Document:

Exhibit 10.2

 

SECURITIES
PURCHASE AGREEMENT

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of December 29, 2020, by and between BIOSOLAR,
INC., a Nevada corporation, with its address at 27936 Lost Canyon Road, Suite 202, Santa Clarita, CA 91387 (the “Company”),
and POWER UP LENDING GROUP LTD., a Virginia corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck,
NY 11021 (the “Buyer”).

 

WHEREAS:

 

A. The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”); and

 

B. Buyer
desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a convertible
note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $53,500.00 (together with
any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms
thereof, the “Note”), convertible into shares of common stock, $0.0001 par value per share, of the Company (the “Common
Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1. Purchase
and Sale of Note.

 

a. Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages
hereto.

 

b. Form
of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and
sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal
amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and
(ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase
Price.

 

c. Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below,
the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 12:00
noon, Eastern Standard Time on or about January 4, 2021, or such other mutually agreed upon time. The closing of the transactions
contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to
by the parties.

 

     

     

    

  

2. Buyer’s
Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a. Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion
Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.

 

b. Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D
(an “Accredited Investor”).

 

c. Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of
the Buyer to acquire the Securities.

 

d. Information.
The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such
information is disclosed to the public prior to or promptly following such disclosure to the Buyer.

 

e. Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act; or
may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in substantially
the following form:

 

“THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED
UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION
ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS.”

 

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The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from
registration without any restriction as to the number of securities as of a particular date that can then be immediately sold,
or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel
in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under
the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell
all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable
prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the
Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline,
it will be considered an Event of Default pursuant to Section 3.2 of the Note; provided such opinion complies with the Irrevocable
Transfer Agent Instructions (as defined herein).

 

f. Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

3. Representations
and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a. Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated,
in which the Company owns, directly or indirectly, any equity or other ownership interest.

 

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b. Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed
in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery
by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

c. Capitalization.
As of the date hereof, the authorized common stock of the Company consists of 3,000,000,000
authorized shares of Common Stock, $0.0001 par value per share, of which 456,198,529
shares are issued and outstanding. All of such outstanding shares of capital stock are, or upon issuance will be, duly
authorized, validly issued, fully paid and non-assessable. .

 

d. Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance
with its terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the
Company and will not impose personal liability upon the holder thereof.

 

e. No
Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event
which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of
its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or
its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company
or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The businesses of
the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns any of
the Securities, in violation of any law, ordinance or regulation of any governmental entity. “Material Adverse Effect”
means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or its
Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered
into in connection herewith.

 

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f. SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the
“1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements
and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter
referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer true and complete
copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates or if amended,
as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934 Act and
the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at
the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated
under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof).
As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the Company included
in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules
and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States
generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material
respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the
consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act.

 

g. Absence
of Certain Changes. Since September 30, 2020, except as set forth in the SEC Documents, there has been no material adverse
change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition,
results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.

 

h. Absence
of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, 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 or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers
or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware
of any facts or circumstances which might give rise to any of the foregoing.

 

i. No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the
Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

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j. No
Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

k. No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

l. Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth
in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered
an Event of default under Section 3.4 of the Note.

 

4. COVENANTS.

 

a. Best
Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.

 

b. Form
D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of the closing
of the transactions contemplated by this Agreement.

 

c. Use
of Proceeds. The Company shall use the proceeds for general working capital purposes.

 

d. Expenses.
At the Closing, the Company’s obligation with respect to the transactions contemplated by this Agreement is to reimburse
Buyer’ expenses shall be $3,500.00 for Buyer’s legal fees and due diligence fee.

 

e. Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer.

 

f. Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies
available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note.

 

g. Failure
to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting
requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

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h. Trading
Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the Buyer
agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with
respect to the common stock of the Company.

 

i. The
Buyer is Not a “Dealer”.  The Buyer and the Company hereby acknowledge and agree that the Buyer has not:
(i) acted as an underwriter; (ii) acted as a market maker or specialist; (iii) acted as “de facto” market maker; or
(iv) conducted any other professional market activities such as providing investment advice, extending credit and lending securities
in connection; and thus that the Buyer is not a “Dealer” as such term is defined in the 1934 Act.

 

5. Transfer
Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered
in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer
to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”). 
In the event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of
such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement
(including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount as such term
is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion
Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration, all
such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement.  The Company warrants that:
(i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the
Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company
as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay,
impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate
for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the
Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to remove or impairs, delays,
and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect
thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the Note
as and when required by the Note and/or this Agreement.  If the Buyer provides the Company and the Company’s transfer
agent, at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable
transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933
Act, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to
issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer. 
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating
the intent and purpose of the transactions contemplated hereby.  Accordingly, the Company acknowledges that the remedy at
law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic
loss and without any bond or other security being required.

