Exhibit 10.2


 


LOCK-UP AGREEMENT


 


THIS LOCK-UP AGREEMENT
(this “Agreement”) is made as of June 5, 2020 by and among (i) Planet Green Holdings Corporation, a Nevada
corporation (including any successor entity thereto, the “Company”), and (ii) each of the persons listed
on the signature page hereto (collectively, the “Restricted Holders”). Any capitalized term used but
not defined in this Agreement will have the meaning ascribed to such term in the Share Exchange Agreement.


 


WHEREAS, on
June 4, 2020, the , Company and the Restricted Holders entered into that certain Share Exchange Agreement (as amended from time
to time in accordance with the terms thereof, the “Share Exchange Agreement”), by and among the Company,
Fast Approach, Inc., a Canadian corporation (“Target”) and the Restricted Holders, pursuant to which,
subject to the terms and conditions thereof, the Company will acquire from the Restricted Holders all of the issued and outstanding
shares and other equity interests of Target in exchange for 1,800,000 shares of common stock of the Company (including any equity
securities paid as dividends or distribution with respect to such shares or into which such shares are exchanged or converted,
the “Exchange Shares”); and


 


WHEREAS, pursuant
to the Share Exchange Agreement, and in view of the valuable consideration to be received by the Restricted Holders thereunder,
the Company and the Restricted Holders desire to enter into this Agreement, pursuant to which the Exchange Shares shall become
subject to limitations on disposition as set forth herein.


 


NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending
to be legally bound hereby, the parties hereby agree as follows:


 


1. Lock-Up
Provisions.


 


(a) Each Restricted
Holder hereby agrees not to, during the period commencing from the consummation of the transactions contemplated by the Share Exchange
Agreement (the “Closing”) and ending on (x) the one (1) year anniversary of the date of the Closing
(the “Lock-Up Period”): (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any Exchange Shares, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Exchange Shares,
or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction described in clauses (i),
(ii), or (iii) above is to be settled by delivery of shares of common stock of the Company or other securities, in cash or otherwise
(any of the foregoing described in clauses (i), (ii), or (iii), a “Prohibited Transfer”). The foregoing
sentence shall not apply to the transfer of any or all of the Exchange Shares owned by a Restricted Holder, either during his/her
lifetime or on death, (A) by gift, will or intestate succession, or (B) to any Affiliate, shareholder, member, partner or trust
beneficiary, as the case may be, of such Restricted Holder; provided, however, that in any of cases (A) or (B) it shall be a condition
to such transfer that the transferee executes and delivers to the Company an agreement stating that the transferee is receiving
and holding the Exchange Shares subject to the provisions of this Agreement, and there shall be no further transfer of such Exchange
Shares except in accordance with this Agreement. Each Restricted Holder further agrees to execute such agreements as may be reasonably
requested by the Company that are consistent the foregoing or that are necessary to give further effect thereto.


 


(b) Notwithstanding the
foregoing, each Restricted Holder may during the Lock-Up Period pledge their Exchange Shares to an unaffiliated third party as
a guarantee to secure borrowings made by such third party to the Purchaser or any of its Affiliates.


 


(c) If any Prohibited
Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be null and
void ab initio, and the Company shall refuse to recognize any such purported transferee of the Exchange Shares as one of its equity
holders for any purpose. In order to enforce this Section 1, the Company may impose stop-transfer instructions with respect
to the Exchange Shares of each Restricted Holder (and permitted transferees and assigns thereof) until the end of the Lock-Up Period.


 


(d) During the Lock-Up
Period, each certificate evidencing any Exchange Shares shall be stamped or otherwise imprinted with a legend in substantially
the following form, in addition to any other applicable legends:


 






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“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT DATED AS OF JUNE 4, 2020 BY AND AMONG
THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S SHAREHOLDERS, AS AMENDED. A COPY OF
SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”


 


2. Miscellaneous.


 


(a) Termination
of Share Exchange Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Share Exchange
Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the
parties hereunder shall automatically terminate and be of no further force or effect.


