Form 8-K

8-K — XBP Global Holdings, Inc.

Accession: 0001104659-26-107322

Filed: 2026-09-14

Period: 2026-09-11

CIK: 0001839530

SIC: 7389 (SERVICES-BUSINESS SERVICES, NEC)

Item: Entry into a Material Definitive Agreement

Item: Unregistered Sales of Equity Securities

Item: Financial Statements and Exhibits

Documents

8-K — tm2623653d2_8k.htm (Primary)

EX-10.1 — EXHIBIT 10.1 (tm2623653d2_ex10-1.htm)

EX-10.2 — EXHIBIT 10.2 (tm2623653d2_ex10-2.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2623653d2_8k.htm · Sequence: 1

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0001839530

2026-09-11

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2026-09-11

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XBP:Redeemablewarrantseachtenwarrantsexercisableforoneshareofcommonstockatanexercisepriceof115.00Member

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UNITED

STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

September 11, 2026

XBP

Global Holdings, Inc.

(Exact name of registrant as specified in its

charter)

Delaware

001-40206

85-2002883

(State

or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S.

Employer Identification

Number)

6641

N. Belt Line Road, Suite 100

Irving,

Texas

75063

(Address

of principal executive offices)

(Zip Code)

(844)

935-2832

Registrant’s

telephone number, including area code

Not Applicable

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of

the Act:

Title of

each class

Trading

Symbol(s)

Name of each

exchange

on which registered

Common

stock, par value $0.0001 per share

XBP

The

Nasdaq

Capital Market

Redeemable

warrants, each ten warrants exercisable for one share of common stock at an exercise price of $115.00

XBPEW

The

Nasdaq

Capital Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01. Entry into a Material Definitive Agreement.

On September 11, 2026, XBP Global Holdings, Inc.

(the “Company”) entered into securities purchase agreements (the “Purchase Agreements”) with certain accredited

investors (the “Purchasers”), for the sale by the Company in a private placement (the “Private Placement”) of

an aggregate of 2,275,245 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common

Stock”), at a weighted purchase price of approximately $2.66 per Share, for aggregate gross proceeds to the Company of approximately

$6.05 million.

HCI, LLC (“HCI”), an affiliate of HGM Limited (“HGM”),

participated as a Purchaser in the Private Placement, purchasing 204,946 shares of Common Stock. Mr. Par Chadha, the Executive Chairman

of the Company’s Board of Directors (the “Board”), is the Chairman of HGM. Additionally, certain funds managed by investment

advisers affiliated with Avenue Capital Group (“Avenue”) participated as a Purchaser in the Private Placement, purchasing

600,000 shares of Common Stock. Mr. Randal Klein, a member of the Board, is a portfolio manager at Avenue. Andrej Jonovic, Chief

Executive Officer of the Company and Dejan Avramovic, Chief Financial Officer of the Company, participated as Purchasers in the Private

Placement, purchasing 31,500 shares and 8,833 shares of Common Stock, respectively. All purchases made by HCI, Avenue, Mr. Jonovic,

and Mr. Avramovic and certain other employees and a former consultant of the Company were made at a per share price of $2.83, which

is the consolidated closing bid price of the Common Stock immediately preceding entry into the Private Placement, and the remainder of

the Shares were purchased at a per share price of $2.55.

The closing of the Private Placement is expected

to occur on or before September 15, 2026, subject to the satisfaction of certain customary closing conditions. The Purchase Agreements

contain customary representations, warranties and covenants by the Company, customary indemnification obligations of the Company, other

obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Purchase Agreements

were made only for purposes of the Purchase Agreements and as of specific dates, were solely for the benefit of the parties to such agreement

and were subject to limitations agreed upon by the contracting parties.

Cantor Fitzgerald & Co. (“Cantor”)

acted as placement agent for the Private Placement.

The Shares issuable pursuant to the Purchase

Agreements will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and will be issued

in reliance on the exemption from registration requirements thereof provided by Section 4(a)(2) of the Securities Act or

Rule 506 of Regulation D promulgated thereunder. The Company relied on these exemptions from registration based in part

on representations made by the Purchasers.

On September 11, 2026, in connection with

the Purchase Agreements, the Company entered into Registration Rights Agreements with the Purchasers (each, a “Registration Rights

Agreement” and collectively, the “Registration Rights Agreements”). The Registration Rights Agreements provide, among

other things, that the Company will file with the Securities and Exchange Commission (the “SEC”) a registration statement

registering the resale of the Shares no later than September 22, 2026. The Company agreed to use commercially reasonable efforts

to have such registration statement declared effective as soon as practicable after the filing thereof.

In connection with the Private Placement, the

officers, directors and certain stockholders of the Company each executed a lock-up agreement, pursuant to which each such person agreed,

without the prior written consent of Cantor and subject to certain exceptions, not to (i) directly or indirectly, offer for sale,

sell, pledge or otherwise dispose of any shares of Common Stock (including shares of Common Stock that may be deemed to be beneficially

owned or hereafter acquired) or securities convertible into or exercisable or exchangeable for Common Stock, (ii) enter into any

swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership

of shares of Common Stock, or (iii) publicly disclose the intention to do any of the foregoing, for a period ending on the earlier

of (a) the 30th day following the date on which the Company’s registration statement registering for resale the Shares issued

in the Private Placement has been declared effective by the SEC or (b) the 60th day following the closing of the Private Placement.

The foregoing description of the Purchase Agreements

and the Registration Rights Agreements does not purport to be complete and is qualified in its entirety by reference to the text of the

Purchase Agreements and the Registration Rights Agreements, the forms of which are filed as Exhibits 10.1 and 10.2 hereto, respectively,

and are incorporated herein by reference.

Item 3.02. Unregistered Sales of Equity Securities.

The information contained in Item 1.01 of this

Current Report on Form 8-K regarding the Private Placement is incorporated by reference in this Item 3.02.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

10.1

Form of

Securities Purchase Agreement

10.2

Form of

Registration Rights Agreement

104

Cover Page Interactive

Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 14, 2026

XBP GLOBAL HOLDINGS, INC.

By:

/s/

Dejan Avramovic

Chief Financial Officer

EX-10.1 — EXHIBIT 10.1

EX-10.1

Filename: tm2623653d2_ex10-1.htm · Sequence: 2

Exhibit 10.1

Execution Version

SECURITIES PURCHASE AGREEMENT

This Securities Purchase

Agreement (this “Agreement”) is dated as of September 11, 2026, by and between XBP Global Holdings, Inc.,

a Delaware corporation (the “Company”), and each of the investors identified on the signature pages hereto (including

its respective successors and assigns, the “Purchasers” and each a “Purchaser”).

WHEREAS,

the Company and each Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration

afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (together with the rules and regulations thereunder,

the “Securities Act”) and/or Rule 506 of Regulation D promulgated thereunder; and

WHEREAS,

the Company desires to issue and sell to the Purchasers, and the Purchasers, severally and not jointly, desire to purchase from the Company,

securities of the Company as more fully described in this Agreement.

NOW,

THEREFORE, in consideration of the mutual covenants contained in this Agreement and for other good and valuable consideration

the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser hereby agree as follows:

ARTICLE 1

DEFINITIONS

1.1            Definitions.

In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:

“Acquiring Person”

shall have the meaning ascribed to such term in Section 4.6.

“Action”

shall have the meaning ascribed to such term in Section 3.1(g).

“Affiliate”

means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control

with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

“Board of Directors”

means the board of directors of the Company.

“BSA/PATRIOT Act”

shall have the meaning ascribed to such term in Section 3.2(l).

“Business Day”

means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by

law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized

or required by law to remain closed due to “stay at home,” “shelter-in-place,” “non-essential employee”

or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority

so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally

are open for use by customers on such day.

“Closing”

shall have the meaning ascribed to such term in Section 2.1(a).

“Closing Date”

means the second (2nd) Trading Day after (x) the date hereof or, (y) if later, the date on which all of the Transaction

Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) each Purchaser’s

obligation to pay its Subscription Amount and (ii) the Company’s obligations to deliver the Shares, in each case, have been

satisfied or waived.

“Commission”

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

“Common Stock”

means the common stock of the Company, par value $0.0001 per share.

“Common Stock Equivalents”

means any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, 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 Stock.

“Contract”

shall have the meaning ascribed to such term in Section 3.1(c).

“Disclosure Time”

shall have the meaning ascribed to such term in Section 4.5.

“DTC”

shall have the meaning ascribed to such term in Section 3.1(m).

“Engagement Letter”

means that certain engagement letter, dated August 26, 2026, by and between the Company and Cantor Fitzgerald & Co., as

amended, modified or supplemented from time to time.

“Environmental Laws”

shall have the meaning ascribed to such term in Section 3.1(t).

“Exchange Act”

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

“Exempt Issuance”

means the issuance of (a) any shares of Common Stock of the Company issued upon the exercise or settlement (including any “net”

or “cashless” exercises or settlements) of options or vesting of restricted stock units or other equity awards granted under

equity incentive plans described in the SEC Reports, (b) equity awards under such plans or inducement awards approved in accordance

with applicable Nasdaq rules, (c) the filing by the Company of a registration statement on Form S-8 with respect to the Company’s

existing employee benefit plans, (d) shares of Common Stock or Common Stock Equivalents issued upon the exercise, conversion or

exchange of securities outstanding on the date hereof in accordance with their existing terms, (e) securities issued pursuant to

the Transaction Documents, and (f)(i) securities issued in connection with acquisitions, strategic commercial transactions, or other

transactions approved by a majority of the disinterested directors of the Company and (ii) securities issued in connection with

debt restructuring, exchange with lenders or other creditors, liability management transaction or workout approved by the Board of Directors;

provided that, in the case of clauses (f)(i) and (f)(ii), such securities are issued as “restricted securities”

(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 Section 4.11 herein, and provided that, in the case of clause (f)(i), 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 an issuance to an entity whose primary business is investing in

securities.

“FCPA”

shall have the meaning ascribed to such term in Section 3.1(v)(i).

“GAAP”

shall mean generally accepted accounting principles in the United States of America.

“Governmental Entity”

means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local,

municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency,

branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or body exercising, or

entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature

or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international

organization or any of the foregoing.

“Intellectual Property”

shall have the meaning ascribed to such term in Section 3.1(w).

“IT Systems and

Data” shall have the meaning ascribed to such term in Section 3.1(jj).

“Law”

means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code, edict,

decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or Consent that

is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the

authority of any Governmental Entity.

“Liens”

means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

“Lock-up Agreement”

means the Lock-Up Agreement, dated as of the date hereof, by and between the Company, all officers and directors of the Company, and

certain stockholders, the form of which is attached hereto as Exhibit A.

“Material Adverse

Effect” means (i) with respect to the Company, a material adverse effect on the condition (financial or otherwise), earnings

or business affairs of the Company and its Subsidiaries, taken as a whole, or (ii) with respect to any party, any event, change,

development, circumstance, condition, state of facts or occurrence that, individually or in the aggregate, is or would reasonably be

expected to be materially adverse to such party’s ability to perform its obligations under, or consummate the transactions contemplated

by, the Transaction Documents on a timely basis.

“Material Permits”

shall have the meaning ascribed to such term in Section 3.1(u).

“Money Laundering

Laws” shall have the meaning ascribed to such term in Section 3.1(k).

“Nasdaq”

means The Nasdaq Stock Market LLC.

“OFAC”

shall have the meaning ascribed to such term in Section 3.1(v)(ii).

“OFAC List”

shall have the meaning ascribed to such term in Section 3.2(l).

“Officer’s

Certificate” means a certificate, in form and substance reasonably satisfactory to the Purchasers, signed by the Chief Executive

Officer or the Chief Financial Officer of the Company to the effect that (i) the representations and warranties of the Company in

Section 3.1 hereof are true and correct in all material respects, except for those representations and warranties qualified

by materiality or Material Adverse Effect, which shall be true and correct in all respects, as of the Closing Date, as though made on

and as of such date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such

representation or warranty shall be true and correct in all material respects as of such earlier date, except for those representations

and warranties qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects as of such earlier

date, (ii) all obligations, covenants and agreements to be performed or complied with by the Company at or prior to the Closing

have been performed or complied with by it, and (iii) all of the conditions set forth in Section 2.3(b) have been

satisfied.

“Organizational

Documents” means, with respect to any Person that is an entity, its certificate of incorporation or formation, bylaws, operating

agreement, memorandum and articles of association or similar organizational documents, in each case, as amended.

“Per Share Purchase

Price” means, with respect to each Purchaser, the purchase price per Share set forth opposite such Purchaser’s name on

Schedule A.

“Person”

means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability

company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

“Placement Agent”

means Cantor Fitzgerald & Co.

“Proceeding”

means an action, claim, suit, investigation or proceeding, whether commenced or threatened.

“Registration Rights

Agreement” means the Registration Rights Agreement among the Company, the Purchasers and the other parties thereto, in the

form of Exhibit B attached hereto.

“Registration Statement”

means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale of the

Shares by the Purchasers as provided for in the Registration Rights Agreement.

“Representatives”

shall have the meaning ascribed to such term in Section 3.2(g).

“Rule 144”

means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended or interpreted from

time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect

as such rule.

“Rule 424”

means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended or interpreted from

time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect

as such rule.

“Sanctioned Territory”

shall have the meaning ascribed to such term in Section 3.1(v)(ii).

“Sanctions”

shall have the meaning ascribed to such term in Section 3.1(v)(ii).

“SEC Guidance”

shall have the meaning ascribed to such term in Section 3.1(p).

“SEC Reports”

shall have the meaning ascribed to such term in Section 3.1(o).

“Securities Act”

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

“Shares”

shall have the meaning ascribed to such term in Section 2.1(a).

“Share Cap”

means 2,375,000 Shares, subject to appropriate adjustment for any stock split, stock dividend, stock combination, recapitalization or

similar transaction occurring after the date hereof.

“Short Sales”

shall include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act

and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage

arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and

sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

“Standstill Termination

Date” shall mean the date that is thirty (30) consecutive calendar days from the effective date of the Registration Statement.

“Subscription Amount”

shall mean, as to each Purchaser, the aggregate amount to be paid for the Shares purchased hereunder pursuant to the terms of this Agreement

as set forth across from such Purchaser’s name on Schedule A hereto in U.S. dollars and in immediately available funds.

“Subsidiary”

means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation,

a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the

election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one

or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business

entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly,

by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed

to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons will be allocated

a majority of partnership, association or other business entity gains or losses or will be or control the managing director, managing

member, general partner or other managing Person of such partnership, association or other business entity. A Subsidiary of a Person

will also include any variable interest entity which is consolidated with such Person under applicable accounting rules.

