Document:

27
April 2018

 

FORWARD
PURCHASE AGREEMENT

 

This
Forward Purchase Agreement (this “Agreement”) is entered into as of 27 April, 2018, (the “Effective
Date”) between National Energy Services Reunited Corp., a company formed in the British Virgin Islands (the “Company”),
and MEA Energy Investment Company 2 Ltd., a Cayman Islands company (“MEA”).

 

Recitals

 

WHEREAS,
the Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination as described in the Company’s Form S-1 Registration Statement under the Securities Act of
1933, as amended (the “Securities Act”), initially filed with the Securities and Exchange Commission (the “SEC”)
on March 29, 2017 (the offering of securities as described therein, the “IPO”);

 

WHEREAS,
the Company completed its IPO in May 2017, issuing of 22,921,700 units (the “Public Units”) at a price to the
public of $10.00 per Public Unit, each Public Unit comprised of one of the Company’s ordinary shares (the “Company
Shares”) and one redeemable warrant, where each redeemable warrant is exercisable to purchase one-half of one Company
Share at an exercise price of $5.75 per half share (the “Warrants”);

 

WHEREAS,
the Company has entered into (i) that certain Stock Purchase Agreement, dated as of November 12, 2017 (the “NPS Agreement”),
by and among the Company, Hana Investments Co. WLL, NPS Holdings Limited (“NPS”) and the Selling Stockholders
listed on the signature pages thereto, pursuant to which, following the completion of the transactions therein contemplated, NPS
will become a wholly owned subsidiary of the Company (the “NPS Combination”) and (ii) (a) that certain Agreement
for the Sale and Purchase of Shares in Gulf Energy S.A.O.C. (“GES”), dated November 12, 2017 (the “GES
Purchase Agreement”), by and between Mubadarah Investments LLC, Hilal Al Busaidy, Yasser Said Al Barami and the Company,
pursuant to which the Company will acquire 61% of the shares of GES, (b) that certain Contribution Agreement, dated November 12,
2017 (the “GES Contribution Agreement”), by and between SV3 Holdings PTE Ltd. and the Company, pursuant to
which the Company will acquire 27.3% of the shares of GES, and (c) that certain Shares Exchange Agreement, dated November 12,
2017 (the “GES Shares Exchange Agreement” and, collectively with the GES Purchase Agreement and the GES Contribution
Agreement, the “GES Agreements”), between NESR Holdings and the Company, pursuant to which the Company will
acquire 11.7% of the share of GES, and following the completion of the transactions contemplated in the GES Agreements, GES will
become a wholly owned subsidiary of the Company (the “GES Combination” and, collectively with the NPS Combination,
the “Business Combination”);

 

WHEREAS,
MEA, including one or more affiliates of MEA and entities designated by MEA, including controlled co-investment vehicles of MEA
(collectively, the “Investor”), wishes to acquire Company Shares;

 

WHEREAS,
the Investor has agreed to acquire $70,000,000 of Company Shares (the “Primary Placement”) and, subject to
certain conditions, to make available to the Company an additional $80,000,000 in funds (the “Secondary Placement”),
which the Company may accept in its discretion in exchange for Company Shares (“Placement Shares”); and

 

WHEREAS,
Company Shares issued pursuant to the IPO may be redeemed (“Redeemed Shares”) during the period subsequent
to the vote by the Company shareholders to approve the Business Combination (the “Shareholder Vote”) through
the completion of the Business Combination (the “Business Combination Closing” and the date of the Business
Combination Closing, the “Business Combination Closing Date”).

 

    	 

    	 

    

 

NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

Agreement

	 	I.	Sale
    and Purchase.

 

(a)
Primary Placement. Subject to the terms set forth in this Agreement, on the Share Closing Date with respect to the Primary
Placement as set forth in section (I)(c) below, the Investor shall transfer $70,000,000 in immediately available funds to the
account designated by the Company, and the Company shall transfer 7,000,000 Company Shares, free and clear of encumbrances other
than those set forth in this Agreement together with all legal and beneficial rights accruing to them on the date of transfer.
The Company shall deliver the shares in book entry form, with duly endorsed stock certificates, registered in the name(s) designated
by the Investor or its nominee(s) in accordance with its delivery instructions or to a custodian(s) designated by the Investor,
as applicable. The Company may apply up to $70,000,000 of the Primary Placement towards replenishing any reduction in funds resulting
from the redemption of any Company Shares following the Shareholder Vote.

 

(b)
Secondary Placement. Subject to the terms and conditions contained in this Agreement, the Investor grants to the Company
the right to sell, and commits to purchase from the Company, on one or more Share Closing Dates as set forth in section (I)(c)
below, one or both, in the Company’s discretion, of the following tranches:

 

(i)
2,668,090 Company Shares at $11.244 per Company Share for a total price of $30,000,000 in a single installment; and

 

(ii)
up to 4,446,816 Company Shares at $11.244 per Company Share for a total price of up to $50,000,000, which may be sold by the Company
to the Investor in minimum installments of at least $12,500,000. For the avoidance of doubt the Company may exercise its right
to sell part or all the Company Shares under this tranche of 4,446,816 Company Shares.

 

The
Investor shall transfer the payment for Company Shares sold pursuant to clauses (i) and (ii) above in immediately available funds
to the account designated by the Company, and the Company shall transfer the corresponding Company Shares as set forth in (i)
and (ii) above, free and clear of encumbrances other than those set forth in this Agreement together with all legal and beneficial
rights accruing to such Company Shares on the date of transfer. The Company shall deliver the Company Shares in book entry form,
with duly endorsed stock certificates, registered in the name(s) designated by the Investor or its nominee(s) in accordance with
its delivery instructions or to a custodian(s) designated by the Investor, as applicable.

 

(c)
Closing Dates. The Share Closing Date for the Primary Placement shall be the Business Combination Closing Date. The Company
shall have the discretion to designate the closing date or dates for each tranche of the Secondary Placement it elects to exercise,
if any (the closing date for the Primary Placement and each closing date for the Secondary Placement to be referred to as a “Share
Closing Date”). The Share Closing Date for the Secondary Placement may only occur during the period beginning on the
Business Combination Closing Date through three months following the Business Combination Closing Date. The Company shall issue
to the Investor notice in writing at least three business days prior to the Share Closing Date for the Primary Placement and at
least ten business days prior to each Share Closing Date for the Secondary Placement, in each case, specifying the number of Company
Shares to be sold on such Share Closing Date and the aggregate purchase price for such Company Shares.

