 462(b) Registration Statement. Other than a Rule
462(b) Registration Statement, which, if filed, becomes effective upon filing, no other document with respect to the Registration
Statement has heretofore been filed with the Commission. All of the Securities have been registered under the Securities Act pursuant
to the Registration Statement or, if any Rule 462(b) Registration Statement is filed, will be duly registered under the Securities
Act with the filing of such Rule 462(b) Registration Statement. The Company has responded to all requests of the Commission that
it has received for additional or supplemental information. Based on communications from the Commission, no stop order suspending
the effectiveness of either the Registration Statement or the Rule 462(b) Registration Statement, if any, has been issued and no
proceeding for that purpose has been initiated or, to the Company&rsquo;s knowledge, threatened by the Commission. The Company,
if required by the Securities Act and the rules and regulations of the Commission (the &ldquo;<B>Rules and Regulations</B>&rdquo;),
proposes to file the Prospectus with the Commission pursuant to Rule 424(b) under the Securities Act (&ldquo;<B>Rule 424(b)</B>&rdquo;).
The prospectus, in the form in which it is to be filed with the Commission pursuant to Rule 424(b), or, if the prospectus is not
to be filed with the Commission pursuant to Rule 424(b), the prospectus in the form included as part of the Registration Statement
at the time the Registration Statement became effective, is hereinafter referred to as the &ldquo;<B>Prospectus</B>,&rdquo; except
that if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection
with the Offering which differs from the Prospectus (whether or not such revised prospectus or prospectus supplement is required
to be filed by the Company pursuant to Rule 424(b)), the term &ldquo;<B>Prospectus</B>&rdquo; shall also refer to such revised
prospectus or prospectus supplement, as the case may be, from and after the time it is first provided to the Underwriters for such
use. Any preliminary prospectus or prospectus subject to completion included in the Registration Statement or filed with the Commission
pursuant to Rule 424 under the Securities Act is hereafter called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo; Any reference
herein to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the
exhibits incorporated by reference therein pursuant to the Rules and Regulations on or before the Effective Date of the Registration
Statement, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be. Any reference herein to the
terms &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, any
Preliminary Prospectus or the Prospectus shall be deemed to refer to and include: (i) the filing of any document under the Securities
Exchange Act of 1934, as amended, and together with the Rules and Regulations promulgated thereunder (the &ldquo;<B>Exchange Act</B>&rdquo;)
after the Effective Date, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be, which is incorporated
therein by reference, and (ii) any such document so filed. All references in this Agreement to the Registration Statement, the
Rule 462(b) Registration Statement, a Preliminary Prospectus and the Prospectus, or any amendments or supplements to any of the
foregoing, shall be deemed to include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis
and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;). The Prospectus delivered to the Underwriters for use in connection with the
Offering was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T promulgated by the Commission.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) At the time of
the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement or the effectiveness of any post-effective
amendment to the Registration Statement, when the Prospectus is first filed with the Commission pursuant to Rule 424(b), when any
supplement to or amendment of the Prospectus is filed with the Commission, when any document filed under the Exchange Act was or
is filed, at all other subsequent times until the completion of the public offer and sale of the Firm Units and the Option Securities
and at the Closing Date and the Option Closing Date, if any, the Registration Statement and the Prospectus and any amendments thereof
and supplements or exhibits thereto complied or will comply in all material respects with the applicable provisions of the Securities
Act, the Exchange Act and the Rules and Regulations, and did not and will not, as of the date of such amendment or supplement,
contain an untrue statement of a material fact and did not and will not, as of the date of such amendment or supplement, omit to
state any material fact required to be stated therein or necessary in order to make the statements therein: (i) in the case of
the Registration Statement, not misleading, and (ii) in the case of the Prospectus, in light of the circumstances under which they
were made as of its date, not misleading. When any Preliminary Prospectus was first filed with the Commission (whether filed as
part of the registration statement for the registration of the Securities or any amendment thereto or pursuant to Rule 424(a) under
the Securities Act) and when any amendment thereof or supplement thereto was first filed with the Commission, such Preliminary
Prospectus and any amendments thereof and supplements thereto complied in all material respects with the applicable provisions
of the Securities Act, the Exchange Act and the Rules and Regulations and did not contain an untrue statement of a material fact
and did not omit to state any material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. No representation and warranty is made in this subsection
(b), however, with respect to any information contained in or omitted from the Registration Statement or the Prospectus or any
related Preliminary Prospectus or any amendment thereof or supplement thereto in reliance upon and in conformity with information
furnished in writing to the Company by or on behalf of any Underwriter through the Representative specifically for use therein.
The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of: the statements
set forth in the &ldquo;Underwriting&rdquo; section of the Prospectus only insofar as such statements relate to the names and corresponding
share amounts set forth in the table of Underwriters, the amount of selling concession and re-allowance or to over-allotment and
related activities that may be undertaken by the Underwriters, the fact that the Company has been advised by the Representative
that the Underwriters intend to make a market in our Units but that they are not obligated to do so and may discontinue making
a market at any time without notice, and the paragraphs under the sub-caption &ldquo;Price Stabilization, Short Positions&rdquo;
and the affiliations of the Underwriters (the &ldquo;<B>Underwriters&rsquo; Information</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) Neither: (i) any
Issuer-Represented General Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time (as defined
below) and the Statutory Prospectus (as defined below), all considered together (collectively, the &ldquo;<B>General Disclosure
Package</B>&rdquo;), nor (ii) any individual Issuer-Represented Limited-Use Free Writing Prospectus(es) (as defined below) when
considered together with the General Disclosure Package, includes or included as of the Applicable Time any untrue statement of
a material fact or omits or omitted as of the Applicable Time to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to
statements in or omissions from any Statutory Prospectus included in the Registration Statement, the General Disclosure Package
or any Issuer-Represented Limited-Use Free Writing Prospectus (as defined below) in conformity with the Underwriters&rsquo; Information.
Each of (i) any electronic road show or investor presentation (including without limitation any &ldquo;bona fide electronic road
show&rdquo; as defined in Rule 433(h)(5) under the Securities Act) delivered to and approved by the Underwriters for use in connection
with the marketing of the Offering as of the time of their use and at the Closing Date and on each Option Closing Date, if any
and (ii) any individual written testing-the-waters communication, when considered together with the General Disclosure Package
at the Closing Date and on each Option Closing Date, if any, did not and will not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that no representation or warranty is made as to the
Underwriters&rsquo; Information.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(d) Each Issuer-Represented
Free Writing Prospectus, as of its issue date and at all subsequent times until the Closing Date or until any earlier date that
the Company notified or notifies the Representative as described in the next sentence, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the then-current Registration Statement,
Statutory Prospectus or Prospectus. If at any time following issuance of an Issuer-Represented Free Writing Prospectus there occurred
or occurs an event or development as a result of which such Issuer-Represented Free Writing Prospectus conflicted or would conflict
with the information contained in the then-current Registration Statement, Statutory Prospectus or Prospectus relating to the Securities
or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading,
the Company has notified or will notify promptly the Representative so that any use of such Issuer-Represented Free Writing Prospectus
may cease until it is promptly amended or supplemented by the Company, at its own expense, to eliminate or correct such conflict,
untrue statement or omission. The preceding two sentences do not apply to statements in or omissions from any Issuer-Represented
Free Writing Prospectus in conformity with the Underwriters&rsquo; Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(e) The Company has
not distributed and will not distribute any prospectus or other offering material in connection with the offering and sale of the
Securities other than the General Disclosure Package, any Issuer-Represented Limited-Use Free Writing Prospectus or the Prospectus
or other materials permitted by the Securities Act to be distributed by the Company. Unless the Company obtains the prior consent
of the Representative, the Company has not made and will not make any offer relating to the Securities that would constitute an
&ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities Act, or that would otherwise constitute
a &ldquo;free writing prospectus,&rdquo; as defined in Rule 405 under the Securities Act, required to be filed with the Commission;
provided that the prior written consent of the Representative shall be deemed to have been given in respect of any free writing
prospectus referenced on <U>Schedule III</U> attached hereto. The Company has complied and will comply with the requirements of
Rules 164 and 433 under the Securities Act applicable to any Issuer-Represented Free Writing Prospectus as of its issue date and
at all subsequent times through the Closing Date, including timely filing with the Commission where required, legending and record
keeping. To the extent an electronic road show is used, the Company has satisfied and will satisfy the conditions in Rule 433 under
the Securities Act to avoid a requirement to file with the Commission any electronic road show.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(f) The Representative
agrees that, unless it obtains the prior written consent of the Company, it will not make any offer relating to the Securities
that would constitute an Issuer-Represented Free Writing Prospectus or that would otherwise (without taking into account any approval,
authorization, use or reference thereto by the Company) constitute a &ldquo;free writing prospectus&rdquo; required to be filed
by the Company with the Commission or retained by the Company under Rule 433 of the Securities Act; provided that the prior written
consent of the Company hereto shall be deemed to have been given in respect of any Issuer-Represented General Free Writing Prospectuses
referenced on <U>Schedule III</U> attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(g) As used in this
Agreement, the terms set forth below shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) &ldquo;<B>Applicable
Time</B>&rdquo; means October___, 2020, ____ [a.m/p.m]. (Eastern time) [on the date] of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) &ldquo;<B>Business
Day</B>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
Switzerland or any day on which banking institutions in the State of New York or in the Canton of Zurich (Switzerland) or in the
Canton of Nidwalden (Switzerland) are authorized or required by law or other governmental action to close.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) &ldquo;<B>Statutory
Prospectus</B>&rdquo; as of any time means the prospectus that is included in the Registration Statement immediately prior to that
time. For purposes of this definition, information contained in a form of prospectus that is deemed retroactively to be a part
of the Registration Statement pursuant to Rule 430A or 430B shall be considered to be included in the Statutory Prospectus as of
the actual time that form of prospectus is filed with the Commission pursuant to Rule 424(b) under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iv) &ldquo;<B>Issuer-Represented
Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, relating to the Securities that (A) is required to be filed with the Commission by the Company, or (B) is exempt from filing
pursuant to Rule 433(d)(5)(i) under the Securities Act because it contains a description of the Securities or of the Offering that
does not reflect the final terms or pursuant to Rule 433(d)(8)(ii) because it is a &ldquo;bona fide electronic road show,&rdquo;
as defined in Rule 433 under the Securities Act, in each case in the form filed or required to be filed with the Commission or,
if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g) under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(v) &ldquo;<B>Issuer-Represented
General Free Writing Prospectus</B>&rdquo; means any Issuer-Represented Free Writing Prospectus that is intended for general distribution
to prospective investors, as evidenced by its being specified in <U>Schedule III</U> to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(vi) &ldquo;<B>Issuer-Represented
Limited-Use Free Writing Prospectus</B>&rdquo; means any Issuer-Represented Free Writing Prospectus that is not an Issuer-Represented
General Free Writing Prospectus. The term Issuer-Represented Limited-Use Free Writing Prospectus also includes any &ldquo;bona
fide electronic road show,&rdquo; as defined in Rule 433 under the Securities Act, that is made available without restriction pursuant
to Rule 433(d)(8)(ii), even though not required to be filed with the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(h) Marcum LLP (the
&ldquo;<B>Auditor</B>&rdquo;), whose reports relating to the Company are included in the Registration Statement, the General Disclosure
Package and the Prospectus is an independent registered public accounting firm as required by the Securities Act, the Exchange
Act and the Rules and Regulations and the Public Company Accounting Oversight Board (the &ldquo;<B>PCAOB</B>&rdquo;) To the Company&rsquo;s
knowledge, the Auditor is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002, as amended
(&ldquo;<B>Sarbanes-Oxley</B>&rdquo;). The Auditor has not, during the periods covered by the financial statements included in
the Registration Statement, the General Disclosure Package and the Prospectus, provided to the Company any non-audit services,
as such term is used in Section 10A(g) of the Exchange Act.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(i) Subsequent to the
respective dates as of which information is presented in the Registration Statement, the General Disclosure Package and the Prospectus,
and except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus: (i) the Company has not
declared, paid or made any dividends or other distributions of any kind on or in respect of its capital stock, and (ii) there has
been no material adverse change (or, to the knowledge of the Company, any development which would reasonably be expected to result
in a material adverse change in the future), whether or not arising from transactions in the ordinary course of business, in or
affecting: (A) the business, condition (financial or otherwise), results of operations, shareholders&rsquo; equity, properties
or prospects of the Company; (B) the long-term debt or capital stock of the Company; or (C) the Offering or consummation of any
of the other transactions contemplated by this Agreement, the Warrant Agreement, the Warrants, the Representative Warrants, the
Registration Statement, the General Disclosure Package and the Prospectus (a &ldquo;<B>Material Adverse Change</B>&rdquo;). Since
the date of the latest balance sheet presented in the Registration Statement, the General Disclosure Package and the Prospectus,
the Company has not incurred or undertaken any liabilities or obligations, whether direct or indirect, liquidated or contingent,
matured or unmatured, or entered into any transactions, including any acquisition or disposition of any business or asset, which
are material to the Company, except for liabilities, obligations and transactions which are disclosed in the Registration Statement,
the General Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(j) As of the dates
indicated in the Registration Statement, the General Disclosure Package and the Prospectus, the authorized, issued and outstanding
shares of capital stock of the Company were as set forth in the Registration Statement, the General Disclosure Package and the
Prospectus in the column headed &ldquo;Actual&rdquo; under the section thereof captioned &ldquo;Capitalization&rdquo; and, after
giving effect to the Offering and the other transactions (excluding the offer and sale of the Securities covered by the Over-Allotment
Option) contemplated by this Agreement, the Registration Statement, the General Disclosure Package and the Prospectus, will be
as set forth in the column headed &ldquo;Pro Forma&rdquo; in such section. All of the issued shares of capital stock of the Company,
including the outstanding Common Shares of the Company, have been duly authorized and validly issued and are fully paid and nonassessable
and have been issued in compliance with all applicable state, federal and securities laws and none of those shares was issued in
violation of any preemptive rights, rights of first refusal or other similar rights to the extent any such rights were not waived;
the Securities have been duly authorized and, when issued and delivered against payment therefore as provided in this Agreement,
will be validly issued, fully paid and non-assessable, and the issuance of the Securities is not subject to any preemptive rights,
rights of first refusal or other similar rights that have not heretofore been waived or terminated (with copies of such waivers
provided to the Underwriters); and no holder of any Securities or any Common Shares is or will be subject to personal liability
by reason of being such a holder. The Securities conform to the descriptions thereof contained in the Registration Statement, the
General Disclosure Package and the Prospectus. When issued, the Warrants will constitute valid and binding obligations of the Company
to issue and sell, upon exercise thereof and payment of the respective exercise prices therefor, the number and type of securities
of the Company called for thereby in accordance with the terms thereof and such Warrants are enforceable against the Company in
accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors&rsquo; rights generally; (ii) as enforceability of any indemnification or contribution provision
may be limited under federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought. The Warrant Shares have been duly authorized and reserved for issuance and when issued in accordance with
the terms of the Warrants, will be duly and validly issued, fully paid and non-assessable; will not have been issued in violation
of or be subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities
of the Company; and the holders thereof will not be subject to personal liability by reason of being such holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(k) Except as described
in the Registration Statement, the General Disclosure Package and the Prospectus, (A) there are no outstanding rights (contractual
or otherwise), warrants or options to acquire, or instruments convertible into or exchangeable for, or agreements or understandings
with respect to the sale or issuance of, any shares of capital stock of or other equity interest in the Company and (B) there are
no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company
to file a registration statement under the Securities Act or otherwise register any securities of the Company owned or to be owned
by such person and any such rights so disclosed have been waived by the holders thereof in connection with this Agreement and the
transactions contemplated hereby including the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(l) The Common Shares
underlying the Representative&rsquo;s Warrants have been duly authorized and reserved for issuance, conform to the description
thereof in the Registration Statement, the General Disclosure Package and the Prospectus and have been validly reserved for issuance
and will, upon exercise of the Representative&rsquo;s Warrants and payment of the exercise price thereof, be duly and validly issued,
fully paid and non-assessable and will not have been issued in violation of or be subject to preemptive or similar rights to subscribe
for or purchase securities of the Company and the holders thereof will not be subject to personal liability by reason of being
such holders. The issuance of the Representative&rsquo;s Securities out of the Company&rsquo;s authorized capital has been duly
authorized.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(m) The Company has
no subsidiaries (as such term is defined in Rule 405 under the Securities Act). Except as otherwise disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, the Company holds no ownership or other interest, nominal or beneficial,
direct or indirect, in any corporation, partnership, joint venture or other business entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(n) The Company has
been duly incorporated and validly exists as a corporation under the laws of Switzerland. No resolution or order for winding up,
liquidation or similar proceedings has been entered against or with respect to the Company in Switzerland. The Company has all
requisite power and authority to carry on its business as it is currently being conducted and as described in the Registration
Statement, the General Disclosure Package and the Prospectus, and to own, lease and operate its properties. The Company is duly
qualified to do business as a foreign corporation, partnership or limited liability company in good standing in each jurisdiction
in which the character or location of its properties (owned, leased or licensed) or the nature or conduct of its business makes
such qualification necessary, except, in each case, for those failures to be so qualified which (individually and in the aggregate)
would not reasonably be expected to have a material adverse effect on: (i) the business, condition (financial or otherwise), results
of operations, shareholders&rsquo; equity, properties or prospects of the Company; (ii) the long-term debt or capital stock of
the Company; or (iii) the Offering or consummation of any of the other transactions contemplated by this Agreement, the Registration
Statement, the General Disclosure Package and the Prospectus (any such effect being a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(o) The Company is
not: (i) in violation of its articles of association or other organizational documents, (ii) in default under any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of
its property or assets is subject; and no event has occurred which, with notice or lapse of time or both, would constitute a default
under or result in the creation or imposition of any lien, security interest, charge or other encumbrance (a &ldquo;<B>Lien</B>&rdquo;)
upon any of its property or assets pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument
to which it is a party or by which it is bound or to which any of its property or assets is subject, or (iii) in violation in any
respect of any law, rule, regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal
or governmental agency or body, foreign or domestic, to which it knows it is subject, except, in the case of subsections (ii) and
(iii) above, for such violations or defaults which (individually or in the aggregate) would not reasonably be expected to have
a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(p) The Company has
entered into a warrant agreement (the &ldquo;<B>Warrant Agreement</B>&rdquo;) with VStock Transfer LLC, as warrant agent, with
respect to the Warrants substantially in the form filed as an exhibit to the Registration Statement. The Company has full right,
power and authority to execute and deliver this Agreement, the Warrant Agreement, the Warrants, the Representative&rsquo;s Warrants
and all other agreements, documents, certificates and instruments required to be delivered pursuant to this Agreement, the Warrant
Agreement, the Warrants and the Representative&rsquo;s Warrants. The Company has duly and validly authorized this Agreement, the
Warrant Agreement, the Warrants, the Representative&rsquo;s Warrants and each of the transactions contemplated thereby. This Agreement
and the Warrant Agreement have been duly and validly executed and delivered by the Company and constitute the legal, valid and
binding obligations of the Company and are enforceable against the Company in accordance with their terms, except (i) as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally; (ii) as enforceability
of any indemnification or contribution provision may be limited under federal and state securities laws; and (iii) that the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the
discretion of the court before which any proceeding therefor may be brought.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(q) When issued, the
Representative&rsquo;s Warrants will constitute valid and binding obligations of the Company to issue and sell, upon exercise thereof
and payment of the respective exercise prices therefor, the number of Common Shares called for thereby in accordance with the terms
thereof and such Representative&rsquo;s Warrants are enforceable against the Company in accordance with their respective terms,
except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under foreign, federal
and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief
may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(r) The execution,
delivery, and performance by the Company of this Agreement, the Warrant Agreement, the Warrants, the Representative&rsquo;s Warrants
and all other agreements, documents, certificates and instruments required to be delivered pursuant to this Agreement, the Warrant
Agreement, the Warrants and the Representative&rsquo;s Warrants and consummation of the transactions contemplated hereby and thereby
do not and will not: (i) conflict with, require consent under or result in a breach of any of the terms and provisions of, or constitute
a default (or an event which with notice or lapse of time, or both, would constitute a default) under, or result in the creation
or imposition of any Lien upon any property or assets of the Company pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement, instrument, franchise, license or permit to which the Company is a party or by which the Company
or any of its properties, operations or assets may be bound or (ii) violate or conflict with any provision of the articles of association
or other organizational documents of the Company, or (iii) violate or conflict with any law, rule, regulation, ordinance, directive,
judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body, domestic or foreign applicable
to the Company, or (iv) except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, trigger
a reset or repricing of any outstanding securities of the Company; except in the case of each of clauses (i) and (iii), such as
could not have or reasonably be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(s) Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, the Company has all consents, approvals, authorizations,
orders, registrations, qualifications, licenses, filings and permits of, with and from all judicial, regulatory and other legal
or governmental agencies and bodies and all third parties, foreign and domestic (collectively, the &ldquo;<B>Consents</B>&rdquo;),
to own, lease and operate its properties and conduct its business as it is now being conducted and as disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, and each such Consent is valid and in full force and effect, except
which (individually or in the aggregate), in each such case, would not reasonably be expected to have a Material Adverse Effect.
The Company has not received notice of any investigation or proceedings which results in or, if decided adversely to the Company
could reasonably be expected to result in, the revocation of, or imposition of a materially burdensome restriction on, any Consent.
No Consent contains a materially burdensome restriction not adequately disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(t) The Company is
in compliance with all applicable laws, rules, regulations, ordinances, directives, judgments, decrees and orders, foreign and
domestic, except for any non-compliance the consequences of which would not have or reasonably be expected to have a Material Adverse
Effect.).</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(u) The Company has
filed with the Commission a Form 8-A (File Number 001-________) providing for the registration of the Common Shares and the Warrants
(the &ldquo;<B>Form 8-A Registration Statement</B>&rdquo;). The Common Shares and the Warrants are registered pursuant to Section
12(b) under the Exchange Act. The Form 8-A Registration Statement was declared effective by the Commission on or prior to the date
hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common
Shares or the Warrants under the Exchange Act, nor has the Company received any notification that the Commission is contemplating
terminating such registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(v) The Common Shares
and the Warrants have been approved for listing on the Nasdaq Capital Market (the &ldquo;<B>Exchange</B>&rdquo;), subject to official
notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, delisting the Common Shares
or the Warrants from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating
such listing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(w) No consent of,
with or from any judicial, regulatory or other legal or governmental agency or body or any third party, foreign or domestic is
required for the execution, delivery and performance of this Agreement, the Warrant Agreement, the Warrants or the Representative&rsquo;s
Warrants or the consummation of each of the transactions contemplated hereby and thereby including the issuance, sale and delivery
of the Securities to be issued, sold and delivered hereunder, except (i) such as may have previously been obtained (with copies
of such consents provided to the Underwriters), (ii) the Commercial Register of the Canton of Nidwalden with respect to the Company&rsquo;s
articles of association, (iii) the registration under the Securities Act of the Securities, which has become effective, (iv) such
consents as may be required under state securities or blue sky laws or the by-laws and rules of the Exchange, and (v) as may be
required by FINRA in connection with the purchase and distribution of the Shares by the Underwriters, each of which has been obtained
and is in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(x) Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, there is no judicial, regulatory, arbitral or
other legal or governmental proceeding or other litigation or arbitration, domestic or foreign, pending to which the Company is
a party or of which any property, operations or assets of the Company is the subject which, individually or in the aggregate, if
determined adversely to the Company would reasonably be expected to have a Material Adverse Effect. To the Company&rsquo;s knowledge,
except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no such proceeding, litigation
or arbitration is threatened or contemplated and the defense of any such proceedings, litigation and arbitration against or involving
the Company would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(y) The financial statements,
including the notes thereto, and the supporting schedules included in the Registration Statement, the General Disclosure Package
and the Prospectus comply in all material respects with the requirements of the Securities Act and the Exchange Act, and present
fairly in all material respects the financial position as of the dates indicated and the cash flows and results of operations for
the periods specified of the Company. Except as otherwise stated in the Registration Statement, the General Disclosure Package
and the Prospectus, said financial statements have been prepared in conformity with United States generally accepted accounting
principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis throughout the periods involved. The supporting schedules
included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects
the information required to be stated therein. No other financial statements or supporting schedules are required to be included
or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus. The other financial
information included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material
respects the information included therein and have been prepared on a basis consistent with that of the financial statements that
are included in the Registration Statement, the General Disclosure Package and the Prospectus and the books and records of the
respective entities presented therein.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(z) There are no pro
forma or as adjusted financial statements which are required to be included in the Registration Statement, the General Disclosure
Package and the Prospectus in accordance with Regulation S-X which have not been included as so required. The pro forma and pro
forma as adjusted financial information included in the Registration Statement, the General Disclosure Package and the Prospectus
has been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the Rules and
Regulations and include all adjustments necessary to present fairly in accordance with GAAP the pro forma and as adjusted financial
position of the respective entity or entities presented therein at the respective dates indicated and their cash flows and the
results of operations for the respective periods specified. The assumptions used in preparing the pro forma and pro forma as adjusted
financial information included in the Registration Statement, the General Disclosure Package and the Prospectus provide a reasonable
basis for presenting the significant effects directly attributable to the transactions or events described therein. The related
pro forma and pro forma as adjusted adjustments give appropriate effect to those assumptions; and the pro forma and pro forma as
adjusted financial information reflect the proper application of those adjustments to the corresponding historical financial statement
amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(aa) The statistical,
industry-related and market-related data included in the Registration Statement, the General Disclosure Package and the Prospectus
are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such
data agree with the sources from which they are derived.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(bb) Except as set
forth in the Registration Statement, the Prospectus, any Prospectus Supplement and the General Disclosure Package, the Company
has established and maintains disclosure controls and procedures over financial reporting (as defined in Rules 13a-15 and 15d-15
under the Exchange Act) and such controls and procedures are designed to provide reasonable assurance that information relating
to the Company required to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company&rsquo;s management, including its principal executive and principal financial officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure. The Company has utilized such controls and procedures
in preparing and evaluating the disclosures in the Registration Statement, in the General Disclosure Package and in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(cc) Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, (i) the qualifications of the persons serving
as board members and the overall composition of the board of directors complies with the rules of the Exchange, subject to any
exemptions and transition rules applicable to foreign private issuers, (ii) has validly appointed an audit committee, to become
effective as of the Company&rsquo;s listing on the Exchange, whose composition satisfies the requirements of the rules and regulations
of the Exchange, as applicable to foreign private issuers, and (iii) the board of directors and/or audit committee has adopted
an audit committee charter that satisfies the requirements of the rules and regulations of the Exchange, as applicable to foreign
private issuers. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the board
of directors has not been informed, nor is the Company aware, of: (i) any significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s
ability to record, process, summarize and report financial information, or (ii) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company&rsquo;s internal control over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(dd) Neither the Company
nor any of its Affiliates (as defined in the Securities Act) has taken, directly or indirectly, any action which constitutes or
is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or
manipulation of the price of any security to facilitate the sale or resale of the Securities.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ee) Neither the Company
nor any of its Affiliates has, prior to the date hereof, made any offer or sale of any securities which are required to be &ldquo;integrated&rdquo;
pursuant to the Securities Act or the Rules and Regulations with the offer and sale of the Shares pursuant to the Registration
Statement. Except as disclosed in the Registration Statement, the General Disclosure Package, and the Prospectus, neither the Company
nor any of its Affiliates has sold or issued any securities during the six-month period preceding the date of the Prospectus, including
but not limited to any sales pursuant to Rule 144A or Regulation D or Regulation S under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ff) To the knowledge
of the Company, all information contained in the questionnaires and subsequent letters, if any, completed by each of the Company&rsquo;s
officers and directors and 5% holders immediately prior to the Offering and provided to the Representative as well as the biographies
of such officers and directors in the Registration Statement are true and correct in all material respects and the Company has
not become aware of any information which would cause the information disclosed in the questionnaires completed by the directors
and officers to become inaccurate and incorrect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(gg) To the knowledge
of the Company, no director or officer of the Company is subject to any non-competition agreement or non-solicitation agreement
with any current employer or prior employer which could materially affect his ability to be and act in his respective capacity
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(hh) The Company is
not and, at all times up to and including consummation of the transactions contemplated by this Agreement, and after giving effect
to application of the net proceeds of the Offering, will not be, subject to registration as an &ldquo;investment company&rdquo;
under the Investment Company Act of 1940, as amended, and is not and will not be an entity &ldquo;controlled&rdquo; by an &ldquo;investment
company&rdquo; within the meaning of such act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) No relationship,
direct or indirect, exists between or among any of the Company or, to the knowledge of the Company, any Affiliate of the Company,
on the one hand, and any director, officer, shareholder, customer or supplier of the Company or, to the knowledge of the Company,
any Affiliate of the Company, on the other hand, which is required by the Securities Act, the Exchange Act or the Rules and Regulations
to be described in the Registration Statement or the Prospectus which is not so described as required. There are no outstanding
personal loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness
by the Company to or for the benefit of any of the officers or directors of the Company or any of their respective family members.
The Company is not, in violation of Sarbanes-Oxley directly or indirectly extending or maintaining credit, arranging for the extension
of credit, or renewing an extension of credit, in the form of a personal loan to or for any director or executive officer of the
Company, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(jj) Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, there are no contracts, agreements or understandings
between the Company and any Person that would give rise to a valid claim against the Company or, to the knowledge of the Company,
any Underwriter for a brokerage commission, finder&rsquo;s fee, financial consulting fee or other like payment in connection with
the transactions contemplated by this Agreement or, to the knowledge of the Company, any arrangements, agreements, understandings,
payments or issuance with respect to the Company or any of its officers, directors, shareholders, partners, employees or Affiliates
that may affect the Underwriters&rsquo; compensation as determined by FINRA.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(kk) The Company owns
or leases all such properties (other than intellectual property, which is covered by Section 2(kk)) as are necessary to the conduct
of its business as presently operated as described in the Registration Statement, the General Disclosure Package and the Prospectus.
The Company has good and marketable title in fee simple to all real property and good and marketable title to all personal property
owned by it, in each case free and clear of all Liens except such as are described in the Registration Statement, the General Disclosure
Package and the Prospectus or such as would not (individually or in the aggregate) reasonably be expected to have a Material Adverse
Effect. Any real property and buildings held under lease or sublease by the Company are held by it under valid, subsisting and,
to the Company&rsquo;s knowledge, enforceable leases with such exceptions as are not material to, and do not materially interfere
with, the use made and proposed to be made of such property and buildings by the Company. The Company has not received any notice
of any claim adverse to its ownership of any real or personal property or of any claim against the continued possession of any
real property, whether owned or held under lease or sublease by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ll) The Company: (i)
owns, possesses, or has the adequate right to use all patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses, formulae, customer lists, and know-how and other intellectual
property (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures, &ldquo;<B>Intellectual Property</B>&rdquo;) necessary for the conduct of its businesses as being conducted and as described
in the Registration Statement, the General Disclosure and Prospectus and (ii) has no knowledge that the conduct of its business
conflicts or will conflict with the rights of others, and it has not received any notice of any claim of conflict with, any right
of others. Except as set forth in the Registration Statement, the General Disclosure Package or the Prospectus, the Company has
not granted or assigned to any other Person any right to sell any of the products or services of the Company. To the Company&rsquo;s
knowledge, there is no infringement by third parties of any such Intellectual Property; there is no pending or, to the Company&rsquo;s
knowledge, threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual
Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; and there is no pending
or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes or otherwise
violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Company is unaware of any
other fact which would form a reasonable basis for any such claim. Except as set forth in the Registration Statement, the General
Disclosure Package and the Prospectus, the Company has not received any claim for royalties or other compensation from any Person,
including any employee of the Company who made inventive contributions to the technology or products of the Company that are pending
or unsettled, and except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus the Company
does not have any obligation to pay material royalties to any Person on account of inventive contributions which would reasonably
be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(mm) The agreements
and documents described in the Registration Statement, the General Disclosure Package and the Prospectus conform to the descriptions
thereof contained therein and there are no agreements or other documents required by the applicable provisions of the Securities
Act to be described in the Registration Statement, the General Disclosure Package or the Prospectus or to be filed with the Commission
as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however
characterized or described) to which the Company is a party or by which any of its properties or business are or may be bound or
affected and (i) that is referred to in the Registration Statement, the General Disclosure Package or the Prospectus or attached
as an exhibit thereto, or (ii) is material to the business of the Company, has been duly and validly executed by the Company is
in full force and effect in all material respects and is enforceable against the Company in accordance with its terms, except (x)
as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights
generally, (y) as enforceability of any indemnification or contribution provision may be limited under the foreign, federal and
state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be
subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, and none
of such agreements or instruments has been assigned by the Company, and neither the Company, nor, to the Company&rsquo;s knowledge,
any other party is in breach or default thereunder and, to the Company&rsquo;s knowledge, no event has occurred that, with the
lapse of time or the giving of notice, or both, would constitute a breach or default thereunder, in any such case, which would
result in a Material Adverse Effect.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(nn) The disclosures
in the Registration Statement, the General Disclosure Package and the Prospectus concerning the effects of foreign, federal, state
and local regulation on the Company&rsquo;s business as currently contemplated are correct in all material respects and do not
omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(oo) Except for matters
that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company
(i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports
and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has
set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim. The provisions for taxes
payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued
and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements.
No deficiency assessment with respect to a proposed adjustment of the Company&rsquo;s federal, state, local or foreign taxes is
pending or, to the Company&rsquo;s knowledge, threatened There is no tax lien, whether imposed by any federal, state, foreign or
other taxing authority, outstanding against the assets, properties or business of the Company, other than liens for taxes not yet
delinquent, or being contested in good faith by appropriate proceedings and for which reserves in accordance with GAAP have been
established in the Company&rsquo;s books and records. The term &ldquo;taxes&rdquo; mean all federal, state, local, foreign (including
Swiss), and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease,
service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits,
customs, duties or other taxes, fees, assessments, or charges in the nature of taxes, together with any interest and any penalties,
additions to tax, or additional amounts with respect thereto. The term &ldquo;returns&rdquo; means all returns, declarations, reports,
statements, and other documents required to be filed in respect to taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(pp) No labor disturbance
or dispute by or with the employees of the Company which, individually or in the aggregate, would reasonably be expected to have
a Material Adverse Effect, currently exists or, to the Company&rsquo;s knowledge, is threatened. To the Company&rsquo;s knowledge,
it is in compliance in all material respects with the labor and employment laws and collective bargaining agreements and extension
orders applicable to its employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(qq) Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, and as would not be reasonably expected, individually
or in the aggregate, to have a Material Adverse Effect, the Company currently operates its business in material compliance with
all Environmental Laws (as hereinafter defined), and, to the Company&rsquo;s knowledge, no material expenditures are or will be
required in order to comply therewith. The Company has not received any notice or communication that relates to or alleges any
actual or potential violation or failure to comply with any Environmental Laws that would, individually or in the aggregate, be
reasonably expected to have a Material Adverse Effect. As used herein, the term &ldquo;<B>Environmental Laws</B>&rdquo; means all
applicable laws and regulations, including any licensing, permits or reporting requirements, and any action by a federal state
or local government entity pertaining to the protection of the environment, protection of public health, protection of worker health
and safety, or the handling of hazardous materials, including without limitation, the Clean Air Act, 42 U.S.C. &sect; 7401, et
seq., the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. &sect; 9601, et seq., the Federal
Water Pollution Control Act, 33 U.S.C. &sect; 1321, et seq., the Hazardous Materials Transportation Act, 49 U.S.C. &sect; 1801,
et seq., the Resource Conservation and Recovery Act, 42 U.S.C. &sect; 690-1, et seq., and the Toxic Substances Control Act, 15
U.S.C. &sect; 2601, et seq.</P>