“Taxes”

means all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, value-added,

ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, social security and

related contributions due in relation to the payment of compensation to employees, excise, severance, stamp, occupation, premium, property,

windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments or charges in the nature of a tax,

together with any interest and any penalties, additions to tax or additional amounts with respect thereto imposed by a Governmental Entity.

“Trading Day”

means a day on which the principal Trading Market is open for trading.

“Trading Market”

means the Nasdaq Capital Market or whichever of the New York Stock Exchange, the NYSE American, Nasdaq Global Market, or the Nasdaq Global

Select Market on which the Common Stock is listed or quoted for trading on the date in question.

“Transaction Documents”

means this Agreement, all exhibits and schedules hereto and the Registration Rights Agreement.

“Transfer Agent”

means Continental Stock Transfer & Trust Company, the current transfer agent of the Company, and any successor transfer agent

of the Company.

ARTICLE 2

PURCHASE

AND SALE

2.1 Purchase

and Delivery of Shares; Closing.

(a)            On

the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell to each Purchaser, and each

Purchaser agrees to purchase, severally and not jointly with each other Purchaser, the number of shares of Common Stock set forth opposite

such Purchaser’s name on Schedule A (the “Shares”), at the applicable Per Share Purchase Price set forth opposite such

Purchaser’s name on Schedule A, for an aggregate purchase price equal to such Purchaser’s Subscription Amount. Upon the satisfaction

or waiver of the conditions set forth in Section 2.3, the closing of the purchase and sale of the Shares pursuant to this Agreement

(the “Closing”) shall take place virtually by the electronic exchange of documents. At or prior to the Closing, each Purchaser

shall execute any related agreements or other documents, in each case, required to be executed pursuant to Section 2.2(b) hereof,

dated on or before the Closing Date. Notwithstanding anything to the contrary, the aggregate number of Shares sold pursuant to this Agreement

shall not exceed the Share Cap.

2.2 Deliveries.

(a)            On

or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

(i)             this

Agreement duly executed by the Company;

(ii)            reasonable

evidence of issuance by book entry of the Shares, registered in the name of such Purchaser;

(iii)           the

Officer’s Certificate;

(iv)           the

Registration Rights Agreement duly executed by the Company;

(v)            a

Certificate, in form and substance reasonably satisfactory to the Purchasers, executed on behalf of the Company by its Secretary, dated

as of the Closing Date, certifying the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated

by this Agreement, the other Transaction Documents and the issuance of the Shares, certifying the current versions of the Certificate

of Incorporation and Bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction Documents

and related documents on behalf of the Company;

(vi)           an

opinion letter from Baker & Hostetler LLP, the Company’s counsel, dated as of the Closing Date, addressed to the Purchasers,

in customary form and substance reasonably acceptable to the Purchasers and the Placement Agent, addressing customary legal matters for

a transaction of this type, which letter shall include a statement acknowledging that the Placement Agent may rely on such letter and

the opinions set forth therein in its capacity as placement agent for the transactions contemplated by this Agreement and solely for

the purposes of its acting in such capacity, subject to the assumptions, qualifications and limitations set forth therein, as if such

letter were addressed to the Placement Agent;

(vii)          the

Company’s wire instructions, on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer, which

shall be provided at least two (2) Business Days prior to the Closing Date; and

(viii)         a

certificate of the Secretary of State of the State of Delaware dated as of the Closing Date, to the effect that the Company is in good

standing.

(ix)            the

Lock-up Agreements.

(b)            On

or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

(i)             this

Agreement duly executed by such Purchaser;

(ii)            the

Registration Rights Agreement duly executed by such Purchaser; and

(iii)           such

Purchaser’s Subscription Amount.

the Closing does not occur within three (3) Business Days after the Closing Date, and the Purchaser has paid the Subscription Amount

prior to the Closing Date, then the Company shall promptly (but not later than one (1) Business Day thereafter) return to the Purchaser

the Subscription Amount, and any book-entries for the Shares shall be deemed repurchased and cancelled; provided that, unless this Agreement

has been terminated pursuant to Section 5.1 hereof, such return of the Subscription Amount shall not terminate this Agreement.

2.3 Closing

Conditions

(a)            The

obligation of the Company to consummate the Closing shall be subject to the satisfaction or valid waiver in writing by the Company of

the additional conditions that, on the Closing Date:

(i)             the

representations and warranties of the Purchaser contained herein shall be true and correct as of the Closing Date as if made as of the

Closing Date (unless such representation or warranty was made as of a specific date, in which case such representation and warranty shall

be true and correct as of such date);

(ii)            all

obligations, covenants and agreements to be performed or complied with by each such Purchaser on or prior to the Closing shall have been

performed or complied with by it in all material respects; and

(iii)           in

the case of the Closing, the Purchaser shall have delivered the items set forth in Section 2.2(b) of this Agreement.

(b)            The

respective obligations of the Purchasers to consummate the Closing shall be subject to the satisfaction or valid waiver in writing by

each Purchaser solely as to such Purchaser of the additional conditions that, on the Closing Date:

(i)             the

representations and warranties of the Company contained herein shall be true and correct in all material respects, except for those representations

and warranties qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects, as of the date of

this Agreement and as of the Closing Date as though made on and as of such date, except to the extent any such representation or warranty

expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects

as of such earlier date, except for those representations and warranties qualified by materiality or Material Adverse Effect, which shall

be true and correct in all respects as of such earlier date;

(ii)            all

obligations, covenants and agreements to be performed or complied with by the Company on or prior to the Closing shall have been performed

or complied with by it in all material respects;

(iii)           the

Company shall not have entered into any side letter agreement or similar agreement or understanding (written or oral) with any other

Purchaser or any other investor or potential investor in connection with such other Purchaser’s, investor’s or potential

investor’s direct or indirect investment in the Company, in each case, providing terms with respect to such investment that are

materially more favorable than those provided in the Transaction Documents, other than the differences in the Per Share Purchase Price

and Purchaser-specific provisions relating to regulatory, tax, ERISA, confidentiality, information rights, administrative or similar

non-economic matters;

(iv)           the

Company shall have filed with Nasdaq a Listing of Additional Shares notice form for the listing of the Shares and shall not have received

any objection to such notice from Nasdaq;

(v)            no

stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with respect

to public trading in the Common Stock;

(vi)           in

the case of the Closing, the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

(vii)          no

Material Adverse Effect shall have occurred since the date hereof;

(viii)         from

the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Trading Market,

and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended

or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading

Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities;

(ix)            no

governmental authority shall have issued any order, decree or ruling, and no law shall be in effect, enjoining, restraining or otherwise

prohibiting any of the transactions contemplated hereby; and

(x)             the

Closing of the purchase of Shares by each Purchaser shall occur substantially concurrently, provided that a failure by any Purchaser

to provide the deliverables set forth in Section 2.2(b) or satisfy the requirements in Section 2.3(a) shall

not affect the timing of the Closing in respect of any other Purchaser.

ARTICLE 3

REPRESENTATIONS

AND WARRANTIES

3.1            Representations

and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that the following representations

and warranties are true and complete as of the date hereof and as of the Closing Date (other than representations and warranties which

address matters only as of a certain date, which shall be true and correct as written as of such certain date):

(a)            The

Company (i) is validly existing and in good standing under the laws of the jurisdiction of its incorporation, (ii) has the

requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being conducted and to

enter into and perform its obligations under this Agreement and the other Transaction Documents, and (iii) is duly licensed or qualified

to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation)

in which the conduct of its business or the ownership of its properties or assets requires such license or qualification, except, with

respect to the foregoing clause (iii), where the failure to be so licensed, qualified or in good standing would not cause a Material

Adverse Effect. Each Subsidiary of the Company (i) is a corporation, limited liability company or other entity validly existing

and in good standing under the laws of the jurisdiction of its incorporation or formation, (ii) has the requisite power and authority

to own, lease and operate its properties and to carry on its business as it is now being conducted, and (iii) is duly licensed or

qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its jurisdiction

of incorporation or formation) in which the conduct of its business or the ownership of its properties or assets requires such license

or qualification, except, with respect to the foregoing clause (iii), where the failure to be so licensed, qualified or in good standing

would not cause a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in violation of any provision of its Organizational

Documents in any material respect.

(b)            The

execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by the Company

of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and

no further action is required by the Company, its Board of Directors, or its stockholders in connection herewith or therewith. This Agreement

and each other Transaction Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company

and, when duly executed by the other parties thereto and delivered in accordance with the terms hereof and thereof, will constitute the

valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited

by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application

affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,

injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by

applicable law.

execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the

issuance of the Shares and the consummation by the Company of the transactions contemplated hereby and thereby do not and will not (i) conflict

with or violate any material provision of the Company’s certificate of incorporation or bylaws, or (ii) conflict with, or

constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of

any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,

anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,

credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) to which the Company or any Subsidiary

is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, (each a “Contract”)

or (iii) assuming the accuracy of the representations and warranties of each Purchaser set forth in Section 3.2 of this

Agreement, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction

of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and

regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses

(ii) and (iii), such as would not cause a Material Adverse Effect.

(d)            Assuming

the accuracy of the representations and warranties of each Purchaser set forth in Section 3.2 of this Agreement, the Company

is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with,

any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection

with the execution, delivery and performance of this Agreement or the other Transaction Documents (including, without limitation, the

issuance of the Shares), other than (i) filings required by applicable state securities laws, (ii) the filing of the Registration

Statement pursuant to the Registration Rights Agreement, (iii) filings required by the Commission, (iv) filings required by

the Trading Market, and (v) those consents, waivers, authorizations, orders, notices, filings or registrations the failure of which

to obtain, give or make would not have a Material Adverse Effect.

(e)            The

Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and validly issued, fully paid

and nonassessable, free and clear of all Liens imposed by the Company, except for restrictions on transfer imposed by applicable securities

laws.

(f)             Neither

the Company nor any of its Subsidiaries has any liabilities of any nature (whether accrued, absolute, contingent or otherwise) that would

be required under GAAP, to be reflected on a consolidated balance sheet of the Company (including the notes thereto) except liabilities

(i) reflected or reserved against in the consolidated balance sheet (or the notes thereto) of the Company and its Subsidiaries as

of June 30, 2026 (the “Balance Sheet Date”) included in the SEC Reports, (ii) incurred after the Balance Sheet

Date in the ordinary course of business and, in any case, do not arise from any material breach of a Contract, (iii) expressly contemplated

by this Agreement or otherwise incurred in connection with the transactions contemplated hereby, (iv) that have been discharged

or paid prior to the date hereof, (v) as otherwise disclosed in the Company’s quarterly report on Form 10-Q for the quarter

ended June 30, 2026 or in SEC Reports filed or furnished after the filing of such Form 10-Q and prior to the date hereof or

(vi) as would not, individually or in the aggregate, have had or reasonably be expected to have, a Material Adverse Effect.

(g)            Except

as disclosed in the SEC Reports or as otherwise would not, singly or in the aggregate, reasonably be expected to result in a Material

Adverse Effect, there is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity now pending

or, to the knowledge of the Company, threatened, against or affecting the Company or any of its Subsidiaries (collectively, an “Action”),

which would adversely affect its properties or assets, the consummation of the transactions contemplated in this Agreement or the performance

by the Company of its obligations hereunder, or the legality, validity or enforceability of the Transaction Documents; and the aggregate

of all pending legal or governmental actions, suits, inquiries, investigations or proceedings to which the Company or any of its Subsidiaries

is a party or of which any of their respective properties or assets is the subject which are not described in the SEC Reports, including

ordinary routine litigation incidental to the business, would not, singly or in the aggregate, reasonably be expected to result in a

Material Adverse Effect. The Commission has not issued any stop order or other order suspending the effectiveness of any registration

statement filed by the Company under the Exchange Act or the Securities Act.

(h)            Assuming

the accuracy of each Purchaser’s representations and warranties set forth in Section 3.2 of this Agreement, (i) no

registration under the Securities Act or any state securities (or Blue Sky) laws is required for the offer and sale of the Shares by

the Company to such Purchaser and (ii) no consent, approval, order or authorization of, or registration, qualification, designation,

declaration or filing with, any federal, state, local or other governmental authority, self-regulatory organization or other person is

required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement (including,

without limitation, the issuance of the Shares), except for filings pursuant to the Exchange Act, Regulation D of the Securities Act

and applicable state securities laws and any such filings required by the applicable Trading Market.

(i)             Neither

the Company nor any person acting on its behalf has engaged in any form of general solicitation or general advertising (within the meaning

of Regulation D) in connection with any offer or sale of the Shares. The Shares are not being offered in a manner involving a public

offering under, or in a distribution in violation of, the Securities Act or any state securities laws. Neither the Company nor any person

acting on the Company’s behalf has, directly or indirectly, at any time within the past six (6) months, made any offer or

sale of any security or solicitation of any offer to buy any security under circumstances that would cause the offering of the Shares

pursuant to this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act or any applicable

stockholder approval provisions. Neither the Company nor any person acting on the Company’s behalf has offered or sold any securities,

or has taken any other action, which would reasonably be expected to subject the offer, issuance or sale of the Shares, as contemplated

hereby, to the registration provisions of the Securities Act.

(j)             No

labor disturbance or dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company,

which would reasonably be expected to cause a Material Adverse Effect.

(k)            The

operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping

and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes

and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit

or proceeding by or before any Governmental Entity involving the Company or any of its Subsidiaries with respect to any Money Laundering

Laws is pending or, to the Company’s knowledge, threatened.

(l)             Except

as would not cause a Material Adverse Effect, the Company is in all material respects in compliance with applicable provisions of the

Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder.

(m)           The

Common Stock is eligible for clearing through The Depository Trust Company (“DTC”), through its Deposit/Withdrawal

At Custodian system, and the Company is eligible and participating in the Direct Registration System of DTC with respect to the Common

Stock. The Company’s Transfer Agent is a participant in DTC’s Fast Automated Securities Transfer Program.

(n)            The

Company is solely responsible for the payment of any fees, costs, expenses and commissions of the Placement Agent.

(o)            As

of their respective filing dates, or, if amended, as of the date of such amendment, which shall be deemed to supersede such original

filing, all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and

the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two (2) years preceding

the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials,

including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC

Reports”) complied in all material respects with the applicable requirements of the Securities Act and the Exchange Act, and

the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, or, if amended, as

of the date of such amendment, which shall be deemed to supersede such original filing, contained any untrue statement of a material

fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light

of the circumstances under which they were made, not misleading. As of the date hereof, there are no material outstanding or unresolved

comments in comment letters received by the Company from the staff of the Division of Corporation Finance of the Commission with respect

to any of the SEC Reports.