 

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(d)
Shareholder Approval. This Agreement shall be conditioned upon the approval of the Company’s board of directors (the
“Board”) and the sale of any Placement Shares hereunder shall be conditioned upon the approval by the Company
shareholders of the issuance of Placement Shares in excess of 20% of the number of issued and outstanding Company Shares. This
Agreement shall be further conditioned upon the approval of the Business Combination by the Company shareholders.

 

(e)
Legends. Each book entry for the Placement Shares shall contain a notation, and each certificate (if any) evidencing the
Placement Shares shall be stamped or otherwise imprinted with a legend, in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION
OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT
BY AND AMONG THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE
COMPANY.”

 

(f)
Legend Removal. When the Placement Shares are eligible to be sold without restriction under, and without the Company being
in compliance with the current public information requirements of, Rule 144 under the Securities Act, then, at the Investor’s
request, the Company will cause the Company’s transfer agent to remove the legend set forth in Section 1(e) hereof.
In connection therewith, if required by the Company’s transfer agent, the Company will promptly cause an opinion of counsel
to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions
required by the transfer agent that authorize and direct the transfer agent to issue such Placement Shares without any such legend.

 

	 	II.	Representations
    and Warranties of the Investor. The Investor represents and warrants to the Company as
    follows, as of the date hereof:

 

(a)
Organization and Power. The Investor is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to
be conducted.

 

(b)
Authorization. The Investor has full power and authority to enter into this Agreement. This Agreement, when executed and
delivered by the Investor, will constitute the valid and legally binding obligation of the Investor, enforceable against the Investor
in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (iii) to the extent
the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or
state securities laws.

 

(c)
Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Investor in connection
with the consummation of the transactions contemplated by this Agreement.

 

(d)
Compliance with Other Instruments. The execution, delivery and performance by the Investor of this Agreement and the consummation
by the Investor of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it
is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement,
contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute,
rule or regulation applicable to the Investor, in each case (other than clause (i)), which would have a material adverse effect
on the Investor or its ability to consummate the transactions contemplated by this Agreement.

 

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(e)
Purchase Entirely for Own Account. This Agreement is made with the Investor in reliance upon the Investor’s representation
to the Company, which by the Investor’s execution of this Agreement, the Investor hereby confirms, that the Placement Shares
to be acquired by the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities laws, and
that the Investor has no present intention of selling, granting any participation in or otherwise distributing the same in violation
of law. By executing this Agreement, the Investor further represents that the Investor does not presently have any contract, undertaking,
agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with
respect to any of the Placement Shares. For purposes of this Agreement, “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or
any government or any department or agency thereof.

 

(f)
Disclosure of Information. The Investor has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Placement Shares, as well as the terms of the Business Combination,
with the Company’s management.

 

(g)
Restricted Securities. The Investor understands that the offer and sale of the Placement Shares to the Investor has not
been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions
of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of
the Investor’s representations as expressed herein. The Investor understands that the Placement Shares are “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Investor must
hold the Placement Shares indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption
from such registration and qualification requirements is available. The Investor acknowledges that the Company has no obligation
to register or qualify the Placement Shares for resale, except as shall be agreed between the Investor and the Company (the “Registration
Rights”) within five (5) business days of the Effective Date. The Investor further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements, including, but not limited to,
the time and manner of sale, the holding period for the Placement Shares and on requirements relating to the Company that are
outside of the Investor’s control and that the Company is under no obligation and may not be able to satisfy.

 

(h)
High Degree of Risk. The Investor understands that its agreement to purchase the Placement Shares involves a high degree
of risk, which could cause the Investor to lose all or part of its investment.

 

(i)
Accredited Investor. The Investor is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.

 

(j)
No General Solicitation. Neither the Investor, nor any of its officers, directors, employees, agents, stockholders or partners,
has either directly or indirectly, including through a broker or finder (i) engaged in any general solicitation or (ii) published
any advertisement in connection with the offer and sale of the Placement Shares.

 

(k)
Residence. The Investor’s principal place of business is the office or offices located at the address of the Investor
set forth on the signature page hereof.

 

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(l)
Adequacy of Financing. The Investor has available to it sufficient funds to satisfy its obligations under this Agreement.

 

(m)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Investor nor any person acting
on behalf of the Investor nor any of the Investor’s affiliates (the “Investor Parties”) has made, makes
or shall be deemed to make any other express or implied representation or warranty with respect to the Investor and the transactions
contemplated hereby, and the Investor Parties disclaim any such representation or warranty. Except for the specific representations
and warranties expressly made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered
pursuant hereto, the Investor Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates (collectively,
the “Company Parties”).

 

		III.	Representations
                                         and Warranties of the Company. The Company represents and warrants to the Investor as
                                         follows:

 

(a)
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing as
a corporation under the laws of the British Virgin Islands and has all requisite corporate power and authority to carry on its
business as presently conducted and as proposed to be conducted (including following the Business Combination). The Company has
no subsidiaries.

 

(b)
Capitalization. As of the date hereof, the authorized share capital of the Company consists of 28,652,125 Company Shares,
28,652,125 of which are issued and outstanding. All of the outstanding Company Shares have been duly authorized, are fully paid
and non-assessable, and were issued in compliance with all applicable federal and state securities laws. As of the Business Combination
Closing Date, the authorized share capital of the Company will consist of 96,279,872 Company Shares, 89,164,966 of which will
be issued and outstanding (assuming zero redemptions, 7,000,000 Placement Shares are issued pursuant to the Primary Placement
and no Placement Shares are issued pursuant to the Secondary Placement).

 

(c)
Authorization. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding
obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies or (iii) to the extent the indemnification provisions contained in the Registration
Rights may be limited by applicable federal or state securities laws.

 

(d)
Valid Issuance of Securities.

 

(i)
The Placement Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this
Agreement, will be validly issued, fully paid and non-assessable, and free of all preemptive or similar rights, taxes, liens,
encumbrances and charges with respect to the issuance thereof and restrictions on transfer other than restrictions on transfer
specified under this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by
the Investor. Assuming the accuracy of the representations of the Investor in this Agreement and subject to the filings described
in Section 3(e) below, the Placement Shares will be issued in compliance with all applicable federal and state securities laws.