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

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

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(rr) As to each product
or product candidate subject to the jurisdiction of the U.S. Food and Drug Administration (&ldquo;<B>FDA</B>&rdquo;) under the
Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (&ldquo;<B>FDCA</B>&rdquo;) and/or the jurisdiction
of the non-U.S. counterparts thereof that is tested, sold and/or marketed by the Company (each such product, a &ldquo;<B>Product</B>&rdquo;),
such Product is being tested, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and/or
and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application
approval, good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, advertising,
record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. The
Company does not currently have any products that have been approved by the FDA or any non-U.S. counterparts thereof to be manufactured,
packaged, labeled, distributed, sold and/or marketed. There is no pending, completed or, to the Company&rsquo;s knowledge, threatened,
action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation)
against the Company and the Company has not received any notice, warning letter or other communication from the FDA or any other
governmental entity or any non-U.S. counterparts thereof, which (i) contests the premarket clearance, licensure, registration,
or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling
and promotion of any Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders
the withdrawal of advertising or sales promotional materials relating to, any Product, (iii) imposes a clinical hold on any clinical
investigation by the Company, (iv) enjoins production at any facility of the Company, (v) enters or proposes to enter into a consent
decree of permanent injunction with the Company, or (vi) otherwise alleges any violation of any laws, rules or regulations by the
Company. The properties, business and operations of the Company have been and are being conducted in all material respects in accordance
with all applicable laws, rules and regulations of the FDA and non-U.S. counterparts thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ss) The clinical,
pre-clinical and other studies and tests conducted by or on behalf of or sponsored by the Company that are described or referred
to in the Registration Statement, the General Disclosure Package and the Prospectus were and, if still pending, are being conducted
in all material respects accordance with all statutes, laws, rules and regulations, as applicable (including, without limitation,
those administered by the FDA or by any foreign, federal, state or local governmental or regulatory authority performing functions
similar to those performed by the FDA). The descriptions of the results of such studies and tests that are described or referred
to in the Registration Statement, the General Disclosure Package and the Prospectus are accurate and complete in all material respects
and fairly present the published data derived from such studies and tests. The Company has not received any notices or other correspondence
from the FDA or any other foreign, federal, state or local governmental or regulatory authority performing functions similar to
those performed by the FDA with respect to any ongoing clinical or pre-clinical studies or tests requiring the termination or suspension
of such studies or tests. For the avoidance of doubt, the Company makes no representation or warranty that the results of any studies,
tests or preclinical or clinical trials conducted by or on behalf of the Company will be sufficient to obtain governmental approval
from the FDA or any foreign, state or local governmental body exercising comparable authority or that additional studies, tests
or preclinical or clinical trials will reach similar results or conclusions.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(tt) Except as would
not result in a Material Adverse Effect, the Company has not failed to file with the applicable regulatory authorities (including
the FDA or any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA) any filing, declaration, listing, registration, report or submission that is required to be so filed for the business
operation of the Company as currently conducted. All such filings were in material compliance with applicable laws when filed and
no deficiencies have been asserted in writing by any applicable regulatory authority (including, without limitation, the FDA or
any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the
FDA) with respect to any such filings, declarations, listings, registrations, reports or submissions. The Company holds, and is
in material compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders
(&ldquo;<B>Permits</B>&rdquo;) of any governmental or self-regulatory agency, authority or body (including, without limitation,
those administered by FDA or by any foreign, federal, state or local governmental or regulatory authority performing functions
similar to those performed by the FDA) required for the conduct of the business of the Company as currently conducted, and all
such Permits are in full force and effect, in each case except where the failure to hold, or comply with, any of them is not reasonably
likely to result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(uu) Neither the Company
nor, to the knowledge of the Company, any other person associated with or acting on behalf of the Company including, without limitation,
any director, officer, agent or employee of the Company, has, directly or indirectly, while acting on behalf of the Company: (i)
used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity;
(ii) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political parties
or campaigns from corporate funds; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv)
made any other unlawful payment<FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(vv) Neither the Company
nor any of its Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the &ldquo;<B>BHCA</B>&rdquo;) and to
regulation by the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal Reserve</B>&rdquo;). Neither the Company
nor any of its Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any
class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Affiliates exercises a controlling influence
over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ww) The operations
of the Company are conducted in compliance in all material respects with applicable financial record keeping and reporting requirements
and money laundering statutes of the United States and, to the Company&rsquo;s knowledge, all other jurisdictions to which the
Company is subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any applicable governmental agency (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with
respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(xx) Neither the Company
nor to the knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company is currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;),
the United Nations Security Council, the European Union, her Majesty&rsquo;s Treasury (UK HMT), the Swiss Secretariat of Economic
Affairs, the Monetary Authority of Singapore or other relevant authorities (collectively, &ldquo;<B>Sanctions</B>&rdquo;) nor located,
organized or resident in a country or territory that is the subject of Sanctions. The Company will not directly or indirectly use
the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other
person or entity, for the purpose of funding or financing the activities or business of or with any Person or in any country or
territory that. At the time of such funding or facilitation is the subject of to any Sanctions, or in any other manner that will
result in a violation of Sanctions by any Person (including any Person participating in the Offering). For the past five years,
the Company has not knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions
with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(yy) Except as set
forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or as otherwise disclosed to the Underwriters,
no brokerage or finder&rsquo;s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement.
To the Company&rsquo;s knowledge, there are no other arrangements, agreements or understandings of the Company or, to the Company&rsquo;s
knowledge, any of its stockholders that may affect the Underwriters&rsquo; compensation, as determined by FINRA. The Company has
not made any direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder&rsquo;s fee, investing
fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who provided
capital to the Company, (ii) any FINRA member, or (iii) any person or entity that has any direct or indirect affiliation or association
with any FINRA member participating in the Offering within the 12-month period prior to the date on which the Registration Statement
was filed with the Commission (the &ldquo;<B>Filing Date</B>&rdquo;) or thereafter. To the Company&rsquo;s knowledge, no (i) officer
or director of the Company or its subsidiaries, (ii) owner of 5% or more of the Company&rsquo;s unregistered securities or that
of its subsidiaries or (iii) owner of any amount of the Company&rsquo;s unregistered securities acquired within the 180-day period
prior to the Filing Date, has any direct or indirect affiliation or association with any FINRA member participating in the Offering.
The Company will advise the Underwriters and their respective counsel if it becomes aware that any officer, director or stockholder
of the Company or its subsidiaries is or becomes an affiliate or associated person of a FINRA member participating in the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(zz) The Company is
a &ldquo;foreign private issuer&rdquo; within the meaning of Rule 405 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(aaa) The Company is
not overindebted or suffering from capital loss within the meaning of article 725 of the Swiss Code of Obligations (the &ldquo;<B>CO</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(bbb) Except as disclosed
in the General Disclosure Package and the Prospectus, under current laws and regulations of Switzerland and any political subdivision
thereof, all dividends and other distributions declared and payable on the Securities may be paid by the Company to the holder
thereof in United States dollars or Swiss franc that may be converted into foreign currency and freely transferred out of Switzerland
and all such payments made to holders thereof or therein who are non-residents of Switzerland will not be subject to income, withholding
or other taxes under laws and regulations of Switzerland or any political subdivision or taxing authority thereof or therein and
will otherwise be free and clear of any other tax, duty, withholding or deduction in Switzerland or any political subdivision or
taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in Switzerland or any
political subdivision or taxing authority thereof or therein.</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ccc) The choice of
the laws of the State of New York as the governing law of this Agreement and the Representative&rsquo;s Warrants is a valid choice
of law under the laws of Switzerland and will be honored by courts in Switzerland. The Company has the power to submit, and pursuant
to Section 15 of this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each
United States federal court and New York state court located in the Borough of Manhattan, in the City of New York, New York, U.S.A.
(each, a &ldquo;<B>New York Court</B>&rdquo;), and the Company has the power to designate, appoint and authorize, and pursuant
to Section 15 of this Agreement, has legally, validly, effectively and irrevocably designated, appointed and authorized an agent
for service of process in any action arising out of or relating to this Agreement, the Registration Statement, the Prospectus or
the Offered Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer
valid personal jurisdiction over the Company as provided in Section 15 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ddd) Except as provided
by laws or statutes generally applicable to transactions of the type described in this Agreement, neither the Company nor any of
its respective properties, assets or revenues has any right of immunity under Swiss, New York or United States law, from any legal
action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim,
from the jurisdiction of any Swiss, New York or United States federal court, from service of process, attachment upon or prior
judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities
or any other matter under or arising out of or in connection with this Agreement. To the extent that the Company or any of its
respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court
in which proceedings may at any time be commenced, the Company waives or will waive such right to the extent permitted by law and
has consented to such relief and enforcement as provided in Section 15 of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(eee) Each of this
Agreement and the Representative&rsquo;s Warrants is in proper form under the laws of Switzerland for the enforcement thereof against
the Company, and to ensure the legality, validity, enforceability or admissibility into evidence in Switzerland of this Agreement
and the Representative&rsquo;s Warrants, it is not necessary that this Agreement or the Representative&rsquo;s Warrants be filed
or recorded with any court or other authority in Switzerland or, except as disclosed in the most recent Preliminary Prospectus
or Prospectus, that any stamp or similar tax in Switzerland be paid on or in respect of this Agreement, the Representative&rsquo;s
Warrants or any other documents to be furnished hereunder. Any final judgment for a fixed or readily calculable sum of money rendered
by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company
based upon this Agreement or the Representative&rsquo;s Warrants and any instruments or agreements entered into for the consummation
of the transactions contemplated herein and therein would be declared enforceable against the Company, without re-examination or
review of the merits of the cause of action in respect of which the original judgment was given or re-litigation of the matters
adjudicated upon, by the courts of Switzerland. The Company is not aware of any reason why the enforcement in Switzerland of such
a New York Court judgment would be, as of the date hereof, contrary to public policy of Switzerland.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(fff) The Company and
each of its Subsidiaries maintains insurance in such amounts and covering such risks as the Company reasonably considers adequate
for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged
in similar businesses in similar industries, all of which insurance is in full force and effect, except where the failure to maintain
such insurance could not reasonably be expected to have Material Adverse Effect. The Company reasonably believes that it and each
of its Subsidiaries will be able to renew its existing insurance as and when such coverage expires or will be able to obtain replacement
insurance adequate for the conduct of its respective business and the value of its respective properties at a cost that would not
have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(ggg) The shareholders&rsquo;
meeting of the Company has resolved on a stock split of its 1,392 Common Shares with a par value of CHF 100.00 per share into 6,960,000
Common Shares with a par value of CHF 0.02 per share on September 14, 2020 (the &ldquo;<B>Stock Split</B>&rdquo;). The Stock Split
became effective under the laws of Switzerland on September 15, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(hhh) As used in this
Agreement, references to matters being &ldquo;<B>material</B>&rdquo; with respect to the Company shall mean a material event, change,
condition, status or effect related to the condition (financial or otherwise), properties, assets (including intangible assets),
liabilities, business, prospects, operations or results of operations of the Company either individually or taken as a whole, as
the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) As used in this
Agreement, the term &ldquo;<B>knowledge of the Company</B>&rdquo; (or similar language) shall mean the knowledge of the executive
officers of the Company who are named in the Prospectus, with the assumption that such executive officers shall have made reasonable
and diligent inquiry of the matters presented (with reference to what is customary and prudent for the applicable individuals in
connection with the discharge by the applicable individuals of their duties as executive officers of the Company).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(jjj) Any certificate
signed by or on behalf of the Company and delivered to the Underwriters or to Loeb &amp; Loeb LLP (&ldquo;<B>Underwriters&rsquo;
Counsel</B>&rdquo;) shall be deemed to be a representation and warranty by the Company to each Underwriter listed on <U>Schedule
A</U> hereto as to the matters covered thereby.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6. <U>Offering</U>. Upon
authorization of the release of the Shares by the Representative, the Underwriters propose to offer the Shares for sale to the
public upon the terms and conditions set forth in this Agreement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">7. <U>Covenants of the
Company</U>. The Company acknowledges, covenants and agrees with the Representative that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) The Registration
Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is
otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant
to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Representative of such timely filing.
The Company will file with the Commission all Issuer Free Writing Prospectuses in the time and manner required under Rules 433(d)
or 163(b)(2), as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) During the period
beginning on the date hereof and ending on the later of the Closing Date or such date as, in the opinion of Underwriters&rsquo;
Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a)
under the Securities Act is no longer required to be provided), in connection with sales by an underwriter or dealer (the &ldquo;<B>Prospectus
Delivery Period</B>&rdquo;), prior to amending or supplementing the Registration Statement or the Prospectus, the Company shall
furnish to the Representatives for review a copy of each such proposed amendment or supplement, and the Company shall not file
any such proposed amendment or supplement to which the Representatives reasonably object within 36 hours of delivery thereof to
the Representatives and Underwriters&rsquo; Counsel; provided, however, that the notwithstanding the foregoing, the Company will
file all reports and other documents required to be filed with the Commission pursuant to Section 13, 14 or 15 of the Exchange
Act within the time periods required by the Exchange Act and the regulations promulgated thereunder regardless as to whether the
Company receives a response from the Representatives or Underwriters&rsquo; Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) After the date
of this Agreement and through the Prospectus Delivery Period, the Company shall promptly advise the Representative in writing (i)
of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time
and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus,
the General Disclosure Package or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration
Statement becomes effective, and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus,
the General Disclosure Package, the Prospectus or any Issuer-Represented Free Writing Prospectus, or of any proceedings to remove,
suspend or terminate from listing the Common Shares or the Warrants from the Exchange, or of the threatening or initiation of any
proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable
efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply
with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Securities Act and will use its commercially reasonable
efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission
(without reliance on Rule 424(b)(8) or Rule 164(b)).</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(d) (i) During the
Prospectus Delivery Period, the Company will comply in all material respects with all requirements imposed upon it by the Securities
Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so
far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof,
the General Disclosure Package, the Registration Statement and the Prospectus. If during such period any event occurs as a result
of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would
include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which such statements were made, not misleading, or if during such period it is necessary or appropriate
in the opinion of the Company or its counsel or the Representative or Underwriters&rsquo; Counsel to amend the Registration Statement
or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package
) to comply with the Securities Act or to file under the Exchange Act any document which would be deemed to be incorporated by
reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company will promptly notify the
Representative and will amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available
to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct
such statement or omission or effect such compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) If at any time following
issuance of an Issuer-Represented Free Writing Prospectus there occurred or occurs an event or development as a result of which
such Issuer-Represented Free Writing Prospectus conflicted or would conflict with the information contained in the Registration
Statement, the Statutory Prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing
at that subsequent time, not misleading, the Company has promptly notified or promptly will notify the Representative and has promptly
amended or will promptly amend or supplement, at its own expense, such Issuer-Represented Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(e) Upon request, the
Company will promptly deliver to the Underwriters and Underwriters&rsquo; Counsel a signed copy of the Registration Statement,
as initially filed and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company&rsquo;s
files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly
deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement,
and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement
and Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. Prior to 10:00 a.m.,
New York time, on the Business Day next succeeding the date of this Agreement and from time to time thereafter, the Company will
furnish the Underwriters with copies of the Prospectus in New York City in such quantities as the Underwriters may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(f) The Company consents
to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(g) If the Company
elects to rely on Rule 462(b) under the Securities Act, the Company shall both file a Rule 462(b) Registration Statement with the
Commission in compliance with Rule 462(b) and pay the applicable fees in accordance with Rule 111 of the Securities Act by the
earlier of: (i) 10:00 p.m., New York City time, on the date of this Agreement, and (ii) the time that confirmations are given or
sent, as specified by Rule 462(b)(2).</P>

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

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

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(h) The Company will
use its commercially reasonable efforts, in cooperation with the Representative, at or prior to the time of effectiveness of the
Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale
of the Securities of such jurisdictions, domestic or foreign, as the Representative may reasonably designate and to maintain such
qualification in effect for so long as required for the distribution thereof, except that in no event shall the Company be obligated
in connection therewith to qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction,
to execute a general consent to service of process in any such jurisdiction, or to subject itself to taxation in any such jurisdiction
if it is otherwise not so subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(i) During the 180
day period following the date of this Agreement (the &ldquo;<B>Company Lock-up Period</B>&rdquo;), the Company may not, without
the prior written consent of the Representative, (i) offer, sell, issue, agree or contract to sell or issue or grant any option
for the sale of any securities of the Company, except for (A) the issuance of securities under a Company equity incentive plan,
(B) the issuance of Common Shares upon the exercise or conversion of securities that are issued and outstanding on the date of
this Agreement and are described in the Registration Statement and the Prospectus, provided that such securities have not been
amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price or conversion
price of such securities (other than in connection with stock splits, adjustments or combinations as set forth in such securities)
or to extend the term of such securities, and (C) the issuance of securities in connection with a business acquisition, joint venture
or partnership (so long as the purpose of such issuance is not solely for capital raising) approved by the board of directors of
the Company, provided that such securities are issued as &ldquo;restricted securities&rdquo; (as defined in Rule 144) and carry
no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition
period in this Section 4(i) and provided that any such issuance shall only be to a Person (or to the equityholders of a Person)
which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities; or (ii) file any registration statement relating to the offer or sale of any of the Company&rsquo;s
securities, except for a registration statement on Form S-8 to register shares issuable pursuant to the Company&rsquo;s equity
incentive plan(s).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(j) <U>Schedule II</U>
hereto contains a complete and accurate list of the Company&rsquo;s executive officers, directors and holders of 5% or more of
the Company&rsquo;s Common Shares (collectively, the &ldquo;<B>Lock-Up Parties</B>&rdquo;). The Company has caused each of the
Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in the form attached hereto as <U>Annex I</U> <B>(</B>the
&ldquo;<B>Lock-Up Agreement</B>&rdquo;), prior to the execution of this Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(k) If the Representative,
in its sole discretion, agrees to release or waive the restrictions set forth in a Lock-Up Agreement described in Section 4(j)
hereof for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least
three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release
or waiver by (i) a press release substantially in the form of <U>Annex III</U> hereto through a major news service or (ii) any
other method that satisfies the obligations described in FINRA Rule 5131(d)(2) at least two (2) Business Days before the effective
date of the release or waiver.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(l) For a period of
three years from the Closing Date, the Company shall retain VStock Transfer LLC as the Company&rsquo;s transfer agent and registrar
for the Common Shares or a transfer and registrar agent for the Common Shares reasonably acceptable to the Representative.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(n) For a period of
at least three (3) years from the Effective Date, the Company shall retain a nationally recognized PCAOB registered independent
public accounting firm reasonably acceptable to the Representative. The Representative acknowledges that the Auditor is acceptable
to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(o) During the period
of one (1) year from the Effective Date, the Company will make available to the Representative copies of all reports or other communications
(financial or other) furnished to security holders or from time to time published or publicly disseminated by the Company, and
will deliver to the Representative as soon as practicable after they are available, copies of any reports, financial statements
and proxy or information statements furnished to or filed with the Commission or any national securities exchange on which any
class of securities of the Company is listed such additional information concerning the business and financial condition of the
Company as the Representative may from time to time reasonably request in writing pursuant to a specific regulatory or liability
issue; provided, that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical
form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(p) The Company will
not issue press releases or engage in any other publicity, without the Representative&rsquo;s prior written consent, for a period
ending at 5:00 p.m. Eastern time on the first (1<SUP>st</SUP>) Business Day following the fortieth (40th) day following the Closing
Date, other than normal and customary releases issued in the ordinary course of the Company&rsquo;s business, or as required by
law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(r) The Company hereby
grants the Representative the right of first refusal for a period of twelve (12) months after the Effective Date to act as lead
manager and book runner for any and all future public or private equity, equity-linked and debt (excluding commercial bank) offerings
or as exclusive financial advisor with respect to any merger, acquisition, or sale of stock or assets during such 12 month period
by the Company, or any successor to or any subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(s) The Company will
apply the net proceeds from the sale of the Shares as set forth under the caption &ldquo;Use of Proceeds&rdquo; in the Prospectus
in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(t) The Company will
use its commercial best efforts to effect and maintain the listing of the Common Shares and the Warrants on the Exchange, the NYSE,
or the NYSE American, for at least three (3) years after the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(u) The Company, during
the Prospectus Delivery Period, will file all documents required to be filed with the Commission pursuant to the Securities Act,
the Exchange Act and the Rules and Regulations within the time periods required thereby.</P>

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

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

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(v) The Company will
use its commercially reasonable efforts to do and perform all things required to be done or performed under this Agreement by the
Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(w) The Company will
not take, and will use its commercially reasonable efforts to cause its Affiliates not to take, directly or indirectly, any action
which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in,
the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(x) The Company shall
cause to be prepared and delivered to the Representative, at its expense, within two (2) Business Days from the date of this Agreement,
an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term &ldquo;Electronic
Prospectus&rdquo; means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions:
(i) it shall be encoded in an electronic format, satisfactory to the Representative, that may be transmitted electronically by
the other Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating
to the Securities is required to be delivered under the Securities Act; (ii) it shall disclose the same information as the paper
prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated
electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate
narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into
a paper format or an electronic format, satisfactory to the Representative, that will allow recipients thereof to store and have
continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for
subscription to the Internet as a whole and for on-line time).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(y) The Company represents
and agrees that, unless it obtains the prior written consent of the Representative, and the Representative represents and agrees
that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Securities
that would constitute an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities Act, or that
would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule 405 under the Securities Act, required to
be filed with the Commission; provided that the prior written consent of the parties hereto shall be deemed to have been given
in respect of the free writing prospectuses included in <U>Schedule III</U>. Any such free writing prospectus consented to by the
Company and the Representative is hereinafter referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; Each of the Company
and the Representative represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an
&ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements of
Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and
record keeping.</P>

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

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

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">8. <U>Payment of Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) Whether or not
the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement
is terminated, the Company hereby agrees to pay all reasonable and documented costs and expenses incident to the performance of
its obligations hereunder including the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) all filing fees and
communication expenses related to the registration of the Securities to be issued or sold in the Offering including all expenses
in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus
and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters
and dealers;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) all fees and expenses
in connection with filings with FINRA;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) all fees, disbursements
and expenses of the Company&rsquo;s counsel and accountants in connection with the registration of the Securities under the Securities
Act and the Offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iv) all fees and expenses
in connection with listing the Common Shares and the Warrants on the Exchange;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(v) the costs of all
mailing and printing of the underwriting documents (including this Agreement, any blue sky surveys and, if appropriate, any Agreement
Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and Power of Attorney);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(vi) all reasonable travel
expenses of the Company&rsquo;s officers and employees and any other expense of the Company incurred in connection with attending
or hosting meetings with prospective purchasers of the Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(vii) any stock transfer
taxes payable upon the transfer of securities by the Company to the Underwriters and any other taxes incurred by the Company in
connection with this Agreement or the Offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(viii) the costs associated
with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ix) the cost and charges
of any transfer agent or registrar for the Common Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(x) any reasonable cost
and expenses in conducting background checks of the Company&rsquo;s officers and directors by a background search firm acceptable
to the Representative;</P>

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

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

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(xi) fees of Underwriters&rsquo;
Counsel;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(xii) the cost of preparing,
printing and delivering certificates representing each of the Securities; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(xiii) all other costs,
fees and expenses incident to the performance of the Company obligations hereunder which are not otherwise specifically provided
for in this Section 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">The Company and the
Representative acknowledge that the Company has previously paid to the Representative advances in an amount of $25,000 (the &ldquo;<B>Advance&rdquo;</B>)
against the Representative&rsquo;s out-of-pocket expenses. Any portion of the Advance not used shall be returned back to the Company
to the extent not incurred. The Representative&rsquo;s total out-of-pocket accountable expenses (including legal fees and expenses)
in connection with the Offering shall not exceed $125,000 in the event of a Closing of the Offering or $75,000 if there is no Closing
of the Offering.</P>

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

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

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">9. <U>Conditions of Underwriters&rsquo;
Obligations</U>. The obligations of the Underwriters to purchase and pay for the Firm Units, the Option Shares or the Option Warrants,
as the case may be, as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company
herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements
or letters furnished to the Representative or to Underwriters&rsquo; Counsel pursuant to this Section 6 of any misstatement or
omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions.
For purposes of this Section 6, the terms &ldquo;Closing Date&rdquo; and &ldquo;Closing&rdquo; shall refer to the Closing Date
for the Firm Units, the Option Shares or the Option Warrants, as the case may be, and each of the foregoing and following conditions
must be satisfied as of each Closing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) The Registration
Statement shall have become effective and all necessary regulatory or listing approvals shall have been received not later than
5:30 p.m., New York time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing
by the Representative. If the Company shall have elected to rely upon Rule 430A under the Securities Act, the Prospectus shall
have been filed with the Commission in a timely fashion in accordance with the terms hereof and a form of the Prospectus containing
information relating to the description of the Securities and the method of distribution and similar matters shall have been filed
with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date or the actual
time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment
thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus
shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; any request of
the Commission for additional information (to be included in the Registration Statement, the General Disclosure Package, the Prospectus,
any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Representative&rsquo;s satisfaction; and
FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) The Representative
shall not have reasonably determined, and advised the Company, that the Registration Statement, the General Disclosure Package
or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue statement
of fact which, in the Representative&rsquo;s reasonable opinion, is material, or omits to state a fact which, in the Representative&rsquo;s
reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that if in the Representative&rsquo;s opinion such deficiency is curable, the Representative shall have given
the Company reasonable notice of such deficiency and a reasonable chance to cure such deficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) The Representative
shall have received the written opinions of (i) Sullivan &amp; Worcester LLP., U.S. securities counsel for the Company, dated as
of the Closing Date and addressed to the Representative, in a form reasonably satisfactory to the Representative, (ii) Wenger &amp;
Vieli AG, Swiss counsel for the Company, dated as of the Closing date and addressed to the Representative, in a form reasonably
satisfactory to the Representative, (iii) GHM Partners AG, Swiss tax counsel for the Company, dated as of the Closing date and
addressed to the Representative, in a form reasonably satisfactory to the Representative and (iv) Finnegan, Henderson, Farabow,
Garrett &amp; Dunner, LLP, intellectual property counsel for the Company, dated as of the Closing Date and addressed to the Representative,
in a form reasonably satisfactory to the Representative.</P>