(p)            The

financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements

and the rules and regulations of the Commission with respect thereto as in effect at the time of filing, or, if amended, as of the

date of such amendment, which shall be deemed to supersede such original filing, and fairly present in all material respects the financial

position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject,

in the case of unaudited statements, to normal, year-end audit adjustments. Notwithstanding the foregoing, this representation and warranty

shall not apply to any statement or information in the SEC Reports that relates or arises from any statement or information in the SEC

Reports that relates to changes to historical accounting policies of the Company in connection with any order, directive, guideline,

comment or recommendation from the Commission or the Company’s auditor or accountant that is applicable to the Company (collectively,

the “SEC Guidance”), nor shall any correction, amendment, revision or restatement of the Company’s financial

statements due wholly or in part to the SEC Guidance or any other accounting matters, nor any other effects that relate to or arise out

of, or are in connection with or in response to, any of the foregoing or any changes in accounting or disclosure related thereto, be

deemed to be a breach of any representation or warranty by the Company or material noncompliance for purposes of this Agreement or the

other Transaction Documents.

(q)            The

authorized, issued and outstanding shares of capital stock of the Company are as set forth in the SEC Reports (except for subsequent

issuances, if any, pursuant to this Agreement, pursuant to reservations, agreements or employee benefit plans referred to in the SEC

Reports or pursuant to the exercise of convertible securities or options referred to in the SEC Reports). The outstanding shares of capital

stock or other equity interests of the Company have been duly authorized and validly issued and are fully paid and non-assessable. None

of the outstanding shares of capital stock or other equity interests of the Company were issued in violation of any preemptive or other

similar rights of any securityholder of the Company. No Person has any right of first refusal, preemptive right, right of participation,

or any similar right to participate in the transactions contemplated by the Transaction Documents that has not been waived. Except as

disclosed in the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character

whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person

any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements by which

the Company is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. Except as disclosed in the

SEC Reports, the issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to

any Person. Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company with any provision

that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company.

Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company that contain any redemption

or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is or may become

bound to redeem a security of the Company. Except as set forth above and as set forth in the SEC Reports, there are no outstanding (a) shares,

equity interests or voting securities of the Company, (b) securities of the Company convertible into or exchangeable for shares

or other equity interests or voting securities of the Company, (c) options, warrants or other rights (including preemptive rights)

or agreements, arrangements or commitments of any character, whether or not contingent, of the Company to subscribe for, purchase or

acquire from any individual, entity or other person, and no obligation of the Company to issue, any shares of the Company, or any other

equity interests or voting securities in the Company or any securities convertible into or exchangeable or exercisable for such shares

or other equity interests or voting securities, (d) equity equivalents or other similar rights of or with respect to the Company,

or (e) obligations of the Company to repurchase, redeem, or otherwise acquire any of the foregoing securities, shares, options,

equity equivalents, interests or rights. Except as set forth in the SEC Reports, there are no stockholder agreements, voting trusts or

other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of any Common Stock

or other equity interests in the Company.

(r)             The

Company is in compliance with applicable Nasdaq continued listing requirements. There are no proceedings pending or, to the Company’s

knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq and the Company has not received

any notice of, nor is there any reasonable basis for, the delisting of the Common Stock from Nasdaq.

(s)            The

Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

(t)             The

Company and its Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations,

decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes,

pollutants or contaminants (collectively, “Environmental Laws”); (ii) have received and are in compliance with

all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses

as described in the SEC Reports; and (iii) have not received notice of any actual or potential liability for the investigation or

remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of

any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other

approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(u)            The

Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or

foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure

to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”),

and, to the Company’s knowledge, neither the Company nor any Subsidiary has received any notice of proceedings relating to the

revocation or modification of any Material Permit.

(v)            With

respect to the Company’s business practices:

(i)             None

of the Company, any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other

person acting on behalf of the Company or its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result

in a material violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations

thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of

interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other

property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term

is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention

of the FCPA. Each of the Company and, to the knowledge of the Company, its affiliates has conducted its business in material compliance

with the FCPA and has instituted and maintained and will continue to maintain policies and procedures designed to ensure, and which are

reasonably expected to continue to ensure, continued compliance with all applicable anti-bribery and anti-corruption laws. Neither the

Company nor any of its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person

acting on behalf of the Company or any of its Subsidiaries has (i) violated or is in violation of or committed an offense under

any provision of the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law or (ii) made

or taken an act in furtherance of an offer, payment, promise, or authorization of the direct or indirect payment of any money benefit

to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international

organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any foreign political party or

official thereof or any candidate for foreign political office, in contravention of any applicable anti-bribery or anti-corruption law.

Neither the Company nor its Subsidiaries will use, directly or knowingly indirectly, the proceeds from the sale of Shares in furtherance

of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in

violation of any applicable anti-bribery and anti-corruption laws.

(ii)            None

of the Company or any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or

representative of the Company or any of its Subsidiaries is a Person, or is owned or controlled by one or more Persons, (i) currently

the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S.

Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council,

the European Union, His Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”),

or (ii) located, organized or resident in a country or territory that is the subject of Sanctions, including, without limitation,

Cuba, Iran, North Korea, Syria, the Crimea Region, the so-called Donetsk People’s Republic, the so-called Luhansk People’s

Republic and the non-government controlled areas of Zaporizhzhia and Kherson (each, a “Sanctioned Territory”); and

the Company will not directly or, to the knowledge of the Company, indirectly use the proceeds of the sale of the Shares, or lend, contribute

or otherwise make available such proceeds to any Subsidiaries, joint venture partners or other Person, to fund or facilitate any activities

of or business with any Person, or in any country or territory, that, at the time of such funding or facilitation, is the subject of

Sanctions or a Sanctioned Territory or in any other manner that will result in a violation by any Person (including any Person participating

in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

(w)           Except

as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) each of the Company

and its Subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights,

data, software, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems

or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual Property”)

necessary to carry on the business now operated by them and proposed to be operated by them, (ii) each of the Company and its Subsidiaries,

and to the knowledge of the Company, any counterparties thereto are not in breach of any license agreements to which the Company or its

Subsidiaries is a party, (iii) the operation of the business of the Company does not infringe, misappropriate or otherwise violate

any rights in Intellectual Property of any third party and (iv) neither the Company nor any of its Subsidiaries has received any

notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property

or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of the Company

or any of its Subsidiaries therein. The Company has taken reasonable steps in accordance with normal industry practice to maintain the

confidentiality of all Intellectual Property of the Company the value of which to the Company is contingent upon maintaining the confidentiality

thereof. Except as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) no

such Intellectual Property has been disclosed other than to employees, representatives, and agents of the Company, all of whom are bound

by written confidentiality agreements; (ii) no present or former employee, officer, or director of the Company, or agent or outside

contractor or consultant of the Company, holds any right, title or interest, directly or indirectly, in whole or in part, in or to any

Intellectual Property owned, purported to be owned, or licensed by the Company; and (iii) each Company employee involved with the

development of Intellectual Property has entered into a work-for-hire or invention assignment agreement with the Company.

(x)             The

Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company and each

of its Subsidiaries reasonably believe are adequate for the conduct of their properties and as is customary for companies engaged in

similar businesses in similar industries. The Company does not have any reason to believe that it will not be able to renew its existing

insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue

its business (without an increase in cost of such insurance coverage that would cause a Material Adverse Effect).

(y)            Except

as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) each of the Company

and its Subsidiaries has good and marketable title to all real property owned by them and good title to all other properties owned by

them, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any

kind except for liens securing disclosed indebtedness, taxes not yet due, and ordinary-course encumbrances; (ii) all of the leases

under which the Company or any of its Subsidiaries holds properties described in the SEC Reports, are in full force and effect, and (iii) neither

the Company nor any of its Subsidiaries has received any notice of any claim of any sort that has been asserted by anyone adverse to

the rights of any of the Company or any of its Subsidiaries under any of the leases or subleases mentioned above, or affecting or questioning

the rights of the Company or any of its Subsidiaries to the continued possession of the leased or subleased premises under any such lease

or sublease.

(z)            To

the Company’s knowledge, none of the Company’s stockholders, officers or directors or any family member or affiliate of any

of the foregoing, has either directly or indirectly an interest in, or is a party to, any transaction that would be required to be disclosed

as a related party transaction pursuant to Item 404 of Regulation S-K promulgated under the Securities Act that is not so disclosed.

(aa)          Other

than the Placement Agent’s fees, no brokerage or finder’s fees or commissions are or will be payable by the Company to any

broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions

contemplated by the Transaction Documents.

(bb)          Except

as (i) disclosed in the SEC Reports, (ii) have been waived and (iii) as provided for in the Company’s Registration

Rights Agreement with the Purchasers of even date herewith, no Person has any right to cause the Company to effect the registration under

the Securities Act of any securities of the Company.

(cc)          Except

for matters that would not, individually or in the aggregate, cause a Material Adverse Effect, the Company and its Subsidiaries each

(i) has made or filed all applicable 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, (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 and (iv) has

no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company

or of any Subsidiary know of no basis for any such claim. The Company is classified as a Subchapter C corporation for U.S. federal tax

purposes.

(dd)          There

is and has been no failure on the part of the Company’s directors or officers, in their capacities as such, to comply in all material

respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of

the principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the

Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302

and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed

by it or furnished by it to the Commission. For purposes of the preceding sentence, “principal executive officer” and “principal

financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act.

(ee)          The

Company’s accounting firm is UHY LLP. To the knowledge and belief of the Company, such accounting firm is a registered public accounting

firm as required by the Exchange Act.

(ff)            The

Company and each of its Subsidiaries maintain a system of internal accounting controls designed to provide reasonable assurance that

(i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are

recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to

maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific

authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and

appropriate action is taken with respect to any differences. Since the end of the Company’s most recent audited fiscal year, and

except as disclosed in the SEC Reports, there has been (i) no material weakness in the Company’s internal control over financial

reporting (whether or not remediated) and (ii) no change in the Company’s internal control over financial reporting that has

materially adversely affected, or is reasonably likely to materially adversely affect, the Company’s internal control over financial

reporting.

(gg)          The

Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with

respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is

acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and

the transactions contemplated thereby and any advice given by any Purchaser or any of its representatives or agents in connection with

the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares.

The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction

Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

(hh)          Anything

in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Company that: (i) none

of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or

short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Shares

for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without

limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions,

may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties

in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short”

position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s

length counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) one

or more Purchasers may engage in hedging activities at various times during the period that the Shares are outstanding, and (z) such

hedging activities (if any) would reduce the value of the Purchasers’ equity interests in the Company at and after the time that

the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a

breach of any of the Transaction Documents.

(ii)            The

Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to

cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale

of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Shares, or

(iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.

(jj)            Except

as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) there has been no security

breach or incident, unauthorized access or disclosure, or other compromise of, or relating to the Company’s or any of its Subsidiaries’

information technology and computer systems, networks, hardware, software, data and databases (including the data and information of

their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company or

any of its Subsidiaries, and any such data processed or stored by third parties on behalf of the Company or any of its Subsidiaries),

equipment or technology (collectively, “IT Systems and Data”); (ii) neither the Company nor its Subsidiaries

has been notified of, and each of them have no knowledge of any event or condition that could result in, any security breach or incident,

unauthorized access or disclosure or other compromise to their IT Systems and Data; (iii) neither the Company, its Subsidiaries,

nor any third party acting at their direction or authorization has paid any perpetrator of any actual or threatened security breach or

incident or cyber-attack, including, but not limited to a ransomware attack or a denial-of-service attack; and (iv) the Company

and its Subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect

the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards

and practices, or as required by applicable regulatory standards. The Company and its Subsidiaries are presently, and for the past four

years have been, in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of

any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy

and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation

or modification. Except as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the

Company has not received notice of any complaint, audit, proceeding, investigation, or claim against the Company or any of its Subsidiaries

initiated by any Person alleging that the Company’s or any of its Subsidiaries’ practice is in violation of any privacy or

information security laws; nor is the Company or any of its Subsidiaries subject to any order, judgement, or consent decree due to any

of its privacy or information security practices.

(kk)          The

Company does not have any agreement or understanding with any Purchaser with respect to the transactions contemplated by the Transaction

Documents other than as specified in the Transaction Documents. For the avoidance of doubt, except for the differences in the Per Share

Purchase Price, the Company has not entered into any other securities purchase agreement with any other Person on or around the date

hereof that includes terms and conditions that are materially more advantageous to such Person than to any Purchaser hereunder.

(ll)            The

Company hereby acknowledges and agrees that (i) the Placement Agent is acting solely as placement agent in connection with the execution,

delivery and performance of the Transaction Documents and is not acting as underwriter or in any other capacity and is not and shall

not be construed as fiduciary for the Purchasers, the Company or any other person or entity in connection with the execution, delivery

and performance of the Transaction Documents, (ii) the Placement Agent has not made nor will make any representation or warranty,

whether express or implied, of any kind or character and the Placement Agent has not provided any advice or recommendation in connection

with the execution, delivery and performance of the Transaction Documents and (iii) the Placement Agent will not have any responsibility

with respect to (A) any representations, warranties or agreements made by any person or entity under or in connection with the execution,

delivery and performance of the Transaction Documents, or the execution, legality, validity or enforceability (with respect to any person)

thereof, or (B) the business, affairs, financial condition, operations or properties of, or any other matter concerning the Company.

(mm)        The

Company has not entered into, and will not enter into, any other agreement or any definitive transaction document, side letter, undertaking

letter, or other similar agreement or instrument with any Purchaser or any other purchaser of Shares in connection with the transactions

contemplated hereby with terms and conditions that provide such Purchaser with materially more favorable economic terms relating directly

to the purchase of Shares than the terms and conditions provided to the other Purchasers; provided that the differences in the Per Share

Purchase Price shall not constitute more favorable economic terms for purposes of this provision; and provided further that purchaser-specific

provisions relating to regulatory, tax, ERISA, confidentiality, information rights, administrative or similar non-economic matters shall

not be deemed more favorable terms.

3.2            Representations

and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of

the date of this Agreement and as of the Closing Date (or, if such representations and warranties are made with respect to a specified

date, as of such date) to the Company that the following representations and warranties are true and complete as of the date hereof and

as of the Closing Date:

(a)            Such

Purchaser is either (i) an individual who has the legal capacity and authority to execute, deliver and perform such Purchaser’s

obligations under the Transaction Documents or (ii) an entity duly incorporated or formed, validly existing and in good standing

under the laws of its jurisdiction of formation or incorporation, with the requisite power and authority to execute, deliver and perform

its obligations under the Transaction Documents. If such Purchaser is an individual, such Purchaser is acquiring the Shares in the capacity

and form of ownership specified on such Purchaser’s signature page. If any consent of a spouse or spousal equivalent is required

under applicable marital, community-property or similar law for such Purchaser to enter into the Transaction Documents or acquire the

Shares, such consent has been validly obtained and remains in effect.