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6. Conditions
to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Buyer
at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided
that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

a. The
Buyer shall have executed this Agreement and delivered the same to the Company.

 

b. The
Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

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

 

d. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

7. Conditions
to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the Closing is
subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions
are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a. The
Company shall have executed this Agreement and delivered the same to the Buyer.

 

b. The
Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance
with Section 1(b) above.

 

c. The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged
in writing by the Company’s Transfer Agent.

 

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d. The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date)
and 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 Closing Date. The Buyer
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited
to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated hereby.

 

e. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

f. No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

g. The
Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common
Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation
system.

 

h. The
Buyer shall have received an officer’s certificate described in Section 3(d) above, dated as of the Closing Date.

 

8. Governing
Law; Miscellaneous.

 

a. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of New York or in the federal courts located in New York and the county
of Nassau. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement, the Note or any related document or agreement by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

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b. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party.

 

c. Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

d. Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e. Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

f. Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice
is to be received), or the first business day following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be as set forth in the heading of this Agreement with a copy by fax only to (which
copy shall not constitute notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich,
facsimile: 516-466-3555, e-mail: allison@nwlaw.com. Each party shall provide notice to the other party of any change in address.

 

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g. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities
in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act,
without the consent of the Company.

 

h. Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to
indemnify and hold harmless the Buyer and all of its officers, directors, employees and agents for loss or damage arising as a
result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set
forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they
are incurred.

 

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

 

j. No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

k. Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

	BIOSOLAR,
    INC.	 
	 	 	 
	By:	/s/
    David Lee	 
	 	David
    Lee	 
	 	Chief
    Executive Officer	 
	 	 	 
	POWER
    UP LENDING GROUP LTD.	 
	 	 	 
	By:	/s/
    Curt Kramer  	 
	 	Curt
    Kramer 	 
	 	Chief
    Executive Officer	 

 

AGGREGATE
SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of Note:	 	$	53,500.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	$	53,500.00	 

 

 

 12Exhibit 10.1

EXECUTION
COPY

 

ASSIGNMENT AND TERMINATION AGREEMENT

 

This ASSIGNMENT AND
TERMINATION AGREEMENT (this “Agreement”), dated as of December 29, 2020 (the “Effective Date”),
is made and entered into by and among UWW Holdings, LLC, a Delaware limited liability company (“Seller”), and
Veritiv Corporation, a Delaware corporation (the “Company”). Capitalized terms that are used but not defined
in this Agreement have the meanings specified in that certain Tax Receivable Agreement, dated as of July 1, 2014 as amended
on April 28, 2020 (the “TRA”), by and among the Seller and the Company.

 

W I T N E S S E T H:

 

WHEREAS, the Seller
and the Company are parties to the TRA;

 

WHEREAS, Seller has
not assigned the TRA or any rights thereunder to any Person and Seller remains the only Beneficiary of the TRA;

 

WHEREAS, Seller has
negotiated the terms of an Assignment and Assumption Agreement with a prospective purchaser, pursuant to which Seller would transfer
all of its right, title and interest in the TRA to such prospective purchaser;

 

WHEREAS, under Section 7.06(b) of
the TRA, the Company has the right to be notified of any proposed transfer by Seller of its interest in the TRA, and to be offered
the right of first refusal to purchase all of Seller’s interest in the TRA at the same price and on the same terms as the
proposed transfer;

 

WHEREAS, the Company
desires to exercise its right of first refusal and to acquire all of Seller’s right, title and interest in the TRA, and Seller
desires to transfer Seller’s interest in the TRA to the Company, and upon such transfer and the Company’s payment to
the Seller of the consideration therefor, the Parties desire to terminate the TRA, in each case as set forth in this Agreement;

 

NOW, THEREFORE, in
consideration of the foregoing, of the mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            Conveyance
and Acceptance.

 

(a)        Pursuant
to Section 7.06(a) and Section 7.06(b) of the TRA, Seller hereby sells, assigns, transfers and conveys to the
Company, and the Company hereby purchases and accepts, all right, title and interest of such Seller in, to and under the TRA in
its capacity as a Representative and as a Beneficiary, including, without limitation, (a) all rights of Seller as the Representative,
and (b) all rights of the Seller to receive any and all Tax Benefit Payments thereunder due on or after the Effective Date
(whether or not arising out of or relating to a period prior to the Effective Date) (collectively, the “TRA Rights”),
for the proper benefit of the Company, forever, free and clear of all liens.