 

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(ii)
No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below),
except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3) is applicable. “Company Covered
Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the
Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

(e)
Governmental Consents and Filings. Assuming the accuracy of the representations made by the Investor in this Agreement,
no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any
federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the
transactions contemplated by this Agreement, except for filings pursuant to applicable state securities laws, if any, and pursuant
to the Registration Rights.

 

(f)
Compliance with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Company’s
certificate of incorporation, bylaws or other governing documents of the Company, (ii) of any instrument, judgment, order, writ
or decree to which the Company is a party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company
is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party
or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in
each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions
contemplated by this Agreement.

 

(g)
Foreign Corrupt Practices. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf
of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect
unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(h)
Compliance with Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering
laws and regulations, including, but not limited to, those of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.

 

(i)
Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting
the Company or any of the Company’s officers or directors, whether of a civil or criminal nature or otherwise, in their
capacities as such.

 

(j)
No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or stockholders has
either directly or indirectly, including through a broker or finder (i) engaged in any general solicitation or (ii) published
any advertisement in connection with the offer and sale of the Placement Shares.

 

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(k)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made,
makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering
or the Business Combination, and the Company Parties disclaim any such representation or warranty. Except for the specific representations
and warranties expressly made by the Investor in Section 2 of this Agreement and in any certificate or agreement delivered
pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Investor Parties.

 

	 	IV.	Registration
    Rights; Transfer.

 

(a)
Registration. The terms of the Registration Rights applicable to the Investor shall be incorporated herein upon agreement
between the Company and the Investor as provided in Section 2(g).

 

(b)
Transfer. This Agreement and all of the Investor’s rights and obligations hereunder (including the Investor’s
obligation to purchase the Placement Shares) may be transferred or assigned, at any time and from time to time, with the written
approval of the Company (not to be unreasonably withheld, delayed or conditioned), to one or more third parties (each such transferee,
a “Transferee”). Upon any such assignment:

 

(1)
the applicable Transferee shall execute a signature page to this Agreement, substantially in the form of the Investor’s
signature page hereto (the “Joinder Agreement”), which shall reflect the number of Placement Shares to be purchased
by such Transferee (the “Transferee Securities”), and, upon such execution, such Transferee shall have all
the same rights and obligations of the Investor hereunder with respect to the Transferee Securities, and references herein to
the “Investor” shall be deemed to refer to and include any such Transferee with respect to such Transferee
and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the
Investor and any such Transferee shall be several and not joint and shall be made as to the Investor or any such Transferee, as
applicable, as to itself only; and

 

(2)
upon a Transferee’s execution and delivery of a Joinder Agreement, the number of Placement Shares to be purchased by the
Investor hereunder shall be reduced by the total number of Placement Shares to be purchased by the applicable Transferee pursuant
to the applicable Joinder Agreement, which reduction shall be evidenced by the Investor and the Company amending Schedule A to
this Agreement to reflect each transfer and updating the “Number of Placement Shares” and “Aggregate Purchase
Price for Placement Shares” on the Investor’s signature page hereto to reflect such reduced number of Placement Shares,
and the Investor shall be fully and unconditionally released from its obligation to purchase such Transferee Securities hereunder.
For the avoidance of doubt, this Agreement need not be amended and restated in its entirety, but only Schedule A and the Investor’s
signature page hereto need be so amended and updated and executed by each of the Investor and the Company upon the occurrence
of any such transfer of Transferee Securities.

 

	 	V.	Additional
    Agreements and Acknowledgements of the Investor.

 

(a)
Trust Account.

 

(1)
The Investor hereby acknowledges that it is aware that the Company established a trust account at the National Bank of Canada
in connection with its IPO (the “Trust Account”) for the benefit of the holders of the Public Units. The Investor,
for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account or any other asset of the Company as a result of any liquidation of the Company (other than with respect
to any distributions it may be entitled to as a Company shareholder).

 

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(2)
The Investor hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Investor has any Claim against the Company under this Agreement, the Investor
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any
monies in the Trust Account.

 

(b)
Voting.

 

(1)
The Investor hereby agrees that if the Company seeks stockholder approval of the Business Combination, then, in connection with
the Business Combination, the Investor shall vote any Company Shares owned by it in favor of the Business Combination.

 

(2)
Subsequent to the Business Combination Closing, the Investor shall be entitled to nominate one member to the Board beginning immediately
following the Business Combination Closing in the event that Adnan Ghabris is not otherwise nominated to the Board. This right
shall continue until the Investor beneficially owns less than 50% of the total number of Company Shares that Investor was entitled
to acquire pursuant to Section I(a) and (b) of this Agreement. The Company agrees that the director nominated by the Investor
shall serve for an initial one-year term and shall not be up for re-election until the annual shareholder meeting of the Company
in 2019. The Company agrees that the individual nominated by the Investor shall be approved by the Board’s nominating committee
(or equivalent body, if any) and shall be supported by the Board in any shareholder election in which such director is up for
re-election to the Board.

 

(c)
No Short Sales. The Investor hereby agrees that it will not, nor will any person or entity acting on its behalf or pursuant
to any understanding with it, engage in any Short Sales with respect to securities of the Company prior to the Business Combination
Closing. For purposes of this Section 4(c), “Short Sales” shall include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended, and
all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis),
and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

VI.
Listing. The Company will use commercially reasonable efforts to effect and maintain the listing
of the Company Shares (including the Placement Shares) on the Nasdaq Capital Market (or another national securities exchange reasonably
acceptable to the Investor).

