Exhibit 10.2


 


EQUITY PURCHASE AGREEMENT


 


This Equity Purchase Agreement (this “Agreement”),
dated as of May 18, 2021, is entered into between Chenlong Tan, an individual (“Seller”), and iPower Inc., a Nevada
corporation (“Buyer”). Capitalized terms used in this Agreement have the meanings given to such terms herein.


 


RECITALS


 


WHEREAS, Seller owns
all of the issued and outstanding shares of common stock, no par value (the “Shares”), of Global Product Marketing
Inc., a Nevada corporation (the “Company”);


 


WHEREAS, the Seller
is also a shareholder of the Company and pursuant to Section 1.3 of the Exclusive Business Cooperation Agreement by and between the Company
and the Buyer, dated September 4, 2020 (the “GPM Agreement”), the Buyer may at any time, at its option, acquire pursuant
to the terms of such agreement one hundred percent (100%) of either the equity of the Company or its assets;


 


WHEREAS, pursuant to
the terms of the GPM Agreement, the Seller wishes to sell to the Buyer, and the Buyer wishes to purchase from Seller, ONE (1) share of
the common stock of the Seller (the “Shares”), constituting one hundred percent (100%) of the outstanding equity of
the Company, subject to the terms and conditions set forth herein;


 


WHEREAS, the Buyer
is contemplating an initial public offering (the “IPO”) of its common stock, par value $0.001 per share and to apply
to be listed on the Nasdaq Capital Market; and


 


WHEREAS, the Buyer
and the Seller agree that the transactions contemplated by this Agreement shall be consummated not later than two (2) business days following
the date of the consummation of the IPO (the “Closing Date”).


 


NOW, THEREFORE, in
consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:


 


ARTICLE I

Purchase and sale


 


Section
1.01       Purchase and Sale. Subject to the terms and conditions
set forth herein, at the Closing (as defined in Section 2.01), Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Shares,
free and clear of any mortgage, pledge, lien, charge, security interest, claim, community property interest, option, equitable interest,
restriction of any kind (including any restriction on use, voting, transfer, receipt of income, or exercise of any other ownership attribute),
or other encumbrance (each, an “Encumbrance”), for the consideration specified in Section 1.02.


 


Section
1.02       Purchase Price. The aggregate purchase price
for the Shares shall be ten dollars ($10.00) (the “Purchase Price”). Buyer shall pay the Purchase Price to Seller at
the Closing in cash by check or wire transfer of immediately available funds.


 


 


 


 






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ARTICLE II

CLOSING


 


Section 2.01      
Closing. The
closing of the transactions contemplated by this Agreement (the “Closing”) shall take place as of the Closing Date.
The consummation of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. PST on the Closing Date.


 


Section 2.02      
Seller Closing Deliverables.
At the Closing, Seller shall deliver to Buyer the following:


 


(a)              
Share certificates evidencing the Shares, free and clear of all Encumbrances, duly endorsed in blank or accompanied by stock powers
or other instruments of transfer duly executed in blank.


 


(b)              
A certificate of the Secretary (or other officer) of Seller certifying (i) that attached thereto are true and complete copies of
all resolutions of the board of directors and the shareholders of Seller authorizing the execution, delivery, and performance of this
Agreement, and the other agreements, instruments, and documents required to be delivered in connection with this Agreement and the transactions
contemplated hereby or at the Closing (collectively, the “Transaction Documents”) and the consummation of the transactions
contemplated hereby and thereby, and that such resolutions are in full force and effect, (ii) the names, titles, and signatures of the
officers of Seller authorized to sign this Agreement and the other Transaction Documents, and (iii) that attached thereto are true and
complete copies of the governing documents of the Company, including any amendments or restatements thereof, and that such governing documents
are in full force and effect.


 


(c)              
A certificate of status for the Company from the Nevada Secretary of State and a certificate of good standing (or its equivalent)
for the Company certified by the Secretary of State or similar governmental authority of each state where the Company is required to be
qualified to do business.


 


Section 2.03      
Buyer’s Deliveries.
At the Closing, Buyer shall deliver the following to Seller:


 


(a)              
The Purchase Price.