(b)            Each

Transaction Document to which it is a party has been duly authorized, executed and delivered by such Purchaser, and assuming the due

authorization, execution and delivery of the same by the Company, each Transaction Document to which such Purchaser is a party shall

constitute the valid and legally binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms,

except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors

generally and by the availability of equitable remedies.

execution, delivery and performance of the Transaction Documents, including the purchase of the Shares hereunder, the compliance by such

Purchaser with all of the provisions of the Transaction Documents and the consummation of the transactions contemplated herein will not

conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the

creation or imposition of any lien, charge or encumbrance upon any of the property or assets of such Purchaser pursuant to the terms

of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which such Purchaser

is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject; (ii) the

Organizational Documents of such Purchaser; or (iii) any statute or any judgment, order, rule or regulation of any court or

governmental agency or body, domestic or foreign, having jurisdiction over such Purchaser or any of its properties that in the case of

clauses (i) and (iii), would reasonably be expected to have a material adverse effect on such Purchaser’s legal authority

to consummate the transactions contemplated by the Transaction Documents, including the purchase of the Shares.

(d)            (i) At

the time such Purchaser was offered the Shares, it was, and as of the date hereof it is, an “accredited investor” (within

the meaning of Rule 501(a) under the Securities Act), satisfying the applicable requirements set forth on Annex A hereto,

(ii) such Purchaser is acquiring the Shares only for its own account and not for the account of others, or if such Purchaser is

subscribing for the Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is an “accredited

investor” (within the meaning of Rule 501(a) under the Securities Act) and such Purchaser has full investment discretion

with respect to each such account and the full power and authority to make the acknowledgements, representations and agreements herein

on behalf of each owner of each such account, and (iii) such Purchaser is not acquiring the Shares with a view to, or for offer

or sale in connection with, any distribution thereof in violation of the Securities Act (and has provided the Company with the requested

information on Annex A following the signature page hereto).

(e)            Such

Purchaser acknowledges and agrees, in reliance on the Company’s representations set forth herein, that the Shares are being offered

in a transaction not involving any public offering within the meaning of the Securities Act and that the Shares have not been registered

under the Securities Act or the securities laws of any state in the United States or other jurisdiction and that the Company is not required

to register the Shares except as set forth in the Registration Rights Agreement. Such Purchaser acknowledges and agrees that the Shares

may not be offered, resold, transferred, pledged or otherwise disposed of by such Purchaser absent an effective registration statement

under the Securities Act, except (i) to the Company or a Subsidiary thereof, (ii) pursuant to an applicable exemption from

the registration requirements of the Securities Act (including, without limitation, a private resale pursuant to so called “Section 4(a)11/2”),

or (iii) an ordinary course pledge such as a broker lien over account property generally, and, in each of clauses (i) through

(iii), in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates

or account entries representing the Shares shall contain a restrictive legend to such effect. Such Purchaser acknowledges and agrees

that the Shares will be subject to these securities law transfer restrictions, and as a result of these transfer restrictions, such Purchaser

may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial

risk of an investment in the Shares for an indefinite period of time. The Purchaser acknowledges and agrees that the Shares will not

be immediately eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities

Act. Such Purchaser acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, pledge

or transfer of any of the Shares. By making the representations in this Section 3.2(e), the Purchaser does not agree to hold

any of the Shares for any minimum or other specific term and reserves the right to assign, transfer or otherwise dispose of any of the

Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act.

(f)             Such

Purchaser understands and agrees that it is purchasing the Shares directly from the Company. Each Purchaser further acknowledges that

there have not been, and such Purchaser hereby agrees that it is not relying on, any representations, warranties, covenants or agreements

made to such Purchaser by the Company, the Placement Agent, or any of their respective Affiliates or any of their control persons, officers,

directors, employees, partners, agents or representatives, or any other person or entity, expressly or by implication, other than those

representations, warranties covenants and agreements of the Company set forth in this Agreement. Such Purchaser agrees that none of (i) any

other Purchaser (including the controlling persons, members, officers, directors, partners, agents, or employees of any such other Purchaser)

and (ii) absent its own negligence, fraud, willful misconduct, breach of agreement or violation of applicable law, the Placement

Agent, their respective Affiliates or any of their respective Affiliates’ control persons, officers, directors or employees shall

be liable to the Purchasers pursuant to this Agreement for any action heretofore or hereafter taken or omitted to be taken by any of

them in connection with the purchase of the Shares.

(g)            In

making its decision to purchase the Shares, such Purchaser has relied solely upon independent investigation made by such Purchaser, the

SEC Reports, and the Company’s representations in Section 3.1 of this Agreement. Such Purchaser acknowledges and agrees

that such Purchaser has received such information as such Purchaser deems necessary in order to make an investment decision with respect

to the Shares, including with respect to the Company, and made its own assessment and is satisfied concerning the relevant financial,

tax and other economic considerations relevant to the Purchaser’s investment in the Shares. Without limiting the generality of

the foregoing, such Purchaser acknowledges that it has been given the opportunity to review the Company’s filings with the Commission.

Such Purchaser represents and agrees that such Purchaser and such Purchaser’s professional advisor(s), if any, have had the full

opportunity to ask such questions, receive such answers and obtain such information as such Purchaser and the Purchaser’s professional

advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares. Such Purchaser acknowledges and

agrees that none of the Placement Agent or officers, directors, employees or other representatives, legal counsel, financial advisors,

accountants or agents (collectively, “Representatives”) of the Placement Agent has provided such Purchaser with any

information, recommendation or advice with respect to the Shares nor is such information, recommendation or advice necessary or desired.

The Placement Agent has not made nor makes any representation as to the Company or the quality or value of the Shares. In addition, the

Company, the Placement Agent and their respective Affiliates or Representatives may have acquired non-public information with respect

to the Company. In connection with the issuance of the Shares to the Purchaser, the Placement Agent has not acted as financial advisors

or fiduciaries to the Purchaser.

(h)            Such

Purchaser became aware of this offering of the Shares solely by means of direct contact between such Purchaser and the Company or its

Affiliates, by means of direct contact between such Purchaser or its Affiliates or by means of contact from the Placement Agent, and

the Shares were offered to such Purchaser solely by direct contact between such Purchaser and the Company or its Affiliates or the Placement

Agent. Such Purchaser did not become aware of this offering of the Shares, nor were the Shares offered to such Purchaser, by any other

means.

(i)             Such

Purchaser acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including

those set forth in the SEC Reports. Such Purchaser has such knowledge and experience in financial and business matters as to be capable

of evaluating the merits and risks of an investment in the Shares, and has had an opportunity to seek such accounting, legal, business

and tax advice as it considers necessary. Such Purchaser represents that (a) it is a sophisticated investor, experienced in investing

in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions

and investment strategies involving a security or securities, and has exercised independent judgment in evaluating its participation

in the purchase of the Shares and (b) the purchase and sale of the Shares hereunder meets (i) the exemptions from filing under

FINRA Rule 5123(b)(1)(A), (B) or (G) and (ii) the institutional customer exemption under FINRA Rule 2111(b).

If such Purchaser is an individual, such Purchaser represents that the applicable individual accredited investor category or categories

selected on Annex A are accurate and complete. Such Purchaser’s residence, if an individual, or the office at which its investment

decision with respect to the Shares was made, if an entity, is located at the address set forth on such Purchaser’s signature page.

(j)             Such

Purchaser has adequately analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a

suitable investment for such Purchaser and that such Purchaser is able at this time and in the foreseeable future to bear the economic

risk of a total loss of such Purchaser’s investment in the Company. Such Purchaser acknowledges specifically that a possibility

of total loss exists.

(k)            Such

Purchaser understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares

or made any findings or determination as to the fairness of this investment.

(l)             Such

Purchaser is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by

OFAC or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),

or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control

Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell

bank. Such Purchaser agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided

that such Purchaser is permitted to do so under applicable law. If such Purchaser is a financial institution subject to the Bank Secrecy

Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively,

the “BSA/PATRIOT Act”), such Purchaser maintains policies and procedures reasonably designed to comply with applicable

obligations under the BSA/PATRIOT Act. To the extent required under applicable Law, such Purchaser maintains policies and procedures

reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required

under applicable law, such Purchaser maintains policies and procedures reasonably designed to ensure that the funds held by such Purchaser

and used to purchase the Shares were legally derived.

(m)           No

foreign person (as defined in 31 C.F.R. § 800.224) in which the national or subnational governments of a single foreign state have

a substantial interest (as defined in 31 C.F.R. § 800.244) will acquire a substantial interest in the Company as a result of the

purchase and sale of Shares hereunder such that a declaration to the Committee on Foreign Investment in the United States would be mandatory

under 31 C.F.R. § 800.401, and no foreign person will have control (as defined in 31 C.F.R. § 800.208) over the Company from

and after the Closing as a result of the purchase and sale of Shares hereunder.

(n)            Such

Purchaser (i) will have sufficient funds to pay the Subscription Amount pursuant to Section 2.2(b)(iii) of this

Agreement and any expenses incurred by such Purchaser in connection with the transactions contemplated by or in connection with the Transaction

Documents, (ii) has the resources and capabilities (financial or otherwise) to perform its obligations under the Transaction Documents,

and (iii) has not incurred any obligation, commitment, restriction or liability of any kind, absolute or contingent, present or

future, which would have a material adverse effect on its legal authority to perform its obligations under the Transaction Documents.

(o)            Such

Purchaser acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person,

firm or corporation (including, without limitation, the Company, the Placement Agent or any of their respective Affiliates or any of

their control persons, officers, directors, employees, agents or representatives), other than the SEC Reports and the representations

and warranties of the Company contained in the Transaction Documents, in making its investment or decision to invest in the Company.

Such Purchaser agrees that none of (i) any other Purchaser or any other Person participating in any other private placement of shares

of Common Stock (including the controlling persons, officers, directors, partners, agents or employees of any such other Person), (ii) the

Company’s Affiliates or any of its respective Affiliates’ control persons, officers, directors, partners, agents, employees

or representatives nor (iii) the Placement Agent, its respective Affiliates or any of their respective control persons, officers,

directors, partners, agents, employees or representatives; in each case, absent its own negligence, fraud, willful misconduct, breach

of agreement or violation of applicable law, shall be liable to such Purchaser pursuant to the Transaction Documents for any action heretofore

or hereafter taken or omitted to be taken by Purchaser in connection with the purchase of the Shares hereunder.

(p)            No

broker or finder which has been retained by or is authorized to act on behalf of the Purchaser is entitled to any brokerage or finder’s

fee or commission to be paid by such Purchaser solely in connection with the sale of the Shares to such Purchaser.

(q)            [Reserved].

(r)             Such

Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating

to the Company. For the avoidance of doubt, nothing in this Agreement or any Transaction Document, nor the delivery of any information

(including any information that may constitute material non-public information) to Purchaser, shall restrict or be deemed to restrict

any Purchaser’s ability to effect transactions in the securities of any issuer other than the Company.

ARTICLE 4

OTHER

AGREEMENTS OF THE PARTIES

4.1 Transfer

Restrictions.

(a)            The

Shares may only be disposed of by a Purchaser in compliance with applicable state and federal securities laws. In connection with any

transfer of Shares by a Purchaser other than (i) pursuant to an effective registration statement or Rule 144, (ii) to

the Company, (iii) to an Affiliate of such Purchaser or (iv) in connection with a pledge as contemplated in Section 4.1(b),

(1) the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor (in-house

counsel to suffice), the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such

transfer does not require registration of such transferred Shares under the Securities Act, and (2) as a condition of transfer,

any such transferee shall agree in writing to be bound by the terms of this Agreement and, if permitted pursuant to the terms thereof,

the Registration Rights Agreement and shall have the rights and obligations of the Purchasers under this Agreement and the Registration

Rights Agreement, if a party thereto.

(b)            Each

Purchaser agrees to the imprinting or notation, so long as is required by this Section 4.1, of a legend on or with respect

to the Shares in the following form:

THIS SECURITY HAS NOT BEEN REGISTERED

WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION

UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT

PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION

NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY

MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION

THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges

and agrees that, notwithstanding anything to the contrary herein, a Purchaser may from time to time pledge pursuant to a bona fide margin

agreement with a registered broker-dealer or grant a security interest in some or all of the Shares to a financial institution that is

an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of

such arrangement, such Purchaser may transfer, pledge or grant a security interest over Shares to the pledgees or secured parties. Such

a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party

or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s

expense (as agreed between Company and Purchaser), the Company will execute and deliver such reasonable documentation as a pledgee or

secured party of Shares may reasonably request in connection with a pledge or transfer of the Shares, including, if the Shares are subject

to registration pursuant to the Registration Rights Agreement, the preparation and filing of any required prospectus supplement under

Rule 424(b) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of

selling securityholders thereunder.

Company shall use its reasonable best efforts to cause the issuance, by book entry, of Shares not containing any legend (including the legend

set forth in Section 4.1(b) hereof), (i) while a registration statement (including the Registration Statement) covering

the resale of such security that is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144,

(iii) if such Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with

the current public information required under Rule 144 as to such Shares without volume or manner of sale restrictions, or (iv) if

in the opinion of counsel to the Company, such legend is not required under applicable requirements of the Securities Act (including

judicial interpretations and pronouncements issued by the staff of the Commission).

The Company agrees that at

and after such time as the Company is obligated to issue Shares without legends pursuant to the first paragraph of this Section 4.1(c),

it will, no later than the earlier of (i) one (2) Trading Day and (ii) the number of Trading Days comprising the Standard

Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a request and such

customary representations, broker documentation and other evidence as may be reasonably requested by the Company, the Company’s

counsel or the Transfer Agent with respect to the book entry position representing the Shares issued with a restrictive legend, instruct

its counsel to issue a legal opinion to the Transfer Agent if required by the Transfer Agent to effect the removal of the legend hereunder

and promptly thereafter, deliver or cause to be delivered to such Purchaser a statement evidencing the book entry position representing

such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions

to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.1. Shares subject to legend removal

hereunder shall be transmitted by the Transfer Agent to a Purchaser by crediting the account of such Purchaser’s prime broker with

the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period” means the

standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the

Common Stock as in effect on the date of delivery of a certificate representing Shares issued with a restrictive legend.

(d)            Each

Purchaser agrees with the Company that such Purchaser will sell any Shares pursuant to either the registration requirements of the Securities

Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Shares are sold pursuant to a

Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal

of the restrictive legend from reasonable evidence of issuance by book entry, representing Shares as set forth in this Section 4.1

is predicated upon the Company’s reliance upon this understanding.