 

	 	VII.	Closing
    Conditions.

 

(a)
The obligation of the Investor to purchase the Placement Shares at the applicable Share Closing Date shall be subject to the fulfillment,
at or prior to such Share Closing Date, in addition to the conditions specified in Section 1(d) herein, of each of the
following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Investor:

 

(1)
The Business Combination shall be consummated substantially concurrently with the Share Closing Date for the Primary Placement,
and the Business Combination shall have been consummated substantially concurrently with or prior to any Share Closing Date for
the Secondary Placement;

 

(2)
The representations and warranties of the Company set forth in Section 3 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the applicable Share Closing Date, with the same effect as though such
representations and warranties had been made on and as of such date (other than any such representation or warranty that is made
by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be
so true and correct would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated
by this Agreement;

 

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(3)
The Company 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 the Company at or prior to the applicable Share Closing
Date; and

 

(4)
No order, writ, judgment, injunction, decree, determination or award shall have been entered by or with any governmental, regulatory
or administrative authority or any court, tribunal or judicial or arbitral body, and no other legal restraint or prohibition shall
be in effect, preventing the purchase by the Investor of the Placement Shares.

 

(b)
The obligation of the Company to sell the Placement Shares on the applicable Share Closing Date shall be subject to the fulfillment,
at or prior to the applicable Share Closing Date, of each of the following conditions, any of which, to the extent permitted by
applicable law, may be waived by the Company:

 

(1)
The Business Combination shall be consummated substantially concurrently with the Share Closing Date for the Primary Placement,
and the Business Combination shall have been consummated substantially concurrently with or prior to any Share Closing Date for
the Secondary Placement;

 

(2)
The representations and warranties of the Investor set forth in Section 2 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the applicable Share Closing Date, with the same effect as though such
representations and warranties had been made on and as of such date (other than any such representation or warranty that is made
by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be
so true and correct would not have a material adverse effect on the Investor or its ability to consummate the transactions contemplated
by this Agreement;

 

(3)
The Investor 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 the Investor at or prior to the applicable Share Closing
Date; and

 

(4)
No order, writ, judgment, injunction, decree, determination or award shall have been entered by or with any governmental, regulatory
or administrative authority or any court, tribunal or judicial or arbitral body, and no other legal restraint or prohibition shall
be in effect, preventing the purchase by the Investor of the Placement Shares.

 

(c)
If the Company elects to sell Company Shares pursuant to Section I(b)(i) or Section I(b)(ii) and the conditions in Section VII(a)
and Section VII(b) are satisfied with respect to such election by the Company to sell Company Shares, in the event that Investor
delivers to the Company on the applicable Share Closing Date an amount that is less than the amount required to purchase all of
such Company Shares that the Company has elected to sell (a “Payment Breach”), then:

 

(1)
the Investor’s nominating rights under Section V(b) shall terminate; and

 

(2)
the Company shall issue to Investor only the number of Company Shares for which the Investor has delivered sufficient funds at
the applicable purchase price per share, which for the avoidance of doubt, shall be zero Company Shares if Investor elects not
to deliver any funds on the Share Closing Date (the foregoing clauses (1) and (2), the “Liquidated Damages”).

 

The
parties intend that the Liquidated Damages constitute compensation, and not a penalty. The parties
acknowledge and agree that the Company’s harm caused by a Payment Breach would be impossible or very difficult to accurately
estimate as of the Effective Date and that the Liquidated Damages are a reasonable estimate of the anticipated or actual harm
that might arise from a Payment Breach. The performance of the Liquidated Damages is Investor’s sole liability and entire
obligation and the Company’s exclusive remedy for any Payment Breach.

 

    	Page 9

    	 

    

 

	 	VIII.	Termination.
    This Agreement may be terminated at any time prior to any Share Closing Date:

 

(a)
by mutual written consent of the Company and the Investor;

 

(b)
automatically

 

(1)
if no Share Closing Date has taken place within one (1) year after the date hereof; or

 

(2)
if the Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy laws or any
state or foreign insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver,
fiscal agent or similar officer is appointed by a court for the business or property of the Company, in each case which is not
removed, withdrawn or terminated within sixty (60) days after such appointment;

or

 

(3)
such date and time as the NPS Agreement or any of the GES Agreements is terminated in accordance with its terms or the Company
announces that either the NPS Combination or the GES Combination will not be consummated.

 

In
the event of any termination of this Agreement pursuant to this Section 8, this Agreement shall forthwith become null and
void and have no effect, without any liability on the part of the Investor or the Company and their respective directors, officers,
employees, partners, managers, members or stockholders, and all rights and obligations of each party shall cease; provided,
however, that nothing contained in this Section 8 shall relieve either party from liabilities or damages arising
out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained
in this Agreement.

 

	 	IX.	General
    Provisions.

 

(a)
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent,
if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and, if not sent during normal
business hours, then on the recipient’s next business day, (c) five (5) business days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized
overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications
sent to the Company shall be sent to: National Energy Services Reunited Corp., 777 Post Oak Blvd., Suite 800, Houston, Texas 77056,
with a copy to the Company’s counsel at 1300 Post Oak Blvd, Suite 2400, Houston, TX, 77046, Attention: LooperGoodwine PC.
All communications to the Investor shall be sent to the Investor’s address as set forth on the signature page hereof or
to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with
this Section 9(a).

 

(b)
No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. The Investor agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s or broker’s fee arising out of the transactions contemplated
by this Agreement (and the costs and expenses of defending against such liability or asserted liability) for which the Investor
or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold harmless the Investor
from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of the
transactions contemplated by this Agreement (and the costs and expenses of defending against such liability or asserted liability)
for which the Company or any of its officers, employees or representatives is responsible.

 

    	Page 10

    	 

    

 

(c)
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the
Business Combination.

 

(d)
Entire Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto
or referenced herein, constitute the entire agreement and understanding of the parties hereto in respect of its subject matter
and supersedes all prior understandings, agreements or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

(e)
Successors. All of the terms, agreements, covenants, representations, warranties and conditions of this Agreement are binding
upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

 

(f)
Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any
of its rights, interests or obligations hereunder without the prior written approval of the other party. Notwithstanding anything
to the contrary in the foregoing, it is expressly agreed that MEA shall have the right, exercisable at any time and from time
to time in MEA’s sole and absolute discretion, to assign up to $20,000,000 of the amount to be funded pursuant Section I(a)
to one or more other parties (each, an “Assignee”). Each Assignee shall have all the rights and obligations
of MEA with respect to such purchase of Company Shares in the amount assigned to such Assignee, except that no Assignee shall
have any rights under Section V(b)(2). Immediately upon notification of the Company by MEA of such assignment, MEA shall be released
of any liability for the obligation to fund the amount assigned to Assignee, and MEA shall be issued Company Shares in respect
of the amounts actually funded by MEA, in the same manner as set forth in Section VII(c). Any such notification by MEA to the
Company with respect to an assignment described above shall specify to whom the Company shall issue the Company Shares upon payment
therefor. MEA shall not bear any responsibility for any assigned funding due to any failure to notify or defect in any notification
to the Company.