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

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

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(d) The Representative
shall have received a certificate of the Chief Executive Officer and Chief Financial Officer of the Company, dated as of each Closing
Date to the effect that: (i) the condition set forth in subsection (a) of this Section 6 has been satisfied, (ii) to the best of
their knowledge after reasonable investigation, as of the date hereof and as of the applicable Closing Date, the representations
and warranties of the Company set forth in Sections 1 and 2 hereof are accurate in all material respects (except for those representations
and warranties qualified as to materiality, which shall be true and correct in all respects and except for those representations
and warranties which refer to facts existing at a specific date, which shall be true and correct as of such date), (iii) as of
the applicable Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder
on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference
with its respective businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding
against the Company, (v) no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereof has been issued and no proceedings therefor have been initiated or, to their knowledge, threatened by the Commission, (vi)
there are no pro forma or as adjusted financial statements that are required to be included or incorporated by reference in the
Registration Statement and the Prospectus pursuant to the Rules and Regulations which are not so included or incorporated by reference,
and (vii) subsequent to the date of the most recent audited financial statements included or incorporated by reference in the Registration
Statement and the Prospectus there has not been any Material Adverse Change or any development involving a prospective Material
Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(e) On the date of
this Agreement and on the Closing Date, the Representative shall have received a &ldquo;cold comfort&rdquo; letter from the Auditor
as of the date of delivery and addressed to the Representative and in form and substance satisfactory to the Representative and
Underwriters&rsquo; Counsel, confirming that they are independent certified public accountants with respect to the Company within
the meaning of the Securities Act and the Rules and Regulations, and stating, as of the date of delivery (or, with respect to matters
involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus,
as of a date not more than five (5) days prior to the date of such letter), the conclusions and findings of such firm with respect
to the financial information and other matters relating to the Registration Statement and the Prospectus covered by such letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(f) Subsequent to the
execution and delivery of this Agreement and prior to the Closing Date, there shall not have been any change in the capital stock
or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the
ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders&rsquo; equity,
properties or prospects of the Company including but not limited to the occurrence of any fire, flood, storm, explosion, accident,
act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the sole judgment of the
Representative, so material and adverse as to make it impracticable or inadvisable to proceed with the Offering on the terms and
in the manner contemplated in the Prospectus (exclusive of any supplement).</P>

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

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

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(g) Prior to the execution
and delivery of this Agreement, the Representative shall have received a lock-up agreement from each Lock-Up Party, duly executed
by the applicable Lock-Up Party, in each case substantially in the form attached hereto as <U>Annex I</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(h) The Common Shares
and the Warrants are registered under the Exchange Act and, as of the Closing Date, the Common Shares and the Warrants shall be
listed and admitted and authorized for trading on the Exchange and satisfactory evidence of such action shall have been provided
to the Representative. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration
of the Common Shares or the Warrants under the Exchange Act or delisting or suspending from trading the Common Shares or the Warrants
from the Exchange, nor has the Company received any information suggesting that the Commission or the Exchange is contemplating
terminating such registration of listing. The Securities shall be DTC eligible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(i) FINRA shall have
confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(j) No action shall
have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign
governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no
injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the
issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(k) The Company shall
have furnished the Representative with a certified extract with respect to the Company from the Commercial Register of the Canton
of Nidwalden.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(l) The Company shall
have furnished the Representative and Underwriters&rsquo; Counsel with such other certificates, opinions or other documents as
they may have reasonably requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(m) On each Closing
Date, there shall have been issued to the Representative, a Representative&rsquo;s Warrant in the form attached hereto as Annex
II.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">If any of the conditions
specified in this Section 6 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates,
opinions, written statements or letters furnished to the Representative or to Underwriters&rsquo; Counsel pursuant to this Section
6 shall not be reasonably satisfactory in form and substance to the Representative and to Underwriters&rsquo; Counsel, all obligations
of the Underwriters hereunder may be cancelled by the Representative at, or at any time prior to, the consummation of the Closing.
Notice of such cancellation shall be given to the Company in writing or by telephone. Any such telephone notice shall be confirmed
promptly thereafter in writing.</P>

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

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

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) The Company agrees
to indemnify and hold harmless each Underwriter, its officers, directors and employees, and each Person, if any, who controls such
Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, liabilities,
claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys&rsquo; fees and any and
all expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any
claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any
of them may become subject under the Securities Act, the Exchange Act or otherwise (including in settlement of any litigation if
such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses
(or actions in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material
fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at
the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, the General
Disclosure Package, the Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange Act
and deemed to be incorporated by reference into the Prospectus) (B) any Issuer Free Writing Prospectus or in any other materials
or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering
of the Securities, including any road show or investor presentations made to investors by the Company (whether in person or electronically)
(collectively &ldquo;<B>Marketing Materials</B>&rdquo;) or (C) any filings or reports filed by the Company under the Exchange Act
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses
reasonably incurred by it in connection with investigating or defending against such loss, claim, damage, liability or action;
or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii)
in whole or in part upon any failure of the Company to perform its obligations hereunder or under law; provided, however, that
the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out
of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement,
any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement, any Issuer Free
Writing Prospectus or any other Marketing Materials, in reliance upon and in conformity with the Underwriters&rsquo; Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) Each Underwriter,
severally and not jointly, shall indemnify and hold harmless the Company, each of the directors of the Company, each of the officers
of the Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages
and expenses whatsoever as incurred (including but not limited to attorneys&rsquo; fees and any and all expenses whatsoever incurred
in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and
all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, as originally filed or any amendment thereof, or any related Preliminary Prospectus or the Prospectus,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that any such loss, liability, claim, damage or expense arises out of or is based upon any
such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity
with the Underwriters&rsquo; Information; provided, however, that in no case shall any Underwriter be liable or responsible for
any amount in excess of the aggregate underwriting discount applicable to the Securities to be purchased by such Underwriter hereunder.
The parties agree that such information provided by or on behalf of any Underwriter through the Representative consists solely
of the material referred to in the last sentence of Section 2(b) hereof.</P>

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

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

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) Promptly after
receipt by an indemnified party under subsection (a) or (b) above of notice of any claims or the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify
each party against whom indemnification is to be sought in writing of the claim or the commencement thereof (but the failure so
to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this Section
7 to the extent that it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability
that such indemnifying party may have otherwise than on account of the indemnity agreement hereunder). In case any such claim or
action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate, at its own expense in the defense of such action, and to the extent it may elect by written
notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume
the defense thereof with counsel satisfactory to such indemnified party; provided however, that counsel to the indemnifying party
shall not (except with the written consent of the indemnified party) also be counsel to the indemnified party. Notwithstanding
the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the
fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such
counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action,
(ii) the indemnifying parties shall not have employed counsel to have charge of the defense of such action within a reasonable
time after notice of commencement of the action, (iii) the indemnifying party does not diligently defend the action after assumption
of the defense, or (iv) such indemnified party or parties shall have reasonably concluded that there may be legal defenses available
to it or them which are different from or additional to those available to one or all of the indemnifying parties (in which case
the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties),
in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. No indemnifying
party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to
the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which
indemnity or contribution may be or could have been sought by an indemnified party under this Section 7 or Section 8 hereof (whether
or not the indemnified party is an actual or potential party thereto), unless (x) such settlement, compromise or judgment (i) includes
an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding
and (ii) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the
indemnified party, and (y) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to
such settlement, compromise or judgment.</P>

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

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

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">11. <U>Contribution</U>.
In order to provide for contribution in circumstances in which the indemnification provided for in Section 7 is for any reason
held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, each indemnifying
party under each such paragraph of Section 7 hereof shall contribute to the aggregate losses, claims, damages, liabilities and
expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred
in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting
in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company
from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who control the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration
Statement and directors of the Company) as incurred by the indemnified party, in such proportions as is appropriate to reflect
the relative benefits received by the Company and the Underwriters from the Offering or, if such allocation is not permitted by
applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the
relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received
by the Company and the Underwriters shall be deemed to be in the same proportion as (x) the total proceeds from the Offering (net
of underwriting discounts and commissions but before deducting expenses) received by the Company bears to (y) the underwriting
discount or commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus.
The relative fault of each of the Company and of the Underwriters shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or the Underwriters and the parties&rsquo; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just
and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Underwriters were
treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section 8 shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial,
regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 8: (i) no Underwriter
shall be required to contribute any amount in excess of the aggregate discounts and commissions applicable to the Securities underwritten
by it and distributed to the public and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation..
For purposes of this Section 8, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any,
who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, each officer
of the Company who shall have signed the Registration Statement and each director including any person who, with his or her consent,
is named in the Registration Statement as about to become a director, of the Company shall have the same rights to contribution
as the Company, and each person, if any, who controls the Company within the meaning of the Section 15 of the Securities Act or
Section 20 of the Exchange Act, shall have the same rights to contribution as the Company, subject in each case to clauses (i)
and (ii) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement
of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party
or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties
shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this
Section 8 or otherwise. The obligations of the Underwriters to contribute pursuant to this Section 8 are several in proportion
to the respective number of Securities to be purchased by each of the Underwriters hereunder and not joint.</P>

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

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

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">12. <U>Underwriter Default</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) If any Underwriter
or Underwriters shall default in its or their obligation to purchase Firm Units hereunder, and if the Firm Units with respect to
which such default relates (the &ldquo;<B>Default Securities</B>&rdquo;) do not (after giving effect to arrangements, if any, made
by the Representative pursuant to subsection (b) below) exceed in the aggregate 10% of the number of Firm Units, each non-defaulting
Underwriter, acting severally and not jointly, agrees to purchase from the Company that number of Default Securities that bears
the same proportion of the total number of Default Securities then being purchased as the number of Firm Units set forth opposite
the name of such Underwriter on <U>Schedule I</U> hereto bears to the aggregate number of Firm Units set forth opposite the names
of the non-defaulting Underwriters, subject, however, to such adjustments to eliminate fractional shares as the Representative
in its sole discretion shall make.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) In the event that
the aggregate number of Default Securities exceeds 10% of the number of Firm Units, the Representative may in its discretion arrange
for themselves or for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to purchase
the Default Securities on the terms contained herein. In the event that within 48 hours after such a default the Representative
does not arrange for the purchase of the Default Securities as provided in this Section 9, this Agreement shall thereupon terminate,
without liability on the part of the Company with respect thereto (except in each case as provided in Sections 5, 7, 8,and 11(d))
or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of its or their liability,
if any, to the other Underwriters and the Company for damages occasioned by its or their default hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) In the event that
any Default Securities are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties
as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five
(5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus
or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration
Statement or the Prospectus which, in the reasonable opinion of counsel to the Underwriters, may thereby be made necessary or advisable.
The term &ldquo;Underwriter&rdquo; as used in this Agreement shall include any party substituted under this Section 9 with like
effect as if it had originally been a party to this Agreement with respect to such Firm Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">13. <U>Survival of Representations
and Agreements</U>. All representations and warranties, covenants and agreements of the Company and the Underwriters contained
in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including the agreements contained in
Sections 5, 10, 14 and 15, the indemnity agreements contained in Section 7 and the contribution agreements contained in Section
8 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any Underwriter
or any controlling Person thereof or by or on behalf of the Company, any of its officers and directors or any controlling Person
thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations contained
in Section 2 hereof and the covenants and agreements contained in Sections 5, 7, 8, this Section 10 and Sections 12, 13, 14 and
15 hereof shall survive any termination of this Agreement, including termination pursuant to Section 9 or 11 hereof. The representations
and covenants contained in Sections 2, 3 and 4 hereof shall survive termination of this Agreement if any Securities are purchased
pursuant to this Agreement.</P>

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

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

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">14. <U>Effective Date
of Agreement; Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) This Agreement
shall become effective upon the later of: (i) receipt by the Representative and the Company of notification of the effectiveness
of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions
of this Section 11 and of Sections 5, 7, 8, 12, 13, 14 and 15, inclusive, shall remain in full force and effect at all times after
the execution hereof. If this Agreement is terminated after any Securities have been purchased hereunder, the provisions of Sections
2, 3 and 4 hereof shall survive termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(b) The Representative
shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international
event or act or occurrence has materially disrupted, or in the opinion of the Representative will in the immediate future materially
disrupt, the market for the Company&rsquo;s securities or securities in general; or (ii) trading on the New York Stock Exchange
or the Exchange shall have been suspended or been made subject to material limitations, or minimum or maximum prices for trading
shall have been fixed, or maximum ranges for prices for securities shall have been required, on the New York Stock Exchange or
the Exchange or by order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium
has been declared by any state or federal authority or if any material disruption in commercial banking or securities settlement
or clearance services shall have occurred; (iv) any downgrading shall have occurred in the Company&rsquo;s corporate credit rating
or the rating accorded the Company&rsquo;s debt securities by any &ldquo;nationally recognized statistical rating organization&rdquo;
(as defined for purposes of Rule 436(g) under the Securities Act) or if any such organization shall have been publicly announced
that it has under surveillance or review, with possible negative implications, its rating of any of the Company&rsquo;s debt securities;
or (v) (A) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States
or there is a declaration of a national emergency or war by the United States or (B) there shall have been any other calamity or
crisis or any change in political, financial or economic conditions if the effect of any such event in (A) or (B), in the judgment
of the Representative, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering,
sale and delivery of the Firm Units on the terms and in the manner contemplated by the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(c) Any notice of termination
pursuant to this Section 11 shall be in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(d) If this Agreement
shall be terminated pursuant to any of the provisions hereof or if the sale of the Securities provided for herein is not consummated
because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability
or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject
to demand by the Representative, reimburse the Underwriters for those out-of-pocket expenses (including the reasonable fees and
expenses of Underwriters&rsquo; Counsel), actually incurred by the Underwriters in connection herewith less the Advance previously
paid. Notwithstanding the foregoing, any advance received by the Representatives will be reimbursed to the Company to the extent
not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).</P>

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

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

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">15. <U>Effects of Termination
on Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) If, after application
and registration of the Firm Capital Increase with the Commercial Register of the Canton of Nidwalden pursuant to Section 3(b)
prior to the Closing Date or the relevant Option Closing Date, as the case may be, this Agreement is terminated pursuant to Section
14, or if the delivery of the Firm Shares or Applicable Option Shares to Maxim Group LLC acting on behalf and for the account of
the several Underwriters is not completed on the Closing Date or the relevant Option Closing Date, as the case may be (each, an
&ldquo;<B>Event of Non-Completion</B>&rdquo;), and unless the Company and the Representatives, acting on behalf of the several
Underwriters, otherwise agree within ten (10) calendar days after the Event of Non-Completion, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) the Company shall
have a call option pursuant to Section 15(b);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) if the call option
is not exercised, the Representatives acting on behalf of the several Underwriters shall have a put option against the Company
pursuant to Section &lrm;15(c);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) if the put option
is not possible for legal reasons or insufficient to dispose of the Firm Shares or Applicable Option Shares, as applicable, or
if such put option is not exercised within the deadline set forth in Section 15(c) the Company shall effect a capital reduction
pursuant to Section 15(d); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iv) if the capital reduction
is not effected in accordance with Section 15(d), the Underwriters may sell the Firm Shares or Applicable Option Shares, as applicable,
in the market as provided in Section 15(e).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) The Company, acting
on its own behalf or on behalf of third parties, shall have the right (the &ldquo;<B>Call Option</B>&rdquo;) to request in writing
that Maxim Group LLC, acting on behalf of the several Underwriters, delivers the Firm Shares or Applicable Option Shares, as applicable,
to an account specified by the Company against payment of the expenses of the Representative as set out in Section &lrm;15(f).
The Call Option shall expire on the tenth (10<SUP>th</SUP>) calendar day after the Event of Non-Completion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) An acquisition of
the Firm Shares or Applicable Option Shares, as applicable, by the Company for its own account shall only be permitted if the Company
has delivered evidence to the Representative reasonably satisfactory to the Representatives that the Company has sufficient freely
available reserves to acquire the Firm Shares or Applicable Option Shares, as applicable, under this Section 15(b) or, alternatively,
that the Company has entered into arrangements with a third party other than any of the Company&rsquo;s subsidiaries ensuring for
the immediate on-sale of the Firm Shares or Applicable Option Shares, as applicable, to such third party, at no less than an amount
representing the expenses of the Representative as set out in Section 15(f) on the date of acquisition of the Firm Shares or Applicable
Option Shares, as applicable, by the Company.</P>

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

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

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) Following the expiry
of the Call Option pursuant to Section &lrm;13(b), and if such Call Option has not been so exercised, the Representatives, acting
on behalf of the several Underwriters, shall have an option (the &ldquo;<B>Put Option</B>&rdquo;) to require the Company, subject
to article 659 CO, to purchase all Firm Shares or Applicable Option Shares, as applicable, entered in the Commercial Register of
the Canton of Nidwalden at a purchase price representing the expenses of the Representatives as set out in Section 15(f) within
ten (10) calendar days after receipt of a notice in writing addressed to the Company from the Representative, stating that the
Representative exercises the Put Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) The notice in which
the Representatives exercise the Put Option shall specify the date on which the Representative will deliver the Firm Shares or
Applicable Option Shares, as applicable, to the Company against direct payment therefor, and shall contain detailed instructions
regarding payment and delivery of the Firm Shares or Applicable Option Shares, as applicable, and amount payable (including satisfactory
details regarding the costs claimed according to Section 15(f)) subject to an agreement to the contrary by the Representative with
the Company).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) If the Put Option
is not exercised within the deadline set forth in Section &lrm;13(c) or exercise or settlement of the Put Option is not possible
for legal reasons or insufficient to dispose of the Firm Shares or Applicable Option Shares, as applicable, the Company shall immediately
call a shareholders&rsquo; meeting and table the reduction of the share capital. Such shareholders&rsquo; meeting shall take place
no later than sixty (60) calendar days after the Event of Non-Completion. The Representative acting on behalf of the several Underwriters,
will vote in favor of a reduction of the issued and outstanding share capital of the Company (the &ldquo;<B>Capital Reduction</B>&rdquo;)
by cancellation of the Firm Shares or Applicable Option Shares, as applicable, entered in the Commercial Register of the Canton
of Nidwalden against repayment of an amount representing the expenses of the Representative as set out in Section &lrm;13(f). Prior
to such shareholders&rsquo; meeting, the Company shall use its best efforts to cause its auditors to confirm in writing, pursuant
to article 732 para. 2 CO, that the claims of the Company&rsquo;s creditors are fully covered notwithstanding the Capital Reduction,
provided that if such confirmation is not made by the auditors prior to such meeting, the meeting shall be cancelled. The Company
shall use its best efforts to cause its shareholders to vote in favor of the Capital Reduction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) At the earliest
possible date, and subject to statutory law, the Capital Reduction shall be consummated by registration in the Commercial Register
of the Canton of Nidwalden. The proceeds of the Capital Reduction, being an amount representing the expenses of the Representatives
as set out in Section &lrm;13(f), shall be paid (for value on the date of the entry in the Commercial Register of the Canton of
Nidwalden) in cash to Maxim Group LLC, acting on behalf of the several Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) Upon consummation
of the Capital Reduction, the Company shall deregister the Firm Shares or Applicable Option Shares, as applicable, in its book
of uncertificated securities (<I>Wertrechtebuch</I>) to reflect the number of Common Shares registered with the Commercial Register
of the Canton of Nidwalden.</P>

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

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

<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(e) Sale of Firm Shares
or Applicable Option Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In addition,
if an Event of Non-Completion occurs and,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) the Company fails
to acquire or cause a third party to acquire the Firm Shares or Applicable Option Shares, as applicable, in accordance with Section
&lrm;13(b) within ten (10) calendar days after the Event of Non-Completion; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) in the event and
to the extent the Put Option has not been exercised within the deadline set forth in Section &lrm;13(c) and settled or the exercise
or settlement of the Put Option is not possible for legal reasons or insufficient to dispose of the Firm Shares or Applicable Option
Shares, as applicable; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(iii) the Capital Reduction
has not been resolved by the shareholders&rsquo; meeting of the Company within sixty (60) days after the Event of Non-Completion,
or such longer period as may be agreed between the Company and the Representative;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><I>then</I>
the Representative, acting on behalf of the several Underwriters, are entitled to sell any or all Firm Shares or Applicable Option
Shares on the open market on terms which the Representatives deem fit under the circumstances. The difference between the proceeds
of such sale and an amount representing the costs and expenses pursuant to Section &lrm;13(f) reasonably incurred by the Representative
in connection with the sale, if any, shall be transferred to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(i) The Company shall
bear (A) all costs directly incidental to the Capital Reduction, including but not limited to notarization costs, costs of the
Commercial Register and costs of publication of the Capital Reduction and (B) the costs of the Representatives reasonably incurred
in connection with the Call Option, the Put Option or the Capital Reduction, as applicable (including but not limited to (x) taxes,
(y) interest at a rate of the higher of zero or the 3-month CHF LIBOR, calculated on a 30/360 basis, accruing from the Event of
Non-Completion until the payment of proceeds to the Representative, acting on behalf of the several Underwriters, and (z) reasonable
out of pocket expenses of the Representative and their counsel).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; text-align: justify">(ii) The Company further
undertakes to indemnify the Representative and their affiliates for, and to hold the Representative and their affiliates harmless
from, any reasonable costs, expenses, third party claims and liabilities, actual or contingent, that may be incurred by or made
against the Representative and their affiliates in connection with the Capital Reduction.</P>

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

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

<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">16. <U>Notices</U>. All
communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">(a) if sent to the
Representative or any Underwriter, shall be mailed, delivered, or emailed and confirmed in writing, to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Maxim Group LLC<BR>
405 Lexington Avenue, 2nd Floor<BR>
New York, New York 10174<BR>
Attention: Clifford A. Teller, Executive Managing Director of Investment Banking,<BR>
email: cteller@maximgrp.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">with a copy to Underwriters&rsquo; Counsel at:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, New York 10154<BR>
Attention: Mitchell Nussbaum, Esq.<BR>
email: mnussbaum@loeb.comifsent to the Company, shall be mailed, delivered, or faxed and confirmed in writing to the Company and
its counsel at the addresses set forth in the Registration Statement; provided, however, that notice to Company Counsel shall not
constitute a valid notice to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">17. <U>Parties; Limitation
of Relationship</U>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company
and the controlling Persons, directors, officers, employees and agents referred to in Sections 7 and 8 hereof, and their respective
successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under
or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions
hereof are intended to be for the sole and exclusive benefit of the parties hereto and said controlling Persons and their respective
successors, officers, directors, heirs and legal representative, and it is not for the benefit of any other Person. The term &ldquo;successors
and assigns&rdquo; shall not include a purchaser, in its capacity as such, of Securities from any of the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">18. <U>Governing Law:</U>
This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflict
of laws principles.</P>

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

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

<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">19. <U>Submission to
Jurisdiction, Etc</U><I>.</I> The Company hereby submits to the non-exclusive jurisdiction of the U.S. federal and New York state
courts in the Borough of Manhattan, The City of New York in any suit or proceeding arising out of or relating to this Agreement,
the Registration Statement, the Prospectus and the transactions contemplated hereby. The parties hereby irrevocably and unconditionally
waive any objection to the laying of venue of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably
and unconditionally waive and agree not to plead or claim in any such court that any such lawsuit, action or other proceeding brought
in any such court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity
(on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself
or its property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit,
action or proceeding. EACH OF THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE
EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, AND
THE PROSPECTUS. The Company has appointed Puglisi &amp; Associates, as its authorized agent upon which process may be served in
any such suit or proceeding, and agrees that service of process upon such agent shall be deemed in every respect effective service
of process upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary
to maintain such designation and appointment of such agent in full force and effect for a period of seven years from the date of
this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">20. <U>Entire Agreement</U>.
This Agreement, together with the exhibits, schedules and annexes attached hereto and as the same may be amended from time to time
in accordance with the terms hereof, constitutes the entire agreement of the parties to this Agreement and supersedes all prior
or contemporaneous written or oral agreements, understandings, promises and negotiations with respect to the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">21. <U>Severability</U>.
If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity
or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement
shall be valid and enforced to the fullest extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">22. <U>Amendment</U>.
This Agreement may only be amended by a written instrument executed by each of the parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">23. <U>Waiver, etc</U>.
The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or
construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof
or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.</P>

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

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

<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">24. <U>No Fiduciary Relationship</U>.
The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the offering of the
Securities. The Company further acknowledge that the Underwriters are acting pursuant to a contractual relationship created solely
by this Agreement entered into on an arm&rsquo;s length basis and in no event do the parties intend that the Underwriters act or
be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any
activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company&rsquo;s Securities,
either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the
Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions,
and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding
that no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated
hereby or the process leading thereto, including any negotiation related to the pricing of the Securities; and the Company has
consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the
Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with
respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions,
including but not limited to any opinions or views with respect to the price or market for the Company&rsquo;s securities, do not
constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by
law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary
or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to
such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">25. <U>Judgment Currency</U><I>.</I>
The obligation of the Company in respect of any sum due to any Underwriter under this Agreement shall, notwithstanding any judgment
in a currency other than U.S. dollars (the &ldquo;<B>Judgment Currency</B>&rdquo;), not be discharged until the first Business
Day, following receipt by such Underwriter of any sum adjudged to be so due in the Judgment Currency, on which (and only to the
extent that) such Underwriter may in accordance with normal banking procedures purchase U.S. dollars with the Judgment Currency;
if the U.S. dollars so purchased are less than the sum originally due to such Underwriter hereunder, the Company agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify such Underwriter against such loss. If the U.S. dollars so purchased
are greater than the sum originally due to such Underwriter hereunder, such Underwriter agrees to pay to the Company an amount
equal to the excess of the U.S. dollars so purchased over the sum originally due to such Underwriter hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">26. <U>Counterparts</U>.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other
electronic transmission shall constitute valid and sufficient delivery thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">27. <U>Headings</U>.
The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning
or interpretation of, this Agreement.</P>

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

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

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


<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-align: justify">If the foregoing correctly
sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute
a binding agreement among us.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
                    truly yours,</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">NLS PHARMACEUTICS LTD.</TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Alexander Zwyer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>

<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Ronald Hafner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chairman of the Board of Directors</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted by the Representative, acting for themselves and
as<BR>
Representative of the Underwriters named on <U>Schedule I</U> attached hereto,<BR>
as of the date first written above:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">MAXIM GROUP LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Clifford A. Teller</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Executive Managing Director,</FONT></TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border: black 1.5pt solid; padding: 1pt 5.4pt"><B>Name of Underwriter</B></TD>
    <TD STYLE="width: 53%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 1pt 5.4pt"><B>Number of Firm Units Being Purchased</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding: 1pt 5.4pt">Maxim Group LLC</TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 1pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding: 1pt 5.4pt">Brookline Capital Markets, a division of Arcadia Securities, LLC</TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 1pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding: 1pt 5.4pt"><B>TOTAL</B></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 1pt 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 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: center; text-indent: 0in"><B>Lock-Up Parties</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Lock-Up Agreement</P>

<P STYLE="font: bold 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: center">________, 2020</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">Maxim Group LLC<BR>
405 Lexington Avenue, 2nd Floor<BR>
New York, NY 10174</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">Ladies and Gentlemen:</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-indent: 0.5in; text-align: justify">The undersigned understands that Maxim Group
LLC (the &ldquo;<B>Representative</B>&rdquo;) proposes to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>
&ldquo;) with NLS Pharmaceutics Ltd., a corporation incorporated under the laws of Switzerland (the &ldquo;<B>Company</B>&rdquo;),
providing for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of common shares par value CHF 0.02 per share (the
&ldquo;<B>Common Shares</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">To induce the Representative to continue
its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the
Representative, the undersigned will not, during the period commencing on the date of the Underwriting Agreement and ending one
hundred eighty (180) days after such date (the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1) offer, pledge, sell, contract to sell,
grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into
or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the undersigned or with respect to
which the undersigned has or hereafter acquires the power of disposition (collectively, the &ldquo;<B>Lock-Up Securities</B>&rdquo;);
(2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery
of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of
any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into
any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing, and subject
to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative
in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of
the Public Offering; <U>provided</U> that no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended (the
&ldquo;<B>Exchange Act</B>&rdquo;), shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up
Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities (i) as a <I>bona fide</I> gift, by will
or intestacy, (ii) by operation of law, such as pursuant to a qualified domestic order or as required by a divorce settlement,
or (iii) to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, &ldquo;family
member&rdquo; means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up
Securities to a charity or educational institution; or (d) if the undersigned, directly or indirectly, controls a corporation,
partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner
or member of, or owner of similar equity interests in, the undersigned, as the case may be; <U>provided</U> that in the case of
any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value,
(ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up
agreement and (ii) no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made. The undersigned
also agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against
the transfer of the undersigned&rsquo;s Lock-Up Securities except in compliance with this lock-up agreement.</P>

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

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

<!-- Field: Page; Sequence: 50; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex I - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If the undersigned is an officer or director
of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any Securities that the
undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) Business Days before the
effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the
Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting
Agreement to announce the impending release or waiver by press release through a major news service at least two (2) Business Days
before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer
or director shall only be effective two (2) Business Days after the publication date of such press release. The provisions of this
paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration
and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and
for the duration that such terms remain in effect at the time of such transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">No provision in this lock-up agreement shall
be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable
for or convertible into Common Shares, as applicable; <U>provided</U> that the undersigned does not transfer the Common Shares
acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to the terms of
this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification
of a so-called &ldquo;10b5-1&rdquo; plan at any time (other than the entry into or modification of such a plan in such a manner
as to cause the sale of any Lock-Up Securities within the Lock-Up Period) or a sale of 100% of the Company&rsquo;s outstanding
Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The undersigned understands that the Company
and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering. The undersigned
further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives,
successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The undersigned understands that, if the
Underwriting Agreement is not executed by November 30, 2020, or if the Underwriting Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for and delivery of the securities to be sold thereunder,
then this lock-up agreement shall be void and of no further force or effect.</P>