 

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(b)         The
Company hereby agrees to waive its right to receive notice and the notice period requirement (including, for the avoidance of doubt,
any right to receive a Proposed Transfer Notice), in each case pursuant to Section 7.06 of the TRA. Pursuant to Section 7.06
of the TRA, the Company is hereby exercising its rights of first refusal, and accordingly the Company and the Seller are entering
into this Agreement.

 

2.            Purchase
Price. As payment in full for the TRA Rights, the Company will, simultaneously with the Closing, pay to the Seller, by wire
transfer of immediately available funds to an account designated by the Seller, an amount equal to $12,000,000.00 (the “Purchase
Price”).

 

3.            Closing.
The closing (the “Closing”) of the transactions contemplated by this Agreement (the “Transactions”)
shall take place simultaneously with the execution of this Agreement on the date hereof (the “Closing Date”)
by the electronic exchange of .pdf signature pages. The consummation of the Transactions shall be deemed to occur at 12:01 a.m. on
the Closing Date.

 

4.            Termination
and Release.

 

(a)         Notwithstanding
anything contained in the TRA to the contrary, effective at the Closing upon the parties executing and delivering this Agreement
and the Seller receiving the full Purchase Price in cash from the Company, the TRA shall be terminated and be of no further force
and effect; provided that notwithstanding the termination of the TRA, Sections 6.02 (Consistency), 6.03 (Cooperation), 7.01 (Notices),
7.04 (Governing Law), 7.08 (Resolution of Disputes), and 7.12 (Confidentiality) of the TRA (the “Surviving TRA Terms”)
shall survive and remain in effect. Upon the termination of the TRA, neither the Company nor the Seller shall have any further
reporting, payment, reimbursement or performance obligations to one another under the TRA, whether accrued or unaccrued, known
or unknown, suspected or unsuspected, concealed or hidden, fixed or contingent, matured or unmatured, liquidated or unliquidated,
foreseen or unforeseen, past or yet to arise, and whether arising out of or relating to any period or partial period before or
after the Closing, other than the Surviving TRA Terms.

 

(b)         Effective
at the Closing upon the parties executing and delivering this Agreement and the Seller receiving the full Purchase Price in cash
from the Company, (i) the Seller Parties irrevocably release, acquit and discharge the Company Parties from any and all TRA
Claims, and (ii) the Company Parties irrevocably release, acquit and discharge the Seller Parties from any and all TRA Claims.

 

(c)         For
purposes of this Section 4, the following terms shall have the following meanings:

 

“Company Parties”
means each of the Company and its direct and indirect subsidiaries and affiliates, and each of their respective employees, officers,
board members, board committees, legal and financial advisors, partners, managers, members, and shareholders, other than the Seller
Parties.

 

    2

     

    

 

“Seller Parties”
means each of the Seller and its direct and indirect subsidiaries and affiliates, and each of their respective employees, officers,
board members, board committees, legal and financial advisors, partners, managers, members, and shareholders, other than the Company
Parties.

 

“TRA Claims”
means all claims, causes of action, demands, obligations, or liabilities of any kind, whether accrued or unaccrued, known or unknown,
suspected or unsuspected, concealed or hidden, fixed or contingent, matured or unmatured, liquidated or unliquidated, foreseen
or unforeseen, past or yet to arise, and whether arising out of or relating to any period or partial period before or after the
Closing, solely relating to or arising out of the TRA, including but not limited to any and all performance or payment obligations
relating thereto, but does not include claims for enforcement, default, damages, or breach with respect to any provision of this
Agreement or the Surviving TRA Terms.

 

5.            Representations
and Warranties by the Seller. As an inducement to the Company to enter into this Agreement and to consummate the Transactions,
the Seller represents and warrants to the Company that the statements contained in this Section 5 are true, correct
and complete as of the Closing Date.

 

(a)         Ownership
of TRA Rights, Transfer. As of the Effective Date, Seller is the only Beneficiary of the TRA. The Seller is the lawful holder
of the TRA Rights and has all right and title to any Tax Benefit Payments due on or after the Effective Date or other payments
thereunder, free and clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance. Except pursuant
to this Agreement, (i) Seller has not sold, transferred, assigned, pledged, conveyed or otherwise disposed of any rights or
obligations under the TRA or any rights to Tax Benefit Payments due on or after the Effective Date (whether or not arising out
of or relating to a period prior to the Effective Date) and (ii) there are no commitments, options, contracts or other arrangements
whatsoever, whether written or oral, under which Seller is or may become obligated to sell, transfer, pledge, assign, convey or
otherwise dispose of Seller’s rights or obligations under the TRA or any Tax Benefit Payments due on or after the Effective
Date to be made after the Effective Date (whether or not arising out of or relating to a period prior to the Effective Date). For
the avoidance of doubt, Seller shall have no obligation under this Agreement to transfer to the Company any payments received from
the Company pursuant to the TRA prior to the Effective Date.