 


(b)              
A certificate of the Secretary (or other officer) of Buyer certifying (i) that attached thereto are true and complete copies of
all resolutions of the board of directors of Buyer authorizing the execution, delivery, and performance of this Agreement and the Transaction
Documents and the consummation of the transactions contemplated hereby and thereby, and that such resolutions are in full force and effect,
and (ii) the names, titles, and signatures of the officers of Buyer authorized to sign this Agreement and the other Transaction Documents.


 


 


 


 






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ARTICLE III

Representations and warranties of seller


 


Seller represents and warrants
to Buyer that the statements contained in this Article III are true and correct as of the date hereof and as of the Closing Date. For
purposes of this Article III, “Seller’s knowledge,” “knowledge of Seller,” and any similar phrases shall
mean the actual or constructive knowledge of any director or officer of Seller, after due inquiry.


 


Section
3.01       Authority of Seller. Seller has the full power
and authority to enter into this Agreement and the other Transaction Documents to which Seller is a party, to carry out its obligations
hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. This Agreement and each Transaction Document
constitute legal, valid, and binding obligations of Seller enforceable against Seller in accordance with their respective terms, subject
to applicable bankruptcy, insolvency, reorganization, and other laws of general application limiting the enforcement of creditors’
rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court.


 


Section
3.02       Organization, Authority, and Qualification of the Company.
The Company is a corporation duly organized, validly existing, and in good standing under the Laws of the state of Nevada and has full
corporate power and authority to own, operate, or lease the properties and assets now owned, operated, or leased by it and to carry on
its business as it has been and is currently conducted. The Company is duly licensed or qualified to do business and is in good standing
in each jurisdiction in which the properties owned or leased by it or the operation of its business as currently conducted makes such
licensing or qualification necessary.


 


Section
3.03       Capitalization. 


 


(a)              
The authorized shares of the Company consist of one (1) share of common stock, no par value. The Shares represent 100% of the issued
and outstanding capital stock of the Company. All of the Shares have been duly authorized, are validly issued, fully paid and nonassessable,
and are owned of record and beneficially by Seller, free and clear of all Encumbrances. Upon the transfer, assignment, and delivery of
the Shares and payment therefor in accordance with the terms of this Agreement, Buyer shall own all of the Shares, free and clear of all
Encumbrances.


 


(b)              
All of the Shares were issued in compliance with applicable Laws. None of the Shares were issued in violation of any agreement
or commitment to which Seller or the Company is a party or is subject to or in violation of any preemptive or similar rights of any individual,
corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association,
or other entity (each, a “Person”).


 


(c)              
There are no outstanding or authorized options, warrants, convertible securities, stock appreciation, phantom stock, profit participation,
or other rights, agreements, or commitments relating to the shares of stock of the Company or obligating Seller or the Company to issue
or sell any shares of capital stock of, or any other interest in, the Company. There are no voting trusts, shareholder agreements, proxies,
or other agreements in effect with respect to the voting or transfer of any of the Shares.


 


 


 


 






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Section
3.04       No Subsidiaries. The Company does not have, or
have the right to acquire, an ownership interest in any other Person.


 


Section 3.05      No
Conflicts or Consents. The execution, delivery, and performance by Seller of this Agreement and the consummation of the transactions
contemplated hereby and thereby, do not and will not: (a) violate or conflict with any provision of the articles of incorporation,
bylaws, or other governing documents of the Company; (b) violate or conflict with any provision of any statute, law, ordinance,
regulation, rule, code, treaty, or other requirement of any Governmental Authority (collectively, “Law”) or any order,
writ, judgment, injunction, decree, determination, penalty, or award entered by or with any governmental authority (“Governmental
Order”) applicable to Seller or the Company; (c) require the consent, notice, or filing with or other action by any Person
or require any permit, license, or Governmental Order; (d) violate or conflict with, result in the acceleration of, or create in
any party the right to accelerate, terminate, or modify any contract, lease, deed, mortgage, license, instrument, note, indenture, joint
venture, or any other agreement, commitment, or legally binding arrangement, whether written or oral (collectively, “Contracts”),
to which Seller or the Company is a party or by which Seller or the Company is bound or to which any of their respective properties and
assets are subject; (e) result in the creation or imposition of any Encumbrance on any properties or assets of the Company; or (f) trigger
any option or any other right of another party binding upon or which at any at any time in the future may become binding upon Seller
or the Company to sell, transfer, assign, pledge, charge, mortgage, or in any other way dispose of or encumber any of the Shares other
than pursuant to the provisions of this Agreement.