 

(g)
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but
all of which together will constitute one and the same instrument.

 

(h)
Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any
way the meaning or interpretation of this Agreement.

 

(i)
Governing Law. This Agreement, the entire relationship of the parties hereto and any litigation between the parties (whether
grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with and interpreted pursuant
to the laws of the State of New York, without giving effect to its choice of laws principles.

(j)
Jurisdiction. The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of
New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of
any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or
other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District
Court for the Southern District of New York and (c) hereby waive, and agree not to assert, by way of motion, as a defense or otherwise,
in any such suit, action or proceeding, 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 suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not
be enforced in or by such court.

 

    	Page 11

    	 

    

 

(k)
Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant
to this Agreement and the transactions contemplated hereby.

 

(l)
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except with the prior
written consent of the Company and the Investor.

 

(m)
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision
will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement,
as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator or mediator not to
be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator or mediator
making such determination will have the power to modify the provision in a manner consistent with its objectives such that it
is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and
will be enforced.

 

(n)
Expenses. Each of the Company and the Investor will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and
expenses of its agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for
the fees of its transfer agent, stamp taxes and all fees of The Depository Trust Company associated with the issuance and sale
of the Placement Shares.

 

(o)
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and
no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. Any reference to any federal, state, local or foreign law will be deemed also to refer to law as amended and
all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine
and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include
the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole
and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty
and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating
to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not
detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty or covenant.

 

(p)
Waiver. No waiver by any party hereto of any default, misrepresentation or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

 

(q)
Specific Performance. The Investor agrees that irreparable damage may occur in the event any provision of this Agreement
was not performed by the Investor in accordance with the terms hereof and, other than as provided in Section VII(c) with respect
to a Payment Breach, that the Company shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or equity.

 

    	Page 12

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	 	INVESTOR:
	 	 	 
	 	MEA
    Energy Investment Company 2 Ltd.
	 	 	 
	 	By:	/s/ Michael
    Raynes
	 	Name:	Michael
    Raynes
	 	Title:	Director
	 	 	 
	 	Address
    for Notices:
	 	 
	 	c/o
    Waha Capital PJSC, Etihad Towers, Tower 3, 42nd and 43rd Floors, PO Box 28922, Abu Dhabi, United Arab Emirates
	 	 	 
	 	E-mail:	michael.raynes@wahacapital.ae

 

	 	COMPANY:
	 	 	 
	 	NATIONAL
    ENERGY SERVICES REUNITED CORP.
	 	 	 
	 	By:	/s/ Sherif
    Foda
	 	Name:	Sherif
    Foda
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

SCHEDULE
A

 

SCHEDULE
OF TRANSFERS OF PLACEMENT SHARES

 

The
following transfers of a portion of the original number of Placement Shares have been made:

 

	Date
    of Transfer	Transferee	Number
        of Placement 

        Shares
        Transferred
	Investor
        Revised 

        Placement
        Share 

        Amount

	 	 	 	 
	 	 	 	 
	 	 	 	 

 

TO
BE EXECUTED UPON ANY ASSIGNMENT OF PLACEMENT SHARES:

 

Schedule
A as of [●], 201[●], accepted and agreed to as of this [ ● ] day of [ ● ], 201[ ● ] by:

 

	[NAME
    OF INVESTOR]	 	[NAME
    OF COMPANY]
	 	 	 	 	 
	By:	             	 	By:	                  
	 	 	 	 	 
	Name:		 	Name:	
	 	 	 	 	 
	Title:		 	Title:Exhibit 4.12

 

股权转让协议

SHARE TRANSFER AGREEMENT

 

本《股权转让协议》(以下简称“本协议”)由以下各方,为本协议之目的,于
2018 年 3 月
30日签署:

 

THIS SHARE TRANSFER
AGREEMENT (hereinafter referred to as “Agreement”) is made and entered into for the purpose of this Agreement
on 30th Mar 2018 by and between:

 

甲方:Plastec
International Holdings Limited

授权代表:恽黎明

注册地址:Sea
Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands

 

Plastec International
Holdings Limited (hereinafter referred to as “Party A”), a company organized and validly existing under
the laws of the British Virgin Islands, with its registered office at Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road
Town, Tortola, British Virgin Islands, and the authorized representative of which is Mr. YUN Liming; and

 

乙方:Viewmount
Developments Limited

授权代表:SZE-TO
Kin Sun

注册地址:Vistra
Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands

 

Viewmount Developments
Limited (hereinafter referred to as “Party B”), a company organized and validly existing under the laws
of the British Virgin Islands, with its registered office at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola,
VG1110, British Virgin Islands, and the authorized representative of which is Mr. SZE-TO Kin Sun.

 

以上甲方、乙方单独称为“一方”,合称“双方”。

 

Each of the parties listed
above is referred to herein individually as a “Party” and collectively as the “Parties”.

 

    	 	1	 

     

    

  

鉴于:

 

WHEREAS:

 

1、甲方为一家依据英属维尔京群岛法律注册成立并有效存续的有限公司,其母公司为上海永利带业股份有限公司。

 

Party A is a limited
liability company organized and existing under the laws of the British Virgin Islands, which is wholly owned by Shanghai YongLi
Belting Co., Ltd..

 

2、乙方为一家依据英属维尔京群岛法律注册成立并有效存续的有限公司,合法持有标的公司Sun
Ngai Industries(HK)Co.,
Limited(新艺工业(香港)有限公司,以下简称“新艺工业”)及Ever
Ally Developments Limited(永协发展有限公司,以下简称“永协发展”)100%已发行的股权,乙方持有新艺工业、永协发展及其附属公司的情况详见本协议附件一。

 

Party B is a limited
liability company organized and existing under the laws of the British Virgin Islands, and legally holds 100% of the issued shares
of Sun Ngai Industries (HK) Co., Limited (新艺工业(香港)有限公司,
hereinafter referred to as “Sun Ngai Industries” ) and Ever Ally Developments Limited (永协发展有限公司,
hereinafter referred to as “Ever Ally Developments”). Details of holding of Sun Ngai Industries and Ever Ally
Developments, together with their subsidiaries, by Party B are set out in the Exhibit I of this Agreement.