 

(b)         Organization
and Authority of the Seller. Seller is a limited liability company duly organized, validly existing and in good standing under
the laws of the State of Delaware. Seller has full power and authority to enter into this Agreement and to carry out its obligations
hereunder, and to consummate the Transactions. The execution and delivery by Seller of this Agreement and the performance by Seller
of its obligations hereunder, and the consummation by Seller of the Transactions have been duly authorized by all requisite limited
liability company action on the part of Seller.

 

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(c)         Due
Execution. This Agreement has been duly executed and delivered by the Seller, and (assuming due authorization, execution and
delivery by the Company) this Agreement constitutes a legal, valid, and binding obligation of the Seller enforceable against the
Seller in accordance with its terms.

 

(d)         No
Conflicts. The execution, delivery, and performance by the Seller of this Agreement and the consummation of the Transactions,
do not and will not: (i) conflict with or result in a violation or breach of, or default under, any provision of any agreement
to which Seller is a party or by which Seller is bound; or (ii) conflict with or result in a violation or breach of any provision
of any law, order, writ, judgment, injunction, decree, stipulation, determination, or award entered by or with any governmental
authority and applicable to the Seller.

 

(e)         Legal
Proceedings. There are no claims, actions, causes of action, demands, lawsuits, arbitrations, inquiries, audits, notices of
violation, proceedings, litigations, citations, summons, subpoenas or investigations of any nature, civil, criminal, administrative,
regulatory or otherwise, whether at law or in equity (“Actions”) pending or threatened, against or by the Seller,
or any Affiliate of the Seller (which, for the avoidance of doubt, does not include the Company), (A) relating to or affecting
the TRA Rights, or (B) that challenges or seeks to prevent, enjoin, or otherwise delay the Transactions. No event has occurred
or circumstances exist that may give rise or serve as a basis for any such Action.

 

(f)          Brokers.
No broker, finder, or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the Transactions or the based upon arrangements made by or on behalf of the Seller.

 

6.        Representations
and Warranties by the Company. As an inducement to the Seller to enter into this Agreement and to consummate the Transactions,
the Company represents and warrants to the Seller that the statements contained in this Section 6 are true, correct
and complete as of the Closing Date.

 

(a)         Organization
and Authority of the Company. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Company has full power and authority to enter into this Agreement and to carry out its obligations
hereunder, and to consummate the Transactions. The execution and delivery by the Company of this Agreement and the performance
by the Company of its obligations hereunder, and the consummation by the Company of the Transactions have been duly authorized
by all requisite corporate action on the part of the Company.

 

(b)         Due
Execution. This Agreement has been duly executed and delivered by the Company, and (assuming due authorization, execution and
delivery by the Seller) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms.

 

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(c)            No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the consummation of the Transactions
do not and will not: (i) conflict with or result in a violation or breach of, or default under, any provision of the certificate
of incorporation or bylaws of the Company or any other agreement to which the Company is a party or by which it is bound; or (ii) conflict
with or result in a violation or breach of any provision of any law or order, writ, judgment, injunction, decree, stipulation,
determination, or award entered by or with any governmental authority and applicable to the Company.

 

(d)            Legal
Proceedings. There are no Actions pending or threatened against or by the Company or any Affiliate of the Company that challenge
or seek to prevent, enjoin or otherwise delay the Transactions. No event has occurred or circumstances exist that may give rise
or serve as a basis for any such Action.

 

(e)            Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the Transactions or the based upon arrangements made by or on behalf of the Company.

 

(f)            Company
Acknowledgement. The Company acknowledges and agrees that, except for the specific representations made by Seller in Section 5
of this Agreement, (x) Seller has made no representation or warranty, express or implied, at law or in equity, with respect
to the TRA or any of the assets, liabilities or operations of Seller, the Company, or any other person or entity, and (y) the
Company is acquiring Seller’s interest in the TRA on an “as is, where is” basis.

 

7.        Further
Assurances. Seller hereby covenants with the Company and its successors and permitted assigns that Seller and the Company,
without further consideration, will take such further actions (including the execution and delivery of such other reasonable instruments
of sale, transfer, conveyance, assignment, assumption and confirmation and providing materials and information) as shall be necessary
to sell, assign, transfer and convey to the Company all of the Seller’s right, title and interest in, to the TRA Rights,
and to terminate the Agreement.