 


ARTICLE IV

Representations and warranties of buyer


 


Buyer represents and warrants
to Seller that the statements contained in this Article IV are true and correct as of the date hereof and as of the Closing Date. For
purposes of this Article IV, “Buyer’s knowledge,” “knowledge of Buyer,” and any similar phrases shall mean
the actual or constructive knowledge of any director or officer of Buyer, after due inquiry.


 


Section 4.01      
Organization and Authority
of Buyer. Buyer is a corporation duly organized, validly existing, and in good standing under the Laws of the state of Nevada.
Buyer has full corporate power and authority to enter into this Agreement and the other Transaction Documents to which Buyer is a party,
to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution
and delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the performance by Buyer of its
obligations hereunder and thereunder, and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly
authorized by all requisite corporate action on the part of Buyer. This Agreement and each Transaction Document constitute legal, valid,
and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms, subject to applicable bankruptcy,
insolvency, reorganization, and other laws of general application limiting the enforcement of creditors’ rights generally and to
the fact that specific performance is an equitable remedy available only in the discretion of the court.


 


Section
4.02     No
Conflicts; Consents. The execution, delivery, and performance by Buyer of this Agreement and the other Transaction Documents
to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) violate
or conflict with any provision of the articles of incorporation, bylaws, or other governing documents of Buyer; (b) violate or conflict
with any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent, notice, declaration, or filing
with or other action by any Person or require any Permit, license, or Governmental Order.


 


 


 






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ARTICLE V

Miscellaneous


 


Section
5.01       Expenses. All costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.


 


Section 5.02      
Notices. All
notices, claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered
by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier
(receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third
day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, if sent to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section
5.02):


 


	
    If to Seller:

    5348
    Vegas Drive

    Las Vegas, NV 89108

    Email: law.t@meetipower.com

    Attn: Chenlong Tan
	
    If to Buyer:

    5348
    Vegas Drive

    Las Vegas, NV 89108

    Email: law.t@meetipower.com

    Attn: Chenlong Tan



 


Section
5.03       Interpretation; Headings. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument
or causing any instrument to be drafted. The headings in this Agreement are for reference only and shall not affect the interpretation
of this Agreement.


 


Section
5.04       Severability. If any term or provision of this
Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect
any other term or provision of this Agreement.


 


Section
5.05       Entire Agreement. This Agreement and the other
Transaction Documents constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained
herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to
such subject matter. In the event of any inconsistency between the statements in the body of this Agreement and those in the other Transaction
Documents, the statements in the body of this Agreement will control.


 


Section
5.06       Successors and Assigns. This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party
may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably
withheld or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder.


 


 


 


 






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Section
5.07       Amendment and Modification; Waiver. This Agreement
may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of
the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No failure to exercise,
or delay in exercising, any right or remedy arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other
right or remedy.


 


Section
5.08       Governing Law; Submission to Jurisdiction. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Nevada without giving effect to any
choice or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction). Any legal suit, action, proceeding,
or dispute arising out of or related to this Agreement, the other Transaction Documents, or the transactions contemplated hereby or thereby
may be instituted in the federal courts of the United States of America or the courts of the State of Nevada, and each party irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action, proceeding, or dispute.


 


Section
5.09       Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.
A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same legal effect
as delivery of an original signed copy of this Agreement.


 


(signature page follows)


 


 


 


 


 


 


 


 


 


 


 


 


 


 






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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers
thereunto duly authorized.


 


	 	
    Seller:

     

	 	
    By: /s/ Chenlong Tan                     

    Chenlong Tan

    

    

     

	 	 
	 	Buyer:
	 	 
	 	
    iPower Inc.,

    a Nevada corporation

     

	 	By: /s/ Kevin Vassily                      

Name: Kevin Vassily

Title: Chief Financial Officer


 


 


 


 


 


 


 






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