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執行版本

證券購買協議

本 證券購買協議 （下稱“協議「），日期為2024年10月2日，由Visionary Holdings Inc.（前稱Visionary 教育科技控股集團有限公司）以加拿大法律成立之公司締結，辦公地址位於加拿大安大略省多倫多Moatfield Drive 105號，1003室 ，郵政編碼M30億0A2（以下簡稱為「權益代理」，以及附於此的買家名冊上所列之每一位投資人（各別為「買方”並且共同，為“購買者”).

陳述

A. 公司和每位買家執行並交付本協議，依賴於《證券法》第4(a)(2)條所提供的證券登記豁免，以及修訂版的1933年《證券法》，以及《506(b)條例》的規定1933法案，並且根據1933年法案下的《506(b)條例》以及在加拿大的第2.3條所提供的豁免Regulation D美國證券交易委員會（以下簡稱“美證會”）根據證券法制定的《D規定》。美國證券交易委員會在1933年法案下以及在加拿大，根據《45-106項目45-106拋售豁免證券募集規章》中規定的適用加拿大證券法45-106 NI 則2.3條《保護拋售豁免證券法》的規定下的加拿大證券法攸關事項加拿大證監會（Canadian Securities Administrators）的」。

B. 本公司已授權發行本公司之新一或多個系列的優先擔保可轉換票據，總原始本金金額為6,000,000美元，基本上已附於此的形式。 附件A （下稱“註釋），這些票據將可轉換為普通股（如下文所定）（根據票據的條款，包括但不限於轉換或其他情形而發行的普通股合共稱為“），符合票據的條款。轉換股份），根據票據條款。

C. 每位買方希望購買，而公司希望在初始交割（如下所定）時，根據本協議中所述的條款和條件，出售一張票據，其原始本金總額如列在買方名稱中的第(3)列相對應的金額表（所有買方的累計本金總額不得超過1,000,000美元）（每位"初始債券受益人（合稱為“人”），以及擁有對該等債券的權力和權限，包括但不限於代表其行事、投票、指導受託人和擔保代理人關於事項的同意和放棄對債券信託和債券的任何條款。初始筆記”）（根據初始票據條款，發行的可轉換股份，合稱為“首次轉換股份”).

D. 根據本協議中規定的條款和條件，每個買方可以分別要求公司參加一個或多個額外的結案交易（以下定義）以購買買方所購買的，並由公司出售的一個或多個票據，所有額外結案的原始總本金金額不得超過逐名列在買方名稱對應的第(4)列之購買者名冊（所有買方的所有額外結案的總本金金額不得超過5,000,000美元）（每一個皆為“額外票據”）額外票據，合稱「額外註釋， 以及初始票據組成的“註釋”（根據額外票據的條款發行的可轉換股份，統稱為額外轉換股份」”，以及與初始換股股份合計，「轉換 股份”).

E. 在初始結束時，各方需執行並交付一份註冊權協議，附件中附有表格 附錄B （下稱“登記權協議”），根據該協議，公司已同意提供 certain registration rights with respect to the Registrable Securities (如註冊權協議所定義)，依據1933 Act和根據法規制定的規定，以及適用的州證券法。

F. 筆記和換股股份在本文件中合稱為“證券.”

G. 本公司及其附屬公司（如下所定義）的所有未償還及未來債務，該等債券將會排名較高級。 債券將通過 (a) 對本公司現有和未來資產及其直接的所有資產的第一優先證券權益保證 和間接附屬公司，包括對每個附屬公司的所有股本的承諾，如證券協議證明 在本文附上的表格中為 展品 C （」安全協議」）、(b) 第一優先順序，完善 3888 投資集團有限公司持有部分普通股之證券權益（」主要股東」)， 由本文附帶的承諾協議所證明為 展品 D （」承諾協議」，並在一起 與安全協議、完善證書（如下所定義）以及簽訂的其他保安文件和協議 與本協議及其他每一份文件和協議的相關聯性，每份文件或協議均可不時修改或修改， 集體而言，」安全文件」)，以及 (c) 由本公司的每個美國子公司（如有）執行的擔保， 在本文附上的表格中為 展品 E （統稱為」擔保」) 根據其中每個人 保證本公司在交易文件下的義務（如下所定義）。

協議

現在，基於以下事項，彼此承諾，並為其他良好而有價值的考量，謹此確認收據及足額，公司和每位買家在此同意如下：

1. 徵購和出售票據。

(a) 購買注意事項 .

(i) 購買初始票據根據第6(a)和第7(a)條所列條件的滿足（或豁免），公司將發行並賣給每位買方，每位買方分別同意但不共同購買於初始結算日期（如下所界定）在「買家名冊」（第(3)欄）中所列買方的原始本金金額的初始票據首次結案”).

(ii) 購買額外票據根據以下第1(b)(ii)、6(b)和7(b)條列的條件滿足（或豁免），公司應向該買方發行並賣出，而該買方分別同意從公司購買，在適用的額外結算日期（如下定義）購入的額外票據的總數，正如在該適用的額外結算通知中所載明（如下定義）（每次購買該額外票據的交割，受注購買者之共同行動，每個為「額外結算”).

(b) 結束。初始交易和任何額外交易（統稱為""）以買家於凱利戴尔沃倫有限合夥社辦公室，紐約世界貿易中心3號樓，175 Greenwich Street，紐約，NY 10007進行。結案買方”的紙票購入交易將分別在凱利戴尔沃倫有限合夥社的辦公地點進行，位於紐約世界貿易中心3號，175 Greenwich Street，紐約，NY 10007。

(i) 初始收市。初始收市的日期和時間（」初始截止日期」) 將是上午十時 紐約時間上午，第 6 (a) 及 7 (b) 條所訂明的初始收市條件的第一個（第一個）工作日 以下是滿意或豁免（或公司和每位買家共同同意的其他日期）。如本文所使用」商業 一天」指紐約市商業銀行獲授權的星期六，星期日或其他日以外的任何日子 或法律要求保持關閉； 提供, 然而，用於澄清，商業 銀行不會被認為因為「留在家」、「居所避難」而被法律授權或要求繼續關閉； 「非必要員工」或任何其他類似的命令或限制或關閉任何實體分行地點 根據任何政府機關的指示，只要電子資金轉賬系統（包括電匯）是商業的 紐約市的銀行通常在此日開放給客戶使用。

(ii) 其他的結案。在公司收到其他結案通知的第一個(1st)工作日紐約時間上午9點之前，公司應發布一份新聞稿(各自一份，為“附加新聞稿”)或提交一份現行報告，概述有關交易文件之附加結案通知以及有關附加結案交易文件中所述所有重要條款，並附上所需所有交易文件(同樣包括，但不限於，本協議[及所有此類文件的所有附表]、債券契約的形式、補充債券契約的形式和債券的形式[包括所有附件]、本協議的“提交”文件，以及附加的“提交”文件。從提交初始“申報”報告之日起，公司已揭示了所有與交易文件所述交易有關且公司或其子公司或其任何高級職員、董事、員工或代理人向任何買家提供的任何附加重要資訊(如果有的話)。在本第1(b)(ii)條及以下6(b)和7(b)條所載條件獲得滿足（或豁免）的前提下，在初始結束日期或之後的任何時間，每位買家均有權利，可透過以書面形式通過電子郵件向公司發送的通知（每份通知稱為“額外結束通知”，及本卷面日期，每一份被稱為“其他結束通知日期”）以購買，並要求公司向該買家賣出，於一個或多個其他結束，達到所載於買家清單第四欄其名字對應的其他債券本金總額（減去在任何先前其他結束發行的任何其他債券本金總額）（每份，一個“其他債券金額”）。每份其他結束通知應指定（A）其他結束的建議日期和時間（若未在該其他結束通知中指定，則為第二（2^未定) 在公司和每位買方互相同意的情況下進行額外結束通知之後的交易日（或其他日期）（每個稱為“額外結算日期”），並（B）額外票據的適用額外票據金額將在該額外結束時發行給該買方。 如果買方未選擇在生效日（在註冊權利協議中定義）之前或之後的第二十四個月進行額外結束（在註冊權利協議中定義的初始註冊聲明）（或具有不斷選擇權的持有人（在以下定義）可能隨時以書面形式選擇的日期（公司，其“額外結束到期日”），該買方將無權再根據本文件進行額外結束。

(c) 購買價格。每位買方對於購買的初始票據的總購買價格（"初始購買價格"）應為賣方名下所列之金額（列(5)之對應賣方名下）。對於每位買方在任何特定附加結算（每一次均稱為"額外購買價格"）購買的附加票據的總購買價格，應為每$1,000新增票據的累計本金金額的約$900（包括每次前述附加結算的附加購買價格，不得超過賣方名下列(6)中金額之總和）。初始 購買價格）。每位買方對於任何特定附加結算（每次稱為"額外購買價格"）購買的附加票據的總購買價格，應為每$1,000新增票據的累計本金金額的約$900（包括每次前述附加結算的附加購買價格，不得超過賣方名下列(6)中金額之總和）。額外 購買價格附加債券購買價格）。該金額與每次前述附加結算的附加購買價格合計，不得超過賣方名下列(6)之總和金額。

(d) 支付形式.

(i) 首次結案在初始結算日期，每位買方應支付其各自的初始購買價格（扣除根據第4(g)條款而扣留的金額）給公司，以便將初始票據發行並出售給該等買方，通過根據初始資金來源函（如下所定義）之條款進行的直接可用資金電匯。同時，公司應向每位買方交付一份初始票據，總本金金額為在買方名稱欄（第3欄）中所列的金額，代表公司並註冊在該買方或其指定人名下。

(ii) 額外收盤在每個額外的結算日期，（i）每個買方應向公司支付其各自的額外購買價格（扣除，對於任何買方，根據第4(g)條扣除的金額），以便發行和出售給該買方的額外票據，在每個額外的結算日通過即時可用資金的電匯按照下文所定義的額外資金流程信函（下文所定義），及（ii）公司應向每個買方交付一張額外票據，其原始本金金額總計如所載於相關的額外結算通知書，以公司名義代表該買方或其指定人簽署並註冊。

2. 買方的陳述和保證。

每位買方各自且不共同地向公司陳述並保證，僅就自身，截至本公告日期及每個結案日期：

(a) 組織; 權限。此類買方是在其所在司法管轄區內依法成立、合法存在且正常經營的實體，擁有進行並完成交易文件(如下定義)所述交易的必要權力和權限，以及履行本協議和其他文件之下的其義務。該買方乃依法律擬訂之實體，合法成立並善盡其組織司法權限，具備進行及完成交易文件（如下所定義）之交易，並履行本協議及各文件下所列義務之必要權力和權限。

(b) 未有公開發售或分發。此買家（i）正在購買其票據，並（ii）在轉換其票據後將購買其自身 持有而非旨在或用於違反適用證券法而對其進行公開銷售或分銷的轉換股份，除非根據已註冊的或合格進行公開分發或根據加拿大各省和地區證券監管機構的證券法律法規、文件、政策、規則、命令、規定和發布的解釋指引注所允許（“加拿大證券法”）；然而，透過作出此處的陳述，該買家並不同意，也不做出任何擁有任何證券以作為最低期限或其他特定條款或任何保留證券的任何陳述或保證，並保留按照或根據1933年法案的登記聲明書或免登記的免除條件隨時處置證券的權利。此買家目前沒有與任何人直接或間接達成任何協議或了解，來違反適用證券法分發任何證券。根據本協議，“Person”指個人、有限責任公司、合夥企業、合資企業、公司、信託、非法人組織、 任何其他實體和任何政府實體（如下所定義）或其任何部門或機構。

(c) 認可投資者地位。該買家是根據501(a)規則中的“認可投資者”定義來定義的。該買家在NI 45-106和第73.3(1)條中亦被定義為“認可投資者”。 證券法 （安大略省）。

(d) 依賴豁免。 購買方明白證券是根據美國聯邦和州證券法的特定豁免條款提供給其，公司部分依賴於購買方在此設定的陳述、擔保、協議、確認和理解的真實性和準確性，以判斷此等豁免的可行性和購買方取得證券的資格。

(e) 資訊。買家及其顧問（如有）已獲提供有關該公司業務、財務和運營的所有資料，以及該買家要求的有關證券的遞送和銷售材料。該買家及其顧問（如果有）已獲得向該公司提問的機會。這些詢問或該買家或其顧問（如有）或其代表所進行的任何其他盡職調查均不得修改、修訂或影響該買家依賴本文件中所載該公司的陳述和保證的權利。該買家理解其對證券的投資涉及高度風險。該買家已尋求其認為必要以就其對證券收購作出知情投資決定的會計、法律和稅務建議。

(f) 無政府審查。該買方明白，沒有美國聯邦或州政府機構或其他政府或政府機構對證券的適切性或適合性進行過審核或推薦，也沒有這些機構審視或認可過證券的優點。

(g) 轉讓或轉售購買方明白，除註冊權協議和第4(h)條述明外：(i)證券尚未且未受1933年法案或任何州證券法的註冊，不可推定為銷售、轉讓或轉讓，除非(A)隨即向其註冊，(B)如購買方被公司要求，向公司提供律師意見書，其形式合理且可被公司接受，指明所述證券可根據免註冊豁免銷售、轉讓或轉讓，或(C)購買方向公司提供合理保證，證明可根據1933年法案下頒佈的144條或144A條（或其後繼法規）銷售、轉讓或轉讓（統稱為「144規則）；(ii)依據144條進行的任何證券銷售只能遵照144條條款進行，且如果144條不適用，則在可能使賣方（或透過其進行交易的人）被認定為承銷人（如1933年法案中所定義的那樣）的情況下，依其他1933年法案規則和SEC所頒布之規例的豁免進行任何證券再銷售可能需要遵守；(iii)公司或其他人無須根據1933年法案或任何州證券法將證券註冊，亦無須遵守任何該等豁免的條款和條件，並且(iv)除非符合適用的加拿大證券法，包括但不限於加拿大證券法第45-102號國家工具轉售證券的相關規定，否則不可將證券銷售或轉讓給位於加拿大或加拿大居民的買家或受讓人。儘管前述，證券可與善意的保證金帳戶或其他由證券擔保的貸款或融資安排相關聯而質押，此類證券質押不視為根據本協議或其他交易文件（定義於第3(b)條），包括但不限於本第2(g)條，在此證券的轉讓、銷售或轉讓，且任何執行證券質押的購買方均無須通知公司或以其他方式向公司交付根據本協議或任何其他交易文件（定義於第3(b)條）包括但不限於本第2(g)條的任何通知或其他交付。

(h) 有效; 強制執行。此類買方簽署、交付本協議及履行此類買方的交易及其他約定並不會導致違反此類買方的組織文件，或與之發生衝突、構成違約(或構成一種帶有通知或時間流逝或兩者均有的違約事件)，或給其他方提供終止、修改、加速或撤銷任何協議、信託、儀器或其義務的權利，或(iii)會導致違反任何法律、規則、法規、命令、判決或裁定(包括聯邦和州證券法)適用於此類買方或該買方的任何財產或資產被約束或影響，但根據(ii)或(iii)進行的不遵守，在合理範圍內無法合理預期對此類買方執行其本協議的義務會有實質不利的影響。本協議書和登記權協議已獲得適當授權，代表買方已經合法有效地簽署並交付，並將構成買方的合法、有效和具有約束力的義務，根據各自條款對買方可強制執行，除非此可強制執行性可能受到一般公平原則或適用於破產、無力償還、重組、暫停償還、清算及其他一般與執行適用債權人權利及救濟相關的法律所限制。

(i) 沒有衝突對於該買方根據本協議和登記權協議的執行、交付和履行，以及該買方根據本協議和上述協議擬定交易的成果，均不會（i）違反該買方的組織文件，或（ii）與該買方訂約的、或（iii）違反違反任何法律、規則、法規、命令、判決或裁定（包括聯邦和州證券法）適用於該買方的，但在(ii)和(iii)項所述的情況下，除了對其在此未履行諸義務產生實質不利影響的衝突、違約、權利或違規。

(j) 居住地。該買方是該地址下面指定之司法管轄區的居民。

3. 公司的陳述與保證。

公司向每位買方聲明並保證，在此日期及每個交割日期，

(a) 組織和資質公司及其各個子公司（如下所定義）均是根據其成立的法律組織，合法存在並且在其成立的管轄區域內合法存在，且具有擁有其資產和營運其業務的必要權力和權限，就目前營運以及現在提議進行的營運活動而言。 公司及其各個子公司都有作為外國實體進行業務的資格，並且在其擁有財產或由其進行的業務性質使得其必須辦理此等資格所必要的每一個司法管轄區均處於合法狀態，除非未達到符合資格或處於合法地位的程度不可以合理預期會對主要不良影響產生影響（如下所定義）。 如本協議中所使用，“重大不利影響” 表示對公司或任何子公司（如下所定義），無論個別或合併考慮，（i）業務、資產、資產負債表、營運（包括其效果）、狀況（財務或其他方面）或前景，（ii）本合同中或任何其他交易文件中所構想的交易或與此相關的其他任何協議或擬訂的任何協議或文件，或三）公司或其任何子公司根據任何交易文件（如下所定義）履行其各自義務的權限或能力。 除了附表三（a）所列的人員（如下所定義），該公司沒有子公司。“附屬機構” 表示公司直接或間接（I）擁有該人員的全部已發行股本的任何股份或持有該人員的任何股權或類似權益，或（II）控制或經營該人員業務、營運或行政的全部或部分，並且上述任何一個在此分別被視為“子公司.”