 


(b) Binding Effect;
Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective permitted successors and assigns. This Agreement and all obligations of each Restricted Holder are personal
to such Restricted Holder and may not be transferred or delegated by such Restricted Holder at any time. The Company may freely
assign any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation,
equity sale, asset sale or otherwise) without obtaining the consent or approval of any Restricted Holder.


 


(c) Third Parties.
Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person that is not a
party hereto or thereto or a successor or permitted assign of such a party.


 


(d) Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without regard to the conflict of law principles thereof.
All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court
located in New York, New York (or in any court in which appeal from such courts may be taken) (the “Specified Courts”).
Each party hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising
out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by
way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient
forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced
in or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents to the service
of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated
by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of any party to serve legal
process in any other manner permitted by applicable law.


 


(e) WAIVER OF
JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(e).


 






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(f) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting
this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular
section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have
participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.


 


(g) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the following addresses (or at such other address for a party as shall be specified by like notice):


 


	
        If to the Company after the Closing, to

         

        Planet Green Holdings Corporation

        Suite 901, Building 6

        No. 1678 Jinshajiang Road

        Putuo District, Shanghai, China 200333

        Telephone No.: (86) 21-3258 3578
	
        With copies to (which shall not constitute notice):

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attention: Bill Huo

                         Ari Edelman

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: bhuo@egsllp.com

                    aedelman@egsllp.com 

	If to any Restricted Holder, to the address of such Restricted Holder as set forth under the name of such Restricted Holder on the signature pages hereto.


 


(h) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company
and Restricted Holders holding a majority of the Exchange Shares held by all Restricted Holders. No failure or delay by a party
in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such
term, condition, or provision.


 


(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall
be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid,
illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable,
the intent and purpose of such invalid, illegal or unenforceable provision.


 






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(j) Specific
Performance. Each Restricted Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms
that in the event of a breach of this Agreement by any Restricted Holder, money damages may be inadequate and the Company may have
not adequate remedy at law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed by a Restricted Holder in accordance with their specific terms or were otherwise breached. Accordingly, the
Company shall be entitled to seek an injunction or restraining order to prevent breaches of this Agreement by any Restricted Holder
and to seek to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security
or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such party may
be entitled under this Agreement, at law or in equity.


 


(k) Entire Agreement.
This Agreement (including any Schedules hereto) constitutes the full and entire understanding and agreement among the parties with
respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between
the parties is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights
and obligations of the parties under the Share Exchange Agreement or any Ancillary Document. Notwithstanding the foregoing, nothing
in this Agreement shall limit any of the rights or remedies of the Company or any of the obligations of the Restricted Holders
under any other agreement between the Restricted Holders and the Company or any certificate or instrument executed by the Restricted
Holders in favor of the Company, and nothing in any other agreement, certificate or instrument shall limit any of the rights or
remedies of the Company or any of the obligations of the Restricted Holders under this Agreement.


 


(l) Counterparts;
Facsimile. This Agreement may also be executed and delivered by facsimile signature or by email in portable document format
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.


 


[Remainder of Page Intentionally Left
Blank; Signature Pages Follow]


 






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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.


 


	 	Company:
	 	 	 	 
	 	Planet Green Holdings Corporation,
	 	a Nevada corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title: 	 


 






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	 	Restricted Holders:
	 	 
	 	 
	 	Yong Yang
	 	 
	 	 
	 	Mu Xiao
	 	 
	 	 
	 	Dongming Li
	 	 
	 	 
	 	Ye Zhang
	 	 
	 	 
	 	Yiming Qian 
	 	 
	 	 
	 	Jing Pan
	 	 
	 	11486314 Canada Inc.
	 	 
	 	 
	 	By:
	 	 
	 	Title:
	 	 
	 	Peaceland Holdings Inc.
	 	 
	 	 
	 	By:
	 	 
	 	Title:
	 	 
	 	 
	 	Patrick Zheng
	 	 
	 	 
	 	Weikai Gao
	 	 
	 	 
	 	Steven Wang


 


[Signature Page to Lock-Up Agreement]


 


 


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