4.2            Acknowledgment

of Dilution. The Company acknowledges that the issuance of the Shares may result in dilution of the outstanding shares of Common

Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under

the Transaction Documents are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless

of the effect of any such dilution; provided, however, that nothing in this Section shall constitute or be deemed to constitute

a waiver by the Company of any right, claim or remedy arising from any Purchaser’s breach of any Transaction Document, fraud, willful

misconduct or violation of applicable law.

4.3            Furnishing

of Information; Public Information. Until the earlier of (i) the time that no Purchaser owns any Shares and (ii) the

date that is three years after the Closing Date, the Company shall use commercially reasonable efforts to maintain the registration of

the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file all reports required to be filed

by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements

of the Exchange Act.

4.4            Integration.

The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in

Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares in a manner that would require the

registration under the Securities Act of the sale of the Shares or that would be integrated with the offer or sale of the Shares for

purposes of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing

of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

4.5            Securities

Laws Disclosure; Publicity. The Company shall by 9:00 a.m., New York City time, on the first (1st) Business Day immediately

following the date of this Agreement, or by 9:00 a.m., New York City time, on the date of the Agreement if this Agreement is executed

before 9:00 a.m., New York City time, (a) issue a press release and/or file a Current Report on Form 8-K disclosing the material

terms of the transactions contemplated hereby, which shall have been previously reviewed by counsel for the Placement Agent, and (b) in

respect of any information that is issued in a press release, file a Current Report on Form 8-K (the time of actual filing of such

Current Report on Form 8-K, the “Disclosure Time”), which shall have been previously reviewed by counsel for

the Placement Agent and shall include (i) all material, non-public information that the Company has provided to the Purchaser at

any time prior to the Disclosure Time and (ii) this Agreement as an exhibit thereto. From and after the Disclosure Time, the Company

represents and covenants to the Purchasers and the Placement Agent that, to the extent required by applicable law or the rules of

the Trading Market, the Company shall have publicly disclosed the material terms of the transactions contemplated by the Transaction

Documents and any material non-public information regarding the Company that the Company determines, with the advice of counsel, is required

to be publicly disclosed in connection therewith. Effective upon the Disclosure Time, any confidentiality or similar obligations under

this Agreement or any agreement entered into in connection with the transactions contemplated by the Transaction Documents shall terminate.

The Company and Placement Agent shall consult with each other in issuing any other press releases with respect to the transactions contemplated

hereby, and no Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of

the Company and the Placement Agent (such consent not to be unreasonably withheld or delayed), with respect to any press release of any

Purchaser, or without the prior consent of each Purchaser and the Placement Agent (such consent not to be unreasonably withheld or delayed),

with respect to any press release of the Company, except to the extent disclosure is required by applicable law or the rules of

the Trading Market. Notwithstanding anything to the contrary contained herein, without the prior written consent of any applicable Purchaser,

the Company shall not (and shall cause each of its affiliates and representatives not to) disclose the name of such Purchaser or its

investment adviser in any filing, announcement, release or otherwise, except as required by applicable law or the rules of the Trading

Market.

4.6            Stockholder

Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that exclusively

as a result of the transactions contemplated by this Agreement any Purchaser is an “Acquiring Person” under any control

share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar antitakeover plan

or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any

such plan or arrangement, by virtue of receiving Shares under the Transaction Documents.

4.7            Non-Public

Information. From and after the Disclosure Time, the Company covenants and agrees that neither it, nor any other Person acting

on its behalf, will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company believes constitutes,

material non-public information, unless prior thereto such Purchaser shall have consented (in writing, with e-mail being sufficient)

to the receipt of such information and agreed with the Company to keep such information confidential. To the extent that the Company

or any of its respective officers, director, agents, employees or Affiliates delivers any material, non-public information to any Purchaser

without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of trust

or confidentiality to the Company or any of its respective officers, directors, agents, employees or Affiliates, or a duty to the Company

or any of its respective officers, directors, agents, employees or Affiliates not to trade while aware of, such material, non-public

information, provided that such Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to

any Transaction Document constitutes, or contains, material, non-public information regarding the Company, the Company shall use its

commercially reasonable efforts to promptly file such notice with the Commission pursuant to a Current Report on Form 8-K.

4.8            Use

of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for general corporate and working capital

purposes or for such other purposes as the Company may determine in its exclusive discretion.

4.9            Eligibility.

Each Purchaser shall promptly furnish such reasonable and customary additional information as the Company may reasonably request to confirm

such Purchaser’s eligibility to acquire the Shares, the availability of an exemption from registration, compliance with applicable

securities laws or the accuracy and completeness of information required for any filing relating to the transactions contemplated by

the Transaction Documents.

4.10          Listing

of Shares. The Company shall, as applicable: (i) prior to the Closing Date, in the manner required by the principal Trading

Market, prepare and file with such Trading Market an additional shares listing notification covering the Shares and (ii) use commercially

reasonable efforts to maintain the listing or quotation of the Common Stock on such Trading Market or another Trading Market. The Company

agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established

clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established

clearing corporation in connection with such electronic transfer.

4.11          Subsequent

Equity Sales. From the date hereof until the Standstill Termination Date, the Company shall not, without the prior written consent

of the Purchasers of at least a majority in interest of the Shares then held by the Purchasers, (i) other than in an Exempt Issuance,

issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or (ii) file

any registration statement or any amendment or supplement thereto, in each case other than in furtherance of an Exempt Issuance or as

contemplated pursuant to the Registration Rights Agreement.

4.12          Certain

Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such

time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as

described in Section 4.5 or the termination of this Agreement in accordance with Section 5.1, such Purchaser

will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing, and notwithstanding

anything contained in this Agreement to the contrary, except to the extent a Purchaser has agreed in writing after the Disclosure Time

to receive and keep confidential material non-public information pursuant to Section 4.7, the Company expressly acknowledges

and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions

in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant

to the initial press release as described in Section 4.5, (ii) no Purchaser shall be restricted or prohibited from effecting

any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions

contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.5

and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company

after the issuance of the initial press release as described in Section 4.5. Notwithstanding the foregoing, in the case of

a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s

assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made

the investment decision to purchase the Shares covered by this Agreement.

4.13          Blue

Sky Filings. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an

exemption for, or to qualify the Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky”

laws of the states of the United States.

4.14          Equal

Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to

any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration

is also offered to all Purchasers affected thereby. For clarification purposes, this provision constitutes a separate right granted to

each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as

a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition

or voting of Shares or otherwise. Notwithstanding the foregoing, Purchaser-specific provisions relating to regulatory, tax, ERISA, confidentiality,

information rights, administrative or similar non-economic matters shall not be subject to this Section. For the avoidance of doubt,

the differences in the Per Share Purchase Price shall not violate this Section or require that any adjustment or other consideration

be offered to any Purchaser.

4.15          Counsel.

Each Purchaser acknowledges that the Company’s counsel represents only the Company in connection with the transactions contemplated

by the Transaction Documents and has not rendered legal advice to such Purchaser.

ARTICLE 5

MISCELLANEOUS

5.1            Termination.

This Agreement may be terminated by mutual written agreement of a Purchaser as to such Purchaser’s obligations and the Company.

The Company shall provide prompt notice of any such termination to each other Purchaser.

5.2            Fees

and Expenses. Except as expressly set forth in the Transaction Documents or the Engagement Letter, each party shall pay the fees

and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident

to the negotiation, preparation, execution, delivery and performance of this Agreement and the Transaction Documents. The Company shall

pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered

by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other Taxes and duties levied in connection with the

delivery of any Shares to the Purchasers.

5.3            Entire

Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the

parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,

with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

5.4            Use

of Single Agreement. For ease of administration, this single Agreement is being executed so as to enable each Purchaser identified

on the signature page to enter into an Agreement, severally, but not jointly. The parties agree that (i) this Agreement shall

be treated as if it were a separate agreement with respect to each Purchaser listed on the signature page, as if each Purchaser entity

had executed a separate Agreement naming only itself as Purchaser, and (ii) no Purchaser listed on the signature page shall

have any liability under the Agreement for obligations of any other Purchaser so listed.

5.5            Notices.

Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall

be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via

email at the e-mail address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time)

on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via email

attachment at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later

than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing,

if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required

to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

5.6            Amendments;

Waivers. No amendment, modification, alteration, or change in any of the terms of this Agreement shall be valid or binding upon

the parties hereto unless made in writing and duly executed by the Company and the Purchasers. No amendment, modification, alteration

or change to Section 3.1, Section 3.2, Section 4.5, Section 4.11, Section 5.3,

Section 5.9 and Section 5.17 can be made without the prior written consent of the Placement Agent. The Company,

on the one hand, and each Purchaser, on the other hand, may by an instrument signed in writing by such parties waive the performance,

compliance or satisfaction by such Purchaser or the Company, respectively, with any term or provision of this Agreement or any condition

hereto to be performed, complied with or satisfied by such Purchaser or the Company, respectively. No waiver of any default with respect

to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any

subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party

to exercise any right hereunder in any manner impair the exercise of any such right.

5.7            Headings.

The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any

of the provisions hereof.

5.8            Successors

and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and

permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent

of the Purchasers. Prior to the Closing, no Purchaser may assign its rights or obligations under this Agreement without the prior written

consent of the Company; provided that a Purchaser may assign its rights and obligations, without such consent, to an Affiliate or another

investment fund or account managed or advised by the same investment manager if the assignee executes and delivers to the Company a joinder

to this Agreement and the Registration Rights Agreement and makes the representations and warranties set forth in Section 3.2. Following

the Closing, a Purchaser may assign rights that expressly run with transferred Shares to a transferee acquiring such Shares in compliance

with applicable law and the Transaction Documents if such transferee agrees in writing to be bound by the provisions applicable to a

Purchaser. No assignment shall relieve the assigning Purchaser of any liability for obligations arising before the assignment.

5.9            No

Third-Party Beneficiaries. The Placement Agent shall be the express third-party beneficiary of the representations and warranties

of the Company in Section 3.1 hereof and the representations and warranties of the Purchasers in Section 3.2

hereof. Except as otherwise set forth in Section 4.5, Section 4.11, Section 5.3, this Section 5.9,

and Section 5.17, this Agreement is intended for the benefit of the parties hereto and their respective successors and permitted

assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

5.10          Governing

Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be

governed by and construed and enforced in accordance with the internal laws of the State of New York. Each party agrees that it shall

commence any legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement

and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders,

partners, members, employees or agents) exclusively in the state and federal courts sitting in the State of New York. Each party hereby

irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the adjudication

of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect

to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding,

any claim that it is not personally subject to the jurisdiction of any such court, that such 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 Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence

of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute

good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to

serve process in any other manner permitted by law.

5.11          Survival.

The representations and warranties contained in Section 3.1 and Section 3.2 shall survive the Closing and the

delivery of the Shares.

5.12          Execution.

This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement

and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that

the parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery of a “.pdf”

format data file (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act,

the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), such signature shall create a valid and binding

obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such “.pdf”

signature page were an original thereof.

5.13          Severability.

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,

void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force

and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts

to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,

covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining

terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or

unenforceable.

5.14          Rescission

and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)

any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document

and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind

or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in

whole or in part without prejudice to its future actions and rights.

5.15          Replacement

of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall

issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of

and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company

of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable

third-party costs (including customary indemnity) associated with the issuance of such replacement Shares.

5.16          Remedies.

In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchasers

and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages will

not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and

hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law

would be adequate.

5.17          Exculpation

of the Placement Agent. Each party hereto agrees for the express benefit of the Placement Agent, its affiliates and their representatives

that:

(a)            Neither

the Placement Agent nor its affiliates or representatives (i) have any duties or obligations other than those specifically set forth

herein or in the Engagement Letter; (ii) shall be liable for any improper payment made in accordance with the information provided

by the Company; (iii) make any representation or warranty, or have any responsibilities as to the validity, accuracy, value or genuineness

of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Agreement or the Transaction

Documents or in connection with any of the transactions; or (iv) shall be liable (A) for any action taken, suffered or omitted

by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers conferred upon it

by this Agreement or any Transaction Document or (B) for anything which any of them may do or refrain from doing in connection with

this Agreement or any Transaction Document, except for such party’s own fraud, gross negligence, willful misconduct, breach of

agreement, violation of applicable law or bad faith.

(b)            The

Placement Agent, its affiliates and their representatives shall be entitled to (i) rely on, and shall be protected in acting upon,

any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on behalf of the

Company, and (ii) be indemnified by the Company for acting as Placement Agent, hereunder pursuant to the indemnification provisions

set forth in the Engagement Letter.

5.18          Saturdays,

Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required

or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business

Day.

5.19          Construction.

The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents

and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party

shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference

to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits,

stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. In

this Agreement, unless the context otherwise requires: (i) whenever required by the context, any pronoun used in this Agreement

shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include

the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including without

limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words

“without limitation”; and (iii) the words “herein”, “hereto” and “hereby” and other

words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular

portion of this Agreement.

5.20          WAIVER

OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH

KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY

AND EXPRESSLY WAIVE FOREVER TRIAL BY JURY.

Independent

Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser hereunder are several and

not joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible or disadvantaged in any way for

the performance, or failure of performance, of the obligations of any other Purchaser hereunder. Nothing contained herein or in any other

agreement or document delivered at any closing, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute

the Purchasers as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the

Purchasers are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated

by this Agreement or any other matters, and the Company acknowledges that the Purchasers are not acting in concert or as a group, and

the Company shall not assert any such claim, with respect to such obligations or transactions. Each Purchaser shall be entitled to protect

and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any

other Purchaser to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to

the obligations of the Company was solely in the control of the Company, not the action or decision of any Purchaser, and was done solely

for the convenience of the Company and not because it was required or requested to do so by any Purchaser. It is expressly understood

and agreed that each provision contained in this Agreement is between the Company and each Purchaser, solely, and not between the Company

and the Purchasers collectively and not between and among Purchasers.

5.21          Non-Recourse.

Notwithstanding anything that may be expressed or implied in this Agreement, each party covenants, agrees and acknowledges that no recourse

under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or

future director, officer, employee, stockholder, general or limited partner, member, affiliate or assignee of any other party, whether

by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable

law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be

incurred by any such person solely by reason of its status as such for any obligation of a party under this Agreement or any documents

or instruments delivered in connection with this Agreement or for any claim based on, in respect of or by reason of such obligations

or their creation; provided that the foregoing shall not limit any claim against a party hereto or any claim based on such person’s

own fraud, willful misconduct, bad faith, breach of agreement or violation of applicable law.

(Signature Pages Follow)

IN WITNESS WHEREOF, the parties

hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

XBP GLOBAL HOLDINGS, INC.