 

以上新艺工业及永协发展合称“标的公司”。

 

Sun Ngai Industries and
Ever Ally Developments mentioned above shall be referred to herein collectively as the “Target Companies”.

 

3、甲方拟收购乙方持有的标的公司100%已发行股权。甲、乙双方已就上述股权收购事宜进行协商并达成如下条款及条件。

 

Party A intends to purchase
100% issued shares of the Target Companies held by Party B. Party A and Party B have negotiated and agreed on the terms and conditions
below in connection with the aforesaid transaction.

 

    	 	2	 

     

    

  

为此,双方现特签订本协议并共同信守。

 

THEREFORE,
the Parties now execute this Agreement for all Parties’ observance.

 

第一条
交易标的股权

 

Article 1 Target Shares
of the Transaction

 

1.1乙方拟转让的标的股权为:乙方持有新艺工业及永协发展100%已发行股权(以下有关之股权及交易分别合称“标的股权”及简称“交易”)。

 

The target shares to be
transferred by Party B are: 100% issued shares of Sun Ngai Industries and Ever Ally Developments held by Party B (the relevant
shares and transaction shall, respectively, be referred to herein collectively as “Target Shares” and the “Transaction”).

 

第二条
定价依据、交易对价

 

Article 2 Pricing Basis
and the Consideration

 

2.1根据甲方母公司上海永利带业股份有限公司与乙方母公司Plastec
Technologies, Ltd.于2015年11月14日签署的《关于Plastec
International Holdings Limited之股权转让协议》的条款及精神,经友好协商,各方一致同意,以乙方实际投入标的公司的经审计的原始货币资金总金额作为对价收购标的股权。

 

In accordance with the terms
and spirits of SHARE TRANSFER AGREEMENT In connection with 100% Shares of Plastec International Holdings Limited signed
by Party A’s parent company, Shanghai YongLi Belting Co., Ltd., and Party B’s parent company, Plastec Technologies,
Ltd., on November 14, 2015, the Parties, through friendly negotiations, have agreed that Party A shall purchase the Target Shares
for a consideration equivalent to the aggregate of the actual registered capitals injected by Party B into the Target Companies,
as audited.

 

    	 	3	 

     

    

  

2.2根据大华会计师事务所(特殊普通合伙)于2018年3月26日出具的《新艺工业(香港)有限公司审计报告》(大华审字
[2018] 003677号)及《永协发展有限公司审计报告》(大华审字[2018]
003678号,以下有关之审计报告合称“审计报告”),截至2017年12月31日,乙方实际投入新艺工业的原始货币资金金额为港币70,000元,实际投入永协发展的原始货币资金金额为1美元。经双方友好协商,新艺工业及永协发展的100%已发行股权转让总价款分別为港币70,000元
及1美元(以下合称“对价”)。

 

In accordance with the Audit
Report of Sun Ngai Industries (HK) Co., Limited (Da Hua Shen Zi [2018] No. 003677) and Audit Report of Ever Ally Developments
Limited (Da Hua Shen Zi [2018] No. 003678) issued on March 26, 2018 by Da Hua Certified Public Accountants (Special General
Partnership) (the relevant audited reports shall be referred to herein collectively as the “Audited Reports”),
as of December 31, 2017, the actual registered capital injected into Sun Ngai Industries by Party B is HK$70,000, the actual registered
capital injected into Ever Ally Developments by Party B is US$1. Following further negotiations between the Parties, the total
prices for the transfers of 100% issued shares of Sun Ngai Industries and Ever Ally have been agreed to be HK$70,000 and US$1,
respectively (hereinafter collectively referred to as the “Consideration”).

 

第三条
对价支付及股权交割

 

Article 3 Payment of
Consideration and Closing

 

3.1甲方在第四条中的所有交割条件满足后90日内一次性向乙方支付本协议第二条规定的对价,并应在该期限内根据审计报告项下之财务报表附注十所确认的数据一次性向乙方支付,截至2018年3月26日标的公司对乙方的全部应付款项(包括但不限于股东贷款),总额为港币258,910,000元;

 

Party A shall pay Party
B the Consideration (as sets forth in Article 2) and pay Party B all accounts payables (including but not limited to the shareholder
loans) which the Target Companies owe to Party B in accordance with the amounts as confirmed in note numbered 10 to the financial
statements under the Audited Reports, totaling HK$258,910,000 as of March 26, 2018, fully and in one go within 90 days after all
the closing conditions, set forth in Article 4 herein, have been satisfied.

 

    	 	4	 

     

    

  

3.2双方同意,乙方收到对价后30日内完成交易的交割,使甲方在交割日登记成为标的公司的唯一股东(以下简称“标的股权交割”,完成标的股权交割的当日为“股权交割日”)。交割后,甲方持有标的公司及其附属公司的情况详见本协议附件二。

 

The Parties agree that closing
of the Transaction shall be completed within 30 days after the receipt of the Consideration by Party B, so that on the date of
closing Party A be registered as the sole shareholder of the Target Companies (hereinafter referred to as “Closing”
and the date on which Closing shall take place as “Closing Date”). Details of holding of the Target Companies,
together with their subsidiaries, by Party A after Closing are set out in the Exhibit II of this Agreement.

 

第四条
本协议的交割条件

 

Article 4 Closing Conditions

 

4.1双方同意,本协议下的交割受限于下列先决条件的满足:

 

The Parties agree that
Closing contemplated hereby shall be subject to the satisfaction of the following conditions precedent:

 

		(1)	本协议及本次交易所需的相关文件已经各方或相关方依法签署;

 

The Parties and
any relevant parties have signed this Agreement and all the relevant documents of the Transaction in accordance with law;

 

		(2)	甲方母公司上海永利带业股份有限公司董事会会议和股东大会审议通过本次交易;

 

The Transaction has been considered
and approved both at the board of directors meeting and at the shareholders’ meeting of Party A’s parent company, Shanghai
YongLi Belting Co., Ltd.;

 

    	 	5	 

     

    

  

		(3)	乙方/乙方母公司Plastec
Technologies, Ltd.董事会审议通过本次交易。

 

The Transaction has been considered
and approved by the board of directors of Party B and Party B’s parent company, Plastec Technologies, Ltd.