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


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex I - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Whether or not the Public Offering actually
occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting
Agreement, the terms of which are subject to negotiation between the Company and the Representative.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Name - Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Signature)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Name of Signatory, in the case of entities - Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Title of Signatory, in the case of entities - Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Address:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex I - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Representative&rsquo;s Warrant</P>

<P STYLE="font: bold 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"><B>THE REGISTERED HOLDER OF THIS PURCHASE
WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
WARRANT FOR A PERIOD OF 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT (DEFINED BELOW) TO ANYONE OTHER THAN
(I) MAXIM GROUP LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, (II) A BONA FIDE OFFICER OR PARTNER
OF MAXIM GROUP LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER OR (III) AS OTHERWISE PERMITTED BY FINRA RULE 5110(G).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS PURCHASE WARRANT IS NOT EXERCISABLE
PRIOR TO [________________] [<B>DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING</B>]. VOID AFTER 5:00 P.M., EASTERN
TIME, [___________________] [<B>DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING</B>].</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Warrant Shares: [ ]</TD>
    <TD STYLE="width: 50%; text-align: right">Original Issuance Date: [ ], 2020</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">THIS PURCHASE WARRANT (the &ldquo;<U>Warrant</U>&rdquo;)
certifies that, for value received, Maxim Group LLC or its assigns (the &ldquo;<U>Holder</U>&rdquo;) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the
&ldquo;<U>Initial Exercise Date</U>&rdquo;) and on or prior to 5:00 p.m. (New York City time) on [ ], 2025 (the &ldquo;<U>Termination
Date</U>&rdquo;)1 but not thereafter,
to subscribe for and purchase from NLS Pharmaceutics Ltd., a corporation incorporated under the laws of Switzerland (the &ldquo;<U>Company</U>&rdquo;),
up to [ ] Common Shares (as subject to adjustment hereunder, the &ldquo;<U>Warrant Shares</U>&rdquo;). The purchase price of one
Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). The Warrant is <FONT STYLE="font-size: 10pt">issued
in the form of uncertificated securities <I>(Wertrechte)</I> pursuant to article 973c of the Swiss Code of Obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><U>Section 1</U>. <U>Definitions</U>. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement (the &ldquo;<U>Agreement</U>&rdquo;),
dated [ ], 2020 by and between the Company and Maxim Group LLC, as representative of the several underwriters.</P>

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

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

<!-- Field: Page; Sequence: 53; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">(i) a) <U>Exercise of
Warrant</U>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &ldquo;<U>Notice of Exercise</U>&rdquo;).
Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as
defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer to the Company&rsquo;s bank account in Switzerland
at UBS Switzerland AG, Zurich, Switzerland. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to
the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1)
Business Day of receipt of such notice. For the purpose of this Warrant, &ldquo;Business Day&rdquo; means any day except any Saturday,
any Sunday, any day which is a federal legal holiday in the United States or Switzerland or any day on which banking institutions
in the State of New York or in the Canton of Zurich (Switzerland) or in the Canton of Nidwalden (Switzerland) are authorized or
required by law or other governmental action to close. <B>The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 20%; margin-left: 0.5in"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"> <SUP>1</SUP> Fifth anniversary of Effective Date of Registration Statement.</P>



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

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

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">b) <U>Exercise Price</U>. The exercise price
per Common Share under this Warrant shall be <B>$[ ] </B>(which is 125% of the public offering price per Common Share in the offering
contemplated by the Agreement) (the &ldquo;<U>Exercise Price</U>&rdquo;). In no event shall the Exercise Price be adjusted below
the nominal value (or U.S. dollar equivalent) of the Common Shares, which is CHF 0.02 as of the Initial Exercise Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">c) <U>Unregistered Exercise</U>. If at the
time of exercise hereof there is no effective registration statement registering the Warrant Shares, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then, the holder shall pay an exercise price equal
to the nominal value of each Warrant Share subject to the applicable exercise notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">d) <U>Mechanics of Exercise</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">i. <U>Delivery of Warrant Shares Upon Exercise</U>.
The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Company&rsquo;s transfer agent to the Holder
by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance account with The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;)
through its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of
the Warrant Shares by Holder, or (B) if there is no effective registration statement and the Warrant is exercised, in accordance
with the terms of this Warrant, at a time when such Warrant Shares would be eligible for resale under Rule 144 by a non-affiliate
of the Company, such Warrant Shares are delivered to Holder&rsquo;s broker, and the Company receives a statement from Holder&rsquo;s
broker that it has received instructions to sell the Warrant Shares or that it would take responsibility that the sales of the
Warrant Shares will only be made if the Warrant Shares are eligible to be sold under Rule 144, and otherwise by physical delivery
of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or its designee, for the number of
Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise,
(ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising
the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &ldquo;<U>Warrant Share
Delivery Date</U>&rdquo;). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date
of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of exercise pursuant
to Section 2(c) hereof) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to
the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the
Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. As used herein, &ldquo;<U>Standard Settlement
Period</U>&rdquo; means the standard settlement period, expressed in a number of Trading Days, on the Company&rsquo;s primary Trading
Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise. ) The Company shall deliver
in due course the Company&rsquo;s book of uncertificated securities (<I>Wertrechtebuch</I>) duly signed by the Company&rsquo;s
share registrar and evidencing the Holder as holder of the Warrant Shares, if the Shares of the Company are not already listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">ii. <U>Delivery of New Warrants Upon Exercise</U>. If
this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant
certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical
with this Warrant.</P>

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

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

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iii. <U>Rescission Rights</U>. If the Company fails
to cause the its transfer agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery
Date, then the Holder will have the right to rescind such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iv. <U>Compensation for Buy-In on Failure to Timely
Deliver Warrant Shares Upon Exercise</U>. In addition to any other rights available to the Holder, if the Company fails to cause
its transfer agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant
to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder&rsquo;s brokerage firm otherwise purchases, Common Shares to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including
brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an
aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts
payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein
shall limit a Holder&rsquo;s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company&rsquo;s failure to timely deliver
Common Shares upon exercise of the Warrant as required pursuant to the terms hereof. Notwithstanding anything contained herein
to the contrary, the Buy-In amount shall not exceed $100,000 in the aggregate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">v. <U>No Fractional Shares or Scrip</U>. No fractional
shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share
which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round down
to the next whole share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">vi. <U>Charges, Taxes and Expenses</U>. Issuance of
Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect
of the issuance of such Warrant Shares, all of which transfer taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <U>provided</U>, <U>however</U>,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all transfer agent fees required for same-day processing of any Notice of Exercise and all fees to DTC (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</P>

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

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

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">vii. <U>Closing of Books</U>. The Company will not close
its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">e) <U>Holder&rsquo;s Exercise Limitations</U>.
The Company shall not affect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth
on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s Affiliates, and any other Persons acting as
a group together with the Holder or any of the Holder&rsquo;s Affiliates (such Persons, &ldquo;<U>Attribution Parties</U>&rdquo;)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of Common Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted
portion of any other securities of the Company (including, without limitation, any other common share equivalents) subject to a
limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder&rsquo;s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e),
in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected
in (A) the Company&rsquo;s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number
of Common Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally
and in writing to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.
The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99% of the number of Common Shares outstanding immediately
after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance
of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.
Any increase in the Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP> day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</P>

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

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

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><U>Section 3</U>. <U>Certain Adjustments</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">a) <U>Stock Dividends and Splits</U>. If the
Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall
not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into
a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number
of shares, or (iv) issues by reclassification of Common Shares, any shares of capital stock of the Company, then in each case the
Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury
shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">b) <U>Subsequent Rights Offerings</U>. In
addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any common share
equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of
Common Shares (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of
Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares
are to be determined for the grant, issue or sale of such Purchase Rights (<U>provided</U>, <U>however</U>, to the extent that
the Holder&rsquo;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership
of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in
abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">c) <U>Pro Rata Distributions</U>. During such
time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or
rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise, other than cash (including,
without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a &ldquo;<U>Distribution</U>&rdquo;), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to
the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken,
the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (<U>provided</U>,
<U>however</U>, to the extent that the Holder&rsquo;s right to participate in any such Distribution would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such
extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of
such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

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

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

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">d) <U>Fundamental Transaction</U>. If, at
any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale,
lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv)
the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged
for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding Common Shares (not including any Common Shares held by the other Person or other Persons making or party
to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the
occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the
exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable as a result
of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior
to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the &ldquo;<U>Successor Entity</U>&rdquo;)
to assume in writing all of the obligations of the Company under this Warrant, the Warrant Agreement and the Agreement in accordance
with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of
the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares
of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior
to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.
Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Warrant, the Warrant Agreement and the Agreement
referring to the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Warrant, the Warrant Agreement and the Agreement
with the same effect as if such Successor Entity had been named as the Company herein.</P>

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

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

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">e) <U>Calculations</U>. All calculations under
this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section
3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common
Shares (excluding treasury shares, if any) issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">f) <U>Notice to Holder</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">i. <U>Adjustment to Exercise Price</U>. Whenever the
Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile
or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant
Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">ii. <U>Notice to Allow Exercise by Holder</U>. If (A)
the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B) the Company shall declare
a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all
holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any
rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common
Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets
of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or
email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record
or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their
Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer
or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not
affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in
this Warrant constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.</P>

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

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

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><U>Section 4</U>. <U>Transfer of Warrant</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">a) <U>Transferability</U>. Pursuant to FINRA
Rule 5110(g)(1) and the Agreement, neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold,
transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of the securities by any person for a period of one hundred eighty (180)
days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is
being issued, except the transfer of any security:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) by operation of law or by reason of reorganization
of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) to any FINRA member firm participating in the offering
and the officers and partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section
4(a) for the remainder of the time period;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) if the aggregate amount of securities of the Company
held by the Holder or related person do not exceed 1% of the securities being offered;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) that is beneficially owned on a pro-rata basis
by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the
fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) the exercise or conversion of any security, if all
securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing restrictions, compliance with any applicable
securities laws, and the conditions set forth in Section 4(d) hereof, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of
such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this
Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.</P>

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

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

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">b) <U>New Warrants</U>. This Warrant may be
divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Original Issuance Date of this Warrant and shall
be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">c) <U>Warrant Register</U>. The Company shall
register this Warrant, upon records to be maintained by the Company for that purpose (the &ldquo;<U>Warrant Register</U>&rdquo;),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">d) <U>Representation by the Holder</U>. The
Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will
acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling
such Warrant or Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.</P>

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

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

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><U>Section 5. Registration 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-indent: 0.5in; text-align: justify">a) <U>Demand Registration</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">i. <U>Grant of Right</U>. The Company, upon written
demand (&ldquo;<U>Initial Demand Notice</U>&rdquo;) of the Holder(s) of at least 51% of the Warrant Shares (&ldquo;<U>Majority
Holders</U>&rdquo;), agrees to register on two occasions only (each, a &ldquo;<U>Demand Registration</U>&rdquo;) under the Securities
Act all or any portion of the Warrant Shares requested by the Majority Holders in the Initial Demand Notice (the &ldquo;<U>Registrable
Securities</U>&rdquo;). On such occasion, the Company will file a registration statement covering the Registrable Securities within
60 days after receipt of the Initial Demand Notice and to have such registration statement declared effective as soon as possible
thereafter; provided, however, that the Company shall not be required to comply with an Initial Demand Notice if the Company has
filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section
5(b) hereof and the Holder has elected to participate in the offering covered by such registration statement. A demand for registration
may be made at any time during a period of four and a half years beginning six months after the Effective Date, during which the
Majority Holders hold any of the Warrant Shares. Notwithstanding the foregoing, the Company shall not be required to effect a registration
pursuant to this Section 5 a): (A) with respect to securities that are not Registrable Securities; (B) during any Scheduled Black-Out
Period; (C) if the aggregate offering price of the Registrable Securities to be offered is less than $250,000, unless the Registrable
Securities to be offered constitute all of the then-outstanding Registrable Securities; (D) within 180 days after the effective
date of a prior registration in respect of the Common Shares, including a Demand Registration (or, in the event that Holders were
prevented from including any Registrable Securities requested to be included in a Piggyback Registration pursuant to Section 5(b),
within 90 days after the effective date of such prior registration in respect of the Common Shares). For purposes of this Agreement,
a &ldquo;<U>Scheduled Black-Out Period</U>&rdquo; shall means the periods from and including the day that is ten days prior to
the last day of a fiscal quarter of the Company to and including the day that is two days after the day on which the Company publicly
releases its earnings for such fiscal quarter. The Initial Demand Notice shall specify the number of shares of Registrable Securities
proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of the Warrant Shares
of the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each holder of the Warrant Shares
who wishes to include all or a portion of such holder&rsquo;s Warrant Shares in the Demand Registration (each such holder including
shares of Registrable Securities in such registration, a &ldquo;<U>Demanding Holder</U>&rdquo;) shall so notify the Company within
15 days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled
to have their Warrant Shares included in the Demand Registration.</P>

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

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

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">ii. <U>Effective Registration</U>. A registration will
not count as a Demand Registration until the registration statement filed with the Commission with respect to such Demand Registration
has been declared effective and the Company has complied with all of its obligations under this Warrant with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iii. <U>Terms.</U> In connection with the first Demand
Registration, the Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the reasonable
expenses of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities.
In connection with the second Demand Registration, the Holders shall bear all fees and expenses attendant to registering the Registrable
Securities including the reasonable expenses of the Company&rsquo;s legal counsel. The Company agrees to qualify or register the
Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event
shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the
Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation
doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their common shares
of the Company. The Company shall cause any registration statement filed pursuant to the demand rights granted under Section 5(a)(iii)
to remain effective until all Registrable Securities are sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iv. Notwithstanding the foregoing,
if the Board of Directors of the Company determines in its good faith judgment that the filing of a registration statement in connection
with a Demand Registration (i) would be seriously detrimental to the Company in that such registration would interfere with a material
corporate transaction or (ii) would require the disclosure of material non-public information concerning the Company that at the
time is not, in the good faith judgment of the Board of Directors, in the best interests of the Company to disclose and is not,
in the opinion of the Company&rsquo;s counsel, otherwise required to be disclosed, then the Company shall have the right to defer
such filing for the period during which such registration would be seriously detrimental under clause (i) or would require such
disclosure under clause (ii); provided, however, that (x) the Company may not defer such filing for a period of more than 90 days
after receipt of any demand by the Holders and (y) the Company shall not exercise its right to defer a Demand Registration more
than once in any 12-month period. The Company shall give written notice of its determination to the Holders to defer the filing
and of the fact that the purpose for such deferral no longer exists, in each case, promptly after the occurrence thereof.</P>

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

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

<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">i. <U>Piggy-Back Rights</U>. If at any time during the
five year period after the Effective Date, and the Registration Statement is no longer effective, the Company proposes to file
a registration statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders
of the Company for their account (or by the Company and by shareholders of the Company including, without limitation, pursuant
to Section 5(a)), other than a registration statement (i) filed in connection with any employee share option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company&rsquo;s existing shareholders, or (iii) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities
as soon as practicable but in no event less than ten days before the anticipated filing date, which notice shall describe the amount
and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
underwriter or underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of Warrant Shares held by such holder (the &ldquo;<U>Piggy-Back Registrable Securities</U>&rdquo;),
as such holders may request in writing within five days following receipt of such notice (a &ldquo;<U>Piggy-Back Registration</U>&rdquo;).
The Company shall cause such Piggy-Back Registrable Securities to be included in such registration and shall use its commercially
reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Piggy-Back
Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Piggy-Back Registrable Securities in accordance with the intended
method(s) of distribution thereof. All holders of Piggy-Back Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such Piggy-Back Registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">ii. <U>Reduction of Offering</U>. If the managing underwriter
or underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable
Securities in writing that the dollar amount or number of Common Shares which the Company desires to sell, taken together with
Common Shares, if any, as to which registration has been requested pursuant to written contractual arrangements with persons other
than the holders of Piggy-Back Registrable Securities hereunder, the Piggy-Back Registrable Securities as to which registration
has been requested under this Section 5(b), and the Common Shares, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the maximum dollar amount
or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares,
as applicable, the &ldquo;<U>Maximum Number of Shares</U>&rdquo;), then the Company shall include in any such registration:</P>

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

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

<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(x) If the registration is undertaken for the Company&rsquo;s
account: (A) first, the Common Shares or other securities that the Company desires to sell that can be sold without exceeding the
Maximum Number of Shares; and (B) second, subject to the requirements of registration rights granted by the Company prior to the
date hereof, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), up to the amount
of Common Shares or other securities that can be sold without exceeding the Maximum Number of Shares, on a pro rata basis, from
(i) Piggy-Back Registrable Securities as to which registration has been requested and (ii) the Common Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration
rights with such persons;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(y) If the registration is a Demand Registration undertaken
at the demand of holders of Registrable Securities, subject to the requirements of registration rights granted by the Company prior
to the date hereof, (A) first, the Common Shares or other securities for the account of the demanding persons that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the Common Shares or other securities comprised of Piggy-Back Registrable Securities, pro rata,
as to which registration has been requested pursuant to the terms hereof that can be sold without exceeding the Maximum Number
of Shares; and (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), the Common Shares or other securities for the account of other persons that the Company is obligated to register pursuant
to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iii. <U>Withdrawal</U>. Any holder of Piggy-Back Registrable
Securities may elect to withdraw such holder&rsquo;s request for inclusion of such Piggy-Back Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration
statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to
written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration
statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Piggy-Back Registrable
Securities in connection with such Piggy-Back Registration as provided in Section 5(b)(iv).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iv. <U>Terms</U>. The Company shall bear all fees and
expenses attendant to registering the Piggy-Back Registrable Securities, including the expenses of one legal counsel selected by
the Holders to represent them in connection with the sale of the Piggy-Back Registrable Securities but the Holders shall pay any
and all underwriting commissions related to the Piggy-Back Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Piggy-Back Registrable Securities with not less than fifteen days written
notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given
for each applicable registration statement filed (during the period in which the Warrant is exercisable) by the Company until such
time as all of the Piggy-Back Registrable Securities have been registered and sold. The Holders of the Piggy-Back Registrable Securities
shall exercise the &ldquo;piggy-back&rdquo; rights provided for herein by giving written notice, within ten days of the receipt
of the Company&rsquo;s notice of its intention to file a registration statement. The Company shall cause any registration statement
filed pursuant to the above &ldquo;piggyback&rdquo; rights to remain effective for at least nine (9) months from the date that
the Holders of the Piggy-Back Registrable Securities are first given the opportunity to sell all of such securities.</P>

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

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

<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">c) <U>General Terms</U>. These additional
terms shall relate to registration under Sections 5(a) above:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(w) The Company shall, to the fullest extent permitted
by applicable law, indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys&rsquo; fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement;
<U>provided</U>, <U>however</U>, that, with respect to any Holder of Registrable Securities, this indemnity shall not apply to
any loss, liability, claim, damage or expense to the extent arising out of an untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly
for use in the registration statement (or any amendment thereto), or any preliminary prospectus or the prospectus (or any amendment
or supplement thereto).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(x) The Holder(s) of the Registrable Securities to be
sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the
Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act
or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys&rsquo;
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they
may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, in writing, for specific inclusion in such registration statement(or any amendment thereto), or
any preliminary prospectus or the prospectus (or any amendment or supplement thereto).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(y) Each indemnified party shall give prompt notice
to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure
to so notify an indemnifying party shall not relieve the indemnifying party from any liability it may have under this Agreement,
except to the extent that the indemnifying party is prejudiced thereby. If it so elects, after receipt of such notice, an indemnifying
party, jointly with any other indemnifying parties receiving such notice, may assume the defense of such action with counsel chosen
by it; <U>provided</U>, <U>however</U>, that the indemnified party shall be entitled to participate in (but not control) the defense
of such action with counsel chosen by it, the reasonable fees and expenses of which shall be paid by such indemnified party, unless
a conflict would arise if one counsel were to represent both the indemnified party and the indemnifying party, in which case the
reasonable fees and expenses of counsel to the indemnified party shall be paid by the indemnifying party or parties. In no event
shall the indemnifying party or parties be liable for a settlement of an action with respect to which they have assumed the defense
if such settlement is effected without the written consent of such indemnifying party, or for the reasonable fees and expenses
of more than one counsel for (i) the Company, its officers, directors and controlling persons as a group, and (ii) the selling
Holders and their controlling persons as a group, in each case, in connection with any one action or separate but similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances; <U>provided</U>, <U>however</U>,
that if, in the reasonable judgment of an indemnified party, a conflict of interest may exist between such indemnified party and
the Company or any other of such indemnified parties with respect to such claim, the indemnifying party shall be obligated to pay
the reasonable fees and expenses of such additional counsel.</P>

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

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

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(z) If the indemnification provided for in
or pursuant to Section 5(b)(i) is due in accordance with the terms hereof, but held by a court of competent jurisdiction to be
unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection
with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant
equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified party on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified
party, and by such party&rsquo;s relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">iii. <U>Supplemental Prospectus</U>. Each
Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus
included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Holder&rsquo;s receipt of the copies of a supplemental or amended prospectus, and,
if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver
to the Company a certificate of such destruction) all copies, other than permanent file copies then in such Holder&rsquo;s possession,
of the prospectus covering such Registrable Securities current at the time of receipt of such notice. Immediately after discovering
of such an event which causes the prospectus included in the registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, the Company shall prepare and file, as soon as practicable, a supplement
or amendment to the prospectus so that such registration statement does not include any untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing and distribute such supplement or amendment to each Holder.</P>

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

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

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <U>Miscellaneous</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-indent: 0.5in; text-align: justify">a) <U>No Rights as Stockholder Until Exercise</U>.
This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior
to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">b) <U>Loss, Theft, Destruction or Mutilation
of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting
of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">c) <U>Saturdays, Sundays, Holidays, etc</U>.
If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be
a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company covenants that, during the period
the Warrant is outstanding, it will reserve from its conditional share capital a sufficient number of shares to provide for the
issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that
its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as
may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that
all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Except and to the extent as waived or consented
to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of association or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing,
the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

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

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

<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Before taking any action which would result
in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body
or bodies having jurisdiction thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">e) <U>Jurisdiction and Governing Law</U>.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action,
suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for their reasonable attorneys&rsquo; fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">f) <U>Restrictions</U>. The Holder acknowledges
that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not exercise the Warrant
in accordance with Section 2(c) hereof, it will have restrictions upon resale imposed by state and federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">g) <U>Non-waiver and Expenses</U>. No course
of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. Without limiting any other provision of this Warrant or the
Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys&rsquo; fees, including those of appellate proceedings, incurred by the Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</P>

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

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

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">h) <U>Notices</U>. Any notice, request or
other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with
the notice provisions of the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">i) <U>Limitation of Liability</U>. No provision
hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any
Common Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">j) <U>Remedies</U>. The Holder, in addition
to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance
of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action
for specific performance that a remedy at law would be adequate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">k) <U>Successors and Assigns</U>. Subject
to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by
the Holder or holder of Warrant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">l) <U>Amendment</U>. This Warrant may be modified
or amended or the provisions hereof waived with the written consent of the Company and the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">m) <U>Severability</U>. Wherever possible,
each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">n) <U>Headings</U>. The headings used in this
Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.</P>

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

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

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


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NLS PHARMACEUTICS LTD.</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 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">TO: NLS PHARMACEUTICS LTD.</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-indent: 0.5in; text-align: justify">Referring to art. [3b] of the Company&rsquo;s
articles of incorporation and the conditional share capital set out therein and taking note of the fact that the Company is not
obligated to prepare and publish a prospectus within the meaning of the Swiss Financial Services Act with respect to the Warrant,
the exercise thereof, and the Warrant Shares,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(1) the undersigned hereby elects to purchase
________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(2) Payment shall take the form of in lawful
money of the United States or Swiss Franc (at least for the nominal value of the Warrant Shares) to the following Company&rsquo;s
account with a Swiss bank as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">For payments in U.S. Dollars:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Switzerland AG, Zurich<BR>
IBAN: CH66 0020 6206 1966 5462 Y<BR>
SWIFT: UBSWCHZH80A<BR>
CCY: USD</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Switzerland AG, Zurich<BR>
IBAN: CH49 0020 6206 1966 5402 Z<BR>
SWIFT: UBSWCHZH80A<BR>
CCY: CHF</P>

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

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

<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(3) Please issue said Warrant Shares in the
name of the undersigned or in such other name as is specified below:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1.5in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Shares shall be delivered to the following DWAC
Account Number:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1.5in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1.5in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1.5in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Investing Entity:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 25%"><FONT STYLE="font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity</I>:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Title of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 75%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(To assign the foregoing Warrant, execute this form and
supply required information. Do not use this form to purchase shares.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="width: 60%">Name:</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Address:</TD>
    <TD>&nbsp;</TD>
    <TD>(Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Phone Number:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Email Address:</TD>
    <TD>&nbsp;</TD>
    <TD>(Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: ___________ __, _____</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Holder&rsquo;s Signature:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Holder&rsquo;s Address:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center"><U>Warrant Exercise Log</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: black 1.5pt solid; padding-left: 5.4pt">Date</TD>
    <TD STYLE="width: 25%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 5.4pt">Number of Warrant Shares Available to be Exercised</TD>
    <TD STYLE="width: 32%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 5.4pt">Number of Warrant Shares Exercised</TD>
    <TD STYLE="width: 19%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 5.4pt">Number of Warrant Shares Remaining to be Exercised</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 5.4pt"></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: justify; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center"><FONT STYLE="text-transform: uppercase">NLS
PHARMACEUTICS LTD.<BR>
WARRANT DATED __________, 2020<BR>
WARRANT NO. [ ]</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">[To be completed and
signed only upon transfer of Warrant]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; text-align: justify">FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the above-captioned
Warrant to purchase ____________ share of Company Common Shares and appoints ________________ attorney to transfer said right on
the books of the Company with full power of substitution in the premises.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(Signature must conform in all respects to name of holder as specified on the face of the Warrant)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Address of Transferee</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center"><B>ANNEX III</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: center"><B>FORM OF PRESS RELEASE</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">NLS Pharmaceutics Ltd.</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">__________, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NLS Pharmaceutics Ltd. (the &ldquo;Company&rdquo;) announced
today that Maxim Group LLC, the sole book-running manager in the Company&rsquo;s recent public sale of _____ Common Shares, is
[waiving][releasing] a lock-up restriction with respect to ____ Common Shares held by [certain officers or directors] [an officer
or director] of the Company. The [waiver][release] will take effect on ____, 2020 and the Common Shares may be sold on or after
such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This press release is not an offer for sale of the securities
in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold
in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.</B></P>

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


<!-- Field: Page; Sequence: 78; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">[(A) the resolution of the shareholders&rsquo;
meeting dated [&#9679;], 2020 of NLS Pharmaceutics Ltd., with registered office in Stans, Canton of Nidwalden, Switzerland (the
&ldquo;<B>Company</B>&rdquo;), which are known to the undersigned (the &ldquo;<B>Subscriber</B>&rdquo;), and according to which
the Company&rsquo;s share capital shall be increased by way of an ordinary capital increase in a maximum amount of CHF [&#9679;]
by issuing up to [&#9679;] registered shares with a nominal value of CHF 0.02. Pursuant to such resolution, the board of directors
of the Company (the &ldquo;<B>Board of Directors</B>&rdquo;) shall effectuate the capital increase within 3 months.]<SUP>2</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">[(A) the articles of association of NLS
Pharmaceutics Ltd., with registered office in Stans, Canton of Nidwalden, Switzerland (the &ldquo;<B>Company</B>&rdquo;), which
are known to the undersigned (the &ldquo;<B>Subscriber</B>&rdquo;) and which authorize the board of directors of the Company (the
&ldquo;<B>Board of Directors</B>&rdquo;) to effect an increase of the Company&rsquo;s share capital in a maximum amount of CHF
[&#9679;] by issuing up to [&#9679;] registered shares with a nominal value of CHF 0.02 each out of the Company&rsquo;s authorized
share capital, such authorization having been granted by resolution of the shareholders meeting of [&#9679;], 2020]<SUP>3</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(B) the resolution of the Board of Directors
based on the authorizations described in (A) above, regarding the increase of the Company&rsquo;s share capital in the amount of
CHF [&#9679;] from CHF [&#9679;] to CHF [&#9679;]; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(C) The contribution for the new registered
shares is made by cash and at an issue price of CHF [&#9679;] per newly issued registered shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Subscriber herewith subscribes [&#9679;]
registered shares with a nominal value of CHF 0.02 each for a total issue price of CHF [&#9679;] (issue price of CHF [&#9679;]
per share).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The contribution for the new registered
shares (i.e. CHF 0.02 per newly issued registered share) has already been made as of the date of this Subscription Form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Subscriber takes note of the fact that the Company is not
obligated to prepare and publish a prospectus within the meaning of the Swiss Financial Services Act.</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-indent: 0.5in; text-align: justify">This Subscription Form shall be governed
by and construed in accordance with the laws of Switzerland (excluding Swiss Private International Law and international treaties,
in particular the Vienna Convention on the International Sale of Goods dated 11 April 1980). Any dispute arising out of or in connection
with this Subscription Form shall be submitted to the exclusive jurisdiction of the courts of Stans, Canton of Nidwalden, Switzerland,
subject to an appeal to the Swiss Federal Supreme Court when provided by Swiss law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">This subscription form is valid until [&#9679;],
2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If this Subscription Form is not available
in original (but in signed pdf or fax format) on the day of the proposed capital increase, the Subscriber authorizes Alexander
Zwyer, member of the Board of Directors of the Company, or any other member of the Board of Directors of the Company to sign this
Subscription Form in his/her/its name.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 20%; margin-left: 0.5in"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><SUP>2</SUP> Applicable to Firm
Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><SUP>3</SUP> Applicable to Option
Shares</P>

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


<!-- Field: Page; Sequence: 79; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">Annex IV - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>

    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>ea129645ex4-2_nlspharma.htm
<DESCRIPTION>FORM OF WARRANT AGENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NLS
PHARMACEUTICS LTD</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VSTOCK
Transfer LLC, as</FONT></P>