(b) 授權; 執行; 有效公司具有必要的權力和權威，可以根據本協議和其他交易文件履行其義務，並按照本協議和相關協議的條款發行證券。每個子公司具有進入和履行其在其參與的交易文件下義務所需的權力和權威。本公司及其子公司對本協議和其他適用的交易文件的簽署和交付，以及本公司及其子公司根據本協議和相關協議所密謀的交易的完成（包括但不限於依照登記權協議要求向SEC申報一個或多個登記申報、向SEC提交Form D以及任何其它根據任何州證券機構的要求所需要的提交），已獲得本公司及其子公司董事會或其它適用的管理機構的正式授權，本公司及其子公司無需進行進一步的提交、同意或授權，也無需由本公司、其子公司、它們各自的董事會或股東或其他管理機構進行進一步的提交、同意或授權。本協議已經由本公司正式簽署和交付，以及將在此類結案之前由其它適用的交易文件正式簽署和交付，並且每一份根據其各自條款，對公司具有合法、有效且有約束力的義務，可依其條款對公司生效，但受到衡平法原則或適用於破產、無力清償、重組、暫時停止清償、清盤或類似法律的一般原則所限制，這些法律與適用於正向適用債權人權利和救濟的聯邦或州證券法之權利賠償以及貢獻權可能受到限制。在此類結案之前，每個子公司是一方的交易文件將由該子公司正式簽署和交付，並且應依其各自條款對每個子公司具有合法、有效且有約束力的義務，可依其條款對每個子公司生效，但受到衡平法原則或適用於破產、無力清償、重組、暫時停止清償、清盤或類似法律的一般原則所限制，這些法律與適用於正向適用債權人權利和救濟的聯邦或州證券法之權利賠償以及貢獻權可能受到限制。交易文件「”」在此統稱，指本協議、票據、擔保、擔保文件、登記權協議、不可撤銷的轉讓代理指示(如下所定)、鎖定協議(如下所定)以及與此等交易有關的其他協議和文書，由各方在此進行或交付，並可能不時修改。

(c) 證券發行。發行債券經過正當授權並根據交易文件的條款發行，將被視為有效發行，已全額支付且無需進一步評估，並且不受所有擁有優先購買權或類似權利、抵押、瑕疵、索賠、留置權、抵押、負擔、稅收、優先購買權、担保權以及其他累贅的限制（總稱“留置權”）。就其發行而言，截至首次結算日，公司應保留其正當授權的股本中不低於債券轉換後可發行的最大股份數的100％（根據本債券轉換時假設（w）以下附加債券將於首次結算日之後的附加交割日發行，（x）假定債券轉換價（債券中定義）為底價（債券中所定義），（y）債券利息將於首次結算日的十二個月週年到期，並將以轉換價（假設債券中定義的替代轉換日期）換算為普通股，（z）任何此類轉換不應考慮任何在債券中設定的限制所發生的事）。按照債券的條款進行發行或轉換，發行後的轉換股票將被視為有效發行，已全額支付且無需進一步評估，並且不受所有放棄優先購買權或相似權利或留置權限制，股份持有人享有所有普通股股東享有的所有權利。在本協議中買方的陳述和保證準確無誤的前提下，公司發行的證券不需要在1933年法案下進行註冊，並且可以省略加拿大證券法的籌資要求。公司通常不從事證券買賣或諮詢業務。

(d) 沒有衝突。本公司及其附屬公司的執行、交付及執行交易文件及 本公司及其附屬公司完成本文所擬定的交易（包括但不限於 發行債券、轉換股份及保留發行轉換股）不會 (i) 導致違反 本條款（定義如下）（包括但不限於其中包含的任何指定證明書）、章程（定義如定義） 以下）、成立證明書、組織備忘錄、組織章程、章程章程或其他組織文件 公司或其任何附屬公司，或本公司或其任何附屬公司的任何股本或其他證券，(ii) 衝突 在任何方面，或構成違約（或事件在通知或時間過期或兩者同時都會成為違約），或 賦予其他人的任何終止、修改、加速或取消任何協議、契約或文書的權利 本公司或其任何附屬公司是一方，或 (iii) 導致違反任何法律、規則、規定、命令、判決或法令 （包括但不限於外國，聯邦和州證券法律和法規，加拿大證券法和規則和 納斯達克資本市場的規定（ 「主要市場」）並包括所有適用的外國，聯邦和 適用於本公司的州法律、規則和法規，包括但不限於加拿大的法律、規則和法規） 或其任何附屬公司，或本公司或其任何附屬公司的任何財產或資產受約束或影響。

(e) 同意書無論是公司還是任何附屬公司都無需從任何政府實體（定義如下）或任何監管機構或自律機構或任何其他人處取得任何同意、授權、命令或進行任何申報或登記（除了根據註冊權協議的要求向證券交易委員會提交一份或多份登記聲明書、向證券交易委員會提交Form D以及按照任何州證券機構或適用加拿大證券法的要求進行的任何其他申報），以便根據交易文件的條款簽署、交付或履行任何其各自根據或在其中包含的義務。根據前述句子，公司或任何附屬公司需要獲得的所有同意、授權、命令、申報和登記已經或將於適用的結算日期之前獲得或完成，而且公司或其任何附屬公司都不知道任何可能阻礙公司或其任何附屬公司獲得或完成交易文件所構思的任何登記、申請或申報的事實或情況。公司並未違反主要市場的要求，也不知道任何可能導致普通股在可預見的未來被下市或暫停交易的事實或情況。政府實體“政府機構”指任何國家、州、縣、市、鎮、村莊、地區或其他自然性質的政治管轄權、聯邦、州、地方、市政、外國或其他政府、政府機構或準政府機構任何性質（包括任何政府機構、分支機構、部門、官員或實體以及任何法院或其他法庭）、跨國組織或機構；或行使或有權行使任何性質的管理、執行、司法、立法、警察、監管或稅務權力的或任何上述性質的實體或工具包含任何政府或公共國際組織或上述任何實體或企業所有或控制的。

(f) 關於買方購買證券的確認公司承認並同意，每位買方就交易文件及其涉及的交易單獨充當獨立購買者，並且沒有一位買方是（i）公司或其任何子公司的董事或董事，（ii）公司或其任何子公司的「關聯方」（按照規則144所定義）或（iii）據其所知，不是「普通股」的「有效持有人」（根據1934年修訂版的《證券交易法》第13d-3條規定））。 公司進一步承認，沒有一位買方在與交易文件及其涉及的交易有關時充當公司或其任何子公司的財務顧問或受託人（或以任何類似的身份），任何由買方或其代表或代理就交易文件及其涉及的交易所提供的建議純粹是與其購買證券的相關的； 公司進一步向每位買方聲明，公司和每個子公司決定參與其各自是交易文檔的決定完全基於公司、每個子公司及其各自代表所進行的獨立評估而作出。1934 法案公司承認並同意，每位買方就交易文件及其涉及的交易單獨充當獨立購買者，並且沒有一位買方是（i）公司或其任何子公司的董事或董事，（ii）公司或其任何子公司的「關聯方」（按照規則144所定義）或（iii）據其所知，不是「普通股」的「有效持有人」（根據1934年修訂版的《證券交易法》第13d-3條規定））。 公司進一步承認，沒有一位買方在與交易文件及其涉及的交易有關時充當公司或其任何子公司的財務顧問或受託人（或以任何類似的身份），任何由買方或其代表或代理就交易文件及其涉及的交易所提供的建議純粹是與其購買證券的相關的； 公司進一步向每位買方聲明，公司和每個子公司決定參與其各自是交易文檔的決定完全基於公司、每個子公司及其各自代表所進行的獨立評估而作出。

(g) 不進行一般徵求；不支付放置代理費用公司、其附屬公司或關聯公司，以及代表該公司或它們的任何人，並沒有以任何形式進行一般招攬或廣告宣傳（根據《D款法規》的定義）來與證券的發行或銷售有關。公司應負責支付與本次交易中證券的銷售有關的任何放置代理費、財務顧問費或經紀佣金（除了由任何買方或其投資顧問聘請的人員）。公司應支付，並使每位買方免受與此相關的任何索賠引起的任何責任、損失或支出（包括但不限於律師費和實費）。公司或其任何附屬公司沒有委託任何放置代理或其他代理人來與證券的發行或銷售有關。

(h) (e) 據公司所知，Assentsure PAC（「公司」)公司，其子公司或任何關聯公司，也沒有任何代表它們行事的人，直接或間接地發出任何證券的出售要約或邀請買入任何證券，這種情況下可能需要根據1933法案登記證券的發行，或根據加拿大證券法案對任何證券的發行進行意見書的提交，無論是通過與之前發行項目的整合或其他方式，或者導致這次證券發行需要公司股東就加拿大證券法案規定的目的，或者根據主要市場的規則和法規或任何其他交易所或自動報價系統的規定以及公司證券上市或指定報價。公司，其子公司，它們的關聯公司或任何代表它們行事的人將不會採取任何需要根據1933法案登記證券發行或根據加拿大證券法案提交意見書的行動或步驟，或者導致任何證券的發行與公司其他證券發行整合在一起。

(i) 稀釋效應公司了解並承認，部分情況下可增加轉換股份的數量。 公司進一步承認，根據本協議及票據條款發行轉換股份的義務以及票據條款中規定的義務，在任何情況下都是絕對無條件的，而不受此類發行可能對公司其他股東的所有權利益產生的稀釋效應的影響。

(j) 採用收購保護措施；權益協議的申請公司及其董事會已採取一切必要行動，如有必要，以便使得本協議涉及的交易不受任何控股股份收購、利益股東、業務整合、毒丸計劃（包括但不限於根據權利協議進行的任何分配）、股東權益計劃或其他類似防禦性接管條款（以下簡稱"反接管規定"）的約束，這些約束可能適用於買方或可能因本協議所涉交易對買方產生影響，包括但不限於公司發行證券以及買方持有證券。公司及其董事會已採取一切必要行動，如有必要，以便使得與普通股受益所有權的積累或公司或其子公司控制權變更有關的股東權益計劃或類似安排不適用。

(k) 證監會文件；基本報表在此之前的兩（2）年中，公司已按照1934年法案的報告要求及時提交了所有報告、時間表、表格、代理聲明、聲明和其他文件，這些文件需在此之前向SEC提交（在此之前提交的所有前述文件、其中包括所有展示說明和附錄、基本報表、附註和附表以及在其中引用的文件以下簡稱爲「基本報表」）SEC文件包括公司從2019年1月1日以來在盡職調查的過程中提交給交易委員會的所有文檔（包括所有子附件、所需的重大事件、公司描述和其他項目）特異性指徵，或者是根據本協議的規定提交給投資者的文件。公司已向買家或其代表提供了或已提供了在EDGAR系統上無法獲得的每份SEC文件的真實、正確和完整副本。在各自的日期，SEC文件在所有方面符合1934年法案的要求和SEC制定的規則和法規，其適用於SEC文件，並且在提交給SEC時，沒有任何SEC文件中包含任何重要事實的不實陳述或者遺漏需要在其中聲明的重要事實或者爲了使陳述在製作時的情形下不具誤導性通用會計準則公司在SEC文件中包含的財務報表在所有重要方面全部符合適用會計要求和SEC關於這些要求的發佈規則和法規，這些要求在提交時生效。這些財務報表是根據一貫適用的普通會計準則（“"、在涉及的各個時期內一致適用）編制的，並且從財務狀況的各個日期以及其結束的各個時期的經營業績和現金流量方面，以所有重要方面公允呈現（在未經審計的中間報表的情況下，可能會排除附註或者是摘要報表，或者是概要報表），但須受到正常年度審計調整的影響，這些調整不會是重要的，無論是單獨影響還是整體影響。公司設立的保留（如果有），或者適用時的不設備備，均基於公司在此日期了解的事實和情況，以公司在其財務報表或其他地方提供的信息未提供財務會計準則第5號的任何需要被公司提供的損失準備金或者否定提供準備金，以公司在財務報表或者其他地方提供的損失準備金或者否定提供準備金，以公司在財務報表或者其他地方提供的損失準備金或者否定提供準備金的情況處理較爲合理。公司或者未來可能根據財務會計準則委員會第5號的財務報表（包括，但不限於，任何有關其財務報表的註釋或者獨立會計師函件的信函）的任何信息的提供，該信息未包含在SEC文件中（包括但不限於，本協議第2(e)款所述的信息或者本協議的披露附表）任何重要事實的不實陳述或者遺漏了任何在製作時或製作時的情景下被製作的陳述中必要的重要事實，使其不具有誤導性。公司目前不打算修改或修訂在SEC文件中包括的任何財務報表（包括但不限於，任何註釋或者其提供的獨立會計師函件的信函）（稱爲“基本報表公司目前也不知道有任何事實或情況需要公司修改或重述任何基本報表，以便使任何基本報表符合GAAP和SEC的規則和法規。公司也未收到獨立會計師建議公司修改或重述任何基本報表的通知，或者有必要修改或重述任何基本報表。

(l) 沒有某些變化截至公司最近一份10-k表格中所包含的審計財務報表日期起，業務、資產、負債、財產、運營（包括運營結果）控件（財務或其他方面）或公司或其任何附屬公司前景沒有發生重大不利變化或重大不利發展。自公司最近一份10-k表格中所包含的審計財務報表日期起，公司或其任何附屬公司既未（i）宣佈或支付任何分紅派息，也未（ii）出售任何資產，無論是單獨還是總體而言，超出正常經營範圍，也未（iii）進行任何單獨或總體而言超出正常經營範圍的資本支出。公司或其任何附屬公司未採取任何措施尋求根據任何破產、無力償還、重組、受託、清算或停業相關法律或法規的保護，公司或任何附屬公司也沒有任何相應債權人有意啓動違約破產程序或任何實際知識表明任何可能導致債權人這樣做的事實。截至現在日期，公司及其附屬公司，單獨和合並基礎上，不是，也不會在此後給予根據此處擬議在該結束時發生的交易的影響後，對「破產」（如下文定義）破產指的是，（i）就公司及其附屬公司而言，在合併基礎上，（A）公司及其附屬公司的資產的現在公允可銷售價值少於支付公司及其附屬公司的總負債（如下文所定義）所需金額，（B）公司及其附屬公司無力償還其債務和負債，無論是次要的、有條件的或其他方面的，當這些債務和負債變得絕對到期或到期時，或（C）公司及其附屬公司打算承擔或相信它們將承擔在此類債務到期時無法償還的債務；以及（ii）關於公司和每個附屬公司，單獨而言，（A）公司或該等附屬公司（視情形而定）的資產的現在公允可銷售價值低於支付其相應總負債所需金額，（B）公司或該等附屬公司（視情形而定）無力償還其相應債務和負債，無論是次要的、有條件的或其他方面的，當這些債務和負債變得絕對到期或到期時，或（C）公司或該等附屬公司（視情形而定）打算承擔或相信將承擔超出其各自能力範圍的債務，當這些債務到期時無法償還。公司或其任何附屬公司未從事任何業務或交易，也沒有任何計劃從事任何業務或交易，其剩餘資產構成其從事當前業務以及擬進行的業務所需使用的資本不足的不合理小資本。

(m) 沒有未披露的事件、責任、發展或情況沒有事件、責任、發展或情況發生或存在，或者有理由預期在公司、其任何子公司或其各自業務、財產、責任、前景、經營狀況（包括結果）或控件（無論是財務情況還是其他方面）方面會發生或存在，這些情況：（i）將根據適用證券法由公司在提交給SEC的F-1表格註冊聲明書中披露的，公司發行普通股的情況，且尚未公開宣佈；（ii）可能對任何買方在此投資產生重大不利影響；或（iii）可能對買方的投資造成重大不利影響。

(n) 業務進行；監管許可公司及其子公司均未違反或違約其章程、任何其他尚未發行的優先股系列的優先股的規定、任何法規、條例、規則或適用於公司或其子公司的法令，也不會違反任何上述規定經營其業務，任何違反均不會對公司或其子公司造成重大不利影響。不限制前述內容的一般性規定，公司未違反主要市場的任何規則、規定或要求，並且不存在任何情況或事實可合理導致主要市場在可預見的將來將暫停上市或暫停普通股。截至本協議日前兩年內，（i）普通股已經在主要市場上市或指定報價，（ii）普通股的交易未被美國證監會或主要市場暫停，（iii）公司未收到任何美國證監會或主要市場有關暫停或將普通股從主要市場除牌的書面或口頭通知。公司及其各子公司擁有相關監管機構頒發的進行各自業務所需的所有證書、授權和許可，但失敗持有上述證書、授權或許可不會對公司或其子公司產生重大不利影響，且公司或任何該等子公司未收到關於吊銷或修改任何此類證書、授權或許可相關的通知。不存在任何約定、承諾、判決、禁令、命令或裁定對公司或其子公司有約束力，或公司或其子公司爲當事方要求，其效果或可合理預期地會禁止或嚴重影響公司或其子公司的任何業務行爲、公司或其子公司的任何資產收購或公司或其子公司當前進行的業務行爲，除了不具有且合理預期不會對公司或其子公司產生重大不利影響的效果，無論單獨或合計。