 

4.2如本次交易交割前,本次交易适用的法律予以修订,双方以届时生效的法律、法规为准调整本次交易交割的先决条件。

 

If, prior to Closing of
the Transaction, any laws applicable to the Transaction have been amended, the Parties shall in that case vary the conditions precedent
to Closing of the Transaction in accordance with the applicable laws and regulations as in force at the time.

 

第五条
权利义务的转移

 

Article 5 Transfer
of Rights and Obligations

 

5.1自股权交割日起,乙方基于交易标的股权所享有和/或承担的一切权利和/或义务转移由甲方享有和/或承担;

 

As from the Closing Date,
all rights and/or obligations arising from the Target Shares entitled and/or liable to by Party B shall be transferred to, and
be entitled to and assumed by, Party A.

 

5.2上述权利包括基于交易标的股权而产生的表决权、红利分配权、剩余财产分配权以及其它法律规定和章程赋予的权利。

 

The rights set forth in
Article 5.1 include voting rights, dividends distribution rights, residual assets distribution rights and any other rights in accordance
with any applicable laws and articles of association arising from the Target Shares.

 

    	 	6	 

     

    

  

5.3 双方确认,本协议签署时标的公司及其附属公司的董事、监事及员工,在本次股权交割后,将按照原董事、监事聘任文件或其与标的公司或其附属公司已签署的《劳动合同》约定继续留任。

 

The Parties confirm that
all current directors, supervisors and employees of the Target Companies and their subsidiaries shall remain in their office after
Closing, pursuant to the appointment documents for directors and supervisors that are in force or the labor contracts for employees
signed by/with the Target Companies or their subsidiaries.

 

第六条
甲方的声明与保证

 

Article 6 Representations
and Warranties of Party A

 

6.1 甲方具有必要的权利和授权签署本协议及履行本协议订明的各项义务;不会因甲方无权签署本协议而导致本协议无效;

 

Party A has all requisite
power and authority to enter into and to perform its obligations under this Agreement. Party A represents and warrants that this
Agreement shall not be rendered ineffective for want of authority on the part of Party A to enter into this Agreement;

 

6.2 签署和履行本协议,没有且不会违反对甲方有约束力的任何合同或其他法律文件;

 

The entering into and implementation
of this Agreement do not and shall not violate any contracts or legal documents as enforceable against Party A;

 

6.3 甲方及其聘请的中介机构已对标的公司及其附属公司完成其所认为必要的尽职调查,且甲方无条件同意于股权交割日按照届时状态(包括但不限于工厂建设、设施设备、员工聘用等)接受该等公司。

 

Party A and any intermediaries
engaged by it have completed all necessary due diligence investigations upon the Target Companies and their subsidiaries as they
deemed appropriate. Party A agrees unconditionally to take over the Target Companies and their subsidiaries on an “as
is where is” basis (including but not limited to the construction of factory, the factory facilities and equipment and
employment relationship) on the Closing Date.

 

    	 	7	 

     

    

  

第七条
乙方的声明与保证

 

Article 7 Representations
and Warranties of Party B

 

7.1乙方具有必要的权利和授权签署本协议及履行本协议订明的各项义务,不会因乙方无权签署本协议而导致本协议无效;

 

Party B has all requisite
power and authority to enter into and to perform its obligations under this Agreement. Party B represents and warrants that this
Agreement shall not be rendered ineffective for want of authority on the part of Party B to enter into this Agreement;

 

7.2签署和履行本协议,没有且不会违反对乙方有约束力的任何合同或其他法律文件;

 

The entering into and implementation
of this Agreement do not and shall not violate any contracts or legal documents as enforceable against Party B;

 

7.3乙方保证标的公司不存在向第三方提供的对外担保、税务纠纷和帐外债务,如发现有股权交割日以前的对外担保、税务纠纷和帐外债务的情形给标的公司造成的损失,全部由乙方承担;

 

Party B represents and warrants
that the Target Companies have not given any guarantees to any third parties, not been subject to any tax disputes or off-balance
sheet debts. If there exists any of the foregoing prior to the Closing Date resulting in any losses and damages to the Target Companies,
Party B shall be fully responsible therefor;

 

7.4乙方向甲方及其聘请的中介机构提供的资料、文件及数据均是真实、准确、完整的,并无重大隐瞒、遗漏、虚假或误导之处;

 

The documents, materials
and information provided by Party B to Party A and any intermediaries engaged by Party A are true, accurate and complete without
material concealment or omission, not false or misleading;

 

    	 	8	 

     

    

  

7.5乙方保证其合法持有且有权转让标的股权,标的股权上未附带任何抵押、质押、留置、查封、冻结或其他任何限制转让的情形,且未因拥有标的股权受到诉讼或行政处罚。

 

Party B represents and warrants
that it is the legal owner of the Target Shares and is entitled to transfer the Target Shares. The Target Shares are not subject
to any mortgages, pledges, liens, sequestration, Mareva process or any encumbrances preventing their transfers, and are
not subject to any lawsuit or administrative penalties arising from its ownership of the Target Shares.

 

第八条
有关税费的承担

 

Article 8 Taxes

 

8.1因签订和履行本协议而发生的各种税费,双方应按照有关法律的规定分别承担。

 

Each Party shall be respectively
responsible for its tax liability incurred in entering into and performance of the Agreement pursuant to applicable law.

 

第九条
违约责任

 

Article 9 Breaches

 

9.1除不可抗力原因以外,任何一方不履行或不及时、不适当履行本协议项下其应履行的任何义务,或违反其在本协议项下作出的任何陈述、保证或承诺,即构成违约,应按照法律规定承担相应法律责任。

 

Unless caused by Force Majeure,
any Party that fails to perform or fails to timely or properly perform any of its obligations, or is in breach of any representations,
warranties or undertakings under this Agreement shall be in breach of the Agreement, and shall be liable therefor in accordance
with law.