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

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



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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
as of _________, 2020</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>WARRANT
AGENCY AGREEMENT</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT
AGENCY AGREEMENT, dated as of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] __, 2020 (&ldquo;<U>Agreement</U>&rdquo;), between
NLS Pharmaceutics Ltd., a corporation organized under the laws of Switzerland (the &ldquo;<U>Company</U>&rdquo;), and VStock Transfer
LLC, a corporation organized under the laws of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &ldquo;<U>Warrant Agent</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W
I T N E S S E T H</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to a registered offering by the Company of ___ Units (the &ldquo;<U>Offering</U>&rdquo;), with each Unit consisting of
one share of the Company&rsquo;s common shares, par value CHF 0.02 per share (the &ldquo;<U>Common Shares</U>&rdquo;), one warrant
(the &ldquo;<U>Warrants</U>&rdquo;) to purchase one Common Share (the &ldquo;<U>Warrant Shares</U>&rdquo;) at a price of $[___
per share (or [__]% of the price of each Common Share sold in the Offering); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company granted to the Underwriters an over-allotment option to purchase up to 15% of the aggregate number of Common Shares
and/or up to 15% of the aggregate number of Warrants initially sold in the Offering as part of the Units (the &ldquo;<U>Over-Allotment
Option</U>&rdquo;); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form
F-1, as amended (File No. 333-236797) (the &ldquo;<U>Registration Statement</U>&rdquo;), and the terms and conditions of the Warrant
Certificate, the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the
&ldquo;<U>Holders</U>,&rdquo; which term shall include a Holder&rsquo;s transferees, successors and assigns and &ldquo;Holder&rdquo;
shall include, if the Warrants are held in &ldquo;street name,&rdquo; a Participant (as defined below) or a designee appointed
by such Participant); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Common Shares and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued
separately, but will be purchased together in the Offering; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent&rsquo;s
capacity as the Company&rsquo;s transfer agent, the delivery of the Warrant Shares (as defined below).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.&nbsp; <U>Certain Definitions</U>. For purposes of this Agreement, all capitalized terms not herein defined shall have the meanings
hereby indicated:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;
&ldquo;<U>Affiliate</U>&rdquo; has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended
(the &ldquo;<U>Exchange Act</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;
&ldquo;<U>Business Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or Switzerland or any day on which the Nasdaq Stock Market or banking institutions in the Canton of Zurich (Switzerland)
or in the Canton of Nidwalden (Switzerland) are authorized or required by law or other governmental action to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;
&ldquo;<U>Close of Business</U>&rdquo; on any given date means 5:00 p.m., New York City time, on such date; <U>provided</U>, <U>however</U>,
that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;
&ldquo;<U>Person</U>&rdquo; means an individual, corporation, association, partnership, limited liability company, joint venture,
trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
&nbsp;&ldquo;<U>Warrant Certificate</U>&rdquo; means a certificate in substantially the form attached as <U>Exhibit 1</U> hereto, representing
such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in
this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.&nbsp; <U>Appointment of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance
with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.&nbsp; <U>Global Warrants</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;
The Warrants shall each be registered securities and shall each be evidenced by a global warrant (the &ldquo;<U>Global Warrants</U>&rdquo;),
in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede &amp;
Co., a nominee of The Depository Trust Company (the &ldquo;<U>Depositary</U>&rdquo;), or as otherwise directed by the Depositary.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through,
records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the
Depositary (such institution, with respect to a Warrant in its account, a &ldquo;<U>Participant</U>&rdquo;). The Warrants shall
be issued by the Company in the form of uncertificated securities <I>(Wertrechte)</I> as per article 973c of the Swiss Code of
Obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for,
or it is no longer necessary to have such Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the Depositary to deliver to the Warrant Agent for cancellation each such Global Warrant, and the Company shall instruct the
Warrant Agent to deliver to each Holder of such Warrants a Warrant Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&nbsp;A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some
or all of such Holder&rsquo;s Global Warrants for a separate certificate in the form attached hereto as <U>Exhibit 1</U> (a &ldquo;<U>Definitive
Certificate</U>&rdquo;) evidencing the same number of Warrants which request shall be in the form attached hereto as <U>Exhibit
2</U> (a &ldquo;<U>Warrant Certificate Request Notice</U>&rdquo; and the date of delivery of such Warrant Certificate Request
Notice by the Holder, the &ldquo;<U>Warrant Certificate Request Notice Date</U>&rdquo; and the surrender by the Holder to the
Warrant Agent of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a &ldquo;<U>Warrant
Exchange</U>&rdquo;), the Company and the Warrant Agent shall promptly effect the Warrant Exchange and the Warrant Agent shall
promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant
Certificate Request Notice. Such Definitive Certificate shall be dated the date of such transfer of the Warrants, shall be manually
executed by facsimile signature by an authorized signatory of the Company, shall be in the form attached hereto as <U>Exhibit
1</U>. In connection with a Warrant Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within ten
(10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate
Request Notice (&ldquo;<U>Warrant Certificate Delivery Date</U>&rdquo;). The Company covenants and agrees that, upon the date
of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate
and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to
contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement,
other than Section 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate. Notwithstanding anything
to the contrary contained in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision
in a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive Certificate shall control.</FONT></P>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&nbsp;A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from
time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon
written notice by a Holder to the Company for the exchange of some or all of such Holder&rsquo;s Warrants evidenced by a Definitive
Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number
of Warrants, which request shall be in the form attached hereto as <U>Exhibit 3</U> (a &ldquo;<U>Global Warrants Request Notice</U>&rdquo;
and the date of delivery of such Global Warrants Request Notice by the Holder, the &ldquo;<U>Global Warrants Request Notice Date</U>&rdquo;
and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive Certificates for the same number of Warrants
evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a &ldquo;<U>Global Warrants
Exchange</U>&rdquo;), the Company shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent
to issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice, which beneficial
interest in such Global Warrants shall be delivered by the Depositary&rsquo;s Deposit or Withdrawal at Custodian system to the
Holder pursuant to the instructions in the Global Warrants Request Notice. In connection with a Global Warrants Exchange, the
Company shall direct the Warrant Agent to deliver the beneficial interest in such Global Warrants to the Holder within ten (10)
Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the Global Warrant Request Notice
(&ldquo;<U>Global Warrants Delivery Date</U>&rdquo;). The Company covenants and agrees that, upon the date of delivery of the
Global Warrants Request Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.&nbsp;<U>Form of Warrant Certificates</U>. The Warrant Certificate, together with the form of election to purchase Common Shares
(&ldquo;<U>Notice of Exercise</U>&rdquo;) and the form of assignment to be printed on the reverse thereof, shall be in the form
of <U>Exhibit 1</U> hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.&nbsp;<U>Countersignature and Registration</U>. Each Warrant Certificate shall be executed on behalf of the Company by its Chief
Executive Officer, Chief Financial Officer or Vice President, by facsimile signature, . Each Warrant Certificate shall be countersigned
by the Warrant Agent and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall
have signed any Warrant Certificate shall cease to be such officer of the Company before countersignature by the Warrant Agent
and issuance and delivery by the Company, such Warrant Certificate nevertheless, may be countersigned by the Warrant Agent, issued
and delivered with the same force and effect as though the person who signed such Warrant Certificate had not ceased to be such
officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date
of the execution of such Warrant Certificate shall be a proper officer of the Company to sign such Warrant Certificate, although
at the date of the execution of this Warrant Agreement any such person was not such an officer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Agent will keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration
and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders
of each of the Global Warrants, the number of Warrants evidenced on the face of each of such Global Warrant and the date of each
such Global Warrant. The Company will keep or cause to be kept at one of its offices, books for the registration and transfer
of any Definitive Certificates issued hereunder and the Warrant Agent shall not have any obligation to keep books and records
with respect to any Definitive Warrants. Such Company books shall show the names and addresses of the respective Holders of the
Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date of each
such Definitive Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.&nbsp;<U>Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates</U>.
With respect to the Global Warrants, subject to the provisions of the Warrant Certificate and the last sentence of this first
paragraph of Section 6 and subject to applicable law, rules or regulations, or any &ldquo;stop transfer&rdquo; instructions the
Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business
on the applicable Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global Warrants
may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase
a like number of Common Shares as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any
Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to
the Warrant Agent, and shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the principal
office of the Warrant Agent. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied
by reasonable evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the
Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person
entitled thereto a Global Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from
the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split
up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed
upon by the parties hereto and provided separately on the date hereof.</FONT></P>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant
Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion
thereof remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount and satisfaction of any
other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Delaware,
and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the
Warrant Agent and cancellation of such Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate
of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or
mutilated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.&nbsp;<U>Exercise of Warrants; Exercise Price; Termination Date</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;
The Warrants shall be exercisable commencing on the Initial Exercise Date (as defined in the Warrant Certificate). Warrants shall
cease to be exercisable and shall terminate and become void as set forth in the Warrant Certificate. Subject to the foregoing
and to Section 7(b) below, the Holder of Warrant may exercise such Warrant in whole or in part upon surrender of Warrant Certificate
with the executed Notice of Exercise and payment of the applicable Exercise Price set forth in the Warrant Certificate, which
may be made by wire transfer in United States dollars, to the Company&rsquo;s Swiss bank account in Switzerland as set forth in
the Notice of Exercise. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise
and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose
interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another
established clearing corporation performing similar functions), shall effect exercises by delivering to the Depositary, the Company
and the Warrant Agent (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying
with the procedures to effect exercise that are required by the Depositary (or such other clearing corporation, as applicable).
Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
required. The Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial
interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing
similar functions), upon delivery of irrevocable instructions to such holder&rsquo;s Participant to exercise such Warrants, that
solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such Warrants.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent
shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the
Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder, no
later than the applicable Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is
then a participant in the DWAC system of the Depositary and there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by Holder, then the certificates for Warrant Shares shall be transmitted
by the Warrant Agent to the Holder by crediting the account of the Holder&rsquo;s broker with the Depositary through its DWAC
system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i)
or 2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent.
Notwithstanding anything else to the contrary in this Agreement, if any Holder fails to duly deliver payment to the Warrant Agent
of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder&rsquo;s
Warrant as set forth in Section 7(a) hereof by the applicable Warrant Share Delivery Date, the Warrant Agent will not obligated
to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share
Delivery Date shall be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant
Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the
Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and
shall advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise
of any Warrant are received of the amount so deposited to its account.</FONT></P>

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

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.&nbsp;<U>Cancellation and Destruction of Warrant Certificates</U>. All Warrant Certificates surrendered for the purpose of exercise,
transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the
Warrant Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant
Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company
shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other
Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver
all canceled Warrant Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant
Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law,
rule or regulation requiring the Warrant Agent to retain such canceled certificates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.&nbsp;<U>Certain Representations; Reservation and Availability of Common Shares or Cash</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and
delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the
Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming
due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration
Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with
their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditors&rsquo; rights generally or by general equitable
principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;As of the date hereof, the authorized capital stock of the Company consists of ____________ Common Shares, of which approximately
[ ] Common Shares are issued and outstanding as of October __, 20__, ___________ Common Shares are reserved for issuance upon
exercise of the Warrants. Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants,
options or other rights to subscribe for or purchase from the Company any class of capital stock of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The Company covenants and agrees that it will cause to be reserved and kept available out of its conditional share capital, the
number of Common Shares that will be sufficient to permit the exercise in full of all outstanding Warrants.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing
Common Shares upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge
which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or
delivery of certificates for Common Shares in a name other than that of the Holder of the applicable Warrant Certificate evidencing
Warrants surrendered for exercise or to issue or deliver any certificate for Common Shares upon the exercise of any Warrants until
any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such
Warrant Certificate at the time of surrender) or until it has been established to the Company&rsquo;s reasonable satisfaction
that no such tax or governmental charge is due.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.&nbsp;<U>Common Share Record Date</U>. Each Person in whose name any certificate for Common Shares is issued (or to whose broker&rsquo;s
account is credited Common Shares through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have
become the holder of record for the Common Shares represented thereby on, and such certificate shall be dated, the date on which
submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered
(but only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to
the applicable Warrant Share Delivery Date; <U>provided</U>, <U>however</U>, that if the date of submission of the Notice of Exercise
is a date upon which the Common Shares transfer books of the Company are closed, such Person shall be deemed to have become the
record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Shares transfer
books of the Company are open.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.&nbsp;<U>Adjustment of Exercise Price, Number of Common Shares or Number of the Company Warrants</U>. The Exercise Price, the number
of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided
in Section 3 of the Warrant Certificate. As applicable. In the event that at any time, as a result of an adjustment made pursuant
to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares
of capital stock of the Company other than Common Shares, thereafter the number of such other shares so receivable upon exercise
of any Warrant 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 contained in Section 3 of the Warrant Certificate and the provisions of Sections 7,
11 and 12 of this Agreement with respect to the Common Shares shall apply on like terms to any such other shares. All Warrants
originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall
evidence the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder
upon exercise of the Warrants, all subject to further adjustment as provided herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.&nbsp;<U>Certification of Adjusted Exercise Price or Number of Common Shares</U>. Whenever the Exercise Price or the number of Common
Shares issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly
prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting
for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Shares a copy of such
certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.&nbsp;<U>Fractional Common Shares</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever
any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect
a rounding of such fraction to the nearest whole Warrant (rounded down).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The Company shall not issue fractions of Common Shares upon exercise of Warrants or distribute stock certificates which evidence
fractional Common Shares. Whenever any fraction of a Common Share otherwise be required to be issued or distributed, the actual
issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.&nbsp;<U>Conditions of the Warrant Agent&rsquo;s Obligations</U>. The Warrant Agent accepts its obligations herein set forth upon
the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder
of the Holders from time to time of the Warrant Certificates shall be subject:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;ompensation and Indemnification</I>. The Company agrees promptly to pay the Warrant Agent the compensation detailed on <U>Exhibit 4</U> hereto for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross negligence or willful misconduct finally adjudicated to have been directly caused by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent&rsquo;s satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge of the Warrant Agent or the termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent&rsquo;s aggregate liability to the Company, or any of the Company&rsquo;s representatives or agents, under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one (1) year&rsquo;s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Agent for the Company</I>. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial owners of Warrants.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Counsel</I>. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Documents</I>. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Certain Transactions</I>. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, the Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrants or Warrant Shares or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>No Liability for Interest</I>. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>No Liability for Invalidity</I>. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or the B Warrant Certificates (except as to the Warrant Agent&rsquo;s countersignature thereon).</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>No Responsibility for Representations</I>. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent&rsquo;s countersignature thereon), all of which are made solely by the Company.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>No Implied Obligations</I>. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the applicable Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law.</FONT></P>



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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.&nbsp;<U>Purchase or Consolidation or Change of Name of Warrant Agent</U>. Any corporation into which the Warrant Agent or any successor
Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation
to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust
business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant 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 corporation
would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor
Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned
but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver
such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned,
any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in
the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in
the applicable Warrant Certificates and in this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been
countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant
Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the
Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases
such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.&nbsp;<U>Duties of Warrant Agent</U>. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company),
and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action
taken or omitted by it in good faith and in accordance with such opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any
fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate
shall be full authentication to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of
this Agreement in reliance upon such certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence
or willful misconduct, or for a breach by it of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
The Warrant 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 Warrant Certificate (except its countersignature thereof) by the Company 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
The Warrant Agent shall not 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 Warrant Agent) or in respect of the validity or execution of any Warrant Certificate
(except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price
or the making of any change in the number of Common Shares required under the provisions of Section 11 or 13 or responsible for
the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment
or change (except with respect to the exercise of the Warrants as evidenced by the Warrant Certificates after actual notice of
any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any Common Shares to be issued pursuant to this Agreement or any Warrant Certificate or as
to whether any Common Shares will, when issued, be duly authorized, validly issued, fully paid and nonassessable.</FONT></P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
Each party hereto 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 other party hereto
for the carrying out or performing by any party of the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the
Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action
taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent
carries out such instructions without gross negligence or willful misconduct.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the
Warrants 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 Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other
legal entity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The Warrant 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 attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default,
neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect
or misconduct, provided reasonable care was exercised in the selection and continued employment thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
17.&nbsp;<U>Change of Warrant Agent</U>. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30
days&rsquo; notice in writing sent to the Company and to each transfer agent of the Common Shares, and to the Holders of the B
Warrant Certificates. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days&rsquo; notice in writing,
sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Shares, and
to the Holders of the Warrant Certificates and the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be
removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of
such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who
shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate
may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this
Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent,
whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the
United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers
and is subject to supervision or examination by federal or state authority. After appointment, the successor Warrant Agent shall
be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without
further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant 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 file notice thereof in writing with the predecessor
Warrant Agent and each transfer agent of the Common Shares, and mail a notice thereof in writing to the Holders of the Warrant
Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the
legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as
the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
18.&nbsp;<U>Issuance of New Warrant Certificates</U>. Notwithstanding any of the provisions of this Agreement or of the Warrants to
the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved
by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class
of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with
the provisions of this Agreement.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
19.&nbsp;<U>Notices</U>. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder
of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder
of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant
Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following
the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized
overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered
or certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via
facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after
the date of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not
a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following
addresses (or at such other address for a party as shall be specified by like notice):</FONT></P>

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

<P STYLE="text-indent: 1in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT> &nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>If to the Company, to</B>:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NLS
Pharmaceutics Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alter
Postplatz 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CH-6370
Stans, Switzerland</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Alexander Zwyer, CEO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">email:
<U>az@nls-pharma.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to the Company&rsquo;s counsel (which shall not constitute notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sullivan
&amp; Worcester LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1633
Broadway, 32<SUP>nd</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Oded Har-Even, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">email:
<U>ohareven@sullivanlaw.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenger
&amp; Vieli AG</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dufourstrasse
56</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zurich,
Switzerland CH-8034</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Pascal Honold, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">email:
p.honold@wengervieli.ch</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.95pt; text-align: justify; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 1in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT> &nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>If to the Warrant Agent, to</B>:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VStock
Transfer, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18
Lafayette Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Woodmere,
New York 11598</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Yoel Goldfeder</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
<U>yoel@vstocktransfer.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile
No.: (646) 536-3179</FONT></P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service
to be delivered on the next business day following such email, unless the recipient of such email has acknowledged via return
email receipt of such email.</FONT></P>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice
required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company.
Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any
Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the
Depositary or its designee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
20. <U>Supplements and Amendments</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders
of Global Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global
Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition
or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material
respect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than
a majority of the Common Shares issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying
in any manner the rights of the Holders of the Global Warrants; <U>provided</U>, <U>however</U>, that no modification of the terms
(including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of
holders of Warrants to receive liquidated damages or other payments in cash from the Company or reducing the percentage required
for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate
affected thereby; <U>provided further</U>, <U>however</U>, that no amendment hereunder shall affect any terms of any Warrant Certificate
issued in a Warrant Exchange. As a condition precedent to the Warrant Agent&rsquo;s execution of any amendment, the Company shall
deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment
complies with the terms of this Section 20.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
21. <U>Successors</U>. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
22. <U>Benefits of this Agreement</U>. Nothing in this Agreement shall be construed to give any Person other than the Company,
the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement.
This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
23. <U>Governing Law</U>. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed by,
and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles
thereof.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
25. <U>Captions</U>. The captions of the sections of this Agreement have been 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 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
26. <U>Information</U>. The Company agrees to promptly provide to the Holders of the Warrants any information it provides to the
holders of the Common Shares, except to the extent any such information is publicly available on the EDGAR system (or any successor
thereof) of the Securities and Exchange Commission.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NLS PHARMACEUTICS LTD</B></FONT></TD>
</TR>                                                                                                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VSTOCK Transfer, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
1</B></FONT></P>

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

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

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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Warrant Certificate Request Notice</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT
CERTIFICATE REQUEST NOTICE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:
VStock Transfer, LLC, as Warrant Agent for NLS Pharmaceutics Ltd (the &ldquo;Company&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Holder of Common Shares Purchase Warrants (&ldquo;<U>Warrants</U>&rdquo;) in the form of Global Warrants issued by
the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Holder of
                                                                                                                                                                 Warrants in form of Global Warrants: _______________________________</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Holder in Warrant Certificate (if different
from name of Holder of Warrants in form of Global Warrants): _______________________________</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants in name of Holder in form of Global
Warrants: ___________________________</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants for which Warrant Certificate shall
be issued:  ___________________________</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants in name of Holder in form of Global
Warrants after issuance of Warrant Certificate, if any:  ___________________________</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Certificate shall be delivered to the following
address:</FONT></TD>
</TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid; width: 2.5in"></TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD>
</TR>                                   <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to
the number of Warrants evidenced by the Warrant Certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Investing Entity:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity</I>:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Title of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 75%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Global Warrant Request Notice</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLOBAL
WARRANT REQUEST NOTICE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:[WARRANT
AGENT], as Warrant Agent for [COMPANY] (the &ldquo;Company&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Holder of Common Share Purchase Warrants (&ldquo;<U>Warrants</U>&rdquo;) in the form of Warrants Certificates issued
by the Company hereby elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Holder of
                                                                                                                                                                 Warrants in form of Warrant Certificates: _______________________________</FONT></TD>
</TR></TABLE>



<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Holder in Global Warrant (if different from
name of Holder of Warrants in form of Warrant Certificates): _______________________________</FONT></TD>
</TR></TABLE>



<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants in name of Holder in form of Warrant
Certificates: ___________________________</FONT></TD>
</TR></TABLE>



<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants for which Global Warrant shall be
issued: ___________________________</FONT></TD>
</TR></TABLE>



<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Warrants in name of Holder in form of Warrant
Certificates after issuance of Global Warrant, if any: ___________________________</FONT></TD>
</TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Warrant shall be delivered to the following address:</FONT></TD>
</TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid; width: 2.5in"></TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD>
</TR>                                   <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global
Warrant, the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder
equal to the number of Warrants evidenced by the Global Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Investing Entity:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity</I>:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Title of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 75%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Warrant
Agent Fee Schedule<SUP>1</SUP></B></FONT></P>

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

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

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



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT> VStock to provide. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>ea129645ex4-3_nlspharma.htm
<DESCRIPTION>FORM OF WARRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMON SHARE PURCHASE WARRANT</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: center"><FONT STYLE="text-transform: uppercase"><B>NLS
PHARMACEUTICS LTD</B></FONT></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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Warrant Shares: [_______]</FONT></TD>
    <TD STYLE="text-align: right; width: 30%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Initial Exercise Date: _______, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS COMMON SHARE PURCHASE
WARRANT (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value received, _____________ or its assigns (the &ldquo;<U>Holder</U>&rdquo;)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the &ldquo;<U>Initial Exercise Date</U>&rdquo;) and on or prior to 5:00 p.m. (New York City time) on
[_____], 20__1 (the &ldquo;<U>Termination
Date</U>&rdquo;) but not thereafter, to subscribe for and purchase from NLS Pharmaceutics Ltd., a company incorporated under the
laws of Switzerland, with its registered office at Stans, Switzerland and registered with the commercial register of the Canton
of Nidwalden under company number CHE-447.067.367 (the &ldquo;<U>Company</U>&rdquo;), up to [___] of our Common Shares (as subject
to adjustment hereunder, the &ldquo;<U>Warrant Shares</U>&rdquo;). The purchase price of one Common Share under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of
a security held in book-entry form and the Depository Trust Company or its nominee (&ldquo;<U>DTC</U>&rdquo;) shall initially be
the sole registered holder of this Warrant, subject to a Holder&rsquo;s right to elect to receive a Warrant in certificated form
pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 1</U>.&nbsp;<U>Definitions</U>.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bid
Price</U>&rdquo; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Shares so reported, or (d)&nbsp;in all other cases, the fair market
value of Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board
of Directors</U>&rdquo; means the board of directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
Switzerland or any day on which banking institutions in the State of New York or in the Canton of Zurich (Switzerland) or in the
Canton of Nidwalden (Switzerland) are authorized or required by law or other governmental action to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Insert the date that is the 5<SUP>th</SUP> year
anniversary of the Initial Exercise Date; provided, however, that, if such date is not a Trading Day, insert the immediately following
Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common
Shares</U>&rdquo; means the common shares of the Company, par value CHF 0.02 per share and any other class of securities into which
such securities may hereafter be reclassified or changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common
Share Equivalents</U>&rdquo; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Statement</U>&rdquo; means the Company&rsquo;s registration statement on Form F-1, as amended (File No. 333-236797).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading
Day</U>&rdquo; means a day on which the Common Shares are traded on a Trading Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading
Market</U>&rdquo; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer
Agent</U>&rdquo; means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette
Place, Woodmere, New York 11598 and a facsimile number of [_______________], and any successor transfer agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwriting
Agreement</U>&rdquo; means the underwriting agreement, dated as of October __, 2020 among the Company and Maxim Group LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>VWAP</U>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest
preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per Common Share so reported, or (d)&nbsp;in all other cases, the fair market value of a Common
Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrant
Agency Agreement</U>&rdquo; means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the
Company and the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrant
Agent</U>&rdquo; means the Transfer Agent and any successor warrant agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrants</U>&rdquo;
means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration Statement and issued
in the form of uncertificated securities <I>(Wertrechte)</I> pursuant to article 973c of the Swiss Code of Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 2</U>.&nbsp;<U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><U>Exercise of Warrant</U>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &ldquo;<U>Notice
of Exercise</U>&rdquo;). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer to the Company&rsquo;s
Swiss bank account in Switzerland. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or
other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation promptly following the date on which the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder
shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of
receipt of such notice. <B>The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of
the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
available for purchase hereunder at any given time may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing
in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant
held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises
made pursuant to this Section 2(a) by delivering to DTC, the Company and the Warrant Agent (or such other clearing corporation,
as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required
by DTC (or such other clearing corporation, as applicable), subject to a Holder&rsquo;s right to elect to receive a Definitive
Warrant pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><U>Exercise
Price</U>. The exercise price per Common Share under this Warrant shall be $[_____]<SUP>2</SUP>, subject to adjustment hereunder
(the &ldquo;<U>Exercise Price</U>&rdquo;). In no event shall the Exercise Price be adjusted below the nominal value (or U.S. dollar
equivalent) of the Common Shares, which is CHF 0.02 as of the Initial Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><U>Mechanics of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"> i. <U>Delivery of Warrant Shares Upon Exercise</U>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Company is then a participant in such system and there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, and otherwise by physical delivery of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &ldquo;<U>Warrant Share Delivery Date</U>&rdquo;). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of an exercise pursuant to Section&nbsp;2c) hereof) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, &ldquo;<U>Standard Settlement Period</U>&rdquo; means the standard settlement period, expressed in a number of Trading Days, on the Company&rsquo;s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise. The Company shall deliver in due course the Company&rsquo;s book of uncertificated securities (<I>Wertrechtebuch</I>) duly signed by the Company&rsquo;s share registrar and evidencing the Holder as holder of the Warrant Shares, if the Shares of the Company are not already listed.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">iii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Rescission Rights</U>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Insert <FONT STYLE="font-size: 10pt">[100-110]
% of the price of each Common Share sold in the Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">iv.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>. In addition to any other rights
available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&rsquo;s brokerage
firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;), then the Company shall (A) pay in cash to the Holder
the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including brokerage commissions, if any) for the Common
Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of
$10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request
of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder&rsquo;s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company&rsquo;s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant
to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">v.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>No Fractional Shares or Scrip</U>. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round down to the next whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">vi.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Charges, Taxes and Expenses</U>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; <U>provided</U>, <U>however</U>, that in the event that Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder, which shall include a medallion guarantee, and the Company may require, as a condition thereto, the
payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees
required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">vii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Closing of Books</U>. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Holder&rsquo;s Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates (such Persons,
&ldquo;Attribution Parties&rdquo;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&nbsp;
For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution
Parties shall include the number of Common Shares are issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common
Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.&nbsp; Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder&rsquo;s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding Common Shares , a Holder may rely on the number of outstanding Common
Shares as reflected in (A) the Company&rsquo;s most recent periodic or annual report filed with the Commission, as the case may
be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
setting forth the number of Common Shares outstanding.&nbsp; Upon the written or oral request of a Holder, the Company shall within
one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding.&nbsp; In any case, the
number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding Common Shares was reported. The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99% (or, upon election
by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Common Shares outstanding immediately after giving effect
to the issuance of Common Shares that are issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
in the Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP> day after such notice is delivered to the
Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 3</U>.&nbsp;<U>Certain
Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Stock Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable
in Common Shares (which, for avoidance of doubt, shall not include any Common Shares are sued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any
shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which
the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Subsequent Rights Offerings</U>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of Common Shares (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent
that the Holder&rsquo;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership
of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in
abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Pro Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Shares , by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by
way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
&quot;<U>Distribution</U>&quot;), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be
entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had
held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken
for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined
for the participation in such Distribution (<U>provided</U>, <U>however</U>, to the extent that the Holder's right to participate
in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be
entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of
such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder
until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock
or share purchase agreement or other business combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;)
receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the &ldquo;<U>Successor Entity</U>&rdquo;)
to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant referring to the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect
as if such Successor Entity had been named as the Company herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of
a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Notice to Holder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder and the Warrant Agent by facsimile or email a notice setting forth the Exercise
Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of
the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Notice to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Shares , (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Shares , (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be
required in connection with any reclassification of the Common Shares , any consolidation or merger to which the Company is a party,
any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 4</U>.&nbsp;<U>Transfer
of Warrant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Transferability</U>. This Warrant and all rights hereunder (including, without limitation, any registration rights) are
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Warrant Register</U>. The Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate (as defined
in the Warrant Agency Agreement), the Company) shall register this Warrant, upon records to be maintained by the Warrant Agent
(or, in the event a Holder elects to receive a Definitive Certificate, the Company) for that purpose (the &ldquo;<U>Warrant Register</U>&rdquo;),
in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 5</U>.&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>No Rights as Stockholder Until Exercise</U>. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall also include the posting of a bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Conditional Share Capital</U>. The Company covenants that, during the period the Warrant is outstanding, it will reserve
from its conditional share capital a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise
of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Governing Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall
commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or
proceeding shall be reimbursed by the other party for their reasonable attorneys&rsquo; fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not exercise the Warrant in accordance with Section 2(c) hereof, it will have restrictions upon
resale imposed by state and federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. Without
limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees, including those of appellate
proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">h) <U>Notices</U>. Any and all notices or other communications or deliveries to be provided by the
Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, or e-mail,
or sent by a nationally recognized overnight courier service, addressed to the Company, at Alter Postplatz 2, CH-6370 Stans, Switzerland,
Attention: Chief Financial Officer, email address: [ ], facsimile number [ ], or such other facsimile number, email address or
address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or
deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address
of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time)
on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 6-K.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Shares or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><U>Warrant Agency Agreement.</U> If this Warrant is held in global form through DTC (or any successor depositary), this
Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express
provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[signature page follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>NLS PHARMACEUTICS LTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXERCISE</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"><FONT STYLE="text-transform: uppercase">To:&nbsp;NLS
PHARMACEUTICS LTD</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Referring to art. [3c] of the Company's
articles of association and the conditional share capital set out therein and taking note of the fact that the Company is not obligated
to prepare and publish a prospectus within the meaning of the Swiss Financial Services Action with respect to the Warrant, the
exercise therefore, and the Warrant Shares,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the
terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Payment shall take the form of lawful money of the United States (at least for the nominal value
of the Warrant Shares) to the following Company's account:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">NLS PHARMACEUTICS AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">UBS Switzerland AG, Zurich,
Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">IBAN:&nbsp;&nbsp;&nbsp;&nbsp;CH66 0020 6206
1966 5462 Y</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">SWIFT:&nbsp;UBSWCHZH80A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">CCY:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Please issue said Warrant Shares in the name of the undersigned
or in such other name as is specified below:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.5in">&nbsp;</TD>
    <TD STYLE="width: 3in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Shares shall be delivered to
the following DWAC Account Number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; width: 1.5in">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; width: 3in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Investing Entity:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 25%"><FONT STYLE="font-size: 10pt"><I>Signature of Authorized Signatory of Investing Entity</I>:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 55%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Name of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 15%"><FONT STYLE="font-size: 10pt">Title of Authorized Signatory:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 65%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="white-space: nowrap; width: 5%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 75%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT FORM</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; text-indent: 10.5pt"><I>(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; width: 7%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 25%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 18%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 50%; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Phone Number:</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Email Address:</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></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-top: 5.4pt; white-space: nowrap; width: 10%"><FONT STYLE="font-size: 10pt">Holder&rsquo;s Signature:</FONT></TD>
    <TD STYLE="padding-top: 5.4pt; border-bottom: Black 1.5pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">Holder&rsquo;s Address:</FONT></TD>
    <TD STYLE="padding-top: 5.4pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-top: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Signature Guarantee</FONT></TD></TR>
</TABLE>
<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">Signatures must be guaranteed by an &ldquo;eligible
guarantor institution&rdquo; meeting the requirements of the Warrant Agent, which requirements include membership or participation
in the Security Transfer Association Medallion Program (&ldquo;STAMP&rdquo;) or such other &ldquo;signature guarantee program&rdquo;
as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>ea129645ex5-1_nlspharma.htm
<DESCRIPTION>OPINION OF WENGER & VIELI AG, SWISS COUNSEL TO NLS PHARMACEUTICS LTD
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><IMG SRC="ex5-1_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 10pt 0 0; width: 70%; text-align: left; font-size: 10pt; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NLS Pharmaceutics Ltd&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alter Postplatz 2&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6370 Stans&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zurich, 12 November 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NLS Pharmaceutics Ltd &ndash; Registration Statement on Form
F-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen,</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: 12pt 0 0; text-align: justify">We have acted as special Swiss counsel
to NLS Pharmaceutics Ltd, a stock corporation incorporated under the laws of Switzerland (the &quot;<B>Company</B>&quot;), in connection
with the filing of a Registration Statement (as defined below), including the prospectus set forth therein, with the United States
Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) for the purpose of registering under the United States Securities
Act&nbsp;of&nbsp;1933, as amended (the &quot;<B>Securities Act&quot;</B>), the offer and sale of up to (i) 3,636,363 common shares
(the &ldquo;<B>Common Shares</B>&rdquo;), par value CHF 0.02 per share (the &ldquo;<B>Firm Shares</B>&rdquo;), (ii) warrants (the
&ldquo;<B>Common Warrants</B>&rdquo;) to purchase additional 3,636,363 Common Shares, (iii) at the option of the several underwriters
(the &quot;<B>Underwriters</B>&quot;), the issuance and sale to the Underwriters of additional 545,454 Common Shares (the &ldquo;<B>Overallotment
Shares</B>&rdquo; and together with the Firm Shares, the &ldquo;<B>Shares</B>&rdquo;) and/or Common Warrants to purchase additional
545,454 Common Shares (the &ldquo;<B>Overallotment Warrants</B>&rdquo; and together with the Common Warrants, the &ldquo;<B>Warrants</B>&rdquo;),
and (iv) warrants (the &ldquo;<B>Underwriter Warrants</B>&rdquo;) to purchase additional Common Shares issued to the Underwriters.
As such counsel, we have been requested to give our opinion as to certain legal matters of Swiss law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">Capitalized terms used but not defined
herein shall have the meaning ascribed to them in the Documents (as defined below).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