(o) 外國腐敗行爲。公司、公司子公司或任何董事、官員、代理人、僱員，以及代表上述任何其他人（個人和集體，統稱“公司關聯方”）違反了《美國外國腐敗行爲法案》（“除非董事會書面批准，否則公司或其子公司及附屬實體將不提供或致使提供任何關於證券發行和銷售的發售材料，包括任何最終發售募集說明書。公司、公司子公司或董事、高級管理人員、代理人、僱員或公司子公司代表以及其他代表公司或公司子公司行事的人員（分別和集體地稱爲「公司」）均未違反美國《反海外賄賂法》（分別和集體地稱爲「FCPA」）或其他適用的反賄賂和反腐敗法律，亦未向政府機構的任何官員、僱員以及其他擔任公職的人員、任何政黨成員或其官員，或任何競選政治職位的候選人提供、支付、承諾支付、或授權支付任何款項，或提供、贈予、承諾贈予或授權贈予具有價值的任何物品。政府官員”），或者在其知曉情況下，任何這樣的公司關聯方在知道或意識到很可能全部或部分款項或價值物會被直接或間接地提供、給予或承諾給任何政府官員時，或以前述情形向任何人提供款項或價值物，用於：

(i) (A) 影響任何政府官員在其官方職能範圍內的任何行爲或決定，(B) 誘使該政府官員違反其合法職責，(C) 獲得任何不當利益，或 (D) 誘使該政府官員影響或影響任何政府實體的任何行爲或決定，或

(ii) 協助公司或其子公司獲取或保留公司的業務，或指導業務至公司或其子公司。

(p) 《薩班斯-奧克斯利法案》公司及其各附屬公司遵守《2002年薩班斯-豪利法案》及美國證監會根據該法案制定的所有適用要求、規則和法規。

(q) 與關聯方的交易除非在此Schedule 3(q)中另有披露，否則本公司或其子公司的現任或前任僱員、合夥人、董事、官員或股東（直接或間接），或任何關聯方，或據本公司所知，任何前述相關方的任何關聯方，或與任何前述人員關係不超過堂兄的親屬目前或曾經(含)參與了任何與本公司或其子公司有關的交易（包括與任何此類董事、官員或股東或這樣的關聯方或關聯方子公司提供服務的任何合同、協議或其他安排，或租賃不動產或個人財產，或其他要求支付給任何這樣的董事、官員或股東或這樣的關聯方或關聯方子公司的款項（除了作爲本公司或其子公司的僱員、官員或董事提供的日常服務））或（ii）直接或間接擁有任何公司、公司、協會或業務組織的股份公司的利益，其是本公司或其子公司的競爭對手、供應商或客戶（除了對交易所上市或報價的公司的普通股權的被動投資（直接或間接不超過5％）外市場（按照備忘錄中定義的資格市場））），也沒有這樣的人從本公司或其子公司以外的任何來源獲得與本公司或其子公司的業務有關或應當適當計入本公司或其子公司收入的任何收入。公司或其子公司員工、官員、股東或董事或其直系親屬不負債於本公司或其子公司，情形可能是，也沒有本公司或其子公司向他們中的任何人負債（或已承諾提供貸款或擴展或擔保信貸），除了（i）支付已提供服務的工資，（ii）代表本公司發生的合理費用的報銷，以及（iii）對所有員工或主管普遍提供的其他標準員工福利（包括董事會批准的任何董事會批准的任何股票期權計劃下的未來的股票期權協議）。

(r) Equity Capitalization.

(i) Definitions: “Common Shares” means (x) the Company’s common shares, no par value per share, and (y) any share capital into which such common shares shall have been changed or any share capital resulting from a reclassification of such common shares.

(ii) Authorized and Outstanding Share Capital. As of the date hereof, an unlimited amount of Common Shares are authorized, of which 3,774,262 Common Shares are issued and outstanding and no shares are reserved for issuance pursuant to Common Share Equivalents (as defined below) (other than the Notes) exercisable or exchangeable for, or convertible into, Common Shares. No Common Shares are held in the treasury of the Company. “Common Share Equivalents” means any share capital or other security of the Company or any of its Subsidiaries that is at any time and under any circumstances directly or indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any share capital or other security of the Company (including, without limitation, Common Shares) or any of its Subsidiaries.

(iii) Valid Issuance; Available Shares; Affiliates. All of such outstanding shares are duly authorized and have been, or upon issuance will be, validly issued and are fully paid and nonassessable. Schedule 3(r)(iii) sets forth the number of Common Shares that are (A) reserved for issuance pursuant to Common Share Equivalents (other than the Notes) and (B) that are, as of the date hereof, owned by Persons who are “affiliates” (as defined in Rule 405 of the 1933 Act and calculated based on the assumption that only officers, directors and holders of at least 10% of the Company’s issued and outstanding Common Shares are “affiliates” without conceding that any such Persons are “affiliates” for purposes of federal securities laws) of the Company or any of its Subsidiaries. To the Company’s knowledge, no Person owns 10% or more of the Company’s issued and outstanding Common Shares (calculated based on the assumption that all Common Share Equivalents, whether or not presently exercisable or convertible, have been fully exercised or converted (as the case may be) taking account of any limitations on exercise or conversion (including “blockers”) contained therein without conceding that such identified Person is a 10% shareholder for purposes of federal securities laws).

(iv) 現有的證券；債務除非在SEC文件中披露:（A）公司或任何子公司的股份、利益或股本不受優先購買權或公司或任何子公司承受或允許的任何類似權利或留置權的制約；（B）不存在任何待定的期權、認股權證、認購證、認股權、購買權或任何性質的承諾、與公司或任何子公司的股份、利益或股本相關的或可轉換爲、行使或交換爲公司或任何子公司的股份、利益或股本的證券或權利，或者公司或任何子公司有責任發行其他股份、利益或股本或期權、認股權證、認購權證、認股權、購買權或任何性質的承諾或任何相關的證券或權利可轉換爲、行使或交換爲公司或任何子公司的股份、利益或股本的合同、承諾、諒解或安排；（C）不存在出售其證券根據1933年法案或適用的加拿大證券法下注冊的公司或任何子公司協議或安排（除了根據註冊條款協議）；（D）不存在公司或任何子公司的待定的包含任何贖回或類似條款的證券或工具，不存在合同、承諾、諒解或安排，根據該合同公司或任何子公司有責任贖回公司或任何子公司的證券；（E）不存在包含任何股東稀釋或類似條款將由證券發行觸發的證券或工具；和（F）公司或任何子公司均無股份增值權益或「幻影股票」計劃或協議或任何類似計劃或協議。

(v) 組織文件公司已向買方提供了公司章程及相關修訂的真實、正確和完整副本，截至本協議簽署日爲止（“文章”），以及所有普通股等價證券的條款和持有人在此方面的重要權利。

(s) 債務和其他合同。 公司或其附屬公司中，(i)除在披露的資料表3(s)或SEC文件中之外，沒有任何未償還的債務證券、票據、信貸協議、信貸額度或其他協議、文件或證明公司或其附屬公司債務的文件或工具，或者公司或其附屬公司可能被約束，(ii)任何一方違反或可能會違反的合同、協議或文件，該合同、協議或文件的違反或違約，可以合理地預期會產生重大不利影響，(iii)沒有在與公司或其附屬公司有關的任何債務的任何金額上向任何機構申請過貸款擔保，(iv)違反或違約於任何債務的任何條款，但這些違反和違約不會導致重大不利影響，即使單獨或整體上，(v)任何與公司或其附屬公司有關的債務合同、協議或文件，根據公司管理層的判斷，履行或預計將產生重大不利影響。公司或其附屬公司沒有任何需要在SEC文件中披露，但未在SEC文件中披露的負債或義務，除了在公司或其附屬公司的業務正常經營中產生的負債或義務，該負債或義務，單獨或整體上，不會產生或可能產生重大不利影響。爲了本協議的目的：(x)任何個人的「債務」均指，無重複（A）所有借款債務，（B）承諾的所有義務，作爲財產或服務的遞延購買價格（包括根據GAAP的「資本租賃」）（不包括根據過去的慣例與過去的業務一致的正常業務進入的應付賬款），（C）與信用證、按金和其他類似工具相關的所有償付或支付義務，（D）由票據、債券、債券或類似工具證明的所有義務，包括在收購財產、資產或企業時發生的這些義務，（E）在任何有條件銷售或其他所有權保留協議下創建或產生的所有債務，或因此而產生的任何財產或資產的融資債務，即使在違約情況下賣方或銀行根據此類協議的權利和補救受到限制，僅限於該等財產的回收或出售，（F）根據GAAP，對於所涵蓋的期間，負責的任何租賃或類似安排下的所有貨幣義務被歸類爲資本租賃，（G）在任何人擁有的（包括帳戶和合同權利）財產或資產上設定（或持有此類債務持有人存在權利，無論是有條件的還是其他形式的，來設定）抵押權的上所有債務的組合或個別的所有者，即使擁有此類資產或屬性的個人沒有承擔或變得有義務支付此類債務的責任，（H）就所涉及的債務或其他債務的債務的所有其他人的有義務擔保的所有企業的義務；和（y）" 進度表3(s)公司是否存在任何未償還的債務證券、票據、信貸協議、信貸額度或其他證明公司或其任何子公司負債情況或因此而成爲義務人的協議、文件或工具，（ii）公司是否是任何合同、協議或工具的一方，該合同、協議或工具的違反或違約，可能會導致其他一方合同、協議或工具違反所產生的重大不利影響（iii）是否存在爲公司或其任何子公司所提供擔保的任何金額的擔保通知，（iv）是否違反與任何債務相關的任何條款，或未履行與任何債務相關的任何條款，但如違反和違約不會導致重大不利影響，單獨或合計上不會導致重大不利影響，或（v）是否是與任何債務相關的任何合同、協議或工具的一方，根據公司管理層的判斷，該合同的履行已經或預計將產生重大不利影響。公司及其子公司均無任何負債或義務，未在SEC文件中披露但未在SEC文件中披露，除了公司或其各自業務中發生但單獨地或合計上不會或不能對公司或其子公司產生重大不利影響的債務或義務 。 爲本協議目的而言：（x）任何個人的“負債 ” 指，不重複（A）所有借入的債務，（B）所有作爲財產或服務的遞延購買價格發行、承擔或承擔的債務（包括，不限於，根據GAAP的「資本租賃」）（與過去業務一致的正常業務中進入的非貿易應付款除外），（C）所有有關信用證、保函和其他類似工具的追償或支付義務，（D）由票據、債券、債券或類似工具證明的所有債務，包括收購財產、資產或企業時所發生的債務 所以以所述債務的收購款項爲採購款而引發或發生的所有條件銷售或其他保留標題協議下的債務或融資債務，即使在違約情況下賣方或銀行在重新取得或出售 資產時的權利和補救措施受限於對該資產的再獲得或出售），（F）與任何在財務報表中被歸爲資本租賃的類似安排的所有出租或類似安排下的所有貨幣義務，（G）在上述條款（A）至（F）中提到的所有債務，可被任何人擁有的任何財產或資產 （包括帳戶和合同權利）的先前Lien擔保的 （或者擁有這種債務的持有者有擔保權利的（無論是否存在現有權利，無論是否以擔保或其他形式）權利如何）所有債務 （H）關於他人的債務或義務的所有有條件債務 個人債務或義務種類的擔保義務（由上述條款（A）至（G）引申而來）；和（y）“有條件債務「」指的是任何人對他人的任何債務、租賃、股利或其他義務的直接或間接責任，無論是有條件的還是其他情況，如果該人承擔此責任的主要目的或意圖，或其主要影響，是向債權人提供保證，確保該責任將會支付或清償，或相關協議將被遵守，或者該責任的持有人將會（全部或部分）受到關於該責任的損失的保護。

(t) 訴訟。在主要市場之前或由其進行的任何訴訟、訴訟、仲裁、程序、詢問或調查， 任何法院、公共董事會、其他政府實體、自律組織或機構待決，或據公司所知， 威脅或影響公司或其任何子公司、普通股或任何公司或其子公司 官員或董事，無論是民事或刑事性質還是其他性質，均以其身份行事，除非中另有規定 日程安排 3 (t)。公司或其任何子公司的董事、高級管理人員或僱員均未故意違反《美國法典》第18篇第1519節或聘用 在合理的訴訟預期中進行破產。據我所知，在不限制前述情況的前提下，沒有 對於本公司，美國證券交易委員會尚未進行或考慮進行任何涉及公司、其任何子公司或任何人的調查 本公司或其任何子公司的現任或前任董事或高級職員。美國證券交易委員會尚未發佈任何止損令或其他命令 暫停公司根據1933年法案或1934年法案提交的任何註冊聲明的效力。經過合理的詢問 就其員工而言，公司不知道有任何可能導致或構成任何此類訴訟、訴訟、仲裁依據的事實， 調查、詢問或其他程序。公司及其任何子公司均不受任何命令、令狀、判決、禁令的約束， 任何政府實體的法令、決定或裁決。

(u) 保險公司及其子公司均已購買認可財務責任的保險公司提供的保險，以防止此類損失和風險，在公司管理層認爲在公司及其子公司從事的業務中是謹慎和習慣的金額。公司或任何子公司均未被拒絕申請的任何保險覆蓋範圍，也沒有任何理由相信公司或任何子公司將無法在現有的保險覆蓋範圍到期時續保或者從類似保險公司獲得類似的保險覆蓋範圍，以繼續業務而不會對其造成重大不利影響。

(v) 員工關係。公司或其子公司均未與任何集體談判協議中 ra項，也未僱用任何工會成員。公司及其子公司認爲與員工的關係良好。未有公司或其子公司的任何高級管理人員（根據1933年法案制定的501(f)規定定義的）或其他關鍵員工通知公司或任何此類子公司，擬離開公司或任何此類子公司或以其他方式終止其在公司或任何此類子公司的僱傭關係。公司或其子公司的任何現任（或已離職）高級管理人員或其他關鍵員工並不違反任何就業合同、保密協議、披露或專有信息協議、非競爭協議或任何其他合同或協議或任何限制性約定的重要條款，每位此類高級管理人員或其他關鍵員工（視情況而定）的繼續僱傭並不使公司或其子公司就上述事項之任一承擔任何責任。公司及其子公司均遵守有關勞工、用工及就業實踐及福利、就業條件和工資時數的所有聯邦、州、地方和外國法律法規，但在不符合上述規定的情況下，也就單獨或合計而言，不會合理預期造成重大不利影響。

(w) 標題.

(i) 不動產除了披露在披露日程表的內容外，每個集團的全職員工都全職爲集團公司工作。任何集團公司的員工都沒有違反與該員工與集團公司或任何先前僱主關係有關的任何法律或訂單，或任何合同條款。任何集團公司與其員工之間沒有勞資糾紛、勞資減緩、勞資索賠、勞資糾紛或勞工工會組織活動掛起，或者根據公司所知威脅。每個集團公司（a）都遵守了與就業有關的所有適用法律，與在註冊地法域內類似行業實體普遍適用的就業慣例，以及就職員工的僱傭條件；（b）已按照業務常規支付所有工資、福利和其他所需支付；（c）不承擔任何工資拖欠、任何稅費或任何未遵守上述規定的罰款的責任；以及（d）除了適用法律要求外，不承擔任何支付給任何由政府機構管理或維護的信託基金或其他基金的責任，涉及員工的失業賠償福利、社會保障或其他福利或義務。任何集團公司的勞資做法投訴或申訴目前未決，或者據公司所知不存在針對任何集團公司的國際勞工機構負責的任何政府機構目前未決投訴，或者威脅訴訟。 Schedule 3(w)(i) 根據本協議，公司及其子公司各自對由公司或其任何子公司擁有或持有的所有不動產、房地產租賃、設施或其他房地產利益（統稱爲「不動產」）擁有完全所有權。 不動產由公司或其任何子公司（視情況而定）擁有。該不動產不受任何留置權的約束，也不受任何通行權、建築使用限制、例外、變通、保留或任何性質的限制的影響，僅有（a）尚未到期的當前稅款的留置權以及（b）不影響該財產目前或預期使用的建築法和其他土地使用限制。 公司或其任何子公司按租約持有的任何房地產均系根據有效、現存且可執行的租約所持有，並且只有不重大影響公司或其任何子公司對該財產和建築的現有或擬作用的使用的例外情況。

(ii) 設備與裝置除了披露在披露日程表的內容外，每個集團的全職員工都全職爲集團公司工作。任何集團公司的員工都沒有違反與該員工與集團公司或任何先前僱主關係有關的任何法律或訂單，或任何合同條款。任何集團公司與其員工之間沒有勞資糾紛、勞資減緩、勞資索賠、勞資糾紛或勞工工會組織活動掛起，或者根據公司所知威脅。每個集團公司（a）都遵守了與就業有關的所有適用法律，與在註冊地法域內類似行業實體普遍適用的就業慣例，以及就職員工的僱傭條件；（b）已按照業務常規支付所有工資、福利和其他所需支付；（c）不承擔任何工資拖欠、任何稅費或任何未遵守上述規定的罰款的責任；以及（d）除了適用法律要求外，不承擔任何支付給任何由政府機構管理或維護的信託基金或其他基金的責任，涉及員工的失業賠償福利、社會保障或其他福利或義務。任何集團公司的勞資做法投訴或申訴目前未決，或者據公司所知不存在針對任何集團公司的國際勞工機構負責的任何政府機構目前未決投訴，或者威脅訴訟。 Schedule 3(w)(ii) 至此，公司及其子公司（如適用）對公司或其子公司在業務開展過程中使用的有形個人財產、設備、設施和其他個人財產和附屬物擁有良好的所有權或有效的租賃權益。設備與裝置設施和設備結構堅固，運行狀況良好，適用於其當前用途，除了普通、例行維護和修理外，無需維護或修理，並且足夠支持公司和/或其子公司（如適用）在此前進行的業務活動的進行方式。公司及其子公司擁有的設施和設備均不受任何留置權的影響，除了（a）尚未到期的當前稅款留置權和（b）不會影響該物業目前或預期使用的區劃法規和其他土地使用限制。.