Address for Notice:

By:

6641 N. Belt Line Road, Suite 100

Name: Andrej Jonovic

Irving, TX 75063

Title: Chief Executive Officer

With a copy to (which shall not constitute notice):

Email:

legalnotices@xbpamericas.com

Baker & Hostetler LLP

45 Rockefeller Plaza

New York, New York 10111

Attention: Thomas P. L’Helias and Erik Mengwall

Email: tlhelias@bakerlaw.com; emengwall@bakerlaw.com

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the undersigned

have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: ___________________________

Purchaser type (check one): ¨ Entity ¨ Individual

If Purchaser is an individual:

Signature

of Purchaser:

Form of ownership if individual: ¨ Individual ¨ Joint ¨ Other:

_______________________

If Purchaser is an entity, signature of authorized signatory appears

below.

Signature

of Authorized Signatory:

Name of Authorized Signatory:

Title of Authorized Signatory:

BOTH Individual and Entity Purchasers to complete the below:

Taxpayer Identification Number: ___________________________

Mailing and e-mail address for notices to Purchaser:

Mailing and e-mail address for use by Transfer Agent: (if not same

as address for notice):

Subscription Amount: $___________________________

Per Share Purchase Price: $___________________________

Number of shares of Common Stock: ___________________________

Company insider or related party: ¨ No ¨ Yes

(describe): ___________________________

SCHEDULE A

Name of Purchaser

Subscription

Amount

Per

Purchase Price

Number

of Shares

[●]

$ [●]

[●]

Total

$ [●]

[●]

ANNEX A

ELIGIBILITY REPRESENTATIONS OF EACH PURCHASER

I. In connection with the issuance of the Shares,

the Purchaser represents and warrants that it comes within one category marked below, and

that for any category marked, it has truthfully set forth, where applicable, the factual

basis or reason the Purchaser comes within that category. This page should be completed

by the Purchaser and constitutes a part of the Securities Purchase Agreement. ALL INFORMATION

IN RESPONSE TO THESE QUESTIONS WILL BE KEPT STRICTLY CONFIDENTIAL (SUBJECT TO DISCLOSURE

AS REQUIRED BY APPLICABLE LAW). The Purchaser agrees to furnish any additional information

that the Company deems necessary in order to verify the answers set forth below. The Purchaser

agrees that he or she will notify the Company at any time on or prior to the issuance of

the Shares in the event that the representations and warranties in this questionnaire shall

cease to be true, accurate and complete.

Category A

The Purchaser

is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his or her spouse

or spousal equivalent (as defined in Rule 501(j) under the Securities Act), exclusive of principal residence presently

exceeds $1,000,000.

Explanation. For

purposes of calculating net worth under this Category A, (i) the Purchaser’s primary residence shall not be included as

an asset, (ii) indebtedness that is secured by the Purchaser’s primary residence, up to the estimated fair market value

of the primary residence at the time of the sale of the Shares, shall not be included as a liability, (iii) to the extent that

the indebtedness that is secured by the primary residence is in excess of the fair market value of the primary residence, the excess

amount shall be included as a liability, and (iv) if the amount of outstanding indebtedness that is secured by the primary residence

exceeds the amount outstanding 60 days prior to the execution of this Securities Purchase Agreement, other than as a result of the

acquisition of the primary residence, the amount of such excess shall be included as a liability.

Category B

The Purchaser is an individual

(not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of the two most recent years, or joint

income with his or her spouse or spousal equivalent (as defined in Rule 501(j) under the Securities Act) in excess of $300,000

in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but

excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching

the same income level in the current year.

Category C

The Purchaser is a director

or executive officer of the Company.

Category D

The Purchaser is a bank;

savings and loan association; insurance company; registered investment company; registered business development company; licensed

small business investment company; a Rural Business Investment Company (as defined in Section 384A of the Consolidated Farm

and Rural Development Act); or employee benefit plan within the meaning of Title 1 of ERISA and (a) the investment decision

is made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment advisor,

or (b) the plan has total assets in excess of $5,000,000 or (c) is a self-directed plan with investment decisions made

solely by persons that are accredited investors. (describe entity)

Category E

The Purchaser is a private

business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. (describe entity)

Category F

The Purchaser

is either a corporation, partnership, Massachusetts business trust, or nonprofit organization within the meaning of Section 501(c)(3) of

the Internal Revenue Code, in each case not formed for the specific purpose of acquiring the Shares and with total assets in excess

of $5,000,000. (describe entity)

Category G

The Purchaser is a trust

with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, where the purchase is directed

by a “sophisticated investor” as defined in Rule 506(b)(2)(ii) under the Securities Act.

Category H

The Purchaser is an individual (not a partnership,

corporation, etc.) who holds in good standing one or more of the following certifications, designations and/or credentials:

·      Licensed

General Securities Representative (Series 7);

·      Licensed

Investment Adviser Representative (Series 65); and/or

·      Licensed

Private Securities Offerings Representative (Series 82).

Category I

The Purchaser is an investment

adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state,

or an investment adviser relying on the exemption from registering with the Securities and Exchange Commission under Section 203(l) or

(m) of the Investment Advisers Act of 1940.

Category J

The Purchaser is an entity,

of a type not listed above, not formed for the specific purpose of acquiring the securities, owning “investments” (as

defined in Rule 2a51-1(b) under the Investment Company Act of 1940) in excess of $5,000,000.

Category K

The Purchaser is a “family

office” (as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940), (1) with assets under management

in excess of $5,000,000, (2) that is not formed for the specific purpose of acquiring the securities, and (3) whose prospective

investment is directed by a person who has such knowledge and experience in financial and business matters that such family office

is capable of evaluating the merits and risks of the prospective investment (a “Family Office”).

Category L

The Purchaser is a “family

client” (as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940) of a Family Office whose prospective

investment in the Company is directed by such Family Office pursuant to the clause (3) in the Category above.

Category M

The Purchaser is an entity

(other than a trust) in which all of the equity owners are “accredited investors” within one or more of the above categories.

If relying upon this Category alone, each equity owner must complete a separate copy of this Annex A. (describe entity)

Category N

The Purchaser is not within

any of the categories above and is therefore not an accredited investor.

Exhibit A

Form of Lock-up Agreement

LOCK-UP LETTER AGREEMENT

CANTOR FITZGERALD & CO.

110 EAST 59TH STREET

NEW YORK, NEW YORK 10022

ATTN: EQUITY CAPITAL MARKETS

RE: PROPOSED PRIVATE PLACEMENT BY XBP GLOBAL HOLDINGS, INC.

(THE “OFFERING”)

Ladies and Gentlemen:

The undersigned understands

that XBP Global Holdings, Inc., a Delaware corporation (the “Company”), is entering into a Securities Purchase

Agreement dated on or about the date hereof (the “Purchase Agreement”) providing for the sale and issuance to

each of the investors identified on the signature pages thereto (the “Investors”) of shares (the “Shares”)

of common stock, par value $0.0001 per share (the “Common Stock”), of the Company. Capitalized terms used but

not defined herein shall have the respective meanings ascribed to such terms in the Purchase Agreement.

For purposes of this Lock-Up

Letter Agreement, the following terms shall have the meanings set forth below:

“Affiliate”

has the meaning ascribed to it in Rule 405 under Securities Act;

“Change of Control”

means the consummation of any bona fide tender offer, merger, consolidation or other similar transaction, in one transaction or a series

of related transactions, the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange

Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50%

of the voting capital stock of the Company (or the surviving entity);

“Exchange Act”

means the Securities Exchange Act of 1934, as amended; and

“Securities Act”

means the Securities Act of 1933, as amended.

In consideration of the execution

of the Purchase Agreement by the Investors, and for other good and valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the undersigned hereby irrevocably agrees that, without the prior written consent of Cantor Fitzgerald & Co. (“CF&Co”),

the undersigned will not, directly or indirectly, (1) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction

or device that is designed to, or could be expected to, result in the disposition by any person at any time in the future of) any shares

of Common Stock (including, without limitation, shares of Common Stock that may be deemed to be beneficially owned or hereafter acquired

by the undersigned, or with respect to which the undersigned has or hereafter acquires the power of disposition, in accordance with the

rules and regulations of the Securities and Exchange Commission (the “SEC”) and shares of Common Stock

that may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for Common

Stock, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic

benefits or risks of ownership of shares of Common Stock, whether any such transaction described in clause (1) or (2) above

is to be settled by delivery of Common Stock or other securities, in cash or otherwise, or (3) publicly disclose the intention to

do any of the foregoing for a period commencing on the date hereof and ending on the earlier of (i) the 30th day that the Company’s

registration statement registering for resale the Common Stock issued under the Purchase Agreement has been declared effective by the

SEC or (ii) the 60th day following the Closing Date (such period, the “Lock-Up Period”).

The foregoing restrictions

are expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed to or which reasonably

could be expected to lead to or result in a sale or disposition of Common Stock or any other securities of the Company even if such Common

Stock or other securities of the Company would be disposed of by someone other than the undersigned, including, without limitation, any

short sale or any purchase, sale or grant of any right (including without limitation any put or call option, forward, swap or any other

derivative transaction or instrument) with respect to any Common Stock, or any other security of the Company that includes, relates to,

or derives any significant part of its value from Common Stock or other securities of the Company.

The foregoing restrictions,

including without limitation the immediately preceding sentence, shall not apply to:

(a) (i) any bona

fide charitable gift or gifts, including, without limitation, to a charitable organization or educational institution, or (ii) bona

fide gifts or other dispositions of shares of any class of the Company’s capital stock, in each case, that are made exclusively

between and among the undersigned or members of the undersigned’s family, or affiliates of the undersigned, including its partners

(if a partnership) or members (if a limited liability company); provided that it shall be a condition to any transfer pursuant

to this clause (a) that (1) the transferee/donee agrees to be bound by the terms of this Lock-Up Letter Agreement (including,

without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party hereto,

(2) any such transfer shall not involve a disposition for value, and (3) each party (donor, donee, transferor or transferee)

shall not be required by law (including without limitation the disclosure requirements of the Securities Act and the Exchange Act) to

make, and shall agree to not voluntarily make, any filing or public announcement of the gift, sale or other disposition prior to the expiration

of the Lock-Up Period;

(b) the vesting of restricted

stock awards of stock units or exercise or settlement of stock options or other equity awards granted pursuant to the Company’s

stock option/incentive plans or awards, provided, that the restrictions shall apply to shares of Common Stock issued upon such

exercise or conversion;

will or intestacy, provided, that (1) any transferee agrees to be bound by the terms of this Lock-Up Letter Agreement (including,

without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee(s) were a party

hereto, (2) any such transfer shall not involve a disposition for value, (3) no public disclosure or filing under the Exchange

Act shall be voluntarily made during the Lock-Up Period and (4) any required filing under the Exchange Act made during the Lock-Up

Period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (c);

(d) any transfers pursuant

to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of a marriage or civil

union, provided, that (1) any transferee agrees to be bound by the terms of this Lock-Up Letter Agreement (including, without

limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee(s) were a party hereto,

(2) any such transfer shall not involve a disposition for value, (3) no public disclosure or filing under the Exchange Act shall

be voluntarily made during the Lock-Up Period and (4) any required filing under the Exchange Act made during the Lock-Up Period shall

clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (d), unless otherwise

prohibited by such court order or settlement agreement;

(e) transfers or dispositions

of shares of capital stock of the Company or any securities convertible into, or exercisable or exchangeable for, such capital stock to

any trust or donor advised fund, or other entity formed for estate planning purposes, for the direct or indirect benefit of the undersigned

or the immediate family of the undersigned in a transaction not involving a disposition for value, or, if the undersigned is a trust,

to a trustor or beneficiary of the trust, or, if the undersigned is a corporation, partnership, limited liability company or other business

entity, to another corporation, partnership, limited liability company or other business entity that controls, is controlled by or is

under common control with the undersigned or as part of a disposition, transfer or distribution by the undersigned to partners, limited

partners, stockholders, members or equityholders of the undersigned, provided, in each case, that (1) any transferee agrees

to be bound by the terms of this Lock-Up Letter Agreement (including, without limitation, the restrictions set forth in the preceding

sentence) to the same extent as if the transferee(s) were a party hereto, (2) any such transfer shall not involve a disposition

for value, (3) no public disclosure or filing under the Exchange Act shall be voluntarily made during the Lock-Up Period and (4) any

required filing under the Exchange Act made during the Lock-Up Period shall clearly indicate in the footnotes thereto that the filing

relates to the circumstances described in this clause (e);

(f) the conversion of

shares of preferred stock of the Company, or the conversion, exercise or exchange of any other securities of the Company, into Common

Stock or any other securities of the Company, provided, that such shares of Common Stock or other securities issued upon conversion,

exercise or exchange remain subject to the terms of this Lock-Up Letter Agreement;

(g) any transfers or

commitments to transfer pursuant to a merger, stock sale, recapitalization, consolidation, tender offer or other similar transaction involving

a Change of Control or reverse merger, or any merger, consolidation, acquisition or other business combination transaction in which the

Company is the surviving or continuing entity (each, a “Company Acquisition”), provided, that in the

event that such merger, stock sale, recapitalization, consolidation, tender offer or other such transaction, reverse merger or Company

Acquisition is not completed, such shares of Common Stock or other securities held by the undersigned shall remain subject to the provisions

of this Lock-Up Letter Agreement;

(h) the transfer by the

undersigned of shares of Common Stock or any securities convertible into, exercisable or exchangeable for, Common Stock upon a vesting

or settlement event of the Company’s securities or upon the exercise of options or warrants to purchase the Company’s securities

on a “cashless” or “net exercise” basis, or in a “sell-to-cover” transaction, in each case pursuant

to any equity incentive plan or award of the Company described in the Company’s SEC filings and to the extent permitted by the instruments

representing such options or warrants outstanding as of the date of the Purchase Agreement, provided that (1) the shares received

upon exercise or settlement of the option or warrant are subject to the terms of this Lock-Up Letter Agreement, (2) no public disclosure

or filing under the Exchange Act shall be voluntarily made during the Lock-Up Period and (3) any required filing under the Exchange

Act made during the Lock-Up Period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described

in this clause (h), including that the securities remain subject to the terms of this Lock-Up Letter Agreement;

(i) the transfer of shares

of Common Stock or securities convertible into, or exercisable or exchangeable for, shares of Common Stock to the Company in connection

with the termination of the undersigned’s employment or services with the Company, provided, that (1) no

public disclosure or filing under the Exchange Act shall be voluntarily made during the Lock-Up Period and (2) any required filing

under the Exchange Act made during the Lock-Up Period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances

described in this clause (i);

(j) sales of shares of

Common Stock purchased by the undersigned on the open market following the date of the Purchase Agreement, provided, that any required

filing under the Exchange Act made during the Lock-Up Period shall clearly indicate in the footnotes thereto that the filing relates to

the circumstances described in this clause (j);

(k) transfers to any

Affiliate of the undersigned, provided, that (1) such transfer is not for value, (2) the Affiliate transferee agrees

in writing, prior to such transfer, to be bound by the terms of this Lock-Up Letter Agreement to the same extent as if the Affiliate were

an original party hereto, and (3) the undersigned provides the Company with at least two (2) business days’ prior written

notice of such transfer, including the identity of the Affiliate transferee and a copy of the executed agreement by which the Affiliate

agrees to be bound by this Lock-Up Letter Agreement; and

(l) transfers that are

approved by the prior written consent of CF&Co.