</TD>
    <TD STYLE="padding: 0; width: 30%; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr.
                                         Christoph Schmid</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Peter Altorfer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Bignia Vieli LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Michael Huber LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Georg Zondler</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Wolfgang Z&uuml;rcher LL.M.
<SUP>3, 4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Christian Wenger LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Andreas H&uuml;nerwadel LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Martin Hess</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Urs Weber-Stecher LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Frank Scherrer LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Beat Walti</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Roman Heiz LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Michael Mr&aacute;z</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Barbara Brauchli Rohrer <SUP>1,
2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Beat D. Speck LL.M. <SUP>3,
4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Bruno B&auml;chli <SUP>1, 2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Pascal Honold LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Philipp C. Lindenmayer LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Nicolas Bracher LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dominik B&uuml;rgy <SUP>1, 2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Michael Tschudin</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Stefan M&uuml;ller LL.M. <SUP>3,
4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Regula Grunder LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Claudia Keller LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Flavio Peter LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Marc Gerber <SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Daniel S. Weber LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Patrick N&auml;f LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Marc Walter LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Michael Baier LL.M. <SUP>3,
4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Bastian Thurneysen LL.M. <SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Daniel P. Oehri LL.M. <SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Martin Berweger <SUP>3, 4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Florian Wegmann</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Stephanie Lienhard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Ursina B&ouml;ni <SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Sebastian Huber LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">My Chau Bachelard LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Mich&egrave;le Joho <SUP>3, 4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Andrea Sch&uuml;tz LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Valentina Schwarz <SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Marcel Boller</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Markus Seglias <SUP>1, 2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Mike Abegg LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Sabine Taxer <SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Lilith Ritzmann</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Meltem Steudler</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Alessa Waibel LL.M.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Marius Jenny</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Nadine Zanetti</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Deborah Sutter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Patric Eggler <SUP>1, 2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dominique Roos</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Nathalie Germann <SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dominik Rietiker <SUP>3, 4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Marco Cereghetti Konsulent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Prof. Dr. Lorenz Droese Konsulent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Prof. Dr. Daniel Girsberger LL.M.
Konsulent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Dr. Urs Landolf Konsulent <SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><SUP>1</SUP> Dipl. Steuerexperte
/ Steuerexpertin</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><SUP>2</SUP> Nicht als Anwalt
/ Anw&auml;ltin zugelassen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.2pt; text-indent: -31.2pt"><FONT STYLE="font-size: 7pt"><SUP>3
</SUP>Notar / Notarin des Kantons Zug</FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><SUP>4</SUP> Eingetragen im Anwaltsregister
des Kantons Zug</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="ex5-1_002.jpg" ALT="" STYLE="width: 130px; height: 206px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"></TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>I.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Basis of Opinion</B></FONT></TD></TR>
</TABLE>
<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; text-indent: 0; margin: 0pt 0; text-align: justify">This opinion is confined to and given on
the basis of the laws of Switzerland in force at the date hereof. Such laws and the interpretation thereof are subject to change.
In the absence of explicit statutory law, we base our opinion solely on our independent professional judgment. This opinion is
also confined to the matters stated herein and is not to be read as extending, by implication or otherwise, to any other matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">For purposes of this opinion we have not
conducted any due diligence or similar investigation as to factual circumstances, which are or may be referred to in the Documents
(as defined hereafter), and we express no opinion as to the accuracy of representations and warranties of facts set out in the
Documents or the factual background assumed therein.</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin-top: 0pt; margin-right: 0; margin-left: 0; text-align: justify">For purposes of this opinion, we have only
reviewed originals or copies of the following documents we have deemed necessary or advisable for the purpose of rendering this
opinion (collectively the &ldquo;<B>Documents</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">electronic copies of the amendment no. 2 to Form F-1 Registration Statement under the Securities
Act of the Company as filed on October&nbsp;16,&nbsp;2020 to the SEC and amendment No. 3 to Form F-1 Registration Statement under
the Securities Act of the Company as filed on November 12, 2020 to the SEC (together the &quot;<B>Registration Statement</B>&quot;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">an electronic excerpt from the Commercial Register of the Canton of Nidwalden in respect of the
Company, dated 12 November 2020 (the &ldquo;<B>Excerpt</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin: 0pt 0; text-align: justify">No documents, other than the Documents,
have been reviewed by us in connection with this opinion. Accordingly, we shall limit our opinion to the Documents and their legal
implications under Swiss law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->/4</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>II.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Assumptions</B></FONT></TD></TR>
</TABLE>
<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-indent: 0; text-align: justify">In rendering the opinion below, we assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">the completeness of and conformity to the originals of all Documents submitted to us as copies;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">that the Registration Statement has been duly filed by the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">that the Registration Statement is effective and will continue to be
effective and the offering and sale of and payment for the Shares and such Common Shares for which Warrants and Underwriter Warrants
are granted will be in accordance with the limitations referred to in the Registration Statement; to the extent relevant for purposes
of this opinion, that all factual information contained in, or material statements given in connection with, the Documents are
true, complete and accurate;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">no laws (other than those of Switzerland) affect any of the conclusions stated in this opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">the shareholders&rsquo; meeting of the Company will have duly resolved the increase in share capital
necessary to issue the Shares and such Common Shares for which Warrants and Underwriter Warrants are granted in accordance with
the Registration Statement (including, for the avoidance of doubt, any annexes filed as exhibits to the Registration Statement)
and the board of directors of the Company will have duly authorized the issuance and sale of such Shares and will have validly
excluded the pre-emptive rights of the existing shareholders for purposes of offering and selling the Overallotment Shares as contemplated
in the Registration Statement respectively the existing shareholders will have voluntarily waived their pre-emptive rights regarding
the Firm Shares, and such authorization will not have been amended and will be in full force and effect until the issuance of all
Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f)</TD><TD STYLE="text-align: justify">the  issuance of Shares and such Common Shares for which Warrants and Underwriter Warrants are granted is in accordance with the
Registration Statement (including, for the avoidance of doubt, any annexes filed as exhibits to the Registration Statement); and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">g)</TD><TD STYLE="text-align: justify">all authorizations, approvals, consents, licenses, exemptions, other than as required by mandatory
Swiss law applicable to the Company or the Articles, and other requirements for the filing of the Registration Statement or for
any other activities carried on in view of, or in connection with, the performance of the obligations expressed to be undertaken
by the Company in the Registration Statement have been duly obtained or fulfilled in due time and are and will remain in full force
and effect, and any related conditions to which the parties thereto are subject have been satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>III.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Opinion</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Based upon the foregoing and subject
to the qualifications set out below, we are of the opinion that the Shares and the Common Shares issuable upon the proper exercise
of the Warrants and Underwriter Warrants, when sold and upon registration of the corresponding share capital increase into the
Commercial Register of the Canton of Nidwalden, will be validly issued, fully paid-in (up to their nominal amount) and non-assessable
(which term means when used herein that no further contributions have to be made by the holders of the Shares and the Common Shares
issuable upon the proper exercise of the Warrants and Underwriter Warrants).</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->/4</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>IV.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Qualifications </B></FONT></TD></TR>
</TABLE>
<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; text-indent: 0; margin: 0pt 0; text-align: justify">This opinion is subject to the following
qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This opinion is limited to matters of Swiss law as in force on the date hereof and as applied and construed by the courts of Switzerland.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We express no opinion as to any commercial, calculating, auditing or other non-legal matters. Further, this opinion does not cover any matter relating to Swiss or foreign taxes. This opinion is also confined to the matters stated herein and is not to be read as extending, by implication or otherwise, to any other matter.</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">In this legal opinion, Swiss legal concepts
are expressed in English terms and not in their original Swiss language. The concepts concerned may not be identical to the concepts
described by the same English terms as they exist under the laws of other jurisdictions. This legal opinion may, therefore, only
be relied upon under the express condition that any issues of interpretation or liability arising hereunder will be governed by
Swiss law and that any dispute arising out of or in connection with this legal opinion shall be subject to the exclusive jurisdiction
of Zurich 1, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; text-align: justify; margin: 0pt 0">This capacity opinion is given as of the date hereof. We have
no responsibility to notify you of changes of law or facts affecting the opinions expressed herein that occur or come to our attention
after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and further consent to the reference to our name under the caption &ldquo;Legal
Matters&rdquo; in the Prospectus. In giving such consent, we do not thereby admit that we are in the category of persons whose
consent is required under Section 7 of the Securities Act.</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">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WENGER &amp; VIELI AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 40%">/s/ <FONT STYLE="font-size: 10pt">Dr. Andreas H&uuml;nerwadel</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 40%">/s/ <FONT STYLE="font-size: 10pt">Pascal Honold</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4/4</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>ea129645ex5-2_nlspharma.htm
<DESCRIPTION>OPINION OF SULLIVAN & WORCESTER LLP, U.S. COUNSEL TO NLS PHARMACEUTICS LTD
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="ex5-2_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
12, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NLS
Pharmaceutics Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alter
Postplatz 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CH-6370
Stans, Switzerland</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;<U>Registration
Statement on Form F-1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is furnished to you in connection with a Registration Statement on Form F-1 (Registration No. 333-236797) (as amended
to date, the &ldquo;<B>Registration Statement</B>&rdquo;) filed by NLS Pharmaceutics Ltd., a corporation organized under the laws
of Switzerland (the &ldquo;<B>Company</B>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), for the registration and proposed maximum
aggregate offering of up to $46,862,500 of (i) common shares (the &ldquo;<B>Common Shares</B>&rdquo;), par value CHF 0.02 per
share (the &ldquo;<B>Firm Shares</B>&rdquo;), (ii) warrants (the &ldquo;<B>Common Warrants</B>&rdquo;) to purchase Common Shares,
(iii) at the option of the several Underwriters (as hereinafter defined), the issuance and sale to the Underwriters of additional
Common Shares (the &ldquo;<B>Overallotment Shares</B>&rdquo; and together with the Firm Shares, the &ldquo;<B>Shares</B>&rdquo;)
and/or Common Warrants (the &ldquo;<B>Overallotment Warrants</B>&rdquo; and together with the Common Warrants, the &ldquo;<B>Warrants</B>&rdquo;),
and (iv) warrants (the &ldquo;<B>Underwriter Warrants</B>&rdquo;) to purchase Common Shares issued to the Underwriters (as defined
below) (collectively, the &ldquo;<B>Securities</B>&rdquo;). We understand that the Securities are to be sold to the underwriters
(the &ldquo;<B>Underwriters</B>&rdquo;) for resale to the public as described in the Registration Statement and pursuant to an
underwriting agreement to be entered into by and among the Company and Maxim Group, LLC, as representative of the several underwriters,
substantially in the form filed as an exhibit to the Registration Statement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are acting as U.S. securities counsel for the Company in connection with the Registration Statement. We have examined signed copies
of the Registration Statement and have also examined and relied upon minutes of meetings of the Board of Directors of the Company
as provided to us by the Company, the articles of association of the Company, as restated and/or amended to date, and such other
documents as we have deemed necessary for purposes of rendering the opinion hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our examination of the foregoing documents, we have assumed the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, the authenticity
of the originals of such latter documents and the legal competence of all signatories to such documents. Other than our examination
of the documents indicated above, we have made no other examination in connection with this opinion. Because the agreement governing