(x) 指公司的專利、專利申請、商標、商標申請、服務標誌、商號、商業祕密、發明、版權、許可證和其他知識產權和類似權利。公司及其子公司擁有或擁有足夠的權利或許可來使用所有商標、商號、服務標記、服務標記註冊、服務名稱、原創作品、專利、專利權、版權、發明、許可、批准、政府授權、商業祕密和其他知識產權以及所有申請和註冊以開展其各自的業務，如目前所開展和擬開展的。指公司的專利、專利申請、商標、商標申請、服務標誌、商號、商業祕密、發明、版權、許可證和其他知識產權和類似權利。爲了進行其各自目前進行和擬進行的業務，現在必要。公司或其任何附屬公司擁有的專利都列在附表3(x)(i)中。除附表3(x)(ii)中所列外，公司的任何知識產權均未過期、終止、被放棄或預計將在本協議日期起三年內過期、終止或被放棄。公司不知曉公司或其任何附屬公司有侵犯他人知識產權的情況。沒有任何主張、訴訟或程序正在提出或啓動，或者根據公司或其任何附屬公司的了解，對公司或其任何附屬公司關於其知識產權的威脅。公司或其任何附屬公司均不知曉可能導致上述侵權或主張、訴訟或程序產生的任何事實或情況。公司及其附屬公司已採取合理的安全措施，以保護其所有知識產權的祕密、機密性和價值。

(y) 環保母基(i). 公司及其子公司（A）均遵守各項　環保母基法律（如下定義），（B）已獲得其在適用環保母基法律下經要求的所有許可證、執照或其他審批，以開展各自的業務，並（C）符合任何此類許可證、執照或批准的所有條款和條件，在上述（A）、（B）和（C）各款中，未能依此遵守，可以合理預期會對其單獨或彙總產生實質負面影響。"術語“環保母基”表示所有聯邦、州、地方法律或外國法律，涉及污染或保護人類健康或環境（包括但不限於環境空氣、地表水、地下水、地表或地下地層）的，包括但不限於與化學品、污染物、污染物質或有毒或有害物質或廢物的排放、排放、釋放或有威脅的釋放，或與危險物質的製造、處理、分銷、使用、處理、儲存、處置、運輸或處理有關的法律（統稱爲“危險物質”）進入環境中，或與危險廢物的製造、處理、分銷、使用、處理、儲存、處置、運輸或處理有關的法律，以及所有在該法律下頒發的、輸入的、頒佈的或批准的授權、法典、法令、要求或要求信、禁令、裁決、許可證、通知或通知信、命令、許可證、計劃或法規。

(ii) No Hazardous Materials:

(1) have been disposed of or otherwise released from any Real Property of the Company or any of its Subsidiaries in violation of any Environmental Laws; or

(2) are present on, over, beneath, in or upon any Real Property or any portion thereof in quantities that would constitute a violation of any Environmental Laws. No prior use by the Company or any of its Subsidiaries of any Real Property has occurred that violates any Environmental Laws, which violation would have a material adverse effect on the business of the Company or any of its Subsidiaries.

(iii) Neither the Company nor any of its Subsidiaries knows of any other person who or entity which has stored, treated, recycled, disposed of or otherwise located on any Real Property any Hazardous Materials, including, without limitation, such substances as asbestos and polychlorinated biphenyls.

(iv) None of the Real Properties are on any federal or state “Superfund” list or Liability Information System (“CERCLIS”) list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related Liens.

(z) 子公司權益公司或其子公司有權自由投票，並且（受適用法律限制）有權收取其所有子公司所擁有的所有資本證券的分紅派息或分配。

(aa) 納稅狀態。公司及其每家子公司 (i) 已及時繳納或申報所有外國、聯邦和州收入 以及任何受其管轄的司法管轄區要求的所有其他納稅申報表、報告和申報單，(ii) 已及時繳納所有稅款 以及此類申報表、報告中顯示或確定應繳的金額相當大的其他政府攤款和費用 聲明，但出於善意提出異議的聲明除外，並且 (iii) 已在其賬面上留出了相當充足的付款條款 此類申報表、報告或申報適用期限之後的期間的所有稅款。沒有未繳稅款 任何司法管轄區的稅務機關以及公司及其子公司的高級管理人員聲稱應付的任何重大款項 不知道任何此類索賠的依據。該公司的運營方式不符合被動外國投資公司的資格， 如《守則》第 1297 節所定義。淨營業虧損結轉 (”沒有”) 用於美國聯邦收入 交易不會對公司作爲共同母公司的合併集團（如果有）的稅收目的產生不利影響 特此考慮。本節所考慮的交易不構成本節所指的 「所有權變更」 守則第382條，從而保留了公司使用此類NOL的能力。

(bb) 內部會計和披露控制公司及其各附屬公司在維護財務報告的內部控制（如1934年法案規則13a-15(f)下定義的那樣）方面效果有效，能夠提供合理保證，以確保財務報告的可靠性，以便按照普遍接受的會計原則編制財務報表，包括：（i）交易根據管理層的一般或具體授權進行執行，（ii）必要時記錄交易，以便按照GAAP準則編制財務報表並維持資產和負債的責任，（iii）只有在按照管理一般或特定授權的情況下才允許訪問資產或承擔負債，以及（iv）記錄的資產和責任的責任與現有資產和負債在合理間隔內進行比對，並針對任何差異采取適當措施。公司維護揭露控制和程序（如1934年法案規則13a-15(e)下定義的那樣）有效確保公司在根據SEC規則和表格規定的時間段內記錄、處理、總結和報告所需披露的信息，其中包括但不限於，旨在確保公司在其根據1934年法案提交的報告中所需披露的信息得以累積並傳達給公司的管理層，包括其首席執行官或官員及其首席財務官或官員，以便及時做出有關所需披露的決定。公司及其任何附屬公司均未收到任何來自會計師、政府實體或其他人的通知或函件，涉及公司或任何附屬公司的財務報告內部控制的任何潛在重大弱點或顯著不足之處。

(cc) 資產負債表之外的安排公司或其子公司與非合併企業或其他資產負債表實體之間不存在任何交易、安排或其他關係，公司在其1934法案申報中需要披露的未披露或可能合理可能對公司造成重大不利影響的關係。

(dd) 沒有未公開的負債。公司或其任何子公司沒有任何負債、債務、索賠或損失（無論是清欠的還是未清償的、有擔保的還是無擔保的、絕對的、已計提的、附有條件的或其他的），在符合GAAP的資產負債表（包括附註）中要求披露並未披露在公司的SEC文件中，除了自2023年9月30日以來在公司或其子公司各自的業務中發生的那些，這些負債、債務、索賠或損失，個別或合計，不應合理地預期會對公司或其子公司造成重大不利影響。公司在證券出售完成後不會成爲「投資公司」，也不會成爲「投資公司」的關聯公司，不會成爲「投資公司」控制的公司，也不會成爲「投資公司」的「關聯人員」或「發起人」或「首席承銷商」，正如《1940年投資公司法案修正案》中所定義的那樣。

(ee) 關於買方交易活動的確認公司理解並承認：(i)根據交易文件規定，一旦交易事項公開披露，公司不會要求任何買方或其子公司同意，也沒有任何買方同意要求公司或其子公司停止進行任何與公司證券有關的交易（包括但不限於購買或銷售、做多或做空）或持有任何證券一定期限；(ii)任何買方及參與其「衍生品」交易的交易對手，在知曉交易文件規定的交易事項之前，可能直接或間接持有公司普通股的「做空」頭寸；(iii)任何買方應不被視爲與公司任何「衍生品」交易中的對手方有從屬關係或控制關係；(iv)每個買方可依賴公司根據交易文件根據要求及時交付普通股的義務，以便通過交易公司普通股；公司進一步理解並承認：根據新聞稿公開披露的交易文件規定，一個或多個買方在證券存續期間的各個時段可能從事對沖和/或交易活動（包括但不限於確定轉換證券所需的價值和/或數量之時段），這些對沖和/或交易活動（包括但不限於查找和/或預留可借用的普通股）可能在進行對沖和/或交易活動期間和之後降低現有股東在公司中的所有權利益價值。公司承認上述對沖和/或交易活動不構成對本協議、票據或任何其他交易文件或與本協議或上述文件有關的任何文件的違反。

（ff） 價格操縱公司及其附屬公司沒有，並且據公司所知，沒有任何代表他們的人直接或間接地採取任何旨在穩定或操縱公司或其任何附屬公司的任何安防-半導體股票價格以便促使銷售或再銷售任何證券的行動，也沒有（i）銷售，買盤，購買或支付任何報酬以徵求購買任何證券的行動，也沒有（ii）支付或同意支付給任何人任何徵求購買公司或其任何附屬公司其他證券的報酬，也沒有（iv）支付或同意支付給任何人任何研究服務的費用，涉及公司或其任何附屬公司的任何證券。

(gg) 美國房地產持有公司公司或其任何子公司都不是，也從未是，也在持有任何買家持有的任何證券期間，不會成爲，根據《法典》第897 節的規定，美國房地產控股公司，並且公司和每個子公司應在任何買家的要求下如實證明。

(hh) 註冊資格公司有資格根據《註冊權協議》中定義的可註冊證券（Registrable Securities）通過1933法案下頒佈的F-3表格進行買家轉售登記。

(ii) 過戶稅在每個結算日期，與根據本協議向每位買方出售的證券的發行、銷售和轉讓有關的所有股份轉讓稅或其他稅款（除收入稅或類似稅款外）將由公司全額支付或提供，並且所有徵收此類稅款的法律都將得到或已得到遵守。

(jj) 銀行控股公司法案公司或其任何子公司均不受1956年修正的《銀行控股公司法》（"BHCA"）的約束。BHCA聯邦儲備委員會聯邦儲備委員會公司或其任何子公司或附屬公司，直接或間接，不擁有或控制任何類別投票證券五分之一（5%）以上的已發行股份，或任何銀行或受BHCA監管並受聯儲局監管的實體總股本二十五分之一（25%）以上。 公司或其任何子公司或附屬公司不對受BHCA監管並受聯儲局監管的銀行或實體的管理或政策行使控制影響。

(kk) 殼公司狀態公司從未是或將來也不會成爲規定中指定或適用於規則144(i)的發行人。

(全部) 非法或未經授權的付款；政治捐款。既不是公司，也不是其任何子公司，最好也不是這樣 公司所知的任何高級職員、董事、員工（經過合理的詢問後） 本公司或其任何子公司或與本公司合作的任何其他商業實體或企業的代理人或其他代表 或任何子公司現在或曾經是關聯或關聯，已直接或間接地支付或授權任何付款、出資或 向任何人贈送金錢、財產或服務，無論是否違反適用法律，(i) 作爲回扣或賄賂任何人或 (ii) 給任何政治組織，或任何民選或任命的公職的持有者或任何有意擔任的人，但個人政治職位除外 不涉及直接或間接使用公司或其任何子公司資金的捐款。

(mm)     洗黑錢公司及其子公司遵守美國《愛國者法案》和所有其他適用的美國和非美國反洗錢法律和法規，包括但不限於，由美國外國資產控制辦公室管理的法律、法規和行政命令以及制裁方案，包括但不限於：(i) 2001年9月23日頒佈的13224號行政命令，標題爲「封鎖與支持恐怖主義的個人進行交易的財產」(2001年66 Fed. Reg. 49079)；和(ii) 31 CFR，Subtile b，第五章中包含的任何規定。

(nn) 管理層附錄H中所述除外第3編（nn） 在此之前的五年中，公司沒有任何現任或前任官員或董事，也沒有任何公司或其任何子公司的現任或前任擁有百分之十（10%）或更多股份的股東，據公司所知，他們沒有成爲如下行爲的對象：

(i) 根據破產法或任何其他破產或停止清償法律的要求，或者法院指定此人的清算人、財政代理人或類似官員，或者在此類請願或指定前兩年內，此人是合夥企業的普通合夥人，或者在此類請願或指定前兩年內，此人是執行官的任何公司或業務協會；

(ii) 刑事訴訟中的定罪或者正在審理中的具名被告（不包括與酒後駕駛或受酒精影響駕駛無關的交通違規）；

(iii) any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining any such person from, or otherwise limiting, the following activities:

(1) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;

(2) Engaging in any particular type of business practice; or

(3) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities laws or commodities laws;

(iv) any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph, or to be associated with persons engaged in any such activity;

(v) a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently reversed, suspended or vacated; or

(vi) a finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or vacated.

(oo) Share Option Plans(a). Each share option granted by the Company was granted (i) in accordance with the terms of the applicable share option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common Shares on the date such share option would be considered granted under GAAP and applicable law. No share option granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

(pp) No Disagreements with Accountants and Lawyers(b). There are no material disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents. In addition, on or prior to the date hereof, the Company had discussions with its accountants about its financial statements previously filed with the SEC. Based on those discussions, the Company has no reason to believe that it will need to restate any such financial statements or any part thereof.

（qq） 沒有取消資格事件(c). 關於根據1933年法案規則506(b)依賴關於本處獲得和出售的證券（“免責聲明證券”），本公司及其前身公司，任何關聯發行人，任何參與本次擬議發行的公司的董事，執行官，其他官員，任何持有本公司20%或更多表決權的投票權益證券的受益所有人（根據表決權計算）任何在出售時與公司有關係的公司促進者（根據1933年法案規則405中定義的術語）發行人 受覆蓋人”和一起，“發行人相關人員受限於1933法案第506(d)(1)(i)至(viii)條款下描述的任何「不良行爲者」資格除外，該（不適格事件無論對於 判定的不合格事件（軌則506(d)(2)或(d)(3)所涵蓋的)，公司已經採取合理的注意確保對於任何發行人相關人員是否受到不合格事件的限制。 公司已經按照適用範圍內的要求，在軌則506(e)下履行了其披露義務，並向買家提供了任何已經提供的披露的副本。

（rr） 其他涵蓋的人員(d) 公司不知道任何人正在或將會因爲在與銷售任何D條例證券有關的買方或潛在買方招攬而收取（直接或間接）報酬。

「受限股票獎勵協議」是指公司與受限股票獎勵持有人之間一項書面協議，用於說明受限股票獎勵的條款和條件。每個受限股票獎勵協議均受計劃條款和條件的約束。 沒有額外的協議公司與任何買方在交易文件中涉及的交易除交易文件中指定的內容外，沒有任何協議或諒解。

「受限股票單位獎勵」是根據第6（b）條款的條款和條件授予的獲得普通股份的權利。 公用事業控股法案。公司或其任何子公司均不是「控股公司」或「控股公司的關聯公司」，如公用事業控股法所定義的那樣。

（uu） 《聯邦電力法》。公司或其任何子公司均不受《聯邦電力法》（經修訂）規管，視爲「公用事業」。

（vv） 筆記的排名除了受許可留置權（如註明的那樣）擔保的許可債務（如註明的那樣）外，在適用的收盤時，公司的任何債務都不得優先於或 平價 在支付、贖回、利息、損害賠償、清算或解散或其他方面，與債券相