Notwithstanding the restrictions

imposed by this Lock-Up Letter Agreement, the undersigned may (i) establish or enter into a trading plan pursuant to Rule 10b5-1

under the Exchange Act (a “10b5-1 Trading Plan”) for the transfer of shares of Common Stock during the Lock-Up

Period, provided that (A) such plan does not provide for any transfers of shares of Common Stock during the Lock-Up Period, (B) no

filing under the Exchange Act or other public announcement shall be required or voluntarily made by the undersigned or any other person

in connection with the establishment of such plan during the Lock-Up Period, except for disclosures required to be included in an Annual

Report on Form 10-K or a Quarterly Report on Form 10-Q, (C) any such plan complies in all material respects with Rule 10b5-1

as amended by the SEC's final rulemaking adopted December 14, 2022 (Release No. 33-11138; 34-96492), effective February 27,

2023 (the “2022 Amendments”), including, without limitation, (x) the applicable cooling-off period requirements

(which, in the case of any director or officer of the Company (as defined in Rule 16a-1(f) under the Exchange Act), is the later

of (I) ninety (90) days after adoption of the plan, and (II) two (2) business days after the disclosure of the Company’s

financial results in a periodic report on Form 10-Q or Form 10-K for the fiscal quarter in which the plan was adopted, not to

exceed one hundred twenty (120) days in the aggregate), (y) the prohibition on maintaining more than one active 10b5-1 Trading Plan

at any one time, and (z) the limitation permitting no more than one single-trade 10b5-1 Trading Plan in any twelve (12)-month period,

and (D) such plan shall not be modified or amended during the Lock-Up Period in any manner that affects the amount, price or timing

of transactions thereunder (any such modification being treated as a termination of the plan and the adoption of a new plan subject to

the requirements of this paragraph); and (ii) transfer or sell the undersigned’s shares of Common Stock pursuant to a 10b5-1

Trading Plan that was entered into by the undersigned on or prior to the date of this Lock-Up Letter Agreement and is in effect as of

the date hereof (a “Pre-Existing Plan”), provided, that, if the undersigned is required to file a report under

Section 16(a) of the Exchange Act during the Lock-Up Period in connection with transactions under a Pre-Existing Plan, such

filing shall state that such transaction has been executed under a 10b5-1 Trading Plan, shall indicate whether such transaction was intended

to satisfy the affirmative defense conditions of Rule 10b5-1(c), and shall also state the date such 10b5-1 Trading Plan was established.

The undersigned further agrees

that the foregoing provisions shall be equally applicable to any Common Stock the undersigned may purchase or otherwise receive in the

Offering.

Notwithstanding the foregoing,

if any record or beneficial owner of shares of Common Stock enters into a lock-up agreement in connection with the Offering and such owner

is granted an early release from its lock-up agreement (in whole or in part), then the undersigned shall be released automatically, and

to the same extent and on a pro-rata basis (based on number of shares of Common Stock held), from its obligations under this Lock-Up Letter

Agreement. The Company shall notify the undersigned in writing promptly upon any such early release being granted.

Delivery of an executed Lock-Up

Letter Agreement may be made by facsimile, electronic mail (including PDF or any electronic signature complying with the U.S. federal

ESIGN Act of 2000, including, without limitation, via DocuSign or Adobe Sign) or other transmission method and shall be deemed to have

been duly and validly delivered and shall be valid and effective for all purposes.

This Lock-Up Letter Agreement

and any transaction contemplated by this Lock-Up Letter 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 that would result in the application of any other law than the laws of

the State of New York.

[Signature page follows]

The undersigned hereby represents

and warrants that the undersigned has full power and authority to enter into this Lock-Up Letter Agreement. Any obligations of the undersigned

shall be binding upon the heirs and executors (in the case of individuals), personal representatives, successors and assigns of the undersigned.

Very truly yours,

Name:

Title:

Dated:

Exhibit B

Form of Registration Rights Agreement

Execution Version

REGISTRATION RIGHTS AGREEMENT

This REGISTRATION RIGHTS

AGREEMENT (this “Agreement”) is made and entered into as of September 11, 2026 by and between XBP Global Holdings, Inc.,

a Delaware corporation (the “Company”), and each of the investors identified on the signature page hereto (including

its respective successors and assigns and any affiliate or permitted transferee who is a subsequent holder of Registrable Securities

(as defined below), the “Investors” and each an “Investor”).

WHEREAS, the Company and

the Investors are parties to the Securities Purchase Agreement, dated as of September 11, 2026, between the Company and each of

the Investors identified on the signature pages thereto (the “Purchase Agreement”). Capitalized terms

used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein.

The parties hereby agree

as follows:

1. Certain Definitions.

As used in this Agreement,

the following terms shall have the following meanings:

“1933 Act”

means the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute.

“1934 Act”

means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, or any similar successor statute.

“GAAP”

means the accounting principles that are generally accepted in the United States of America, in effect from time to time.

“Prospectus”

means (i) the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect

to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments

and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus,

and (ii) any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

“Register,”

“registered” and “registration” refer to a registration made by preparing and filing a Registration

Statement or similar document in compliance with the 1933 Act, and the declaration or ordering of effectiveness of such Registration

Statement or document.

“Registrable Securities”

means (i) the Shares and (ii) any other shares of Common Stock issued as a dividend or other distribution with respect to,

in exchange for, or in replacement of the Shares, whether by merger, charter amendment or otherwise; provided, however,

that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the

effectiveness of any, or file another, Registration Statement hereunder with respect thereto) upon the first to occur of (A) a Registration

Statement with respect to the sale of such Registrable Securities being declared effective by the SEC under the 1933 Act and such Registrable

Securities having been disposed of by the holder thereof in accordance with such effective Registration Statement, (B) such Registrable

Securities having been sold in accordance with Rule 144 (or another exemption from the registration requirements of the 1933 Act)

and (C) such Registrable Securities becoming eligible for resale without volume or manner-of-sale restrictions and without current

public information requirements pursuant to Rule 144.

“Registration Statement”

means any registration statement of the Company under the 1933 Act that covers the resale of any of the Registrable Securities pursuant

to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments,

all exhibits and all material incorporated by reference in such Registration Statement.

“Required Investors”

means the Investors holding a majority of the Registrable Securities outstanding from time to time.

“SEC”

means the U.S. Securities and Exchange Commission.

“SEC Guidance”

means (i) any publicly available written or oral guidance of the SEC staff, or any comments, requirements or requests of the SEC

staff and (ii) the 1933 Act.

2. Registration.

(a) Registration

Statements.

(i)             No

later than September 22, 2026 (the “Filing Deadline”), the Company shall prepare and file with the SEC a Registration

Statement covering the resale of all of the Registrable Securities. Subject to any SEC comments, such Registration Statement shall include

the intended plan of distribution which shall include such customary methods of distribution as the Required Investors may reasonably

request and as are reasonably acceptable to the Company. Such Registration Statement also shall cover, to the extent allowable under

the 1933 Act and the rules promulgated thereunder (including Rule 416), such indeterminate number of additional shares of Common

Stock resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities. Such Registration

Statement shall not include any shares of Common Stock or other securities for the account of any other holder without the prior written

consent of the Required Investors. Such Registration Statement (and each amendment or supplement thereto) shall be provided in accordance

with Section 3(c) to the Investors prior to its filing or other submission.

(ii)            The

Company shall use commercially reasonable efforts to register the Registrable Securities on Form S-3 if such form is available for

use by the Company; provided, that if at such time the Registration Statement is on Form S-1, the Company shall maintain

the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering

the Registrable Securities has been declared effective by the SEC.

(b)            Expenses.

The Company will pay all expenses associated with each Registration Statement, including filing and printing fees, the Company’s

counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities

laws and listing fees, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities

industry professionals with respect to the Registrable Securities being sold. Except as provided in Section 5 hereof, the

Company shall not be responsible for legal fees incurred by holders of Registrable Securities in connection with the performance of its

rights and obligations under the Transaction Documents.

(i)             The

Company shall use commercially reasonable efforts to have the Registration Statement declared effective as soon as reasonably practicable

after the filing thereof and in any case not more than thirty (30) days following the filing thereof, unless the SEC reviews the Registration

Statement, in which case not more than sixty (60) days following the filing thereof. Not later than 5:30 p.m. (Eastern time) on

the second Business Day following the date on which the SEC determines not to review the Registration Statement or completes its review

of the Registration Statement, the Company shall request that the SEC accelerate the effectiveness of the Registration Statement to two

(2) Business Days thereafter. Not later than 5:30 p.m. (Eastern time) on the second Business Day following the date on which

the Registration Statement is declared effective by the SEC, the Company shall file with the SEC, in accordance with Rule 424 under

the 1933 Act, the final prospectus to be used in connection with sales pursuant to such Registration Statement. The Company shall notify

the Investors as promptly as practicable, and in any event, within one (1) Business Day, after any Registration Statement is declared

effective.

(ii)            Notwithstanding

anything to the contrary contained herein, (i) the Company shall not be required to file a Registration Statement (or any amendment

thereto) or, if a Registration Statement has been filed but not declared effective by the SEC, request effectiveness of such Registration

Statement, for a period of up to forty-five (45) days, if (A) the negotiation or consummation of a transaction by the Company is

pending or an event has occurred, which negotiation, consummation or event the Board of Directors reasonably determines would require

additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business

purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination

of the Board of Directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure

requirements or (B) the Company determines such registration would render the Company unable to comply with applicable securities

laws; and (ii) the Company may, upon written notice to any holder of Registrable Securities included in a Registration Statement,

suspend the use of any Registration Statement, including any Prospectus that forms a part of a Registration Statement, if (x) the

negotiation or consummation of a transaction by the Company is pending or an event has occurred, which negotiation, consummation or event

the Board of Directors reasonably determines would require additional disclosure by the Company in the Registration Statement of material

information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration

Statement would be expected, in the reasonable determination of the Board of Directors, upon the advice of legal counsel, to cause the

Registration Statement to fail to comply with applicable disclosure requirements, or (y) the Company determines it must amend or

supplement the Registration Statement or the related Prospectus so that such Registration Statement or Prospectus shall not include an

untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements

therein, in the case of the Prospectus in light of the circumstances under which they were made, not misleading. Notwithstanding the

foregoing, in no event shall (a) holders of Registrable Securities be suspended from selling Registrable Securities pursuant to

the Registration Statement for a period that exceeds sixty (60) consecutive calendar days or ninety (90) total calendar days in any one-year

period (any such suspension contemplated by this Section 2(c)(ii), an “Allowed Delay”) or (b) the

Company be entitled to impose more than two (2) Allowed Delays in any one-year period. Upon disclosure of such information or the

termination of the condition described above, the Company shall provide prompt notice to holders whose Registrable Securities are included

in the Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other

reasonable actions to permit registered sales of Registrable Securities as contemplated hereby.

(d)            Rule 415;

Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration

Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933 Act (provided,

however, the Company shall be obligated to use commercially reasonable efforts to advocate with the SEC for the registration of

all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation

612.09) or requires any Investor to be named as an “underwriter,” the Company shall (i) promptly notify each holder

of Registrable Securities thereof and (ii) make commercially reasonable efforts to persuade the SEC that the offering contemplated

by such Registration Statement is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined

in Rule 415 and that none of the Investors is an “underwriter.” In the event that, despite the Company’s commercially

reasonable efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position, the Company

shall (i) remove from such Registration Statement such portion of the Registrable Securities and/or (ii) agree to such restrictions

and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure the Company’s compliance

with the requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that

the Company shall not name any Investor as an “underwriter” in such Registration Statement without the prior written consent

of such Investor (provided, that in the event an Investor withholds such consent, the Company shall have no obligation hereunder

to include any Registrable Securities of such Investor in any Registration Statement covering the resale thereof until such time as the

SEC no longer requires such Investor to be named as an “underwriter” in such Registration Statement or such Investor otherwise

consents in writing to being so named). Notwithstanding the foregoing, the Company may make such disclosures as required by applicable

SEC rules, regulations, comments or guidance. Any cutback imposed on the Investors pursuant to this Section 2(d) shall

be allocated among the Investors on a pro rata basis (based upon the relative number of Registrable Securities held by each Investor)

and shall be applied first to any of the Registrable Securities of such Investor as such Investor shall designate, unless the SEC Restrictions

otherwise require or provide or the Investors otherwise agree. Notwithstanding anything herein to the contrary, nothing in this Agreement

shall require the Company to register any number of Registrable Securities in excess of the number that may then be registered in compliance

with applicable SEC rules, regulations, interpretations or guidance.

(e)            Other

Limitations. Notwithstanding any other provision herein or in the Purchase Agreement, with respect to any Investor (as to such Investor

only) the Filing Deadline for a Registration Statement shall be extended and any failure by the Company to maintain a Registration Statement

shall be automatically waived by no action of the Investors, in each case, without default by or liquidated damages payable by the Company

to such Investor hereunder in the event that the Company’s failure to make such filing or failure to maintain a Registration Statement

results from the failure of such Investor to timely provide the Company with information requested by the Company and necessary to complete

a Registration Statement in accordance with the requirements of the 1933 Act (in which case any such deadline would be extended, and

a maintenance failure waived, with respect to all Registrable Securities until forty-five (45) days after such time as the Investor provides

such requested information), it being understood that the failure of such Investor to timely provide such information to the Company

shall not affect the rights of other Investors herein.

(f)             Exclusivity.

Notwithstanding anything to the contrary contained in any agreement, arrangement or understanding, whether entered into before, on or

after the date hereof, the Shares and any securities issued in respect thereof shall be entitled solely to the registration rights expressly

provided in this Agreement, and no holder thereof shall be entitled to exercise any registration, shelf, demand, piggyback, takedown

or similar registration rights. .