 

8.        Governing
Law; Waiver of Trial by Jury. This Agreement shall be governed by and interpreted and construed in accordance with the laws
of the State of Delaware without reference to its internal conflict of laws principles. EACH PARTY HERETO ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE,
EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS.

 

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9.        Prevailing
Party. In the event that any suit or Action is instituted under or in relation to this Agreement, including without limitation
to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party
all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including
without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all
fees, costs and expenses of appeals.

 

10.      Amendment.
Neither this Agreement nor any of its terms or provisions may be amended, modified, waived, discharged or terminated, except by
a written instrument signed by the parties hereto.

 

11.      References,
Pronouns and Headings. Except as otherwise specifically indicated, all references to Section or Subsection numbers refer
to Sections and Subsections of this Agreement. The words “hereby,” “hereof,” “herein,” “hereto,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular Section or
Subsection hereof. The word “hereafter” shall mean after, and the term “heretofore” shall mean before,
the date of this Agreement. The word “or” means “and/or” and the words “include” and “including”
shall not be construed as terms of limitation. As used herein, all pronouns shall include the masculine, feminine, neuter, singular
and plural thereof wherever the context and facts require such construction. The headings, titles and subtitles herein are inserted
for convenience of reference only and are to be ignored in any construction of the provisions hereof.

 

12.      Notices.
Any notice, request, or other document to be given hereunder to any party hereto shall be given in the manner specified in Section 7.01
of the TRA. Any party hereto may change its address for receiving notices, requests, and other documents by giving written notice
of such change to the other parties hereto in accordance with the TRA.

 

13.      Assignment.
This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto, and their respective heirs,
personal representatives, successors and permitted assigns. Notwithstanding the foregoing, no party hereto may assign any of its
rights or obligations under this Agreement without the prior written consent of the other party hereto.

 

14.      No
Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer upon any person or entity other
than the parties hereto any rights or remedies of any nature whatsoever under or by reason of this Agreement or any provision of
this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to
this Agreement and their respective successors and permitted assigns.

 

15.      Severability.
If any provision of this Agreement or the application of any such provision to any person or circumstance is held by a court of
competent jurisdiction to be invalid, illegal or unenforceable, such provision shall be severed and enforced to the extent possible
or modified in such a way as to make it enforceable, and the invalidity, illegality or unenforceability thereof shall not affect
the validity, legality or enforceability of the remaining provisions of this Agreement.

 

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16.        Counterparts.
This Agreement may be executed in multiple counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each party and delivered to the other party. The exchange of
a fully executed Agreement (in counterparts or otherwise) by facsimile or by electronic delivery in .pdf format shall be sufficient
to bind the parties to the terms and conditions of this Agreement.

 

17.        Confidentiality
and Public Announcements. The parties acknowledge and agree that, subject to the last two sentences of this Section 17,
information concerning this Agreement, including the existence, terms, and performance thereof, will be confidential information
subject to the terms of Section 7.12 of the TRA. The Company intends to file a current report on Form 8-K under the Securities
Exchange Act of 1934 regarding this Agreement and the Transactions. The Company agrees that if such report would include any reference
to Bain Capital, Koch Industries, or Georgia Pacific, then Seller will prior to filing such report offer Seller the opportunity
to review and comment on such report, and consider in good faith any comments raised by Seller thereto; provided that Seller will
conduct such review and provide any such comments as promptly as practicable after receipt thereof, in order to facilitate the
Company’s filing of such report on an expedited basis.

 

18.        Entire
Agreement. This Agreement, including other documents referred to herein which form a part hereof, contains the full agreement
between the parties hereto on its subject matters, and supersedes and renders null and void all prior agreements or understandings,
whether written or oral, which exist or may have existed between the parties with respect to its subject matters.

 

19.        Survival.
The representations and warranties set forth in this Agreement shall not survive the Closing.

 

[Signature Pages Follow]

 

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

 

	 	
        SELLER

        

	 	 
	 	UWW Holdings, LLC
	 	 
	 	By:	/s/ Jay Corrigan
	 	 	Name:	Jay Corrigan
	 	 	Title:	Authorized Signatory

 

	 	
        COMPANY

        

	 	 
	 	Veritiv Corporation
	 	 
	 	By:	/s/ Mark W. Hianik
	 	 	Name:	Mark W. Hianik
	 	 	Title:	SVP, General Counsel & Corporate Secretary

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