(ww) 網絡安全概念公司及其附屬公司的信息技術資產和設備、計算機、系統、網絡、硬件、軟件、網站、應用程序和數據庫（統稱「網絡安全概念」）足以支持，並在所有實質性方面按照公司及其附屬公司業務運營所要求的方式進行控件，而且不存在所有可能對公司業務產生重大不利影響的所有重要錯誤、缺陷、木馬、定時炸彈、惡意軟件和其他腐化程序。公司及其附屬公司已經實施並保持商業上合理的物理、技術和管理控件、策略、程序和保護措施，以維護並保護其重要機密信息、所有IT系統和數據的完整性、持續運行、冗餘和安全性，包括與業務相關的「個人數據」。IT系統意味着（i）自然人的姓名、街道地址、電話號碼、電子郵件地址、照片、社會安全號碼或納稅識別號碼、駕駛執照號碼、護照號碼、信用卡號碼、銀行信息或客戶或賬號號碼；（ii）根據《聯邦貿易委員會法》（已修訂）符合「個人識別信息」資格的任何信息；（iii）由歐洲聯盟《通用數據保護條例》（EU 2016/679）定義的「個人數據」；（iv）根據《健康保險便攜性和責任法》及《健康信息技術促進經濟和臨床衛生法》（總稱「保險業務法」）修正資格的任何信息，個人數據業務板塊的運營要求公司及其附屬公司的信息技術資產和設備、計算機、系統、網絡、硬件、軟件、網站、應用程序和數據庫（統稱「科技」）足夠，並在所有實質性方面按照目前進行的公司及其附屬公司業務所要求的方式運作和執行，不受所有可能對公司業務產生重大不利影響的所有重要錯誤、缺陷、特洛伊木馬、定時炸彈、惡意軟件和其他污染物的影響GDPR公司及其子公司已經實施並保持商業上合理的物理、技術和管理控制、政策、程序和保障措施，以維護並保護其重要的機密信息和所有IT系統和數據的完整性、持續運作、冗餘和安全性，包括與業務相關的「個人數據」HIPAA”，以及(v) 任何其他信息片段，可用於識別這樣的自然人，或其家庭，或允許收集或分析與已識別人的健康或性取向有關的任何數據。未曾出現任何泄露、違規、中斷或未經授權使用或訪問同一信息的情況，除非已經得到解決而沒有出現實質成本、責任或告知其他任何人的義務，亦無任何內部審查或調查的事故與之相關，除非在每種情況下，預計不會導致重大不利影響，無論是單獨的還是合計的。公司及其子公司目前遵守所有適用的法律或法規以及任何法院、仲裁員、政府或監管機構的所有判決、命令、規則和規定、內部政策和有關隱私和安全性的合同義務，以及與未經授權使用、訪問、盜用或修改這些信息系統和個人數據的保護相關的一切規定，除非在每種情況下，預計不會導致重大不利影響。

(xx) 符合數據隱私法的規定公司及其子公司一直且在所有先前時期一直遵守所有適用的州和聯邦數據隱私與安全法律法規，包括但不限於HIPAA，公司及其子公司已經採取商業上合理的措施，以準備遵守，並自2018年5月25日以來已經並目前仍然遵守，GDPR（EU 2016/679）（統稱：「所有板塊」），除非在每種情況下，這種情況下，單獨或總體上，不太可能導致重大不利影響。爲確保遵守隱私法律，公司及其子公司擁有、遵守並採取適當步驟，合理設計以確保在所有重大方面遵守其關於數據隱私和安全以及個人數據收集、存儲、使用、披露、處理和分析的政策和程序的所有板塊。公司及其子公司始終向用戶或客戶披露了適用法律和法規或要求的所有披露，並且據公司所知，這些披露中未有任何不準確或違反任何適用法律和法規或要求的情況。公司進一步證明，它及任何子公司：（i）未收到與任何隱私法律有關的任何實際或潛在責任的通知，並且對於任何可能導致此類通知的事件或情況，公司不知情；（ii）目前未進行或支付全部或部分款項用於根據任何隱私法進行任何調查、整改或其他糾正行動；或（iii）是任何強制執行任何隱私法下的義務或責任的任何命令、裁定或協議的一方。隱私法律在每種情況下，未發生或發生，不管是單獨還是總體上，都不合理地預期導致重大不利影響。爲確保遵守隱私法律，公司及其子公司已制定、遵守，並採取合理設計的適當步驟，以在所有重要方面遵守其有關數據隱私和安全以及個人數據收集、存儲、使用、披露、處理和分析政策和程序的所有板塊。政策安全-半導體公司及其子公司在任何時候向用戶或客戶進行了適用法律和監管規則或要求的所有必要披露，並據公司所知，其中任何披露均不準確或違反任何適用法律和監管規則或要求的情況在重大方面。公司進一步證明，它或任何子公司：（i）未收到與隱私法律有關的任何實際或潛在責任的通知，並且不知曉任何可能導致收到此類通知的事件或條件；（ii）目前未進行或支付全部或部分款項用於進行根據任何隱私法進行的任何調查、整改或其他糾正行動；或（iii）是任何命令、法令或協議的一方，該命令、法令或協議根據任何隱私法規定任何義務或責任。

(yy) Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other Transaction Documents. The Company understands and confirms that each of the Buyers will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the Buyers regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. All of the written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date on which such information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months preceding the date of this Agreement did not at the time of release contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the Company or any of its Subsidiaries and made available to you have been prepared in good faith based upon reasonable assumptions and represented, at the time each such financial projection or forecast was delivered to each Buyer, the Company’s best estimate of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed as facts and that the actual results during the period or periods covered by any such financial projections or forecasts may differ from the projected or forecasted results). The Company acknowledges and agrees that no Buyer makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 2.

4. COVENANTS.

(a) Best Efforts. Each Buyer shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section 6 of this Agreement. The Company shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section 7 of this Agreement.

(b) Form D and Blue Sky. The Company shall file a Form D with respect to the Securities as required under Regulation D within ten (10) days of each Closing Date and to provide a copy thereof to each Buyer promptly after such filing. The Company shall, on or before each Closing Date, take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to, qualify the Securities for sale to the Buyers at the applicable Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the Buyers on or prior to each Closing Date. Without limiting any other obligation of the Company under this Agreement, the Company shall timely make all filings and reports relating to the offer and sale of the Securities required under all applicable securities laws (including, without limitation, all applicable federal securities laws and all applicable “Blue Sky” laws), and the Company shall comply with all applicable foreign, federal, state and local laws, statutes, rules, regulations and the like relating to the offering and sale of the Securities to the Buyers.

(c) Reporting Status. Until the date on which the Buyers shall have sold all of the Registrable Securities (the “Reporting Period”), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

(d) Use of Proceeds. The Company will use the proceeds from the sale of the Securities for general corporate purposes, but not, directly or indirectly, for (i) except as set forth on Schedule 4(d), the satisfaction of any indebtedness of the Company or any of its Subsidiaries, (ii) the redemption or repurchase of any securities of the Company or any of its Subsidiaries, or (iii) the settlement of any outstanding litigation.

(e) Financial Information. The Company agrees to send the following to each Investor (as defined in the Registration Rights Agreement) during the Reporting Period (i) unless the following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, within one (1) Business Day after the filing thereof with the SEC, a copy of its Annual Reports on Form 20-F, Reports of Foreign Issuer on Form 6-K, any other interim reports or any consolidated balance sheets, income statements, shareholders’ equity statements and/or cash flow statements for any period other than annual, any Report of Foreign Issuer on Form 6-K and any registration statements (other than on Form S-8) or amendments filed pursuant to the 1933 Act, (ii) unless the following are either filed with the SEC through EDGAR or are otherwise widely disseminated via a recognized news release service (such as PR Newswire), on the same day as the release thereof, e-mail copies of all press releases issued by the Company or any of its Subsidiaries and (iii) unless the following are filed with the SEC through EDGAR, copies of any notices and other information made available or given to the shareholders of the Company generally, contemporaneously with the making available or giving thereof to the shareholders.

(f) Listing. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the Registrable Securities upon each national securities exchange and automated quotation system, if any, upon which the Common Shares is then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain such listing or designation for quotation (as the case may be) of all Registrable Securities from time to time issuable under the terms of the Transaction Documents on such national securities exchange or automated quotation system. The Company shall maintain the Common Shares’ listing or authorization for quotation (as the case may be) on the Principal Market, The New York Stock Exchange, the NYSE American, the Nasdaq Global Market or the Nasdaq Global Select Market (each, an “Eligible Market”). Neither the Company nor any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting or suspension of the Common Shares on an Eligible Market. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 4(f).

(g) Fees. The Company shall reimburse the lead Buyer for the costs and expenses incurred by it or its affiliates in connection with the structuring, documentation, negotiation and closing of the transactions contemplated by the Transaction Documents (including, without limitation, as applicable, (x) a non-accountable amount of $40,000 to be paid upon the Initial Closing Date and an additional non-accountable amount of $20,000 to be paid upon each Additional Closing Date, in each case, for the legal fees and disbursements of Kelley Drye & Warren LLP, counsel to the lead Buyer, and (y) any other reasonable fees and expenses in connection with the structuring, documentation, negotiation and closing of the transactions contemplated by the Transaction Documents and due diligence and regulatory filings in connection therewith) (the “Transaction Expenses”) and shall be withheld by the lead Buyer from its applicable Purchase Price at the applicable Closing, less any amounts previously paid by the Company to Kelley Drye & Warren LLP; provided, that the Company shall promptly reimburse Kelley Drye & Warren LLP on demand for all Transaction Expenses described in clause (x) above not so reimbursed through such withholding at such Closing. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, Controlled Account Bank fees, transfer agent fees, DTC (as defined below) fees or broker’s commissions (other than for Persons engaged by any Buyer) relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys’ fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment. Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection with the sale of the Securities to the Buyers.

(h) Pledge of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document, including, without limitation, Section 2(g) hereof; provided that an Investor and its pledgee shall be required to comply with the provisions of Section 2(g) hereof in order to effect a sale, transfer or assignment of Securities to such pledgee. The Company hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee by a Buyer.

(i) Disclosure of Transactions and Other Material Information.

(i) Disclosure of Transaction. On or before 9:00 a.m., New York time, on the date of this Agreement, the Company shall file a Report of Foreign Issuer on Form 6-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all the material Transaction Documents (including, without limitation, this Agreement (and all schedules to this Agreement), the form of Notes, the form of Guaranties, the form of Security Agreement, the form of Pledge Agreement, the form of Lock-Up Agreement, and the form of the Registration Rights Agreement) (including all attachments, the “6-K Filing”). From and after the filing of the 6-K Filing, the Company shall have disclosed all material, non-public information (if any) provided to any of the Buyers by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the filing of the 6-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any of their affiliates, on the other hand, shall terminate.

(ii) Limitations on Disclosure. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of such Buyer (which may be granted or withheld in such Buyer’s sole discretion). In the event of a breach of any of the foregoing covenants, including, without limitation, Section 4(n) of this Agreement, or any of the covenants or agreements contained in any other Transaction Document, by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees and agents (as determined in the reasonable good faith judgment of such Buyer), in addition to any other remedy provided herein or in the Transaction Documents, such Buyer shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such breach or such material, non-public information, as applicable, without the prior approval by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees or agents. No Buyer shall have any liability to the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates, shareholders or agents, for any such disclosure. To the extent that the Company delivers any material, non-public information to a Buyer without such Buyer’s consent, the Company hereby covenants and agrees that such Buyer shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public information. Subject to the foregoing, neither the Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of any Buyer, to make the Press Release and any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 6-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case of clause (i) each Buyer shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release). Without the prior written consent of the applicable Buyer (which may be granted or withheld in such Buyer’s sole discretion), the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of such Buyer in any filing, announcement, release or otherwise. Notwithstanding anything contained in this Agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer shall have (unless expressly agreed to by a particular Buyer after the date hereof in a written definitive and binding agreement executed by the Company and such particular Buyer (it being understood and agreed that no Buyer may bind any other Buyer with respect thereto)), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material, non-public information regarding the Company or any of its Subsidiaries.

(iii) Other Confidential Information. Disclosure Failures; Disclosure Delay Payments. In addition to other remedies set forth in this Section 4(i), and without limiting anything set forth in any other Transaction Document, at any time after each Closing Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides any Buyer with material non-public information relating to the Company or any of its Subsidiaries (each, the “Confidential Information”), the Company shall, on or prior to the applicable Required Disclosure Date (as defined below), publicly disclose such Confidential Information on a Report of Foreign Issuer on Form 6-K or otherwise (each, a “Disclosure”). From and after such Disclosure, the Company shall have disclosed all Confidential Information provided to such Buyer by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any of their affiliates, on the other hand, shall terminate. In the event that the Company fails to effect such Disclosure on or prior to the Required Disclosure Date and such Buyer shall have possessed Confidential Information for at least ten (10) consecutive Trading Days (each, a “Disclosure Failure”), then, as partial relief for the damages to such Buyer by reason of any such delay in, or reduction of, its ability to buy or sell Common Shares after such Required Disclosure Date (which remedy shall not be exclusive of any other remedies available at law or in equity), the Company shall pay to such Buyer an amount in cash equal to the greater of (I) two percent (2%) of the aggregate principal of Notes purchased by such Buyer hereunder and (II) the applicable Disclosure Restitution Amount, on each of the following dates (each, a “Disclosure Delay Payment Date”): (i) on the date of such Disclosure Failure and (ii) on every thirty (30) day anniversary such Disclosure Failure until the earlier of (x) the date such Disclosure Failure is cured and (y) such time as all such non-public information provided to such Buyer shall cease to be Confidential Information (as evidenced by a certificate, duly executed by an authorized officer of the Company to the foregoing effect) (such earlier date, as applicable, a “Disclosure Cure Date”). Following the initial Disclosure Delay Payment for any particular Disclosure Failure, without limiting the foregoing, if a Disclosure Cure Date occurs prior to any thirty (30) day anniversary of such Disclosure Failure, then such Disclosure Delay Payment (prorated for such partial month) shall be made on the second (2nd) Business Day after such Disclosure Cure Date. The payments to which a Buyer shall be entitled pursuant to this Section 4(i)(iii) are referred to herein as “Disclosure Delay Payments.” In the event the Company fails to make Disclosure Delay Payments in a timely manner in accordance with the foregoing, such Disclosure Delay Payments shall bear interest at the rate of two percent (2%) per month (prorated for partial months) until paid in full.

(iv) For the purpose of this Agreement the following definitions shall apply:

(1) “Disclosure Failure Market Price” means, as of any Disclosure Delay Payment Date, the price computed as the quotient of (I) the sum of the five (5) highest VWAPs (as defined in the Notes) of the Common Shares during the applicable Disclosure Restitution Period (as defined below), divided by (II) five (5) (such period, the “Disclosure Failure Measuring Period”). All such determinations to be appropriately adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the Common Shares during such Disclosure Failure Measuring Period.

(2) “Disclosure Restitution Amount” means, as of any Disclosure Delay Payment Date, the product of (x) difference of (I) the Disclosure Failure Market Price less (II) the lowest purchase price, per Common Share, of any Common Shares issued or issuable to such Buyer pursuant to this Agreement or any other Transaction Documents, multiplied by (y) 10% of the aggregate daily dollar trading volume (as reported on Bloomberg (as defined in the Notes)) of the Common Shares on the Principal Market for each Trading Day (as defined in the Notes) either (1) with respect to the initial Disclosure Delay Payment Date, during the period commencing on the applicable Required Disclosure Date through and including the Trading Day immediately prior to the initial Disclosure Delay Payment Date or (2) with respect to each other Disclosure Delay Payment Date, during the period commencing the immediately preceding Disclosure Delay Payment Date through and including the Trading Day immediately prior to such applicable Disclosure Delay Payment Date (such applicable period, the “Disclosure Restitution Period”).

(3) “Required Disclosure Date” means (x) if such Buyer authorized the delivery of such Confidential Information, either (I) if the Company and such Buyer have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such Confidential Information, such agreed upon date or (II) otherwise, the seventh (7^th) calendar day after the date such Buyer first received any Confidential Information or (y) if such Buyer did not authorize the delivery of such Confidential Information, the first (1^st) Business Day after such Buyer’s receipt of such Confidential Information.

(j) Additional Registration Statements. Until the Applicable Date (as defined below) and at any time thereafter while any Registration Statement is not effective or the prospectus contained therein is not available for use or any Current Public Information Failure (as defined in the Registration Rights Agreement) exists, the Company shall not file a registration statement or an offering statement under the 1933 Act or Canadian Securities Laws relating to securities that are not the Registrable Securities (other than a registration statement on Form S-8 or such supplements or amendments to registration statements that are outstanding and have been declared effective by the SEC as of the date hereof (solely to the extent necessary to keep such registration statements effective and available and not with respect to any Subsequent Placement (as defined below))). “Applicable Date” means the earlier of (x) the first date on which the resale by the Buyers of all the Registrable Securities required to be filed on the initial Registration Statement (as defined in the Registration Rights Agreement) pursuant to the Registration Rights Agreement is declared effective by the SEC (and each prospectus contained therein is available for use on such date) or (y) the first date on which all of the Registrable Securities are eligible to be resold by the Buyers pursuant to Rule 144 (or, if a Current Public Information Failure has occurred and is continuing, such later date after which the Company has cured such Current Public Information Failure).