the Underwriter Warrants contains a provision stating that they are to be governed by the laws of the State of New York, we are
rendering this opinion as to New York law. We are admitted to practice in the State of New York, and we express no opinion as
to any matters governed by any law other than the law of the State of New York. In particular, we do not purport to pass on any
matter governed by the laws of Switzerland. With respect to the Shares and the Common Shares underlying the Warrants and Underwriter
Warrants being duly and validly issued, fully paid and non-assessable, we have relied on the opinion of Wenger &amp; Vieli AG
filed as Exhibit 5.1 to the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon and subject to the foregoing, we are of the opinion that, when the Registration Statement has become effective under the
Securities Act, the Warrants and Underwriter Warrants, if and when issued and paid for in accordance with the terms of the Underwriting
Agreement, will be valid and binding obligations of the Company enforceable against the Company in accordance with their terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="ex5-2_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinion set forth herein is rendered as of the date hereof, and we assume no obligation to update such opinion to reflect any
facts or circumstances which may hereafter come to our attention or any changes in the law which may hereafter occur (which
may have retroactive effect). In addition, the foregoing opinions are qualified to the extent that (a) enforceability may be
limited by and be subject to general principles of equity, regardless of whether such enforceability is considered in a
proceeding in equity or at law (including, without limitation, concepts of notice and materiality), and by bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting creditors&rsquo; and debtors&rsquo; rights generally
(including, without limitation, any state or federal law in respect of fraudulent transfers); and (b) no opinion is expressed
herein as to compliance with or the effect of federal or state securities or blue sky laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is rendered to you in connection with the Registration Statement. This opinion may not be relied upon for any other purpose,
or furnished to, quoted or relied upon by any other person, firm or corporation for any purpose, without our prior written consent,
except that (A) this opinion may be furnished or quoted to judicial or regulatory authorities having jurisdiction over you, and
(B) this opinion may be relied upon by holders of the Warrants and the Underwriter Warrants currently entitled to rely on it pursuant
to applicable provisions of federal securities law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as Exhibit 5.2 to the Registration Statement and to the reference to this firm under
the caption &ldquo;Legal Matters&rdquo; in the Registration Statement. In giving such consent, we do not admit that we are in
the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Sullivan &amp; Worcester LLP</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sullivan
&amp; Worcester LLP</B></FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>ex5-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  U .D# 2(  A$! Q$!_\0
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MKT\51IULWJ9-*A.-'ZQ0Q5'$2H5Y5XQJN$:-!15:K.,Y-491DHMM(_KNHK\
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MFN_[$G\0BSNKF[ATZ2ZFY\?P9BZ&!P^997F66\0X.OF\,B<\K6.IUJ&:UO\
M=\+5PV8X3"5;8AZ4:]-SI3?Q.FGS+;#<2X:IBJV"QV#QF48FCE\\UY<=]6E3
MJ9?2O[7$4Z^$KXBG^ZM>I2ERU(IZ*33B?L&2!U.*4$'D5_++^R=%_P %=_\
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MZ6(EE6,Q$<+&EBH8>E*O.HZ,,3/%8:G.E'GI2Q%./-%Q;C&^G]+I(&,G&>E
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MFJPIQA&.)EBZ=+$5*%:GA:]:A&E7E#W>6,Z;E_1_17\@/Q!_:M_X*4_MA?\
M!6'XX?L#?!;]K^#]F?P3X#\6_$>U\*:GX<^''AJ^:S\-?#W1]%OIH]6NY+*;
MQ-KVNZE+J1*SMXBTO380'9+6((D,O].W[*/PQ^+?P=^ /P]^'?QW^,>H_'[X
MN:!9:I_PG'Q;U.U^P3>+M5U'7M4U2&>#3]H_L^PTW3KRRT>PLR9'BM-/B\R:
M:0O*_GY[PO5X>PF75L;FF6U<;F6$P684LKPJQM3%4<!C\.\1A\37KU,+2P:3
M25.5*G6G5C4;]UP7.^O*L]IYQ7QD,-@<9##8/$8K"3QU?ZM"A4Q6$K*C5H4Z
M<:\\0W=N<9SI1INFD^;FDH+Z(HK^>WXL?'W]LG]J7]OGX@?LC_!+XTVO[-GA
M;X:2:U!;WD5E:C5]=@\,:?H]QJNM7,\EJ^M:[J&LSZU%<Z)H6F7FEZ9:>'(#
MJERT\D-U<S?IE\$]2\;_ ++/PSGT[]MK]JSP-XZ\1ZIXS^Q^#O%&N?V%X,:3
M0]0;3=+T/1(X9K?3-2UW6[O59;BXO'9=3>T6YB@CO)+6UDGKYR=)P46Y1<I*
M,E37,Y6DFT](N+TWLWOY.WL0JJ;E:,E&+E%S?*HWB[-:M26NUTMO2_W!17QS
M_P % Y/CG9?L:_M!^(/V:O&>H^!/C=X,^'VJ>// >NZ7IVAZM=2WO@=H?%.I
MZ"NF^(M*UK2KS_A)]"TK5/#\<<MA),D^I0S6KQ7,43CX)_X(1_MR?$?]M+]D
MOQCJWQS\=-X\^+_PL^*NN>'/$GB6ZTS0=$N;_P (^(-+T[Q=X(U&\LO#VGZ1
MI,*0V5_JNB+/#I\'FIX?:2=YI_.E/L4<@Q6(X=QO$E&MAIX7+\RPF6XO"J57
MZ[2GC:<JF&Q+@J3I/"SE"5+G]JIJK[O(UJ>?5S?#T<YPV2U*=:.(QF"KXW#U
MVH?5JD<--0K4%+G]I[>"DJG+R<K@[J5[G[1^([C6[3P_KMUX:TZUU?Q';:/J
M=QX?TJ^N_P"S['4];AL9Y-*T^]O]DGV&TO;];>VN+S8_V:*5YMC;,'\P_P#@
MEW\<O^"CGQLT+XUW7_!0C]GWPY\"]0\.^,M,L?A<-%T>Z\-SZ]8W,.J2>*M/
M&E77C'QF^J:!X8N8=&M_#_C);RTC\21:A=F-;_["UZWYX_\ !-']MG]KC]M#
M]I;_ (**_%C4?B_K$_[*?P7TWX@:;\%/ <?A[P1;:9I^MZYK.OS?#RZ75[;P
MQ%XAU5] \#>"Y]9N(M0UB[BGO/%EG->1S0K;Q#2_X($_MZ?M%?M._#3]K_QU
M^US\:+SX@Z;\'6^%^JZ;K.LZ!X/\/6_A7P_>^%?'VN>+[IE\(>'=!2X@DBT*
MVO+A[U+N2%++;;&)7D5_J<3PEF&39-Q31Q%#(L7B,O7"E3%8AK'SS7+:V<6Q
M%+ 9>XJGAO;N.(I4<TA7IU%%N$,-.I*\8^!1X@PF8YGD-2E6S;#4\8\_IT*/
M^RPR_&T\MO2JXK&)N=9TDZ4ZN G3E%M<TJL8K5_THT5_*Q\ OC+_ ,%.?^"S
M/BKXP_%KX _M11_L(_LC_#SQI=^"OAE;^&_ >E^*_&_C;5(;&VU:%_$%_>/:
M7UW>1:)?Z#JGBF6/7M.T/1[K7K;0-$T#4Y[+5-7/OW_!-?\ ;S_:P\.?MO?%
M[_@E[^WGXET+XE_%7P+IVIZU\+/C/H^DV6B7OC&PT72-)\3OIFM6VFV.E6.I
MVNO^ ]8M?&GAS5FTJPUNP.GZ_H?B ZG/':7D/!C.!<PP=#-%_:.4XG-<CP5/
M,<ZR'#5L5/,<NP<OJ_M9U*DL)# XBK@OK>&>/P^$Q56KA/:^^YNG44>S#\58
M3$5L%_L684,!F>)EA,MS6O3H1P>-Q"=54XPA'$2Q=*GB?85OJE;$4*=/$<GN
M\O-#F\Y_8W_;F_:I^)/_  7$_:;_ &6O&WQ;U77_ ("^"=3_ &B;7PI\/+C2
M/#=OIVBQ>"];\)VWAK[/J-EHUMK<S:9;WE[%']LU.Y$JW4IG65UA:+] /@_\
M>/\ @IQK_P#P4I^+OP>^*/[-_A+PW^PKH-AXDD\"?%^ULIX;Z]LK&TL)/ VL
MV/BQO&%];>)]>\77MU<6WB7PC%X3TZ3PK%"[O-:_V8T^O?B7_P $_P#_ )61
M/VQ/^PW^UC_ZD7@NOK+]E_\ ;J_:R\>?\%VOCS^R;XN^,>IZU^SQX2U7XYP>
M'/AI+X;\%6MCID/A30O#5WX>C36['PW;>*;@:;<7UW+&;O7)VF,Q6Z,Z)&J_
M;\09'3J8K,GE^59"Z6#\*^'\TQ/UO#UJ,\-.IA\$Z^8Y;' JC3EF]2H[.KC(
MSIU(U*DJLI3UE\OE&:3C1PWUO'YMSU^/<VP-#ZO6IU(581J35+!XUXIU)K+H
MQ?NTL.XRA-14%&.L?Z<:***_$3]0"BBB@ HHHH _DB_;SO-/_89_X+Z?LQ?M
M9:G*-(^''QW\$1'QYJ20".UCET[PAKOP=\;^9@1QSSVVD?\ "MM>D4MNDN"D
MSMYN&KX.MOV7/$'[1G_!&;]M_P#;P\2VDY^*?Q1_;!U']I[3+^6V9]2B\#>!
MO$>K>#?$R6=R5,ZV=J/B+\3KZ1%98&3P[8R,6-M"4_IE_P""L?\ P3#_ .'E
M?@3X1:'H_P 2],^$WC'X2^,==UO3?%.J>$[GQ?;7WAWQ1H/]F:]X=DT^SUWP
M[<0FZU'3O#>J17?V^2.-M(>(VS&X$L7TW\&_V,O!GPK_ &$_#7[#=U?1:_X3
ML/@1JOP:\2ZX-/6S7Q#<>*M U+3_ !IXF32WGNOL<FMZYKFLZ[':/=W$EM+=
MJANY9(_.;]FPW'F78#A_A7$X>M)\1X/%9'E><4U3J*7]@<-YKC\PP[=5TU3G
M]<I9A'#N$*LY6PD5.$;*_P"9U^$\;BLWX@HU:2CDV)P^:XW+IN<&GFV=8'"8
M6O:FI.<%AYX/VO,X15Z[Y)-N5OYI/V?/B;)_P4[_ ."LW_!.OQ3>&?5_#G[+
M_P"Q7\-OBOX^9AYL=G\5-&T&?5/$7VL$E%N1\6/$G@>+>V'D30U."T0QPOQ9
MTG]H?0O^#BGXO^$_@W\9_!_[/?Q:^,5M;Z5X"^*GQ$\#67Q&T2#PSXB^!_@S
M6+?2-)\-:I/!8W6M:Z/!=[X?T&XDF6*'5+&YTW:\L[0/^UO_  25_P""0+_\
M$U/$?QB\9^)OB_I7QE\6_$KP]X/\(:/JFE^"KOP8OAOPWX?O-5U76;6:*\\2
M>(VO[CQ%JUSI%U-)%)91P)HENACF9PT?I/\ P4J_X)+_  V_X* WG@GXF:-X
M_P!>^ _[27PQMXK3P5\8O"]FVH-=:;8Z@^N:/HOBG2[?4M#U"Y30->>75O"_
MB#0]=T7Q#X9O;S4);6ZO+:Z>P/5+C'AK"\48C 87$1?"CX3Q/"^!QT\OGCJ&
M%K8W$U\X>-KY;7ITJF*PD,TQ$*.)HNES5*&'A+V=6-/E>,>&\ZK9%2QF)H2>
M?1X@IY[B<)#%PPU;$4\/0I9='#4L=2G*%#$/ T95:%53M3JU9+FA*;:^:?BI
M_P $4/C1^UCI6F:)^V]_P4U^/OQR\-:?JL?B&#P1X1^&?PM^%_A+3=?6QO\
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M\/ZJ[F-K@!OW(^"'_!%W2/ O[5?@/]M/XW_MB_M"?M*?'_P!>1W6G:_XMLO
M7AC1=22W\/ZUX:L]*U72])T*_P!0;1;#3=>U!;+3;'7+)(9'4F1T\Q)/$OCS
M_P $.O'V@?M$^*_VHO\ @G+^UIKO['/CSQ_>:EJ'C/P:NCWFI>![B^UV_P#[
M5U\:))I%];-9^'M9U;_B<W'@K7]!\4Z%9:Q)+=Z&='M_L]C;_3_[$7["?[>'
MP9^.!^.'[6O_  46\8?M'Q1>#?$/@ZW^$-EX9N-)^'3)K]QI-XNO21W6JP6%
MIK.DWFBVDEC=Z5X3LK^2&6[LY]4:RN)K:7@XGXFPV9RS?.\BXJRG*J>;X*;Q
M.2+A^>&X@K5L5AZ%''Y9B<SH95B%BZ->:K+ZY+-:-"=!04Z4;04.S),DKX&.
M797F>09AF$LNQ,50S3^UH5,HI4J%:K5PN.I8&KCZ3H5J2=/_ &>&!J555<G&
MHU*?-^+?[&'_ "LQ?M/?]A[]I?\ ]1GPC7]E5?B9\$/^"2WB?X1?\%1OBI_P
M40NOCAH6NZ'\1]1^*-]#\*H/ 5_I^JZ2GQ$TO1].MXY?%TGBJ[M+QM).E&69
MD\/VXO!,$06Y0LW[9U\AQUFV7YOCLDJY=B5B:>$X4X?R[$3C"K35/&X/!NEB
M:#56G3E)TI^ZYP4J<MX3DM3Z'A/+\9EV$S2GC:#H3Q'$&<8VC%SISY\-B<3S
MT*J=.<TE4CJHR:G':44S^8'PQX-O_P#@K7^V;\3O%37^D_ GP-\%8H+*#Q+X
M"T>"S^+WBC1TUO5M \,/JWB7[1&T^N7<&BZE=?VM<QSV_A73'M] L+"^\U[H
M8?P1_9;^$<W_  5B\;?L]^.=-UCXO?#SP+X;UV]TR'XL:W>>+M6U#4K+P?X(
MUVVO=<OY#:+J?DZEK.H21V,ENNFF)XHIK*40HU?H+XO_ ."7'Q"\!?&;Q9\;
M/V+?VEM1_9^U7QQ=:C<Z_P"$M3\,1>(O#T8U>_.K:E86,RW0BN-"EU=Y-1L=
M&UK1-4.CSMMTW488!'##VO[*W_!.WXF_"/\ :6UC]JSXW?M"V_Q;^)>M:%K.
MC:C!I7@B+P_:ZG)K%AI.E_VAJ&H-J116T[3M&LK2SLM.T2PA*(K22_(5D^:E
M7@H35.JHP]@H4J24U.%1J//[W*WJTW?VEE>RT/7C0J<U/VE+GG[9SJU;P<90
M?-R^[S)^[=*SI]%U/U7:SM&M#8-;PM8FW-HUHT:M;M:F+R3;M$P*-"8<Q-&P
M*,A*D$<5_!W\-?BQJ/\ P2:_:)_X+'?LU?:[K1M.U[X)>/6^"$,Y:!;GQ%<:
MQ:2?!"]ML,%6:+X=_&F\N1/&&!D\+2P9(CRO]YM?@!_P5 _X(>P_\%!_VA?"
M_P >/#/QJTCX/7(^'^B^ ?B)I=WX"O/%=WXMB\/ZWJ%UI>M66HVWBK04TW4H
M/#^KWFA$W%I>H5L])FSMMI(I/LO#S.LFR_&9KEG$E;V.19S@L-]9J.E4K*GC
M<IS'!9I@)\E*E6J/VKP^(PC<:;]W$-2:BVSP.,,KS+&4,!CLEI*IFN6XFNJ$
M>>%/FPV88/$X#%>_.4(VI*M2Q"BY7<J2<4Y*SU?^"+7[.0^ /_!)*#6=1L3:
M>*OCYX3^(_QQUQKB$QWW]D^)?#D^D> +>X=P)7C7X?Z%X<U")&)6.;5+IEYE
M<G\<?^"$>@:]XJ_8"_X*^>&?"T<\WB/7_@MH^D:';VH=KJZU/4/@K\:;:SM+
M98PTC3W<TB6T*H"S22JH&37]FS?#O1].^%+?"?PK'%H6@6/P^/P\\.1",SV^
MC:/:^&_^$:T>,0HT)EATZRCMU\I7B,B0[0R$@C\M_P#@D;_P2W\1?\$R] ^.
M.B>(?C+HOQA/Q?U+X>7]O<:1X(O?!:Z$/ ^E^)].GAGAO?$OB7^T/[2/B".6
M-DDM!;"U='6?S@T?;1XPPM?+./<9BJT8YKG?$7#^<9=@:D*TO;TLOS=XQT?:
M1ISIPAAL+0PE&2J5(-QC+V:F[(XZO#=>CCN$<-AZ+EE^5Y/G&78W$PE3A[*>
M-RY895%%SC4E*M7JXBHG",N5N+FTE<_#3_@AO\-OVV?V@_V7/''@C]FW]O;P
MQ^RO\,O OQ7U%O%O@C0_@+X4^(WQ7.L>,O#GA_6+?Q<?%7BB\M(=/T37[6";
M3-$M[<&2"Z\,ZM%(Q6&-1^V?[-W_  1MT'X-_M8^'?VV_BO^UI\?_P!I+]H;
MP_#J<#>)/'%OX'T#1]:BU'P5J/@!+?6-,T?0KG4IK+2_#NI-;Z39VNO6D-HU
MK9AQ/#"T4GS1\5?^"&7Q2^&_QY\8?M!?\$T_VQ->_8_U7XAW5[=>+/AW<:+>
M:MX,A.HW\FK7VGZ)<:9>+'+X6?59I]1T[PCXG\->(K3P[=32CP_J.GV)@L+7
M[)_83_8=_;>^ _QAU_XS_M9?\%!_&'[3LVL^!K[P1;_"X>&[C2?A[IGVO6-)
MUF#Q)9QW>K_9+'7+"72Y+6*;1O"^DS7-EJ-W;7U[<0"&)/2XIXDPV9?VWF^1
M<5Y3EV&SG"R=?(H</RPG$.(GBZ6&IX[+,;F5#*:\<52G.%6<L95S:&'K4X0O
M1A-4N7DR+)JV#669=FO#^/Q=;+*\50S1YNL1E%*.'E5EAL=AL'5Q])T)PC*"
M6&CE\JM*I*?+4DN=R_$S_@G_ /\ *R)^V)_V&_VL?_4B\%TG[&/_ "LQ_M-_
M]AK]I/\ ]1KPA7ZZ_L[?\$F?$WP-_P""F_QI_P""@=W\<-#\2:)\6+_XO7MO
M\+K?P'?Z9JFAK\3]1T2^MXYO%DOBF^M+\Z.-(:.9H]!M!>F<,@MO+(=/@C_P
M28\3?"/_ (*C_%/_ (*(W/QPT37=#^(U_P#$^\@^%4'@.^T_5=)7XA:7HVG0
M1R^+I/%5W:7ATIM):65D\/VPNUG"*(#&6?MQG%G#U2IQ!*GF4)+&^%62\/89
MJABU[7.<+3PD:^"5\.N6=-TIIU9\N'E;W:TKHYL-D&<0AEBG@IQ='CS,,XK7
MJX=^SRVM.4J6)E:L[QFDK4X<U5<RYJ<=;?MA1117X>?J(4444 %%%% !1110
M 4444 %%%% !7G/Q@^'-M\8/A5\1OA3>^)/$WA"Q^)'@KQ+X'O\ Q/X,N[+3
M_%FAV/B?2+O1KS4?#U]J-AJEE9ZM;VUY*UG<W&GW203;9!%O567T:BKIU)T:
ME.K2DX5*52%6G-*+<*E*<*E.24HSBW&=.$DI0E%N*4HR5XN9PC4A.G-<T*D)
M0G&[7-"<90E&\7&2O&<E=2BU?22=FOYFM3_X-ZOB?>^&#\+$_P""J7[5,_P-
MDB33YOA?K=GJNL:6^AQG$>C26K?%"U\,7-J(0L/D3^%#I@4#=I+H/*/[1?L1
M_L._ W]@;X-P_!OX'Z;JC6E[JLOB3QGXR\374&H^,O'WBNYMK:RFU[Q'J%M:
MV-H/(LK2UT[2-(TRRL-'T73;:&UL+)'>ZN+K[#HKZ'->+^(LZPGU#,<Q=7!N
MM'$U,-0PF7X&EB,3&_)B,5'+\!@?K=:/-)QJ8EU91E)R2YWS+Q\OX>R;+*_U
MG!8*-/$*E[&%:I7Q6)G2HO>E0EB\5B?84Y62E"C[-22C%WBE$****^;/:"BB
MB@#Y5\0?MJ?L[>&-7\8Z9K'BW7HK#X=^))_!_P 0O&-K\.?B/J/P[\">*+7[
M/]KT7Q;\0=.\*77A#0KFR%W:-J$U]K$5EIJ7,,FHW5K&^\?4=K=6U[;6][97
M$%W9W<$5U:7=K+'<6UU;7$:RP7%O/$SQ3031.DD4L;M')&RNC,K G\,?"?Q/
MUNWU7]M3]F70O!ULWB+]J+]K+]IOX>^!/B'XWUFRT;X1V/B'4/ 'A.PUOP[K
MUW FI:_<^+;3P]=3>)="\)6FB$^-K2TN=/T[5+6XM;PP>K:Q;+H7Q?\ !G[)
MOBJ;]H+QY\-OV=OV5_A'%I_AGX)R>,-"U7X@^-=9NM<\)MXT\=>(O!>O^&;[
M3M+T#2/ MK'X:T;5/%5EHC:QK.K7<PU"XTZU-MTRHJZ2YHZ.3O:7-!4X-RC\
M"3<Y<G*Y6TO==>95I6N^5WERJSY6IN52T7\=UR0Y^9*_2SZ?K_7AG[2/QL@_
M9W^#_B3XM7/AN?Q;#X>U+P?I[:#;:G%H\UV?%OC3P_X/25=0GL[^*$6#Z\NH
M.C6KFXCM6MU:)Y5E3X"\5^+_ -I7P#^ROX0^'_BW7/'G@/Q;\3OVMO#'[/O@
MOXB^*-9\/ZE\7M&^ OC_ .(#'P[XGUS6=$U+7M-M_B7!X%2Y\)KJUQ>W6J0:
MI':ZY=22:LRW4G6_MO?!_P +_"3]AKXN>&_">K>/KK3M5\6?!NZED\8_$7QK
MX_U*SNW^+OPXL9[G2=6\;:WKVHZ4]QY0OI(;*XBLQJ;27T=JDLC[IC3BIP4Y
M)J56,+)-WAS14FVI*S]Y)13;NI>]HFZE4DX3<(M.-)SNVDU)QE**2<7?X7=M
M)6M[NME^H=<3X.^(_@KQ_=^-++P=K]MKMS\//&%_X \9):PW<:Z'XRTNQTW4
MM1T">2YMX(Y[NRLM7TV:X>R>YMD-TL7GF>.:./X@AT?4O@C^V_\ !3X?^#?'
M'Q)U#P)\:/A!\:]7\=>%?'?Q#\7?$73I_$_P^O? =SH7BO1I?&NK:Y?^']:F
MC\0:E9ZLND7EIIFHVLD*R:<LMO%*OF?[(WPRU+2+?_@H;=?"K6_$%E\2X/V@
M/C=X"^'U_P"*_&WB[Q'H%EK \"^"]0\+:OK.DZ[JVJ:9J.L6WB*ZMWO_ !7J
M%C>^([K2XUTVZU"XTZ%+0ITHJ+ESWO"G*.EK<]24&IJ[:MR-Z-Z6?DA5KS4.
M6SYZL):\VM.G"I[K5KW4UNEK=>9^L-%?FY^Q1XE\#>&X/$?@SQO>?''P/^T7
MX1^'.@:_\>O"/Q[^(7C'Q1'J)@:ZCUKXN^$KS6?$6N^ M4\*ZOKD.J0CQ/X!
MDT^PMK2.STO4],TIX+:T7Y_?QK'HOC;]E/XP? 6S_:.T[X?_ !6_:'\)?#S5
M_B7\6?BUXA\0^%OC?X'\?Z=XJ#7%O\+_ !IXS\1:U!I]VUE:^(O!'BUO"O@>
M:UM[.&6QMY=+U"%)5[+WI*[LOADXZ2TE);3=E)1;BUS=.91UM7M5:+LFV]8J
M6L5S1CUBM4Y1YD^6VJ3EI?\ :.BORPA\#CXW?M#_ +>MCXX\<_%R*#X2/\*K
M#X61>$OBW\0_ ]GX .M_!FV\3:A?:!I/A/Q#I&C2:A/K_P#Q-'N-8T[55DGS
M%+'):O+!)R_@SXM_%75O@-_P3*_:6\2>-=;NYM5\6^"_ 'QM2*]FT_1?%^D_
M&S0M0^'>F>)/%>EVDEOH]W=Z1X_7P=J4-[<VNVPO=2O[BS%L+B5:;HVM[ZO:
M+:Y6DG*DZL4G=WNER[*TGMRZDJM>[Y':\DM4W[E54I-JVEF^9;WCV>A^N]<?
MXF\<:'X3U3PCH^JQ:[+>^-]8O=#T,:/X9\0Z_;+?:?H.J>([EM8O-%TV_M/#
M]E_9NCW@@U#6YK"RN;XVVF6\\NH7EK;2_CQIO[3?Q/\ !+_M9_$W6?$^NZSH
M/QV^$OQ*^*G[+^BWM_=/:>&K[X8?$.^^ /AGP_X7M)Y#!:/XS_X2#X5>/)K?
M3D'VJ?79[XJTOG2'Z=\<:'X0T;3O@3^SGXGF_:'^-OQIT3X.6MU>>$_AQ\8/
M&G@Q]2L-+CT?0];^*_Q4\7V_C[P/I:K<>*;>XM=!U+Q'KNI:G=ZG=7\&@Z+?
M2173VPZ+BUS:K6_*G=)4U.3U:^!M1DKWO>U]$SVRDGRZ/IS-6NYN,=D_C2<H
MZ;6O;5KW;XK_ +4OAWX=_ WPG\=]&\,:]XJ\/>,?%OPN\-:7I.IVNJ> ==BM
M_B?XVT3P9:ZGJ.E>*-%BUC2Y=(DUE=1N=(U/2K.]GCMVMLVSRI*/;;CXC^";
M3XAZ5\)[C7[5/B)K7A/5/'6G>%Q%=O>W'A+1=4T_1=3UPRI;M90V=MJVJZ?8
MXGNHIYI[E1!#*L<S1_B_XL\;>./&W_!/#33\0=7UK7?$'@S]MOP9\-TU+Q-J
MT7B'Q0^C> _VOM'\/:%:>)?$D"I%XFUS2]+L[;2K_P 1JN[7)++^TY7EFN9)
MI/J/QM\/= U?_@J1\,=3N[SQ;'<M^RQXM\8>78>./%^F6(U;PO\ $_P-I>FV
MW]FZ?K5M8CP_/;2R/K7A<6X\.^(KTIJ.NZ9J%[&L]4Z45S)MIQ5=W5VFX*FX
M)W:LGSZM*^NJ=A*K)\KBDU)T;J6EE-U%-Z7U7)HMNS5]/TTHK\79?$/C#X\W
M_P"TQXAMK?\ :OUCXM^&_C%\4_AI\"[GX2ZMKGA+X9?"1/AC=#P[X0>Y%YXJ
M\*?#;Q)J&O:_92>(OB$WBN/Q7->Z=JJZ'+96NG6=M:FQ_P +$_X+*?\ 1!_A
M?_X5GPY_^:FE["7\]--6NI34=XQEI=OF2YK-VCJGI;4?MUOR5&GJG&+EI=K6
MR7*W:Z5WIVV/V:HHHK W"BBB@ HHHH **** "BBB@ HHHH **** /D'5/V+O
MA9KG@7XW>!=7O/$-S!\:?C)K'QX.OV]Y'8>)?A[\2[R/0GT/Q)X"U6TBCETC
M4?"6I>'K'5=$NW$TKS27=GJ)O=+NI[%^E\6_LY2:]XM\%?%30/B;XL\$_&GP
MGX''PYU3XC:+I_AZ\B\?>$'GBU&?2?&_@W5]/O?"^HHFO)-XATFYLK/3KW0M
M4O=0&F7,-A>363%%7SSO>]]]TGNDFK----15TU;1.U]2/9PM9*R\FULVT]&F
MG>4M5KJU>VAJ>-_V>M)^*WP:N?A'\6O&'BGQS<3ZE;>(K?X@J-'\+>,-%\6:
M/X@7Q-X4\3>&V\+Z;IFE:)J/@[58+!M!6#3Y(6MK"*VU==52XOS>8?B[]F_4
M?B=\&O%/P>^+7Q<\6^/X/$^M>$]6/B>;0O"'AS5=+@\'Z_X9\1V&G65GX<T?
M3]-EBO-2\-)-J-U>V]S=S-J5]Y$EM$MG%:E%'M)Z*^TN=:1TE=.\?=]W5)M*
MT7973#V<-7;5QY'K+6.JL_>UT;2;NTFTFD['H7B/X->'O$OQH^&7QNO+[48?
M$?PM\+?$/PGHUA T0TR^L?B,WAAM4GU!75IC<6'_  B]L-/,#Q)B]O/M*SD6
MQM^5\(_L]6OP_P#%/QQU_P $>/?%?AW3?CIJ>I>,-7\/0P:%?VWA;XFZQHVF
M:'J?Q"\*ZAJNF7NH0WUW;:/I]VV@:K)JGAE-2B>XCTM;>1K.BBESRVOI91V6
MRES):KI+7_-:#Y(IMI)-R<VU?63BHM[[N*2^2ZZF3X1_9BT:S\9^-OB1\3_&
M?B+XR>//'/PY'P>O=8\1VNC^'--TKX7275UJ.H^$M%\.^#K/1M+LUU[5+R34
MM=U>1)]6N[B&TCM+JPM8#;R<=HO['5KIND_!'P7J?Q8\9>(/AI^SQXT\+>-?
MAAX4U#2_#46JV5SX$L-0TKP3I&N^,+73X]3UW2/#NF:E+8HLEO:ZAJ,$-J=3
MO[J6-Y92BG[2>NN]ND;*R<59<MHZ2DO=MHWN+V<%]GJWO*[<I*3N^;6\HQ>M
M]4K6V/9?"_P,\->%/'OQX^(%G?ZG<:E^T!<>$KCQ38W+Q?8--;PAX*A\$62:
M2(E2X5+O3X?M=X9YY&^V2/Y#0PB.*/ST?LC> 3^R79?LA2:SXC;P5IG@C3O!
MNF>)X[BV@\6Z?/HE[;ZMH7B>TNH8%M(=?T?6[.QUBRE2V%JM[:19MS!NA)11
M[2=T^9WBX23TT=-)0>WV4DEOYW#V<+-<JLU--:ZJHVYK?[3;;]=+"^,_V/OA
M1XUTK]G#1;]-5L]._9EUOPWJG@NWL;A(TUC3_#>FZ?:1>'/$RO&ZZCHNHZCH
M?AO7]3A*K-=ZOX>TZ9YMAN$FZWQK\"$USXKZ9\;_  9XTUCX>_$FU\#R_#76
M-1M--TOQ%H?BGP1_;3^)-.TK6_#^M1M"MWH>NS7=_I&L:5=:;J$2ZCJ%E>2W
MUE-%! 44>TG_ #-V4EK9JTW>2LTT^9ZN_756LK'LX?R]8RT;3O!6BTTTU9:>
ME[IW=_.!^Q?X#E^"'_"D;[Q+XGOM.NOC);?'36O$C_V=!J^J>.%^+%O\7]0*
MVMK:PZ9I^D:AXA@.G_V=:6JBTT:5H;>47BI>KZCXQ^!6E>)OC/\ #KX[:5XE
MUWPGXY\!Z#K7@J]?38].O]*\9?#WQ#JNDZWJGA#7=/U:UNX[6/\ M;1;2]L-
M;T5M.UJRDDN4%W-%)$D!11[2;;;E=OGO=+7G24TU:UI))-6Z*UFKA[.%DN56
M7+;?3D;<>N\6VUZZW.,G_9HO] \9^/\ Q=\'OC#XV^#\'Q5UO_A*_B#X8TC2
M/"'BOPYJ7C.6RM=,U#QIH-EXST763X5\1ZUI]C8Q:Y)I;G2]5NK*UU*ZTI[\
M3W%QZ=_PK;Q/_P!%G^)7_?CX?_\ S#T44>TGW7KRPOHDE=N#;LDEJPY(W;L]
..=?BG;5W=ESV5V^B/_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>ex5-1_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" #B (X# 2(  A$! Q$!_\0
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M(_\ "NKB?2_#\WBNZ^)6L6EWHW_"<IKB6FI/<7/W]X&_;8^!/C66[>XU37O
M.C_V%XS\5^'O%7Q,T1O!GA+QKX3^'GC"V\!^-_$GA3Q#?W+Z?<V/AGQ-J.C6
M>JV>J2Z1K<%MKVB:H-);2]0BO*U?%'[6_P (?#?QC\%?!D>)?#M[J_B/1OC+
MXB\3Z\WBC1+'P]\/-)^!EMX6;QO'XGOKFXV0:W9WGC30(Y=&D-M)I^FC5]8U
M2YLK?3HHK[[[$YGC<16E3J\+4E6I4GB))X>,[1HNK7KU')X65%7YDY*#E7]M
M2C1E";E4PI\?0P&%HTE.GQ!4=*I4C2BXUG"\JJI4J,$EB%4?PM1YU&FZ=1U8
MSA:%<_-KPY^U1^T6UEX3F^(/Q#UWPEJNE^,?@;X.^'5G?>$?#>A6/[0UYXC_
M &WO''P'^)Z^)YM0\)/ VLZ3\,-#\&13:3X1N_"1TV]\6'Q_#;#3]5T&*QTO
M _QX_:O\7> ?#.HZO\3I=&UWQ[\9/V6/A[\2/".BZ3H>J?%3X&>)?'7Q-UW1
M_C5X?;2KSX5:9H_@?PG_ ,([;Z=H?AN'Q(WQ$U_1I-&U+Q+-XI>+6K6Z;]#_
M !/KG[)GQ N_"/Q:\5>-/AUXBB\+Z+XB\?\ A;6M1\?;_"UEI/PEU2SN/$WC
M.70CKB>%KJ3X8:YKVFSZEX@U;2;F^\$:Q?:9(]WI=\+)D]$NOVA/@;9ZQ=^'
M[GXM_#Z+7+'Q?;?#^\TH^*M(:_M_'-U;+>1^$9+5+II1XBCM&6XN])"F]L(6
M5[Z&W5E)YJN:4)1C[#A=*JI3G7C++[TZ#C.LE1I7P,INGSWQ,ZE6,9QQ,)TJ
M<5@U+#TMJ> JIM5<_DZ?+&%*2Q=JE5.-)NI4MBXQ4N6U"$(.494)QJ3D\2XU