 

    	 	9	 

     

    

  

第十条
不可抗力

 

Article 10 Force Majeure

 

10.1 “不可抗力”指本协议生效日后发生的、阻碍本协议一方履行其全部或部分义务的、本协议一方无法控制、不可预见、不可避免或不可克服的所有事件,包括地震、台风、水灾、火灾、战争、政府行为或任何其他不可预见的、不可避免或不可控制的事件;

 

Force majeure means any
event unforeseen by any party, unavoidable, uncontrollable and insurmountable to such party occurring after this Agreement shall
become effective, which prevents any party to this Agreement from performing all or any of its obligations hereunder, including
earthquake, typhoon, flood, fire, war, governmental action or other unforeseen, unavoidable or uncontrollable events;

 

10.2任何一方由于不可抗力且自身无过错造成的部分或者全部不能履行本协议的义务将不视为违约,但该方应在条件允许的情况下采取一切必要的补偿措施,以减少因不可抗力造成的损失;

 

Any Party, not at fault
of its own, shall not be regarded as to be in breach of this Agreement if the non-performance of all or any of its obligations
hereunder is caused by force majeure; and if circumstances permit, such Party shall take all necessary remedial steps in order
to mitigate losses caused by force majeure;

 

10.3 遇有不可抗力的一方,应在事件发生之日起三个工作日内,将事件的发生情况以书面形式通知对方,并应在事件发生后十五个工作日内,向对方提供不可抗力的详情,以及不能履行、或者部分不能履行、或者需要全部或部分延期履行理由的有效证明。按其对本协议的影响程度,双方协商决定是否解除本协议、或者免除履行本协议之相关部分、或者延期履行本协议。

 

In event of force majeure,
the Party so affected shall notify the other Party of such an event in writing within 3 business days from the date of its occurrence,
and also provide the other Party with details of force majeure and valid proof of reasons for its inability to perform or delay
in performing this Agreement, whether in whole or in part, within 15 business days from the date of its occurrence. Depending on
the extent to which this Agreement might be affected by force majeure, the Parties shall, through friendly negotiations, decide
whether or not to terminate this Agreement or to exempt performance of certain part of this Agreement or to delay in performing
this Agreement.

 

    	 	10	 

     

    

  

第十一条
适用法律与争议解决

 

Article 11 Governing
Law and Dispute Resolution

 

11.1本协议的订立、执行、效力及解释均适用中华人民共和国法律;

 

The execution, performance,
effectiveness and interpretation of this Agreement shall be governed by and construed in accordance with the law of PRC;

 

11.2凡因本协议所发生的或与本协议有关的任何争议,双方应争取以友好协商方式迅速解决。当事方协商未果时,任何一方均可将该争议提交中国国际经济贸易仲裁委员会按照届时适用的仲裁规则在北京以仲裁方式解决。仲裁裁决将是终局的、对争议各方均有约束力。

 

Both Parties shall seek
to resolve any differences arising out of or relating to this Agreement expeditiously through friendly negotiations, failing which,
any Party may refer the differences to China International Economic and Trade Arbitration Commission in Beijing for arbitration
in accordance with the arbitration rules applicable and in force at the time. The arbitration award shall be final and binding
on all Parties.

 

第十二条
生效、修改

 

Article 12 Effectiveness
and Amendment

 

12.1本协议经双方授权代表签署并加盖公章后成立,并经甲方母公司上海永利带业股份有限公司董事会会议及股东大会以及乙方/乙方母公司Plastec
Technologies, Ltd.各自董事会批准之日起生效。

 

This Agreement shall be
established upon its execution by authorized representatives of each Party and shall become effective on the date on which this
Agreement has been approved of at the board of directors meeting and at the shareholders’ meeting of Party A’s parent
company, Shanghai YongLi Belting Co., Ltd., and by the board of directors of Party B and Party B’s parent company, Plastec
Technologies, Ltd.; whichever happens last.

 

    	 	11	 

     

    

  

12.2本协议的任何修改均应经各方协商一致后,以书面方式进行,并经各方签署后方可生效。

 

This Agreement may be altered
or amended by mutual consents of Parties hereto by an instrument in writing signed by the Parties.

 

第十三条
其他

 

Article 13 Miscellaneous

 

13.1除非各方另有书面约定,否则任何一方在未经其他方事先书面同意之前,不得向第三方全部或部分转让本协议或本协议项下的任何权利、利益或义务。

 

Unless otherwise agreed
by all Parties in writing, no Party shall assign all or part of this Agreement or any of its rights, benefits or obligations hereunder
to any third party without prior written consent of the other Parties.

 

13.2本合同内容以中英文两种语言书写,若有冲突,以中文版为准。

 

This Agreement shall be
written in both English and Chinese. In the event that there is any inconsistence between the English and Chinese version of the
Agreement, the Chinese version shall prevail.

 

13.3本协议一式四份,每份具有同等法律效力。双方各执一份,其余用于办理相关审批、登记或备案手续。

 

This Agreement shall be
executed in four original sets, each of which shall have the same legal effect. Each party shall have one original set and the
rest shall be used for relevant approvals, registrations or record putting purposes.

 

(以下无正文,为附件及签字页。)

[Exhibits and Signature Page
to Follow]

 

    	 	12	 

     

    

  

	(《股权转让协议》之签署页)	 
	 	 
	[Signature Page of the Share Transfer Agreement]	 
	 	 
	甲方:Plastec International Holdings Limited(盖章)	 
	Party A: Plastec International Holdings Limited (Seal)	 
	 	 
	授权代表(签字):	 
	Authorized Representative (Sign):	/s/
    YUN LiMing	 
	签署地点:  	 
	Place of Signing: Shanghai  	 
	日期:  	 
	Date: March 30, 2018  	 
	 	 
	乙方:Viewmount Developments Limited(盖章)	 
	Party B: Viewmount Developments Limited (Seal)	 
	 	 
	授权代表(签字):  	 
	Authorized Representative (Sign):	/s/
    SZE-TO Kin Sun	 
	签署地点:  	 
	Place of Signing: Shanghai  	 
	日期:  	 
	Date: March 30, 2018  	 

 

    	 	13	 

     

    

 

附件一:乙方持有标的公司股权结构图

Exhibit I: Corporate Chart depicting Party B’s holding
in the Target Companies

 

 

    	 	14	 

     

    

 

附件二:交割后甲方持有标的公司股权结构图

Exhibit II: Corporate Chart depicting Party A’s holding
in the Target Companies after Closing 

 

 

 

    	 	15

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