(k) Additional Issuance of Securities. Except as set forth below, so long as any Buyer beneficially owns any Securities, the Company will not, without the prior written consent of the Required Holders, issue any Notes (other than to the Buyers as contemplated hereby) and the Company shall not issue any other securities that would cause a breach or default under the Notes. The Company agrees that for the period commencing on the date hereof and ending on the date immediately following the 30^th Trading Day after the Applicable Date (provided that such period shall be extended by the number of calendar days during such period and any extension thereof contemplated by this proviso on which any Registration Statement is not effective or any prospectus contained therein is not available for use or any Current Public Information Failure exists) (the “Restricted Period”), neither the Company nor any of its Subsidiaries shall directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity security or any equity-linked or related security (including, without limitation, any “equity security” (as that term is defined under Rule 405 promulgated under the 1933 Act), any Common Share Equivalents, any debt, any preferred shares or any purchase rights) (any such issuance, offer, sale, grant, disposition or announcement (whether occurring during the Restricted Period or at any time thereafter) is referred to as a “Subsequent Placement”). Notwithstanding the foregoing, this Section 4(k) shall not limit, restrict or prevent the Company’s issuance of (i) Common Shares or standard options to purchase Common Shares to directors, officers or employees of the Company in their capacity as such pursuant to an Approved Share Plan (as defined below), provided that (1) all such issuances (taking into account the Common Shares issuable upon exercise of such options) after the date hereof pursuant to this clause (i) do not, in the aggregate, exceed more than 5% of the Common Shares issued and outstanding immediately prior to the date hereof and (2) the exercise price of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects any of the Buyers; (ii) Common Shares issued upon the conversion or exercise of Common Share Equivalents (other than standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) issued prior to the date hereof, provided that the conversion, exercise or other method of issuance (as the case may be) of any such Common Share Equivalent is made solely pursuant to the conversion, exercise or other method of issuance (as the case may be) provisions of such Common Share Equivalent that were in effect on the date immediately prior to the date of this Agreement, the conversion, exercise or issuance price of any such Common Share Equivalents (other than standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) is not lowered, none of such Common Share Equivalents (other than standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Common Share Equivalents (other than standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) the Conversion Shares; (iv) any Common Shares or Common Share Equivalents (including any shares of Common Stock issuable, directly or indirectly, upon conversion, exercise of exchange thereof, collectively, the “Permitted Securities”)(solely to the extent such Permitted Securities do not constitute Indebtedness and/or are not issued in connection with the incurrence by the Company or any of its Subsidiaries, directly or indirectly, of any Indebtedness, as applicable) (each, a “Permitted Issuance”, and the holders of any such Permitted Securities, the “Permitted Holders”), provided, that, until the later of twenty (20) Trading Days after the (x) Initial Conversion Date (as reduced for any applicable Permitted Issuance) and (y) the Applicable Date, the Company shall not permit any Permitted Holder (or any other Person) to (as evidenced by a lock-up agreement acceptable to the Required Holders (each, a “Lock-Up Agreement”)), directly or indirectly, (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or otherwise dispose of or agree to dispose of, any securities of the Company, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities and Exchange Act of 1934, as amended and the rules and regulations of the SEC promulgated thereunder with respect to any securities of the Company owned, directly or indirectly, by such Permitted Holder (including holding as a custodian) or with respect to which such Permitted Holder has beneficial ownership within the rules and regulations, or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Permitted Securities; (each of the foregoing in clauses (i) through (v), collectively the “Excluded Securities”). “Approved Share Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to or subsequent to the date hereof pursuant to which Common Shares and standard options to purchase Common Shares may be issued to any employee, officer or director for services provided to the Company in their capacity as such.

(l) Conduct of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect.

(m) Other Notes; Variable Securities. So long as any Notes remain outstanding, the Company and each Subsidiary shall be prohibited from effecting or entering into an agreement to effect any Subsequent Placement involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in which the Company or any Subsidiary (i) issues or sells any Common Share Equivalents either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after the initial issuance of such Common Share Equivalents, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such Common Share Equivalents or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares, other than pursuant to a customary “weighted average” anti-dilution provision or (ii) enters into any agreement (including, without limitation, an equity line of credit or an “at-the-market” offering) whereby the Company or any Subsidiary may sell securities at a future determined price (other than standard and customary “preemptive” or “participation” rights). Each Buyer shall be entitled to obtain injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

(n) Participation Right. At any time on or prior to the later of (x) the first anniversary of the Initial Closing Date and (y) the last Additional Closing Date hereunder, neither the Company nor any of its Subsidiaries shall, directly or indirectly, effect any Subsequent Placement unless the Company shall have first complied with this Section 4(n). The Company acknowledges and agrees that the right set forth in this Section 4(n) is a right granted by the Company, separately, to each Buyer.

(i) At least five (5) Trading Days prior to any proposed or intended Subsequent Placement, the Company shall deliver to each Buyer a written notice (each such notice, a “Pre-Notice”), which Pre-Notice shall not contain any information (including, without limitation, material, non-public information) other than: (A) if the proposed Offer Notice (as defined below) constitutes or contains material, non-public information, a statement asking whether the Investor is willing to accept material non-public information or (B) if the proposed Offer Notice does not constitute or contain material, non-public information, (x) a statement that the Company proposes or intends to effect a Subsequent Placement, (y) a statement that the statement in clause (x) above does not constitute material, non-public information and (z) a statement informing such Buyer that it is entitled to receive an Offer Notice (as defined below) with respect to such Subsequent Placement upon its written request. Upon the written request of a Buyer within three (3) Trading Days after the Company’s delivery to such Buyer of such Pre-Notice, and only upon a written request by such Buyer, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver to such Buyer an irrevocable written notice (the “Offer Notice”) of any proposed or intended issuance or sale or exchange (the “Offer”) of the securities being offered (the “Offered Securities”) in a Subsequent Placement, which Offer Notice shall (A) identify and describe the Offered Securities, (B) describe the price and other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered Securities to be issued, sold or exchanged, (C) identify the Persons (if known) to which or with which the Offered Securities are to be offered, issued, sold or exchanged and (D) offer to issue and sell to or exchange with such Buyer in accordance with the terms of the Offer such Buyer’s pro rata portion of 2% of the Offered Securities, provided that the number of Offered Securities which such Buyer shall have the right to subscribe for under this Section 4(n) shall be (x) based on such Buyer’s pro rata portion of the aggregate original principal amount of the Notes purchased hereunder by all Buyers (the “Basic Amount”), and (y) with respect to each Buyer that elects to purchase its Basic Amount, any additional portion of the Offered Securities attributable to the Basic Amounts of other Buyers as such Buyer shall indicate it will purchase or acquire should the other Buyers subscribe for less than their Basic Amounts (the “Undersubscription Amount”), which process shall be repeated until each Buyer shall have an opportunity to subscribe for any remaining Undersubscription Amount.

(ii) To accept an Offer, in whole or in part, such Buyer must deliver a written notice to the Company prior to the end of the fifth (5^th) Business Day after such Buyer’s receipt of the Offer Notice (the “Offer Period”), setting forth the portion of such Buyer’s Basic Amount that such Buyer elects to purchase and, if such Buyer shall elect to purchase all of its Basic Amount, the Undersubscription Amount, if any, that such Buyer elects to purchase (in either case, the “Notice of Acceptance”). If the Basic Amounts subscribed for by all Buyers are less than the total of all of the Basic Amounts, then each Buyer who has set forth an Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed for; provided, however, if the Undersubscription Amounts subscribed for exceed the difference between the total of all the Basic Amounts and the Basic Amounts subscribed for (the “Available Undersubscription Amount”), each Buyer who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the Available Undersubscription Amount as the Basic Amount of such Buyer bears to the total Basic Amounts of all Buyers that have subscribed for Undersubscription Amounts, subject to rounding by the Company to the extent it deems reasonably necessary. Notwithstanding the foregoing, if the Company desires to modify or amend the terms and conditions of the Offer prior to the expiration of the Offer Period, the Company may deliver to each Buyer a new Offer Notice and the Offer Period shall expire on the fifth (5^th) Business Day after such Buyer’s receipt of such new Offer Notice.

(iii) The Company shall have five (5) Business Days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange all or any part of such Offered Securities as to which a Notice of Acceptance has not been given by a Buyer (the “Refused Securities”) pursuant to a definitive agreement(s) (the “Subsequent Placement Agreement”), but only to the offerees described in the Offer Notice (if so described therein) and only upon terms and conditions (including, without limitation, unit prices and interest rates) that are not more favorable to the acquiring Person or Persons or less favorable to the Company than those set forth in the Offer Notice and (B) to publicly announce (x) the execution of such Subsequent Placement Agreement, and (y) either (I) the consummation of the transactions contemplated by such Subsequent Placement Agreement or (II) the termination of such Subsequent Placement Agreement, which shall be filed with the SEC on a Report of Foreign Issuer on Form 6-K with such Subsequent Placement Agreement and any documents contemplated therein filed as exhibits thereto.

(iv) In the event the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and on the terms specified in Section 4(n)(iii) above), then each Buyer may, at its sole option and in its sole discretion, withdraw its Notice of Acceptance or reduce the number or amount of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that such Buyer elected to purchase pursuant to Section 4(n)(ii) above multiplied by a fraction, (i) the numerator of which shall be the number or amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold to Buyers pursuant to this Section 4(n) prior to such reduction) and (ii) the denominator of which shall be the original amount of the Offered Securities. In the event that any Buyer so elects to reduce the number or amount of Offered Securities specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and until such securities have again been offered to the Buyers in accordance with Section 4(n)(i) above.

(v) Upon the closing of the issuance, sale or exchange of all or less than all of the Refused Securities, such Buyer shall acquire from the Company, and the Company shall issue to such Buyer, the number or amount of Offered Securities specified in its Notice of Acceptance, as reduced pursuant to Section 4(n)(iv) above if such Buyer has so elected, upon the terms and conditions specified in the Offer. The purchase by such Buyer of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and such Buyer of a separate purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to such Buyer and its counsel.

(vi) Any Offered Securities not acquired by a Buyer or other Persons in accordance with this Section 4(n) may not be issued, sold or exchanged until they are again offered to such Buyer under the procedures specified in this Agreement.

(vii) The Company and each Buyer agree that if any Buyer elects to participate in the Offer, (x) neither the Subsequent Placement Agreement with respect to such Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement Documents”) shall include any term or provision whereby such Buyer shall be required to agree to any restrictions on trading as to any securities of the Company or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with, any agreement previously entered into with the Company or any instrument received from the Company, and (y) any registration rights set forth in such Subsequent Placement Documents shall be similar in all material respects to the registration rights contained in the Registration Rights Agreement.

(viii) Notwithstanding anything to the contrary in this Section 4(n) and unless otherwise agreed to by such Buyer, the Company shall either confirm in writing to such Buyer that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose its intention to issue the Offered Securities, in either case, in such a manner such that such Buyer will not be in possession of any material, non-public information, by the fifth (5^th) Business Day following delivery of the Offer Notice. If by such fifth (5^th) Business Day, no public disclosure regarding a transaction with respect to the Offered Securities has been made, and no notice regarding the abandonment of such transaction has been received by such Buyer, such transaction shall be deemed to have been abandoned and such Buyer shall not be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries. Should the Company decide to pursue such transaction with respect to the Offered Securities, the Company shall provide such Buyer with another Offer Notice and such Buyer will again have the right of participation set forth in this Section 4(n). The Company shall not be permitted to deliver more than one such Offer Notice to such Buyer in any sixty (60) day period, except as expressly contemplated by the last sentence of Section 4(n)(ii).

(ix) The restrictions contained in this Section 4(n) shall not apply in connection with the issuance of any Excluded Securities. The Company shall not circumvent the provisions of this Section 4(n) by providing terms or conditions to one Buyer that are not provided to all.

(o) Dilutive Issuances. For so long as any Notes remain outstanding, the Company shall not, in any manner, enter into or affect any Dilutive Issuance (as defined in the Notes) if the effect of such Dilutive Issuance is to cause the Company to be required to issue upon conversion of any Notes any Common Shares in excess of that number of Common Shares which the Company may issue upon conversion of the Notes without breaching the Company’s obligations under the rules or regulations of the Principal Market.

(p) Passive Foreign Investment Company. The Company shall conduct its business, and shall cause its Subsidiaries to conduct their respective businesses, in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment company within the meaning of Section 1297 of the Code.

(q) Restriction on Redemption and Cash Dividends. So long as any Notes are outstanding, the Company shall not, directly or indirectly, redeem, or declare or pay any cash dividend or distribution on, any securities of the Company without the prior express written consent of the Buyers.

(r) Corporate Existence. So long as any Buyer beneficially owns any Notes, the Company shall not be party to any Fundamental Transaction (as defined in the Notes) unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth in the Notes.

(s) Share Splits. Until the Notes and all notes issued pursuant to the terms thereof are no longer outstanding, the Company shall not effect any share combination, reverse share split or other similar transaction (or make any public announcement or disclosure with respect to any of the foregoing) without the prior written consent of the Required Holders (as defined below).

(t) Conversion Procedures. Each of the form of Conversion Notice (as defined in the Notes) included in the Notes set forth the totality of the procedures required of the Buyers in order to convert the Notes. Except as provided in Section 5(d), no additional legal opinion, other information or instructions shall be required of the Buyers to convert their Notes. The Company shall honor conversions of the Notes and shall deliver the Conversion Shares in accordance with the terms, conditions and time periods set forth in the Notes.

(u) Collateral Agent. Each Buyer hereby (i) appoints [BUYER], as the collateral agent hereunder and under the other Security Documents (in such capacity, the “Collateral Agent”), and (ii) authorizes the Collateral Agent (and its officers, directors, employees and agents) to take such action on such Buyer’s behalf in accordance with the terms hereof and thereof. The Collateral Agent shall not have, by reason hereof or any of the other Security Documents, a fiduciary relationship in respect of any Buyer. Neither the Collateral Agent nor any of its officers, directors, employees or agents shall have any liability to any Buyer for any action taken or omitted to be taken in connection hereof or any other Security Document except to the extent caused by its own gross negligence or willful misconduct, and each Buyer agrees to defend, protect, indemnify and hold harmless the Collateral Agent and all of its officers, directors, employees and agents (collectively, the “Collateral Agent Indemnitees”) from and against any losses, damages, liabilities, obligations, penalties, actions, judgments, suits, fees, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred by such Collateral Agent Indemnitee, whether direct, indirect or consequential, arising from or in connection with the performance by such Collateral Agent Indemnitee of the duties and obligations of Collateral Agent pursuant hereto or any of the Security Documents. The Collateral Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Holders, and such instructions shall be binding upon all holders of Notes; provided, however, that the Collateral Agent shall not be required to take any action which, in the reasonable opinion of the Collateral Agent, exposes the Collateral Agent to liability or which is contrary to this Agreement or any other Transaction Document or applicable law. The Collateral Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to all matters pertaining to this Agreement or any of the other Transaction Documents and its duties hereunder or thereunder, upon advice of counsel selected by it.

(v) Successor Collateral Agent.

(i) The Collateral Agent may resign from the performance of all its functions and duties hereunder and under the other Transaction Documents at any time by giving at least ten (10) Business Days’ prior written notice to the Company and each holder of Notes. Such resignation shall take effect upon the acceptance by a successor Collateral Agent of appointment pursuant to clauses (ii) and (iii) below or as otherwise provided below. If at any time the Collateral Agent (together with its affiliates) beneficially owns less than $100,000 in aggregate principal amount of Notes, the Required Holders may, by written consent, remove the Collateral Agent from all its functions and duties hereunder and under the other Transaction Documents.

(ii) Upon any such notice of resignation or removal, the Required Holders shall appoint a successor collateral agent. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor agent, such successor collateral agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the collateral agent, and the Collateral Agent shall be discharged from its duties and obligations under this Agreement and the other Transaction Documents. After the Collateral Agent’s resignation or removal hereunder as the collateral agent, the provisions of this Section 4(v) shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement and the other Transaction Documents.

(iii) If a successor collateral agent shall not have been so appointed within ten (10) Business Days of receipt of a written notice of resignation or removal, the Collateral Agent shall then appoint a successor collateral agent who shall serve as the Collateral Agent until such time, if any, as the Required Holders appoint a successor collateral agent as provided above.

(iv) In the event that a successor Collateral Agent is appointed pursuant to the provisions of this Section 4(v) that is not a Buyer or an affiliate of any Buyer (or the Required Holders or the Collateral Agent (or its successor), as applicable, notify the Company that they or it wants to appoint such a successor Collateral Agent pursuant to the terms of this Section 4(v)), the Company and each Subsidiary thereof covenants and agrees to promptly take all actions reasonably requested by the Required Holders or the Collateral Agent (or its successor), as applicable, from time to time, to secure a successor Collateral Agent satisfactory to the requesting part(y)(ies), in their sole discretion, including, without limitation, by paying all reasonable and customary fees and expenses of such successor Collateral Agent, by having the Company and each Subsidiary thereof agree to indemnify any successor Collateral Agent pursuant to reasonable and customary terms and by each of the Company and each Subsidiary thereof executing a collateral agency agreement or similar agreement and/or any amendment to the Security Documents reasonably requested or required by the successor Collateral Agent.

(w) Regulation M. The Company will not take any action prohibited by Regulation M under the 1934 Act, in connection with the distribution of the Securities contemplated hereby.

(x) General Solicitation(e). None of the Company, any of its affiliates (as defined in Rule 501(b) under the 1933 Act) or any person acting on behalf of the Company or such affiliate will solicit any offer to buy or offer or sell the Securities by means of any form of general solicitation or general advertising within the meaning of Regulation D, including: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio; and (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

(y) Integration(f). None of the Company, any of its affiliates (as defined in Rule 501(b) under the 1933 Act), or any person acting on behalf of the Company or such affiliate will sell, offer for sale, or solicit offers to buy or otherwise negotiate in respect of any security (as defined in the 1933 Act) which will be integrated with the sale of the Securities in a manner which would require the registration of the Securities under the 1933 Act or require shareholder approval under the rules and regulations of the Principal Market and the Company will take all action that is appropriate or necessary to assure that its offerings of other securities will not be integrated for purposes of the 1933 Act or the rules and regulations of the Principal Market, with the issuance of Securities contemplated hereby.