M:GY[?\%"OB'XX^'WQ+^&>O>%9GL+OX??!KXO^._"!\<:+XR\5?#+XB_%*/5/
M VG^#/!.B>&/!.O^$VU'XW6-S:MJ?AFZUW5KVQA\)ZOXLTW3O"&O2:Q?W_AS
MN?V]XOB]X$\._!CX@?#?5/&GB+QE>1^+/V7]9B\+6]_;C4=5_:6\,V/@KP3\
M3=6T/16.EV$?@3XQZ)X$\0SZJULD?A?0]3\1/;7^G:?+?/)],?#[]L/]G#XE
M^&=&\5^'/BKX8AT[Q!%\1KO2;37;V/0M;NM,^$_B'5/#/CS6UT346AU)-"T+
M5-(N4GU=[=;$QR6K";?=11GT:P^./P;U6/P;+IOQ1\!WR?$.WUJZ\#_9O%&D
M2MXHMO#0E_X2.?2$2Z+W47AZ2&6WUUT7&CW<;V6H_9KL>37)#&8O!2RJG5R*
MKSY1];HXF%?#U[8R-2.(=2C6;P<I4XPES5YI.K:6'FXS5-3='JEA<-BXX^5/
M-H<N8_5ZM"5&M2_V:4)4%"K22Q*4Y2BHTHNT+QK1YH.;@JOY'^(_BI\?_A]X
M\\>_"7P-XFMOA5X&T#XD?$CP9X%^+'C)'L="U7QYX"^"_P"R=#\)O#WQ.\2:
MYX"^)%YXLTWQ)#XD^(.KZM!HUKX=\0?$"3P]<:3I/B[2M1T.]:[]?_90U+Q9
MI?[6?Q)\+W.BS6WAS7?B'^WOXKOM1N]!U"%SK.F_$[]DS3]$_L[69UBMX]*U
M2PUKQ!<6]L4E?5UL8[RVF*:7= _?EK^T;\ [VS\)ZA:_&/X;S6/CS6+K0/!5
MXOB_1!;>*]8L[NWL+FRT"9KP1ZH\=_>V%D)+-I89+S4M,M8I7GU*PCN(_B/\
M<M&^'7C/P5\/QX,^(GCKQ7XXTO7]>LM,^'WA^RUHZ-X=\,ZIX6T;6?$'B*XU
M#6-&M]-TNVU'QCH=NCQR75W<&6X:"TD6UE(VJYI7K4:^!60JC6Q>"J4:DY1E
M0J3J87EE7QLYUZ.&<YTIPJ3K0J552HU9V@J<Y.A+*&7TJ=6ABGF\JM/#8J%6
M$4XU81AB.94L)&-*I74(3A*$*<X4W4JTXIR=2,55C^.OCKXJ?M42^-?VF?B+
M\/?#_P :M/TO]ISP-\=_ ?P1O+%AJNFZ7??LP:CI^E>!M6^&7A>WU>]U[P9X
MT^)GPWM_V@_'&D7FJ^'/#[^+/$>G> H--;5;HZ*C?HQ^QC\0/!GBN3XY>%/A
MIX0L](^&_P .OB%H&D^#O&NG>(O''B2T^)-AX@^'OA;Q/)K-Y=>/=/M=7M/%
M&B/J:>&_&-@+[63!XATZ\:^O_P"TWO(8_I/PG\6?"'CCQGXY\%>%'U;6;CX<
M7=OH_BWQ#;:1>KX-L?%,B+/>>#+3Q/-''INL>*]#M)K.Y\2:5H\E\/#IO[6Q
MUB>SU4S:?#Z77+F><0Q&$E@JF40P53V6"]G.%:I&2IT*5"&&J5Z7LX.M4>!A
M3IP=5J*=>MB?91J5J<CHP&6SHXA8J&93Q5/VF)YXSI0E%SJU*TJ\*513DJ4/
MK<YSE[-.35&G0]HX4IQ"BBBOF3W0HHHH **** "BBB@#\B+W_@G=\4/&'PQ/
MPR\9_$;P!IUC\/OAA^T+X#^#^J>&M&\1W]SJ.M_'GXB:3XWF\5_$6WU.XL(K
M2T\/Z=X:TOPY%X7\.27QNWU?7-;DU]9;;1].@OZM_P $^_BCXTL?'5WXK^('
M@/1=>^(1_:CUW4[/PYI_B+5M!TGQ+\;?B-^S!\0/!^F)+J0TB]\0^%M)E_9W
MFTWQI]JMM'O=8L?%+VNFVULML\TN)\(/^"@_Q8\1ZEX<76/!.@_$2V^)NM:C
MX'\*VWA;1?$7P\TCP3\83\5O%_A?0?AEXA\>>)+KQ'HWB*TO?AEX+\3_ !$U
M76M"TZ?6- ;PK=V=SHEX/%WA>WC]!UK_ (*-IJW@3X@:WX#^'EIHFOZ#^S%\
M3_C7X3B^*?BA-!B\6>.?AKI7Q#C\3^ O"&EZ;IMXGQ!M/A]XK^'U]I'Q(U'0
MO$6GZAH]M>:9J5KI,^D:BFKP?HE1\:4:SHQCA&W7A/GI0P;ITJM3$0C-^]+V
ME.,\96]I7YL/)2K>TJQY*$4U\3"/"U6E[5RQ%E2E'DJ3Q2G4IPH3E%:+DFXX
M:E[.CRU8M4^2F^>K*SX_XB_L!_&?QGH?Q"U2R\=?"RQ\=_&W3/VLO#GQ$TJY
ML?%K^"/">C_M2>'_ ()>&I=1\!7=ND>L:MJ_@JT^!.@ZI<VFMZ;HUEXVUKQ/
MXDNKFX\.^79L_I.K?L8_$FW@>]\%^*_!GAWX@C]J?XO?'#PO\68+OQ;I_B;X
M:^$/BSXUT;Q!KOAW2M"L(6T3Q])XB\/Z9/X;\9>$?&,T'@W66;3=5#_;M(L)
M8>&T/]L;XT:=\5?BC-XRT'P9<:3H'PB_9@F\&?#.T\?/I2:M\0/BQX)\>?$+
MQW%H;6OPN\1^,O%^O10^&8['1[.Q1K"QT#2[G4[O3+&"76-;M+OCG]N?QE\3
M?@3XE^)O[/W@S4?#^D:!XX_9%\-IXM\4ZYH%CJ=[XL^-'CO]G3Q!XC^&Q\,3
MZ/XBBL;&+X9_&>P\/ZYXWGG<:=KNH:DN@Z7>MH\6K-D_]:^;#T7++W0E/!Q]
MNH8=82G+$TIQPV'KR<TZM.G2J/#QI>RKTJL.>E4>)5.L6O\ 5Y1K54L6JRCB
MG[)SK_6)QH5(2Q%:E%1:IU)5(*LZCJ4JE.7+4@J'/21)X1_88^-7@5?$MQX.
M^,/AGPOKL?PC^+?PM\$>)M&T[7(]7@B\=?M/:M\>M*O=2F<^=HCS>&=8O? N
ML7FAW5WJ6C7TY\3>'+AKJ&UMX=+PU^P[\0- 'P\GLM8^'FD:CIWQ$_:$\3?$
M:[BU/QSXF'B7X6?'3QIXA\:Z_P#L[W\7B2&2/QYX*\5:C?Z'<>*/&/C%8/$F
MC:UHI\0^%M.2\NYX)/MKX%?%V/XT^"=0\3OX<N?"6K>'_'_Q,^&/BCP]<:C;
MZQ%IWBWX4^/?$'P]\2+INLVT%I%K&BW6K>';F]T;4FL=.N+K3+FU>\TW3[SS
M[.'V6O#Q.?YW2K5Z.(EAXUU-0KKZMA^:3A1JTXQE.G.U6"CC)UH)RG3]I5IU
MZ:A*,%#UZ&3Y74I4JM"-:5)Q<Z7[^M9*=2G.4HQG&].;EA84Y-1A/DA.E-R4
MI\WY'^&_^"?/Q&M=9T34/&_B7PGX^\&OX<N/A==_!?5_'_Q?@\)> ?@YIWCG
M0O&O@;PMX6\<V3V_C3XCIX1O++6UATGXC6]O9W5I?>&M&_M&'2_!MHNI?5O[
M5G[/GBOX\1^%K'PA'\.O"VL:7<6;67QJU-?$*?%[X4&+Q+X?UN\U/X52Z#;V
MJ3W]Y#H<0?3]7\1Z3H5QJ%OI\FNV.OZ5#/I-Q]AT5S5>(,SK8K#8RI4I.OA%
M45#EHQA2C[5-2<J,*D*51M-J3J1G[=.2Q:QBG4C4Z*>38&EAZ^&A"I[+$.#J
MWJN51\C32C5E"52"32<5"4?9-)X9X9Q@X?"G[/W[*?B_X,_%_P 0>,)/$WAA
M/!DK_&V:*W\-V^N6GB?XGZA\9OB]'\6+#7?B]!=2KX>F\0?"L3:WX2\+:MI,
M5]?ZUIWB/5KZ[N]%@=="K[KHHK@QN-Q&85EB,5*,ZJI4Z7-&$:=XTHVBY*+?
M--W;E)MWTC%4Z<:=*GV87"T<'2=&A&4:;G.I:4W.TIN[2;M:*LDHI+JVYSE.
MI,HHHKD.@**** "BBB@ HHHH \)G_9L^#LWPQT'X0Q^&;NQ\%>%/$ \6^$H]
M,\2>)M,\0>%/%D?B#4?%%OXF\-^+K'5X/%.C:W::WJVI7-M?V.KQ21V][<Z:
M=VESS63\R_['7[/,UOX8TNZ\"SW_ (8\%^$->\$^$_ ^H>*O%]_X$T#2?%7A
M/Q#X%\4W^G^$+O79M"7Q5XF\'>+?%'A[Q!XRELI?%6KZ?XBUS[=J\USJM_<7
M'Y@:#%XM_P"$;^!5GH6EZJ/VP[#]N^WN_P!I>?QAI?Q$M[>[DF7]I#^P-0\3
MZSIUB8;_ .$\N@/I$GPVDT*>[\*6?AF7PA:0K;VP6)?K#]G";X]Z7\!_'L^K
MZ$FHV</Q._;PU#QQIOAZ^\9V7Q9O=:7X[_&2Z\&6'P+3Q'8"UFT_5(/[-B\'
MWWB:[L_+M)])GTZ.6S\C/V.*R_,<%2G5AGL[_7)1<)8B="=6KB,0\-5QE)^W
MGS4L6HJMAL0JE*6*I5(-SP_M*E4^8P^,P6*J1ISRB*7U6,N94(U8PIT:"KPP
MM1>QBE/#N3I5J+C4CAZD)I0K>SA3/H=_V-O@+]IT_5+70?%&F^)=)TWP7I.E
M>--*^(WQ T[QMI]GX!\'Z_\ #_P\MOXJMO$D>L^:?!GBC7?#VLSS74LOB*SO
MA-KKZA?6EC=VS[/]C;]GG3;-])TOP7?Z5X?FM/A1;W?A?3?&?C6S\,:C=?!"
M\\%W?POU[4] B\0#3-1\5>%T^'G@W3H_%5Y;S>(-4T?0+'2-:U'4M/1K=OQQ
M^#L&LP^ O#UI\5;'Q7KOP+T_XAV,WQ1U'PAX9^*-EX'U#5;S]E3Q+I/@:Q?P
M_J4,WC.;XEZ+\2["R'QAUVTMTT#6OCKK?@#7M,M-!UPMHNB?1G@O4/&ND?'O
M]D75W\-:QXW^.'A_]G._L/VC?#/A.Q\7Z#\1)_B4G[/-CJ:7OQQ\;ZPG_"K=
M:\"7NOZ1H?@W0-%O[G2]:LOBYXE\/^(]/UB_TO1_$FG1=F)RK-*$JL%Q!B*W
MLH8V<91FXT[X2A]8A&<YXE*CSR7(W/V4<-4Q&&E'DEB)0J\]#,,!5C3F\FHT
MO:2PT9)P3G_M-54)N,8T&ZG+%\UH>T>(A1KQ?-&C&4/UO\#_  ^\)?#C3]:T
MKP;I?]D6/B'QGXV^(.KP_;+Z]^U^+?B)XHU3QEXOU7S+^YNI(?[5\1:SJ-_]
MD@>.QLQ<"VL;:VM(HH$[2OR<^!'B;6O /PE_X*$>,_CW\._BAK+:3XYO/B/X
MQ\)>,](_M>7QK>7_ .S%\(-=\0^#?AUI&D:QXMMKOPNNNPW?A'PII6B.]E'
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MTH/]M:***^4/H@HHHH **** "BBB@ HHHH ,?YR:*** "BBB@ HHHH ****
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M&<G6I.*G1;A.I2@N:$8U(TH4FH0C3C&D^:I,HHHKYX]H**** "BBB@ HHHH
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MGQ1#XKDGUR.U\ :1XND\$-XJ\87%RE]XGL]-UBTM=*TJUT&SEF_;X_:9\/\
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&1115@?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>ex5-2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !+ J # 2(  A$! Q$!_\0
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M 6"J&)"KC^77]BS_ )/+_9._[.:^!7_JT_"U?U _\&N__)K7_!9#_LB7P_\
M_5>?M-5_+]^Q9_R>7^R=_P!G-? K_P!6GX6H6\_1?DP/W<_X.T?^4H'A'_LT
MOX4_^I]\8:^T/V*I)(?^#3[]M^2&22*1/B1X_*21.T;J?^$P^!?W70JPR,@@
M'#*2IRI(/Q?_ ,':/_*4#PC_ -FE_"G_ -3[XPU]F_L7?\JG7[</_91_'_\
MZF'P+I/X8^J _%/_ ((#:KJ=S_P5]_8GAN-1OIHG\=>-=T<MW/(C ?"+XAL
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M4^D:7X;\7^)!\1H-5NKK5KF_UK4+;P]HDTFC$*D-M)J6AV.969(W^@$_:O\
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MAW^U?".LG1K;3-//B37O#NL+X.?6;:XU::W\6:7K%O<6U^\<,P?PI#:QKO\
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MG^W6EWX8BD1KO3O /P,;3]>O8@RF2*WUGQ#\2=1T_2Y&3<J3R:%K"HQ5VMI
MIC;^J3]@W_@G7^RY_P $X_A7/\+?V:_!<VE#6Y[74/'7C[Q)=Q:Y\1OB/J]E
M'-%9:CXP\1I:6,<T6GQ7%S'I&AZ18:1X:T875]+I>C6EUJ6IW%[]RT4.3>[
M_D6_;T_X-3?AU^TK^T%X]^//[/G[2+? :#XJ^*=7\;>,_AKXF^&Q\=^'-,\5
M>(KR34_$.H>"M5TSQ?X5OM)TG5=6N+S5%\-:A9:E#IES>3V^EZI::0EAI-AE
M7/\ P:(?L]O\!?#?P[L?VGO%=C\8D\;-XK\<?&Z[^%EAK"ZUHT6@SZ5I_@'P
MGX&7X@:1;>$/#EI?7,^NWU[>>(/$VMZWJ1@^UW<%C8Z986']?U%/FEWV _!S
M_@F7_P $.M!_X)O_  R_; ^&VE_M(ZS\6H?VM/!.@>#;O5;[X7V'@Q_ BZ%X
M?^)>@C4K2S@\<>)AX@ENE^(TERUM/=:3'"='AB61_MLDL'YG_!O_ (-'O!GP
MA^+_ ,*_BU!^W1XFURX^&'Q)\#_$2+1)/V?=+T^+6)?!?B?2_$J:4]^OQ@O&
ML4U!]-%HUX+.[:V68SBUN"GE/_8G7S/^V#^T#K7[+W[//C[XV^'/A5XE^->O
M>$?^$<ATOX:^$7O%UWQ!<^(_%6B>&6F@CTK1?$VOW-EH,&KS>(]8M/#'A7Q5
MXHN='TF_A\/^&M:U5[6PF7,^^^_GT _&?_@JO_P;Y>&O^"H/[3.D_M'ZO^U+
MKGP;NM+^%/A;X7KX2T[X1V'CB":'PQKOB[7$UDZS<?$3PK)')>-XK>W:Q_LQ
MU@%DLHNY?/,</K_P<_X(F:'\(O\ @E;\;?\ @F'!^T5J^NZ3\9?$FN^(9OC'
M+\,K'3]0\/'6]7\#:JUE#X'7QO>6^I)"?!20&>3Q39O(-3ED583:QI+VWP^_
MX+!>&/'^CVNJ:9\*M(U)9/AY^QAXSN+GPM\68==T@ZM^UM^V=XI_8VO_  Q9
M76H> _#NK-=_"GQ%X6N_$>M1:QH.A^(+V\-QX)UCPSX0UVPN)C[-\&_^"CUE
M\7%_X)]F/X0WV@?\-X3?M#PV@E\:6FH_\*Q_X4%X7\4>)96O-GAZT_X2L>*5
M\--9PBV_L0Z0UZL\IOE@:.0UV[:I>FH'Y)_L&_\ !L1X3_8<_:W^"_[5FG?M
MC>(?B->?!W7-9UJ'P3>?!#3?"]MKYUCPEX@\*M;2Z]#\4M>DTU8$UYKT2II%
MZ9#;"WV1^=Y\7]%G[3OP \&_M5?L\_&7]G+X@!T\)?&7X>>)? 6J7L,$=S=Z
M,^N:=-;Z;XCTV&9DB?5O#&K?8?$.D&1U1-4TRT=F 4FOS"\#?\%E]!\4?$'P
M!\.==^ ^H>$=7^+WB'5;7X67=U\1["]T_P 2^$/A=^TG\??@?^TOXRO;@^$[
M&/2+?X >!_@1<_&S7]/WWK:OX?\ %^B:$+O29XI-7N/#](_X.%_A+JGP \ ?
MM$#X">+)/!WB+XN_&WX7^/[?0_&VG^+;KX5:;\-/AUX<^)/@WQ_KLGASPU?P
MZAX9\;:+\0/AL/$KV_V1OAM_PD6LG4)==N_"M[878[O<#YW_ &&O^#6[X4_L
M=_M6?!O]IS7_ -J;7OC5'\&O$DOC/1OAYJ'P;TOP=I^I>*K+2[^'PGJMWKJ?
M$;Q3- /"OB&XT[Q5:0PZ69+G4=%LH7N((6F+?T'_ +87[)/P<_;B_9Z^('[-
M?QUTB[U/P%X_LK9)+S2;B*Q\1^&-=TNZBU'P]XM\+ZE-;W<6G^(/#^IP07EE
M+/:W=C=QBXTO5K'4-'O]0T^Z^%OVQ_\ @K?X7_9$^%O[)'Q"U'X2R^,=5_:9
MT'P[XZ\0^$HO'UKHLOP;^&NHZ)X3O-<\>^*M9'A?5[)/"^B>)?&_A?P*?%7B
M"+PAX+3Q%KFEC6_$VA07:E=O]NG_ (*M^%/V+O#GPB\;:?\ ![Q+\</!_P ?
MOA%XI^(GP:U'PCK<^A:EXV\3^'-6^%&H6W@&/1-5\*W=[I4VN?"?XA>)_BM9
MZQJ0AEM],^&?B#1[G1!=W275D7;:[] /YW[G_@S=D/C<O9?MY)%\.#J E6&Y
M^ ;R^-HM++Y:R-Q%\58=#GOQ'^Z&IBWM[=G/GG2E4?9S])_&G_@T._9K\::A
MX%'P<_:;\<_!O0O"WPZT3PIXAL]8^&UA\3M>\>^,[+5-=U'7/B3KFOR>/O!=
MI8ZAX@CU6QL!X>T?P_9Z-H]GHMI%IX"2,B?IOH7_  6<T[Q;XF\(WGA3]G?5
M=5^"NK>(?@HOB/XI7'Q+TO3=8MOAW^U1^U3\1_V5OV8_B+X!^'=QX5;5/B+:
M>.M9^'4OQ \::/!JV@3^!/!>OZ2-/O/&>L)=6$7DOPC_ ."\-Q\8=!U&'P[^
MRG,?B%KGQ'_9Q^$?PNT)?C!=1^"]1^(W[2OC?XE>$_"OA;XI>/-;^$?A^3P!
M>Z+HOPOUOQ[?7W@_PU\6- USPY?:38^&]:U#Q!<OID3O+O\ D!VNK?\ !$*T
MUS_@DMH'_!*K4_VG-4ET+PQXW/BO1_C/'\)K&/4X]._X6?J_Q070;CP./'YM
MI2FIZYJ%@FI#Q4C_ &;R)6M6:-HI/!_^"9G_  ;D^&/^";_[6'A;]J72OVLM
M>^+-WX9\,>-?#2^"[_X-Z?X-M[U/&.@7.A/=/KL'Q)\32P'3Q<_:UA72I#<O
M&L1FA1F8_5>B_P#!6WX@:W\6M<^%-O\ L@WAUKP%^S-I/[0GQ'TO2?C/:>.-
M7MM3U#PI\7]<E^&/@3Q%\.OAOXN^!_B/6'UCX17OA_0-=\;?&OX8:=XGFU_3
M5TRU_MNPUOP[IV?\,/\ @K9\5?BYHW[-%]X._93\&W&J?';]I;Q/^RUXQ\/:
MS^T-XC\(>(?@M\2?#?PQU'XUSZ;XP\+>,/V==#\80:HGPQ\/^([^^T/7/#WA
M:]AUV#P_9Z9)K'AWQ5IGBM3WM==]]OZZ ?GS^V+_ ,&LGA']KG]J+XY?M,7W
M[:7B/P-=_&OXA:[X^G\(6WP*TSQ!!X=?6YA,=+BUN3XK:,^IQVN/+2[?2K%Y
M5 +P*V2?Z,_V._V=;;]D?]EWX&_LT6?BR?QU:_!3X>Z)X!@\876CQ^'[CQ#'
MHT;QKJ<NB1:EJ\>F-.'_ ./1=4OA&  ;F0DM7XW-_P %X=9M_P!F3PA^U%JG
M[+6B>'?!7Q!^+^J?"_PM'XC^,7Q*T^&RL_#OPR^,_P 4/$/BCQ3JL'[+-]"]
ME:Z3\(?[/M;KX:6OQ0\+1WOB-9/$'B_P[;:#JDA_=/X'?$N7XS_!?X3?%Z?P
MCKG@&;XH_#?P5\09/!'B5[27Q!X2?QAX<T[7V\.ZS+8R26<VHZ.;_P"PW4UL
MWDS2P-(B1AO+5.]E?;I\M /4J***0!1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 ?,G[87PU^)GQF_9W^*GPB^%-KX ;Q-\4O GC;X=2:O\ $3Q#
MX@\/:1X9T[QKX/U[PW<>(;1_#7A#QAJ&JZA83:E;C^Q6M](M]0L9;U)-:M2B
M07/R%\;OV(?BO\8O%'B#XE&+X1:/\0OB9\#O!GP>UNZNO''Q2OX_V?O%'PV\
M6?$+5?!7QT^ VMZ/X>\+W>O>/;+2OB/?W+6>LZ-\/]1T[7_#?A^/1_'%KI%Y
MXEAUGVG]MGXR_';X0ZC^SW/\"M/L?$UYJGQ"\9ZS\0?AS+H2ZOKOQ6^&WP\^
M$GCCQWXG^'?@:[\Z*30/B#J]MHRW_@?4E$MM>^*-)TKPYJD::1KE_<0?,WAS
M_@J!+/I<$_A'X=>*OVEO^$BNOV@OBSH>I_";0/$L]O%^SMX$^.FO_#CP&VD0
M^&?!7BR+5?'6J:5ID\=O8^,+CP!X?:[T2ZB\5^-O#>J:A96DX![?JG[,'[0G
MB/X__#WXPZGXQ^%FEZY\*)OB7:Z!\3K6Z^)_B/6?&7A'Q5X$\2>%/"GA#Q+\
M"=;U.W^%OA*^T_5M3\*^)/'7Q#\$>)X/%GB]_ \NC:"/ VA^._$.G6?6_LX?
MLX_%/X>_';XK_'+X@7O@/0I_BEX%\'^'/$O@[P%XL^)'Q&T_Q-XW\.^(?%.O
M7GQ'_P"$A^+%O!KGP^TOR?$UYI'A_P"$?A W/A'2+>[OM0N]3U;4_LUQ%YII
M_P#P4N\+7WQ>3X(M\*O$-IXXD\6S_#18+CQ)I@LD^+,'QM7X?/\ #:64:?\
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MT7^QO8_M2>%-1UGP@^A^$?A#XF7Q=\+=+U?P['#X+NHM:\7?#;5?#_Q:6\\
M0:[J*>+]1U3X<ZU;ZGXYDL]?>Z\+X&B?'[]J+QO\ OV*O%W]N^*]#B^+GP-U
MSQG\7?BO\)_@9I_Q2\2I\5+;P_X.N/ >A-\,2=7M?!WP[\93ZOXPU?Q!XJ_L
MV_TS1;W0/#/A2\\7>"X?$\7B20 _6RBOGS]DWXN^(/C]^S+\!OC9XK\/P^%O
M$WQ2^%/@GQOKV@VI8V.GZMX@T*SU"^336:YOBVE3W$SW6E,+_4%;3I[4KJ%^
MI%W-]!T %%%% !1110 4444 %%%% !1110 4444 %%%% 'R1^UAX$_:5^)FB
M>&? _P "]?\  GA?P7KTVL6OQLU+5_&7BOP'\2]3\)/;VD5GX2^%WC'P]X"^
M(%OX+N/$IEU.S\3^-6TB3Q-H&DK&O@9])\27MMXI\.^:ZY\!/C99_%O]D/Q%
M\./ OP \)?##]F[PIK?AN[\(Q?$;QY:W<-IXN^'GA_P!=Z+X1M;7X/SV$ND^
M ;#1A;^%KK5KVRNO$VG6]G;W]IX39I/*[+]J7]KR3]F37_!5G?\ PPU?Q#X/
MUW2-8U_Q?\3;O5;WP_X!\ Z=H^N>&=)-CKWB.Q\+>*=)\/ZUJ=EKFJ:]I-]\
M2K_X:?#B;3O"NM07OQ(L-4^RV$W@_P <_P!O?6-*^$.K:K\.O#)\.^,M9\._
MME7_ (4UW5;W3-?T[29_V/\ X[^&O@KJ=]<Z,UM -8M/'4VO#6]/"2QQZ!"(
M["_>\N98Y: /8/A-\'?VAI_VB-;^-W[1EO\ "#Q-/I]CXO\ "7P>?P+XZ\:R
M:=\'?AYK.HV$PTKP[\/M<^&6EV=_XX\>V^BZ%=?%/XCZQX[O=0F?3+/PYX-T
MCP_X3@NM-U/Y[\1?\$X]>UCXC_$1K'Q#X6T?P/\ $[XV_$3XOZ[\5++6?&47
MQXTSPO\ %;PCJ^C^/O@+I.BBV;P--\/_ !!KNLZA>3:C>ZT=,31KW;/\/+WQ
MKINF^.H;VA_MYZ]X0\9>/++XE6%UKF@>%?B7\0])U?6+&Y\-^&O#7@?X6VG[
M;>K_ +,^D>,M9CETBXUB^G^'NDS:)KGC+4)-=L=)E\)66LZW+:1:E8S37'81
M_P#!1>QN/%GPVTNT^$M_>>&/'OB?X/Z!J.L6/B/6M5U_P7I_[0?Q,OOA_P#!
M;Q'XHTC1?AWJ?@[PU8^-=+G\(^.[?2_'/Q)\%^([CPUXH+>&M'\53:8O]I,#
MR#PC_P $ZOBOH&AZ*EMXF^%7@[7/A?X>_9_;P;:>&+[XC:[X5^-7Q4_9Z^)_
MA[X@Z)\6_CG8Z_\ 8[C0M<\2:/X<N? <\?AD>+O$6AZ5XX\1:C>>-_&*>'_!
MVC:9]J_#'X-_&#P1X?\ VC?&A\2?#K2_C[^T%\0+CXF(L&E^(_%7PG\$:MHG
MPU\!?"?P)X=>&6[\%^)_%VEV_A;X:>'[KQ9KBKX1U+5M:U76I].T[3+2VTVU
M7Y+\1?\ !0;XA>(_AT-9\._"U?A=J'BQUUSX9>(]2\4Z-X__ +7\+^ OVQ?A
M7^S7\35\2^&H-(TF/PW>ZQ9_$+3M:\&"#4_$#7&E:I<3ZJWA[7-%;2KCI++_
M (*;>'8]2\8OK_PQFL?!7A?PYI7Q*MOB-I'B?6]2\&ZE\&H?C?X;^#_C[XEI
MKVM_#CPIH6JZ5\/=.\4V/Q&U*[^'VL?$/PAJ7A?3]=BM/&\5[86PU U PO"?
M[#_QL\(_$^X^/WA_4/A5H/C;2?BSX:^)GASX17?COXK_ !!\#:S>2?!WX@?!
M7XFZCXE^,OC70I_B1INK^+_#/CC1;CPMI6E^$=2\'?#Z;X;:9!IVA:D_CKQG
M?NEM^PE\;_"&C?$:3P1X\^%FH>*_VE/A5\5_AY\?;GQ-IWB>Q\/^$M>^+?QG
M^,OQHN?&OPDTZRM]8N==T_P?J'[0/Q$\.6?@7Q3<^'(?%EEIG@_5]0\5Z!>P
MZW:ZG]%?LN_MJZ%^T[#XOFT_X?Z]X(/P[T ZI\0+'7-3LM1U;PIJVH>*_&UC
MX5\.7NG:9;,\VH>*?AUX4T?XO6)AE+1>#_'_ (+W02SZH'7S;P[^WGXU\5VO
MP1MM%_9WB3Q-^U#I>A>,/V>=+U7XS^&+;2O$/P^UOX?^.?BB=;^)&I:;X<UC
M6_AOK^G^"_!2W<WA^P\*>.=)U#5?$FDZ3H/BW5WTCQM<^$P#(\$_L*>,_!-W
M\._A/8^*O"DW[-OPL_:5MOVGO"^HW$^MS?&6YUC3K6^U?2OAMJ]NVE+X9ETF
MU^(NJ7GB.[\?Q:Z=5U+PK#;>"'\'VT\MUXJ?].Z_*CP__P %,M3\>GP??_#C
M]G75=>\-^,=7^!/@ZVU77OBAX=\,7VG^//C_ .%M;UKPWI%YI,6@Z\LWA[PK
MK&AW&C>-/%6FZC?$6-Q::_X(T;QQ"\MC#]X?L]_&&#X]_"#PA\5(O#MWX1G\
M0C7K'5?#%[J%KJTNA>(?"7B?6O!OB;3(M7LHX+;6+&T\0^']3BTS5XK:S&J:
M<MK?M8V+W#6<" ]GHHHH **** "BBB@ HHHH **** "BBB@ HHHH *\\^*GP
MF^&?QP\#ZQ\-?B]X&\-?$7P%K[6$FK>%?%>EV^K:3=7&E:A;:MI-\(+A&-MJ
M6D:M96>JZ1J=J\&H:5J=G:ZAI]S;7EO#,GH=% 'RC:?L*?L:V&O?!WQ18_LR
M?!6S\0_L_6$.F?!G6+7P!H%O??#VRM=6N?$-G#H,\5FC(;#Q+>7OBG3Y;K[3
M-I_BN^O_ !19R0:_>W6HS<+!_P $R_V ;73K32;7]DOX+6NFZ?XTD^(NG65M
MX3M[>#3?'$T#VL_B;3$AD3^SM4N+>62&YGLC +F-W6=9 QS]T447 ^:;_P#8
MU_94U.PT+2]0_9_^%EW8>%](^.&@>'+>;PGIC+H6C?M+7&IW?Q^T[2F\KS+&
MV^+ESK6KS>.DMGC_ +=?5-0-T6%W.)*]S^Q5^R1=W_BC4I_V<O@^;KQMH6I^
M&?%OE^!M#@MO$/A_6OAZGPFU?2-5L(+2*QNK'4_AG%#X%OX)+8K=>&(+?2)M
M]I;PQQ_3U% 'S!\5?V*OV2OCEH_P\\/_ !A_9W^$WQ)T3X3Z,_ASX=:5XP\'
M:3K=CX3\-R66F:?-X:TRWO()(QX;N+31-%CNM N!/H]T^CZ5/<64EQIUG+#W
M.I?L[? O6=!^%WA?6/A3X'U;P]\$X$MOA+I&J:#9ZA9?#^!/!>H_#M8?#,5W
M'-_9T?\ P@^KZEX898R0^DWDML^X;2OLU% 'S+#^Q?\ LFP:]\%/%$7[.WPB
M7Q%^SCH&G>%O@7K)\$:(VH_"_P /:*&.A:1X3N7M6DT^R\/S/+?>'HLR?V#J
MD]SJVCFRU.ZN+N7(OOV$OV.-2\(:AX!O_P!FSX1W7@O5?!'A+X;W_AF7PAIK
M:1<>"? /BK6_'/@70#:>6(X[?P9XP\2Z_P")/"MQ$$OO#^KZO?WFDW5I+<.3
M]8T4 ?',G_!/7]AV36_#OB!_V5O@C_:7A/P)9_"_P_M\!Z*FGV'PZT_1]6\/
MV7@C^Q4MUT:[\,6^BZ[K6G1Z/>V%S9?9]6U%3$6O)V?M_A_^R!^R_P#"K1?!
M'A[X=? KX;^#](^&_C_4OBKX(M=%\-V=LWA_XEZOX9U/P5J7CNUNBKWDWBN[
M\'ZSJ/A636[RXN;\>'9UT9)UT^WM;>'Z/HH ^/? G_!/S]B?X8J8_ /[,?PA
M\+VYUJ[\1+9Z9X3LDT^+6K_PGXV\"W^H6^GR^;8VTM_X.^)'CWPU>K;V\45W
MH_BW7;.XCDBOY@WTUX(\$^$_AKX-\*?#SP%H&F^%/!'@;P[H_A+PAX7T: 6N
MD>'/#/AZPM]*T/0]*M5)6UTW2M-M;:QL+5/W=M:P10QA410.HHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH Y[5?"?AK7-9\+^(M7T/3
M=1USP5>ZEJ7A+5;NVCFOO#U_K&C7WA[5+O2IV!>TGO\ 0]2O]*NI(R#+97<\
M#920BO%-1_9$_9@U73M!T>^^!'PRFTCPQXB\9^*M#TI/"NFV^FV.L?$;Q3/X
MX^(#?8+:*&TN=,\;^,;A_$_BS0;R&XT'Q!KBP:EJNF75U:VTL7T910!Y8/@?
M\'1XN/CX?#'P./&I^('_  M<^*O^$;TO^WO^%E_\*S'P8_X3O^TOLWVK_A*?
M^%3@?#S^V?,^W?\ ")#^Q?.^Q_NZZO5O!/A+7O$GA+QAK/AW2=3\4> Y-<E\
M&:]>6D4VI^&9/$NF'1M??1[IP9+)M7THG3[\Q$?:+4^4^5XKJ** / ]$_99_
M9S\-WVOZEH/P8^'VE7WBCQ%X>\5ZW<67AVRA:ZU_PGXUC^)/AR^B0)Y=@NC_
M !#B7QU9V>G):6*>+VF\1M;-J\\]W)H:_P#LY_!7Q'9ZM:WOP_T:RGUK4/B%
MK%WK.@_:O#GB6'6?BOHDGAWXC:UIGB;0KC3]>T?6/%^CR?9-8U32M0L[Z9H;
M2[2>.]L;*YM_;** .:NO!OA:]UWPSXGO="TZ[\1>#++6=.\*ZW=0"XU30K'Q
M%!I]MKMMIU[*7G@CU>#2=-CU##EKI;*W\TL8P:X;PC\ /@GX M?A]8>"/A9X
M'\)V'PHG\9W/PSL?#WA_3])LO DWQ$N;Z[\<-X6M+.&&WT9?$]SJ=_+J\=E'
M%'<M=S H%;%>O44 >'_%[]FWX'_'JY\/7GQ>^'VE>.;CPG<Q7OAMM5O-8B31
MM0M[J.^M-3L8=/U*RAAU6QO(H[G3]4$9U"PG426=S V2;FC?L]?!'P_\08_B
MMHWPQ\(V'Q'BTZ/3(_&,6EQMKBQ1Z-:^&S>_:I3(3KD_ANQL_#=WXD*GQ#>^
M';6WT*\U.?284LU]DHH ^?\ 2?V5OV=_#^C>-_#_ (=^$GA'PWI/Q&>P_P"$
MQMO#EI/X?DU:WTK5)=;TO3([S1[FRO=*T/3-7N;S4M-T#1KC3]$L+S4=4GM+
M"&35-0-SR]K^Q%^R=9^!M&^&D'P*\"_\('X=U.]U7P_X8GL[NZTW0YM4TBVT
M#5K/1TNKR:73="UC1+*UTG6?#5G+#X=U?3X([34M+NH1L/U110!5L;&RTRRL
M]-TVSM=/T[3[6WL;"PL;>*TLK&RM(DM[6SL[6W2."VM;:"..&WMX8TBAB1(X
MT5%51:HHH **** "BBB@ HHHH **** "BBB@ HHHH **** /(OB3\ _@S\8=
M0T/5OB?\-O"GC;4O#L%Y8Z5>:]ID=U-'I6I3V=UJ>@7C H-5\,ZK<Z?87&J^
M&-6%]X?U2>QM)K_3;B2VA9.3N/V2/V9;KQ%XM\6W/P.^',_B/QU9>)=.\6:M
M+X<LGN=9T_QI>Z-JGC*QF#*8H+3Q=J_A_1=:\46UG';P^(=<TVUUO5TO-50W
MA^B:* /%-1_9P^ NL6OCFQU7X1^ ]1LOB9X9\=^#?B#:7OAVPN;;QCX4^)^N
MZIXG^(?A_P 0031/'J6E>,?$.M:MK/B"TN%>+4=0U&[N9U:29B<S5/V5_P!G
M+6O%?AOQQJGP8^']YXJ\(1^!T\-:O)X?M%ET=_AE?0:C\.+RUMXU2S_M+P'=
M6T3>#]5DMY-2\-PA[32+NTM)IH']^HH \:;]G?X&-IVCZ0WPJ\$G2_#]GJNG
MZ)8?V%:?9=+LM<\>^'?BEJ]K91;-L$.H_$7PEX9\9W:( )O$.AZ;J+9GM8V'
M+:5^R#^R_H?_  G(TOX$_#6UC^)7@_Q7\._', \,V,UMXC^'OC>Y-YXK\ 7U
MK<)+;KX&UFZ:6XN?!]M%!X=CFN+N2VTV%KNY,OT=10!Y?I_P4^$^CWVH:GHO
M@'PYH6HZQXM\+^.M9O="L5T2ZUKQ;X)\(Z+X!\)ZWK4VE-:/J]SH'@KPYH'A
M;38]2-U;0:'HVF:<(#;V<")YN?V-/V5_[$UWP['\!OAO;:1XC\06/BG4[>R\
M/6]A,FN:8VK'2[O2;ZR,%_X?BTM?$'B.'3+#0+K3-.T^V\2^)K6SM(;;Q'K<
M5_\ 3%% 'D5G\ O@GITMG-IOPK\"Z:VG:KX"UO3H]-\.:;I]OIVJ_"W1_P#A
M'OAQ>:?:V<$-M8OX(T/&D>&4M8HHM(T\"TLXXH5"#N/"/@[PMX"T&V\+^"]
MTOPQX=LKK5KVTT;1K6.RT^WN]=U>_P!?UFXBMX@$274M:U34=4O' S->WEQ.
1^7D8GI:* "BBB@ HHHH _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>ex5-2_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-2_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  - 2\# 2(  A$! Q$!_\0
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8UL='#.A'&8S!UL/D6(::R_*L)44ZDO_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