3.             Company

Obligations. The Company will use commercially reasonable efforts to effect the registration of the Registrable Securities in accordance

with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

(a)            use

commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective (and the

prospectus contained therein available for use) pursuant to Rule 415 for resales by the Investors on a delayed or continuous basis

at all times until the earlier of (i) such time as there are no longer Registrable Securities held by the Investors and (ii) the

third anniversary following the Closing Date (the “Effectiveness Period”) and advise the Investors promptly in writing

when the Effectiveness Period has expired;

(b)            prepare

and file with the SEC such amendments and post-effective amendments to such Registration Statement and the related Prospectus as may

be necessary to keep such Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933

Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

via email to the Investors who have supplied the Company with email addresses each Registration Statement and all amendments and supplements

thereto not less than two (2) Trading Days prior to their filing with the SEC and reflect in each such document when filed such

comments regarding such Investor’s information and the plan of distribution as such Investor may reasonably and promptly propose

no later than one (1) Trading Day after the Investors have been so furnished with copies of such documents as aforesaid;

(d)            furnish

to each Investor whose Registrable Securities are included in any Registration Statement (i) promptly after the same is prepared

and filed with the SEC, if requested by such Investor, one (1) copy of any Registration Statement and any amendment thereto, each

preliminary prospectus and Prospectus and each amendment or supplement thereto, and (ii) if requested by such Investor, such number

of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as

each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor (it

being understood and agreed that such documents, or access thereto, may be provided electronically);

(e)            use

commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness or the suspension

of the qualification, or the loss of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction,

and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

(f)             prior

to any public offering of Registrable Securities, use commercially reasonable efforts to assist or cooperate with the Investors and their

counsel in connection with their registration or qualification of such Registrable Securities for the offer and sale under the securities

or blue sky laws of such jurisdictions reasonably requested by the Investors and do any and all other commercially reasonable acts or

things necessary or advisable to enable the public offering or distribution in such jurisdictions of the Registrable Securities covered

by the Registration Statement; provided, however, that the Company shall not be required in connection therewith or as

a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for

this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject

but for this Section 3(f), or (iii) file a general consent to service of process in any such jurisdiction;

(g)            use

commercially reasonable efforts to cause all Registrable Securities covered by a Registration Statement to be listed on the Nasdaq Capital

Market (or the Trading Market on which the Common Stock is then listed);

(h)            promptly

notify the Investors, at any time prior to the end of the Effectiveness Period, (1) when a Registration Statement has become effective

and when any post-effective amendments and supplements thereto become effective, (2) of any request by the SEC or any state securities

authority for post-effective amendments and supplements to a Registration Statement and Prospectus or for additional information after

the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order

suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose and (4) upon discovery

that, or upon the happening of any event as a result of which, the Prospectus contains an untrue statement of a material fact or omits

to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances

then existing (provided, that such notice shall not, without the prior written consent of the applicable Investor, disclose any

material non-public information regarding the Company), and as promptly as reasonably practicable, prepare, file with the SEC and furnish

to such holder a supplement to or an amendment of such Prospectus as may be necessary so that such Prospectus shall not include an untrue

statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein

not misleading in light of the circumstances then existing; and

(i)             otherwise

use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934

Act, including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment

thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors in writing if, at any time during the

Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Investors

are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may

be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

4. Obligations of the Investors.

(a)            Each

Investor shall deliver to the Company a selling stockholder questionnaire, in the form set forth on Annex A hereto, prior to the Closing

Date. Each Investor shall additionally furnish in writing to the Company such other information regarding itself, the Registrable Securities

held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect

the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company

may reasonably request. At least three (3) Business Days prior to the first anticipated filing date of any Registration Statement,

the Company shall notify each Investor of the additional information the Company requires from such Investor if such Investor elects

to have any of the Registrable Securities included in such Registration Statement (the “Registration Information Notice”).

An Investor shall provide such information to the Company no later than two (2) Business Days following receipt of a Registration

Information Notice if such Investor elects to have any of the Registrable Securities included in such Registration Statement. It is agreed

and understood that it shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this

Agreement with respect to the Registrable Securities of a particular Investor that such Investor furnish to the Company such information

regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by

it as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities.

(b)            Each

Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company

in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in

writing of its election to exclude all of its Registrable Securities from such Registration Statement.

Investor agrees that, upon receipt of any notice from the Company (which notice shall not include material non-public information) of

either (i) the commencement of an Allowed Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event

pursuant to Section 3(h) hereof, such Investor will immediately discontinue disposition of Registrable Securities pursuant

to any Registration Statement covering such Registrable Securities, until the Investor is advised by the Company that such dispositions

may again be made.

(d)            Each

Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an

exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement.

5. Indemnification.

(a)            Indemnification

by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, members, managers, partners

and agents and successors and assigns, and each other Person, if any, who controls such Investor (within the meaning of Section 15

of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, members and managers of each such controlling

Person (each, an “Indemnified Party”), against any losses, claims, damages, liabilities, costs (including, without

limitation, reasonable external attorneys’ fees) and expenses (collectively, “Losses”), insofar as such Losses

arise out of or are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material fact

contained in any Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement thereof, any

violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state

securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration

Statement (collectively, “Violations” and shall reimburse each Indemnified Party upon demand for reasonable and documented

fees and expenses of counsel and other expenses incurred by it in connection with investigating, preparing to defend or defending, or

providing evidence in or preparing to serve or serving as a witness with respect thereto); provided, however, that the

Company will not be liable in any such case if and to the extent that any such claim arises out of or is based upon (i) an untrue

statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Investor

or any such controlling person in writing specifically for use in such Registration Statement or Prospectus and was reviewed and approved

in writing by such Investor expressly for use in the Registration Statement, (ii) the use by an Investor of an outdated or defective

Prospectus after the Company has notified such Investor in writing that such Prospectus is outdated or defective or (iii) an Investor’s

failure to send or give a copy of the Prospectus or supplement (as then amended or supplemented), if required (and not exempted) to the

Persons asserting an untrue statement or omission or alleged untrue statement or omission at or prior to the written confirmation of

the sale of Registrable Securities.

(b)            Indemnification

by the Investors. Each Investor agrees, severally and not jointly, to indemnify and hold harmless, to the fullest extent permitted

by law, the Company, its officers, directors, members, managers, partners and agents and successors and assigns and each Person who controls

the Company (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act), and the officers, directors,

partners, members and managers of each such controlling Person, against any Losses resulting from any Violations, to the extent that

such untrue statement or omission is contained in any information regarding such Investor and furnished in writing by such Investor to

the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement thereto and was reviewed

and approved in writing by such Investor expressly for use in such Registration Statement or Prospectus or amendment or supplement thereto.

In no event shall the aggregate liability of an Investor under this Section 5 be greater than the dollar amount of the proceeds

(net of all expenses paid by such Investor in connection with a claim relating to this Section 5 and the amount of any damages

such Investor has otherwise been required to pay by reason of such untrue statement or omission) received by such Investor upon the sale

of the Registrable Securities included in such Registration Statement giving rise to such indemnification obligation.

of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying

party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense

of such claim with counsel reasonably satisfactory to the Indemnified Party; provided, that any person entitled to indemnification

hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses

of such counsel shall be at the expense of such person unless (A) the indemnifying party has agreed in writing to pay such fees

or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory

to such person or (C) in the reasonable judgment of any such person, based upon written advice of its counsel, a material conflict

of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies

the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying

party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further that the failure

of any Indemnified Party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except

to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim

or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be

liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying

party will, except with the consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed,

consent to entry of any judgment or enter into any settlement unless such judgment or settlement (i) imposes no liability or obligation

on, (ii) includes as an unconditional term thereof the giving of a complete, explicit and unconditional release from the party bringing

such indemnified claims of all liability of the Indemnified Party in respect of such claim or litigation in favor of, and (iii) does

not include any admission of fault, culpability, wrongdoing or malfeasance by or on behalf of, the Indemnified Party. No Indemnified

Party will, except with the prior written consent of the indemnifying party, which consent shall not be unreasonably withheld, conditioned

or delayed, consent to entry of any judgment or enter into any settlement and no indemnifying party shall be liable for any such settlement

or consent to entry of judgment entered into by such Indemnified Party without its consent.

(d)            Contribution.

If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an Indemnified

Party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to

the amount paid or payable by the Indemnified Party as a result of such claim in such proportion as is appropriate to reflect the relative

fault of the Indemnified Party and the indemnifying party, as well as any other relevant equitable considerations. The relative fault

of such indemnifying party and Indemnified Party shall be determined by reference to, among other things, whether any action in question,

including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken

or made by, or relates to information supplied by, such indemnifying party or Indemnified Party, and the parties’ relative intent,

knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable

by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable

attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have

been indemnified for such fees or expenses if the indemnification provided for in this Section 5 was available to such party

in accordance with its terms. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933

Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution

obligation of a holder of Registrable Securities under this Section 5(d) together with all of its other obligations

under this Section 5 be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such holder

in connection with any claim relating to this Section 5 and the amount of any damages such holder has otherwise been required

to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable

Securities giving rise to such contribution obligation.

6. Miscellaneous.

(a)            Amendments

and Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Investors; provided, that

this Agreement may not be amended with respect to any Investor without the written consent of such Investor. The Company may take any

action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the

written consent to such amendment, action or omission to act, of the Required Investors; provided, that any such action or omission

that complies with the foregoing, but that disproportionately and adversely affects the rights and obligations of any Investor relative

to the comparable rights and obligations of the other Investors shall require the prior written consent of such adversely affected Investor

or each Investor, as applicable.

(b)            Rule 144.

The Company shall use its commercially reasonable efforts to (i) file with the SEC in a timely manner all reports and other documents

required to be filed by it under the 1933 Act and the 1934 Act, (ii) make and keep adequate current public information available

within the meaning of Rule 144 and (iii) take such further action as the Investors may reasonably request, all to the extent

required to enable such Persons to sell securities pursuant to Rule 144 or any similar rule or regulation hereafter adopted

by the SEC.

All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 5.4 of the

Purchase Agreement.

(d)            Assignments

and Transfers by Investors. The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors and

their respective successors and permitted assigns. An Investor may transfer or assign, in whole or from time to time in part, to one

or more persons its rights or delegate its obligations hereunder in connection with the transfer of Registrable Securities by such Investor

to such person, provided that (I) immediately following such transfer or assignment the further disposition of such securities by

the transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (II) such transfer shall have been

made in accordance with the applicable requirements of the Purchase Agreement; and (III) prior to such assignment (i) the Investor

agrees in writing with the transferee or assignee to assign such rights and delegate such obligations and a copy of such agreement is

furnished to the Company; (ii) the Company is furnished with written notice of (A) the name and address of such transferee

or assignee and (B) the securities with respect to which such registration rights are being transferred or assigned; (iii) at

or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee

agrees in writing with the Company to be bound by all of the provisions contained herein.

(e)            Assignments

and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without

the prior written consent of the Required Investors; provided, however, that this Agreement may not be assigned with respect

to any Investor in a materially adverse and non pro rata manner without the written consent of such Investor.

(f)             Benefits

of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective

permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party

other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by

reason of this Agreement, except as expressly provided in this Agreement.

(g)            Counterparts.

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall

constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature

complying with the U.S. ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered

shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

(h)            Titles

and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing

or interpreting this Agreement.

(i)             Severability.

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective

to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as

if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability

in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by

applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any

respect.

(j)             Further

Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may

reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

(k)            Entire

Agreement. The Transaction Documents, together with the exhibits and schedules thereto, are intended by the parties as a final

expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties

hereto and thereto in respect of the subject matter contained herein and therein. The Transaction Documents supersede all prior agreements

and understandings between the parties with respect to the subject matter hereof and thereof.

(l)             Use

of Single Agreement. For ease of administration, this single Agreement is being executed so as to enable each Investor identified

on the signature page of the Purchase Agreement to enter into an Agreement, severally, but not jointly. The parties agree that (i) this

Agreement shall be treated as if it were a separate agreement with respect to each Investor listed on the signature page of the

Purchase Agreement, as if each Investor entity had executed a separate Agreement naming only itself as Investor, and (ii) no Investor

listed on the signature page of the Purchase Agreement shall have any liability under this Agreement for obligations of any other

Investor so listed.

(m)           Governing

Law; Consent to Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and interpretation

of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New

York. Each party agrees that it shall commence any Actions or Proceedings concerning the interpretations, enforcement and defense of

the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective

affiliates, directors, officers, shareholders, partners, members, employees or agents) exclusively in the state and federal courts sitting

in the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting

in the State of New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated

hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives,

and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court,

that such 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 Action or Proceeding by mailing a copy thereof via registered or

certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this

Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained

herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. IN ANY ACTION, SUIT, OR PROCEEDING

IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT

PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

(n)            Remedies.

In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Investors

and the Company will be entitled to specific performance under the Transaction Documents.

(o)            Interpretation.

Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall

include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer

to such agreement, document or instrument as amended, supplemented or modified from time to time. All article, section, paragraph or

clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex,

letter and schedule references not attributed to a particular document shall be references to such exhibits, annexes, letters and schedules

to this Agreement. In addition, the word “or” is not exclusive; the words “including,” “includes,”

“included” and “include” are deemed to be followed by the words “without limitation”; and the terms

“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a

whole and not to any particular section, paragraph or subdivision.

(p)            Independent

Nature of Investors’ Obligations and Rights. The obligations of each Investor hereunder are several and not joint with

the obligations of any other Investor hereunder, and no Investor shall be responsible or disadvantaged in any way for the performance,

or failure thereof, of the obligations of any other Investor hereunder. Nothing contained herein or in any other agreement or document

delivered at any closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors

as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Investors are

in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement

or any other matters, and the Company acknowledges that the Investors are not acting in concert or as a group, and the Company shall

not assert any such claim, with respect to such obligations or transactions. Each Investor shall be entitled to protect and enforce its

rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Investor to

be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of

the Company contained was solely in the control of the Company, not the action or decision of any Investor, and was done solely for the

convenience of the Company and not because it was required or requested to do so by any Investor. It is expressly understood and agreed

that each provision contained in this Agreement is between the Company and an Investor, solely, and not between the Company and the Investors

collectively and not between and among Investors.

(q)            Non-Recourse.

Notwithstanding anything that may be expressed or implied in this Agreement, the Company covenants, agrees and acknowledges that no recourse

under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or

future director, officer, employee, stockholder general or limited partner or member of the Investors or of any affiliates or assignees

thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation

or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed

on or otherwise be incurred by any current or future director, officer, employee, stockholder, general or limited partner or member of

the Investors or of any affiliates or assignees thereof, as such for any obligation of the Investors under this Agreement or any documents

or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or

their creation.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties

have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

COMPANY:

XBP GLOBAL HOLDINGS, INC.

By:

Name:

Title:

[Signature Page to Registration Rights

Agreement]

IN WITNESS WHEREOF, the parties

have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

INVESTOR:

By:

Name:

Title:

[Signature Page to

Registration Rights Agreement]

EX-10.2 — EXHIBIT 10.2

EX-10.2

Filename: tm2623653d2_ex10-2.htm · Sequence: 3

Exhibit 10.2