(z) Notice of Disqualification Events(g). The Company will notify the Buyers in writing, prior to each Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

(aa) Subsidiary Guarantee(h). For so long as any Notes remain outstanding, upon any entity becoming a direct, or indirect, U.S. and/or Canadian Subsidiary of the Company, the Company shall cause each such U.S. and/or Canadian Subsidiary to become party to the Guaranty by executing a joinder to the Guaranty reasonably satisfactory in form and substance to the Required Holders.

(bb) Reservation of Shares. So long as any of the Notes remain outstanding, the Company shall take all action necessary to at all times have authorized, and reserved for the purpose of issuance, no less than 100% of the maximum number of Conversion Shares issuable upon conversion of the Notes then outstanding (assuming for purposes hereof that (w) all Additional Notes issuable hereunder shall have been issued at an Additional Closing on the Initial Closing Date, (x) the Notes are convertible at the Floor Price (as defined in the Notes) assuming an Alternate Conversion Date as of such applicable date of determination, (y) interest on the Notes shall accrue through twelve month anniversary of the Initial Closing Date and will be converted in shares of Common Shares at a conversion price equal to the Floor Price assuming an Alternate Conversion Date as of such applicable date of determination and (z) any such conversion shall not take into account any limitations on the conversion of the Notes set forth in the Notes) (collectively, the “Required Reserve Amount”); provided that at no time shall the number of Common Shares reserved pursuant to this Section 4(bb) be reduced other than proportionally in connection with any conversion, exercise and/or redemption, as applicable of Notes. If at any time the number of Common Shares authorized and reserved for issuance is not sufficient to meet the Required Reserve Amount, the Company will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares, including, without limitation, calling a special meeting of shareholders to authorize additional shares to meet the Company’s obligations pursuant to the Transaction Documents, in the case of an insufficient number of authorized shares, obtain shareholder approval of an increase in such authorized number of shares, and voting the management shares of the Company in favor of an increase in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to meet the Required Reserve Amount.

(cc) No Waiver of Lock-Up Agreement. The Company shall not amend, waive, modify or fail to use best efforts to enforce any provision of the Lock-Up Agreement. For the avoidance of doubt, no Buyer shall be a third party beneficiary of any Lock-Up Agreement.

(dd) Closing Documents. On or prior to fourteen (14) calendar days after each Closing Date, the Company agrees to deliver, or cause to be delivered, to each Buyer and Kelley Drye & Warren LLP a complete closing set of the executed Transaction Documents, Securities and any other document required to be delivered to any party pursuant to Section 7 hereof or otherwise.

(ee) Post-Closing Conditions. On or prior to the fourteen (14) calendar day anniversary of the Initial Closing Date (unless extended with the written consent of the Buyers):

(i) The Company shall have delivered to such Buyer a certificate evidencing the formation and good standing of the Company in such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office) of such jurisdiction of formation as of a date within fourteen (14) days of the Initial Closing Date.

(ii) The Company shall have delivered to such Buyer a certificate evidencing the Company’s qualification as a foreign corporation and good standing issued by the Secretary of State (or comparable office) of each jurisdiction in which the Company and conducts business and is required to so qualify, as of a date within fourteen (14) days of the Initial Closing Date.

(iii) The Company shall have delivered to such Buyer a certified copy of the Articles within fourteen (14) days of the Initial Closing Date.

(iv) The Company shall have delivered or caused to be delivered to each Buyer and the Collateral Agent (A) certified copies of requests for copies of information on Form UCC-11, listing all effective financing statements which name as debtor the Company or any of its Subsidiaries and which are filed in such office or offices as may be necessary or, in the opinion of the Collateral Agent or the Buyers, desirable to perfect the security interests purported to be created by the Security Agreement, together with copies of such financing statements, none of which, except as otherwise agreed in writing by the Collateral Agent, shall cover any of the Collateral (as defined in the Security Agreement), and the results of searches for any tax Lien and judgment Lien filed against such Person or its property, which results, except as otherwise agreed to in writing by the Collateral Agent and the Buyers, shall not show any such Liens; and (B) a perfection certificate, duly completed and executed by the Company and each of its Subsidiaries, in form and substance satisfactory to the Buyers (the “Perfection Certificate”).

(v) The Company shall have delivered to such Buyer a letter from the Company’s transfer agent certifying the number of Common Shares outstanding on or immediately after the Initial Closing Date.

5. REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

(a) Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice to each holder of Securities), a register for the Notes in which the Company shall record the name and address of the Person in whose name the Notes have been issued (including the name and address of each transferee), the principal amount of the Notes held by such Person, and the number of Conversion Shares issuable pursuant to the terms of the Notes held by such Person. The Company shall keep the register open and available at all times during business hours for inspection of any Buyer or its legal representatives.

(b) Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent and any subsequent transfer agent (as applicable, the “Transfer Agent”) in a form acceptable to each of the Buyers (the “Irrevocable Transfer Agent Instructions”) to issue certificates or credit shares to the applicable balance accounts at The Depository Trust Company (“DTC”), registered in the name of each Buyer or its respective nominee(s), for the Conversion Shares in such amounts as specified from time to time by each Buyer to the Company upon conversion of the Notes. The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5(b), and stop transfer instructions to give effect to Section 2(g) hereof, will be given by the Company to its transfer agent with respect to the Securities, and that the Securities shall otherwise be freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement and the other Transaction Documents. If a Buyer effects a sale, assignment or transfer of the Securities in accordance with Section 2(g), the Company shall permit the transfer and shall promptly instruct its transfer agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such name and in such denominations as specified by such Buyer to effect such sale, transfer or assignment. In the event that such sale, assignment or transfer involves Conversion Shares sold, assigned or transferred pursuant to an effective registration statement or in compliance with Rule 144, the transfer agent shall issue such shares to such Buyer, assignee or transferee (as the case may be) without any restrictive legend in accordance with Section 5(d) below. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to a Buyer. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5(b) will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section 5(b), that a Buyer shall be entitled, in addition to all other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity of showing economic loss and without any bond or other security being required. The Company shall cause its counsel to issue the legal opinion referred to in the Irrevocable Transfer Agent Instructions to the Company’s transfer agent on each Effective Date (as defined in the Registration Rights Agreement). Any fees (with respect to the transfer agent, counsel to the Company or otherwise) associated with the issuance of such opinion or the removal of any legends on any of the Securities shall be borne by the Company.

(c) Legends. Each Buyer understands that the Securities have been issued (or will be issued in the case of the Conversion Shares) pursuant to an exemption from registration or qualification under the 1933 Act and applicable state securities laws, and except as set forth below, the Securities shall bear any legend as required by the “blue sky” laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such share certificates):

[NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

(d) Removal of Legends. Certificates evidencing Securities shall not be required to contain the legend set forth in Section 5(c) above or any other legend (i) while a registration statement (including a Registration Statement) covering the resale of such Securities is effective under the 1933 Act, (ii) following any sale of such Securities pursuant to Rule 144 (assuming the transferor is not an affiliate of the Company), (iii) if such Securities are eligible to be sold, assigned or transferred under Rule 144 (provided that a Buyer provides the Company with reasonable assurances that such Securities are eligible for sale, assignment or transfer under Rule 144 which shall not include an opinion of Buyer’s counsel), (iv) in connection with a sale, assignment or other transfer (other than under Rule 144), provided that such Buyer provides the Company with an opinion of counsel to such Buyer, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Securities may be made without registration under the applicable requirements of the 1933 Act or (v) if such legend is not required under applicable requirements of the 1933 Act (including, without limitation, controlling judicial interpretations and pronouncements issued by the SEC). If a legend is not required pursuant to the foregoing, the Company shall no later than two (2) Trading Days (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the date such Buyer delivers such legended certificate representing such Securities to the Company) following the delivery by a Buyer to the Company or the transfer agent (with notice to the Company) of a legended certificate representing such Securities (endorsed or with share powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries from such Buyer as may be required above in this Section 5(d), as directed by such Buyer, either: (A) provided that the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program (“FAST”) and such Securities are Conversion Shares, credit the aggregate number of Common Shares to which such Buyer shall be entitled to such Buyer’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (B) if the Company’s transfer agent is not participating in FAST, issue and deliver (via reputable overnight courier) to such Buyer, a certificate representing such Securities that is free from all restrictive and other legends, registered in the name of such Buyer or its designee (the date by which such credit is so required to be made to the balance account of such Buyer’s or such Buyer’s designee with DTC or such certificate is required to be delivered to such Buyer pursuant to the foregoing is referred to herein as the “Required Delivery Date”, and the date such Common Shares are actually delivered without restrictive legend to such Buyer or such Buyer’s designee with DTC, as applicable, the “Share Delivery Date”). The Company shall be responsible for any transfer agent fees or DTC fees with respect to any issuance of Securities or the removal of any legends with respect to any Securities in accordance herewith.

(e) Failure to Timely Deliver; Buy-In. If the Company fails to fail, for any reason or for no reason, to issue and deliver (or cause to be delivered) to a Buyer (or its designee) by the Required Delivery Date, either (I) if the Transfer Agent is not participating in FAST, a certificate for the number of Conversion Shares to which such Buyer is entitled and register such Conversion Shares on the Company’s share register or, if the Transfer Agent is participating in FAST, to credit the balance account of such Buyer or such Buyer’s designee with DTC for such number of Conversion Shares submitted for legend removal by such Buyer pursuant to Section 5(d) above or (II) if the Registration Statement covering the resale of the Conversion Shares submitted for legend removal by such Buyer pursuant to Section 5(d) above (the “Unavailable Shares”) is not available for the resale of such Unavailable Shares and the Company fails to promptly, but in no event later than as required pursuant to the Registration Rights Agreement (x) so notify such Buyer and (y) deliver the Conversion Shares electronically without any restrictive legend by crediting such aggregate number of Conversion Shares submitted for legend removal by such Buyer pursuant to Section 5(d) above to such Buyer’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian system (the event described in the immediately foregoing clause (II) is hereinafter referred as a “Notice Failure” and together with the event described in clause (I) above, a “Delivery Failure”), then, in addition to all other remedies available to such Buyer, the Company shall pay in cash to such Buyer on each day after the Share Delivery Date and during such Delivery Failure an amount equal to 2% of the product of (A) the sum of the number of Common Shares not issued to such Buyer on or prior to the Required Delivery Date and to which such Buyer is entitled, and (B) any trading price of the Common Shares selected by such Buyer in writing as in effect at any time during the period beginning on the date of the delivery by such Buyer to the Company of the applicable Conversion Shares and ending on the applicable Share Delivery Date. In addition to the foregoing, if on or prior to the Required Delivery Date either (I) if the Transfer Agent is not participating in FAST, the Company shall fail to issue and deliver a certificate to a Buyer and register such Common Shares on the Company’s share register or, if the Transfer Agent is participating in FAST, credit the balance account of such Buyer or such Buyer’s designee with DTC for the number of Common Shares to which such Buyer submitted for legend removal by such Buyer pursuant to Section 5(d) above (ii) below or (II) a Notice Failure occurs, and if on or after such Trading Day such Buyer purchases (in an open market transaction, stock loan or otherwise) Common Shares corresponding to all or any portion of the Common Shares submitted for legend removal by such Buyer pursuant to Section 5(d) above (a “Buy-In”), then the Company shall, within two (2) Trading Days after such Buyer’s request and in such Buyer’s discretion, either (i) pay cash to such Buyer in an amount equal to such Buyer’s total purchase price (including brokerage commissions, stock loan costs and other out-of-pocket expenses, if any) for the Common Shares so purchased (including, without limitation, by and other Person in respect, or on behalf of the holder) (the “Buy-In Price”), at which point the Company’s obligation to so deliver such certificate or credit such Buyer’s balance account shall terminate and such shares shall be cancelled, or (ii) promptly honor its obligation to so deliver to such Buyer a certificate or certificates or credit the balance account of such Buyer or such Buyer’s designee with DTC representing such number of Common Shares that would have been so delivered if the Company timely complied with its obligations hereunder and pay cash to such Buyer in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Conversion Shares that the Company was required to deliver to such Buyer by the Required Delivery Date multiplied by (B) the lowest Closing Sale Price (as defined in the Notes) of the Common Shares on any Trading Day during the period commencing on the date of the delivery by such Buyer to the Company of the applicable Conversion Shares and ending on the date of such delivery and payment under this clause (ii). Nothing shall limit such Buyer’s right to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing Common Shares (or to electronically deliver such Common Shares) as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, with respect to any given Notice Failure and/or Delivery Failure, this Section 5(e) shall not apply to the applicable Buyer the extent the Company has already paid such amounts in full to such Buyer with respect to such Notice Failure and/or Delivery Failure, as applicable, pursuant to the analogous sections of the Note held by such Buyer.

(f) FAST Compliance. While any Notes remain outstanding, the Company shall maintain a transfer agent that participates in FAST.

(g) Post-Closing Deliverables. If the Company fails to satisfy any condition of Section 7(a) or 7(b) (as applicable) below on or prior to each Closing Date (other than Sections 7(a)(i) and 7(b)(i), as applicable) and the Buyers elect to effect the applicable Closing notwithstanding such failure, the Company shall be required to satisfy each such condition in Section 7(a) or 7(b) (as applicable) below (including, without limitation, providing to the Buyers any deliverables required therein) by no later than the seventh (7^th) calendar day after each Closing Date.

6. CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

(a) The obligation of the Company hereunder to issue and sell the Initial Notes to each Buyer at the Initial Closing is subject to the satisfaction, at or before the Initial Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof: 

(i) Such Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

(ii) Such Buyer and each other Buyer shall have delivered to the Company the Initial Purchase Price (less, in the case of any Buyer, the amounts withheld pursuant to Section 4(g)) for the Initial Note being purchased by such Buyer at the Initial Closing by wire transfer of immediately available funds in accordance with the Initial Flow of Funds Letter.

(iii) The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as of the Initial Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to the Initial Closing Date.

(b) The obligation of the Company hereunder to issue and sell the Additional Notes to each Buyer at each Additional Closing is subject to the satisfaction, at or before the applicable Additional Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof: 

(i) Such Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

(ii) Such Buyer and each other Buyer shall have delivered to the Company the Additional Purchase Price (less, in the case of any Buyer, the amounts withheld pursuant to Section 4(g)) for the Additional Note being purchased by such Buyer at the Additional Closing by wire transfer of immediately available funds in accordance with the Additional Flow of Funds Letter.

(iii) The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as of the Additional Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to the Additional Closing Date.

7. CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

(a) The obligation of each Buyer hereunder to purchase its Initial Note at the Initial Closing is subject to the satisfaction, at or before the Initial Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof: 

(i) The Company and each Subsidiary (as the case may be) shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party and the Company shall have duly executed and delivered to such Buyer an Initial Note in such original principal amount as is set forth across from such Buyer’s name in column (3) of the Schedule of Buyers, as being purchased by such Buyer at the Initial Closing pursuant to this Agreement.

(ii) Such Buyer shall have received the opinion of Loeb & Loeb LLP, the Company’s counsel, dated as of the Initial Closing Date, in the form acceptable to such Buyer.

(iii) The Company shall have delivered to such Buyer a copy of the Irrevocable Transfer Agent Instructions, in the form acceptable to such Buyer, which instructions shall have been delivered to and acknowledged in writing by the Company’s transfer agent.

(iv) [Intentionally Omitted.]

(v) [Intentionally Omitted.]

(vi) [Intentionally Omitted.]

(vii) [Intentionally Omitted.]

(viii) The Company and each Subsidiary shall have delivered to such Buyer a certificate, in the form acceptable to such Buyer, executed by the Secretary of the Company and each Subsidiary and dated as of the Initial Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted by the Company’s and each Subsidiary’s board of directors in a form reasonably acceptable to such Buyer, and (ii) the Articles of the Company and the organizational documents of each Subsidiary, each as in effect at the Initial Closing.

(ix) Each and every representation and warranty of the Company shall be true and correct as of the date when made and as of the Initial Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Initial Closing Date. Such Buyer shall have received a certificate, duly executed by the Chief Executive Officer of the Company, dated as of the Initial Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by such Buyer in the form acceptable to such Buyer.

(x) [Intentionally Omitted.]

(xi) The Common Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been suspended, as of the Initial Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension by the SEC or the Principal Market have been threatened, as of the Initial Closing Date, either (I) in writing by the SEC or the Principal Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

(xii) The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of the Securities, including without limitation, those required by the Principal Market, if any.

(xiii) No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

(xiv) Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or result in a Material Adverse Effect.

(xv) The Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) the Conversion Shares.

(xvi) In accordance with the terms of the Security Documents, the Company shall have delivered to the Collateral Agent (A) original certificates (I) representing the Subsidiaries’ shares of share capital to the extent such subsidiary is a corporation or otherwise has certificated equity and (II) representing all other equity interests and all promissory notes required to be pledged thereunder, in each case, accompanied by undated share powers and allonges executed in blank and other proper instruments of transfer and (B) appropriate financing statements on Form UCC-1 to be duly filed in such office or offices as may be necessary or, in the opinion of the Collateral Agent, desirable to perfect the security interests purported to be created by each Security Document.

(xvii)     [Intentionally Omitted.]

(xviii)    The Collateral Agent shall have received the Security Agreement, duly executed by the Company and each of its Subsidiaries, together with the original share certificates representing all of the equity interests and all promissory notes required to be pledged thereunder, accompanied by undated share powers and allonges executed in blank and other proper instruments of transfer.

(xix) [Intentionally Omitted.]

(xx) [Intentionally Omitted.]

(xxi) The Pledge Agreement shall have been executed and delivered to such Buyer by the Principal Shareholder, the Company and the other Buyers.

(xxii)     The Company shall deliver, or cause to be delivered, to each Buyer a certificate with respect to the Pledged Shares (as defined in the Pledge Agreement) to be held by each such Buyer duly manually endorsed for transfer on the back of the share certificate or on a share power to be attached to such share certificate, in each case duly executed in the name that appears on the face of such certificate, including a Medallion Guarantee stamp placed below the signature on the back of such certificate or below the signature on any accompanying share power.

(xxiii)    Such Buyer shall have received a letter on the letterhead of the Company (the “Initial Flow of Funds Letter”) duly executed by the Chief Financial Officer of the Company, setting forth the wire amounts of each Buyer and the wire transfer instructions of the Company.

(xxiv)    The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

(b) The obligation of each Buyer hereunder to purchase its Additional Note at the Additional Closing is subject to the satisfaction, at or before the Additional Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof: 

(i) The Company and each Subsidiary (as the case may be) shall have duly executed and delivered to such Buyer each applicable Transaction Documents to which it is a party and the Company shall have duly executed and delivered to such Buyer such Additional Note being purchased by such Buyer at such Additional Closing pursuant to this Agreement.

(ii) Such Buyer shall have received the opinion of Loeb & Loeb LLP, the Company’s counsel, dated as of the Additional Closing Date, in the form acceptable to such Buyer.

(iii) The Company shall have delivered to such Buyer a certificate evidencing the formation and good standing of the Company and each of its Subsidiaries in each such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office) of such jurisdiction of formation as of a date within ten (10) days of the Additional Closing Date.

(iv) The Company shall have delivered to such Buyer a certificate evidencing the Company’s and each Subsidiary’s qualification as a foreign corporation and good standing issued by the Secretary of State (or comparable office) of each jurisdiction in which the Company and each Subsidiary conducts business and is required to so qualify, as of a date within ten (10) days of the Additional Closing Date.

(v) The Company shall have delivered to such Buyer a certified copy of the Articles within ten (10) days of the Additional Closing Date.

(vi) Each Subsidiary shall have delivered to such Buyer a certified copy of its Articles (or such equivalent organizational document) as certified by the Secretary of State (or comparable office) of such Subsidiary’s jurisdiction of incorporation within ten (10) days of the Additional Closing Date.

(vii) The Company and each Subsidiary shall have delivered to such Buyer a certificate, in the form acceptable to such Buyer, executed by the Secretary of the Company and each Subsidiary and dated as of the Additional Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted by the Company’s and each Subsidiary’s board of directors in a form reasonably acceptable to such Buyer, and (ii) the Articles of the Company and the organizational documents of each Subsidiary, each as in effect at the Additional Closing.

(viii) Each and every representation and warranty of the Company shall be true and correct as of the date when made and as of the Additional Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Additional Closing Date. Such Buyer shall have received a certificate, duly executed by the Chief Executive Officer of the Company, dated as of the Initial Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by such Buyer in the form acceptable to such Buyer.

(ix) The Company shall have delivered to such Buyer a letter from the Company’s transfer agent certifying the number of Common Shares outstanding on the Additional Closing Date immediately prior to the Additional Closing.

(x) The Common Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been suspended, as of the Additional Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension by the SEC or the Principal Market have been threatened, as of the Initial Closing Date, either (I) in writing by the SEC or the Principal Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

(xi) The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of the Securities, including without limitation, those required by the Principal Market, if any.

(xii) No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

(xiii) Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or result in a Material Adverse Effect.

(xiv) In accordance with the terms of the Security Documents, the Company shall have delivered to the Collateral Agent (A) original certificates (I) representing the Subsidiaries’ shares of share capital to the extent such subsidiary is a corporation or otherwise has certificated equity and (II) representing all other equity interests and all promissory notes required to be pledged thereunder, in each case, accompanied by undated share powers and allonges executed in blank and other proper instruments of transfer and (B) appropriate financing statements on Form UCC-1 to be duly filed in such office or offices as may be necessary or, in the opinion of the Collateral Agent, desirable to perfect the security interests purported to be created by each Security Document.

(xv) Within two (2) Business Days prior to the Additional Closing, the Company shall have delivered or caused to be delivered to each Buyer and the Collateral Agent (A) certified copies of requests for copies of information on Form UCC-11, listing all effective financing statements which name as debtor the Company or any of its Subsidiaries and which are filed in such office or offices as may be necessary or, in the opinion of the Collateral Agent or the Buyers, desirable to perfect the security interests purported to be created by the Security Agreement, together with copies of such financing statements, none of which, except as otherwise agreed in writing by the Collateral Agent, shall cover any of the Collateral (as defined in the Security Agreement), and the results of searches for any tax Lien and judgment Lien filed against such Person or its property, which results, except as otherwise agreed to in writing by the Collateral Agent and the Buyers, shall not show any such Liens.

(xvi) The Collateral Agent shall have received amended and restated schedules to the Security Agreement, if applicable.

(xvii)     The Collateral Agent shall have received amended and restated schedules to the Intellectual Property Security Agreement, if applicable.

(xviii)    Such Buyer shall have received a letter on the letterhead of the Company (the “Additional Flow of Funds Letter”) duly executed by the Chief Financial Officer of the Company, setting forth the wire amounts of each Buyer and the wire transfer instructions of the Company.

(xix) The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

8. TERMINATION.

In the event that the Initial Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such Buyer shall have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate this Agreement under this Section 7(b) shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement to have been consummated by such date is the result of such Buyer’s breach of this Agreement and (ii) the abandonment of the sale and purchase of the Notes shall be applicable only to such Buyer providing such written notice, provided further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the expenses described in Section 4(g) above. Nothing contained in this Section 7(b) shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

9. MISCELLANEOUS.

(a) Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Delaware, without giving effect to any provision of law or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Wilmington, Delaware, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. The Company hereby appoints such Person set forth on Schedule 9(a) attached hereto (the “Service Agent”), as its agent for service of process in New York. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. The choice of the laws of the State of Delaware as the governing law of this Agreement is a valid choice of law and would be recognized and given effect to in any action brought before a court of competent jurisdiction in the Canada, except for those laws (i) which such court considers to be procedural in nature, (ii) which are revenue or penal laws or (iii) the application of which would be inconsistent with public policy, as such term is interpreted under the laws of the Canada. The Company or any of their respective properties, assets or revenues does not have any right of immunity under Canada or Delaware law, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Canada and the Delaware or United States federal court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement; and, to the extent that the Company, or any of its properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, the Company hereby waives such right to the extent permitted by law and hereby consents to such relief and enforcement as provided in this Agreement and the other Transaction Documents.

(b) Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

(c) Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

(d) Severability; Maximum Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document (and without implication that the following is required or applicable), it is the intention of the parties that in no event shall amounts and value paid by the Company and/or any of its Subsidiaries (as the case may be), or payable to or received by any of the Buyers, under the Transaction Documents (including without limitation, any amounts that would be characterized as “interest” under applicable law) exceed amounts permitted under any applicable law. Accordingly, if any obligation to pay, payment made to any Buyer, or collection by any Buyer pursuant the Transaction Documents is finally judicially determined to be contrary to any such applicable law, such obligation to pay, payment or collection shall be deemed to have been made by mutual mistake of such Buyer, the Company and its Subsidiaries and such amount shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by the applicable law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of such Buyer, the amount of interest or any other amounts which would constitute unlawful amounts required to be paid or actually paid to such Buyer under the Transaction Documents. For greater certainty, to the extent that any interest, charges, fees, expenses or other amounts required to be paid to or received by such Buyer under any of the Transaction Documents or related thereto are held to be within the meaning of “interest” or another applicable term to otherwise be violative of applicable law, such amounts shall be pro-rated over the period of time to which they relate.

(e) Entire Agreement; Amendments. This Agreement, the other Transaction Documents and the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between the Buyers, the Company, its Subsidiaries, their affiliates and Persons acting on their behalf, including, without limitation, any transactions by any Buyer with respect to Common Shares or the Securities, and the other matters contained herein and therein, and this Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the entire understanding of the parties solely with respect to the matters covered herein and therein; provided, however, nothing contained in this Agreement or any other Transaction Document shall (or shall be deemed to) (i) have any effect on any agreements any Buyer has entered into with, or any instruments any Buyer has received from, the Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment made by such Buyer in the Company or (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Buyer or any other Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries and any Buyer, or any instruments any Buyer received from the Company and/or any of its Subsidiaries prior to the date hereof, and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Required Holders (as defined below), and any amendment to any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable; provided that no such amendment shall be effective to the extent that it (A) applies to less than all of the holders of the Securities then outstanding or (B) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion); and provided further that the provisions of Sections 4(u) and 4(v) above cannot be amended or waived without the additional prior written approval of the Collateral Agent or its successor. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party, provided that the Required Holders may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable, provided that no such waiver shall be effective to the extent that it (1) applies to less than all of the holders of the Securities then outstanding (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion). No consideration (other than reimbursement of legal fees) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same consideration also is offered to all of the parties to the Transaction Documents, all holders of the Notes. From the date hereof and while any Notes are outstanding, the Company shall not be permitted to receive any consideration from a Buyer or a holder of Notes that is not otherwise contemplated by the Transaction Documents in order to, directly or indirectly, induce the Company or any Subsidiary (i) to treat such Buyer or holder of Notes in a manner that is more favorable than to other similarly situated Buyers or holders of Notes, or (ii) to treat any Buyer(s) or holder(s) of Notes in a manner that is less favorable than the Buyer or holder of Notes that is paying such consideration; provided, however, that the determination of whether a Buyer has been treated more or less favorably than another Buyer shall disregard any securities of the Company purchased or sold by any Buyer. The Company has not, directly or indirectly, made any agreements with any Buyers relating to the terms or conditions of the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents. Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement, no Buyer has made any commitment or promise or has any other obligation to provide any financing to the Company, any Subsidiary or otherwise. As a material inducement for each Buyer to enter into this Agreement, the Company expressly acknowledges and agrees that (x) no due diligence or other investigation or inquiry conducted by a Buyer, any of its advisors or any of its representatives shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties contained in this Agreement or any other Transaction Document and (y) unless a provision of this Agreement or any other Transaction Document is expressly preceded by the phrase “except as disclosed in the SEC Documents,” nothing contained in any of the SEC Documents shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties contained in this Agreement or any other Transaction Document. “Required Holders” means (I) prior to the Initial Closing Date, each Buyer entitled to purchase Notes at the Initial Closing and (II) on or after the Initial Closing Date, holders of a majority of the Registrable Securities as of such time (excluding any Registrable Securities held by the Company or any of its Subsidiaries as of such time) issued or issuable hereunder or pursuant to the Notes (or the Buyers, with respect to any waiver or amendment of Section 4(o)); provided, that such majority must include the [BUYER].

(f) Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by electronic mail (provided that such sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. The mailing addresses and e-mail addresses for such communications shall be:

If to the Company:

Visionary Holdings Inc.
105 Moatfield Drive

Unit 1003

Toronto, Ontario
Canada M3B 0A2
Telephone: (905) 739-0593

Attention: Charles Y. Fu, director, Senior Vice President & General Counsel

E-Mail: charlesfuesq@gmail.com

With a copy (for informational purposes only) to:

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Telephone:  (212) 407-4159

Attention:  Mitchell S. Nussbaum

E-Mail: mnussbaum@loeb.com

GH Law Firm LLC

880 Third Avenue, 5^th Floor

New York, NY 10022

Attention: Annie P. Huang

E-Mail: panpinky19@gmail.com

If to the Transfer Agent:

Issuer Direct Corporation
One Glenwood Ave.
Suite 1001, Raleigh NC 27603
Telephone: (919) 744-2722 ext. 711-0
Attention: Julie Felix, Senior Compliance and Corporate Actions Administrator
E-Mail: Julie.Felix@issuerdirect.com

If to a Buyer, to its mailing address and e-mail address set forth on the Schedule of Buyers, with copies to such Buyer’s representatives as set forth on the Schedule of Buyers,

with a copy (for informational purposes only) to:

Kelley Drye & Warren LLP
3 World Trade Center
175 Greenwich Street
New York, NY 10007
Telephone: (212) 808-7540
Attention: Michael A. Adelstein, Esq.
E-mail: madelstein@kelleydrye.com

or to such other mailing address and/or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change, provided that Kelley Drye & Warren LLP shall only be provided copies of notices sent to the lead Buyer. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time, date and recipient’s e-mail or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by e-mail or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

(g) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, including any purchasers of any of the Notes. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Required Holders, including, without limitation, by way of a Fundamental Transaction (as defined in the Notes) (unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth in the Notes). A Buyer may assign some or all of its rights hereunder in connection with any transfer of any of its Securities without the consent of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such assigned rights.

(h) No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, other than the Indemnitees referred to in Section 9(k).

(i) Survival. The representations, warranties, agreements and covenants shall survive each Closing. Each Buyer shall be responsible only for its own representations, warranties, agreements and covenants hereunder.

(j) Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

(k) Indemnification. In consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities thereunder and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless each Buyer and each holder of any Securities and all of their shareholders, partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the Company or any Subsidiary in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation of the Company or any Subsidiary contained in any of the Transaction Documents or (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents, (B) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance of the Securities, (C) any disclosure properly made by such Buyer pursuant to Section 4(i), or (D) the status of such Buyer or holder of the Securities either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a party to this Agreement (including, without limitation, as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief). To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Except as otherwise set forth herein, the mechanics and procedures with respect to the rights and obligations under this Section 9(k) shall be the same as those set forth in Section 6 of the Registration Rights Agreement.

(l) Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices, Common Shares and any other numbers in this Agreement that relate to the Common Shares shall be automatically adjusted for any share splits, share dividends, share combinations, recapitalizations or other similar transactions that occur with respect to the Common Shares after the date of this Agreement. Notwithstanding anything in this Agreement to the contrary, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow, identification of the availability of, and/or securing of, securities of the Company in order for such Buyer (or its broker or other financial representative) to effect short sales or similar transactions in the future.

(m) Remedies. Each Buyer and in the event of assignment by Buyer of its rights and obligations hereunder, each holder of Securities, shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which such holders have been granted at any time under any other agreement or contract and all of the rights which such holders have under any law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes that in the event that it or any Subsidiary fails to perform, observe, or discharge any or all of its or such Subsidiary’s (as the case may be) obligations under the Transaction Documents, any remedy at law would inadequate relief to the Buyers. The Company therefore agrees that the Buyers shall be entitled to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other security. The remedies provided in this Agreement and the other Transaction Documents shall be cumulative and in addition to all other remedies available under this Agreement and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief).

(n) Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever any Buyer exercises a right, election, demand or option under a Transaction Document and the Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then such Buyer may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the case may be), any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

(o) Payment Set Aside; Currency. To the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant to any of the other Transaction Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other Transaction Documents are in United States Dollars (“U.S. Dollars”), and all amounts owing under this Agreement and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation.

(p) Judgment Currency.

(i) If for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 9(p) referred to as the “Judgment Currency”) an amount due in US Dollars under this Agreement, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:

(1) the date actual payment of the amount due, in the case of any proceeding in the courts of Delaware or in the courts of any other jurisdiction that will give effect to such conversion being made on such date: or

(2) the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this Section 9(p)(i)(2) being hereinafter referred to as the “Judgment Conversion Date”).

(ii) If in the case of any proceeding in the court of any jurisdiction referred to in Section 9(p)(i)(2) above, there is a change in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange Rate prevailing on the date of payment, will produce the amount of US Dollars which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

(iii) Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of this Agreement or any other Transaction Document.

(q) Independent Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under the Transaction Documents are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance of the obligations of any other Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers as, and the Company acknowledges that the Buyers do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Buyers are in any way acting in concert or as a group or entity, and the Company shall not assert any such claim with respect to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges that the Buyers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by the Transaction Documents. The decision of each Buyer to purchase Securities pursuant to the Transaction Documents has been made by such Buyer independently of any other Buyer. Each Buyer acknowledges that no other Buyer has acted as agent for such Buyer in connection with such Buyer making its investment hereunder and that no other Buyer will be acting as agent of such Buyer in connection with monitoring such Buyer’s investment in the Securities or enforcing its rights under the Transaction Documents. The Company and each Buyer confirms that each Buyer has independently participated with the Company and its Subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision of any Buyer, and was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested to do so by any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company, each Subsidiary and a Buyer, solely, and not between the Company, its Subsidiaries and the Buyers collectively and not between and among the Buyers.

[signature pages follow]

IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written above.

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在此證明, 每位買方和公司已於上述首次書寫日期之日簽署本協議的各自簽字頁。

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