Document:

EXHIBIT 4.1

 

 

	
        Westpac

        Institutional
        Bank
	
        Corporate Banking

        Level 3, Westpac Place

        275 Kent Street

        Sydney NSW 2000

        glochrin@westpac.com.au

        Phone: +612 8254 4683

        Fax: +612 8254 6920

Effective 30 September 2013

 

Hudson Global Resources (Aust) Pty Limited
(ACN 002 888 762)

Level 19, 20 Bond Street

Sydney NSW 2000

 

Hudson
Global Resources (NZ) Limited (Company number 667922) 

c/- Bell
Gully

Level 22, Vero Centre, 48 Shortland Street

Auckland

New Zealand

 

Hudson Highland (APAC) Pty Limited (ACN
074 319 396)

Level 19, 20 Bond Street

Sydney NSW 2000

Attention: Matthew Warburton

Dear Sirs

 

Facility Agreement — waiver letter

 

Westpac Banking Corporation ABN 33 007 457 141 (Westpac)
Westpac New Zealand Limited (WNZL), Hudson Global Resources (Aust) Pty Limited ABN 002 888 762 (Aus Borrower), Hudson Global
Resources (NZ) Limited (Company number 667922) (NZ Borrower), Hudson Highland (APAC) Pty Limited ACN 074 319 396 (the Initial
Guarantor) have entered into an agreement entitled "Facility Agreement" dated 22 November 2011 as amended on 20 June
2013 (Facility Agreement).

 

Each of the Aus Borrower, the NZ Borrower and the
Initial Guarantor are referred to as the Obligors.

 

Capitalised terms defined in the Facility Agreement have the same meanings when
used in this letter.

 

Waiver

 

The Obligors have indicated the
likelihood of a breach of the financial undertaking in respect of the Fixed Charge Cover Ratio for each of the Testing Dates of
30 September 2013 and 31 December 2013 in clause 11.12(a) of the Facility Agreement.

 

A breach of this undertaking would be an Event of Default under
the Facility Agreement.

 

The Obligors have asked that Westpac and WNZL agree
not to regard a breach of these undertakings as an Event of Default.

 

A division of Westpac Banking Corporation ABN 33
007 457 141

 

 

    	 

    	 

    

 

Each of Westpac and WNZL agree with the Obligors' request subject
to the following conditions:

 

		(a)	the Aus Borrower pays Westpac a waiver fee of $15,000.00; and

		(b)	for each of the Testing Dates 30 September 2013 and 31 December 2013, the Fixed Charge Cover Ratio is equal or greater than
1.25 times under clause 11.12(a) of the Facility Agreement.

 

General

 

Conditions Precedent

 

Before the waiver referred to above becomes effective,
Westpac must have received each of the following in a form and substance acceptable to Westpac:

1.         
a copy of this letter duly signed by each Obligor;

2.         
satisfactory results of company searches in relation to each Obligor; and

3.         
all fees and expenses due and payable by the Obligors under the Facility Agreement and this letter.

 

Confirmation.

 

The Initial Guarantor confirms that each Guarantee
and each Security Interest remain in full force and effect and secure (amongst other things) all obligations under the Facility
Agreement as amended by this letter.

 

Governing Law & Jurisdiction

 

This letter is governed by the laws of New South Wales.
Each Obligor submits to the non-exclusive jurisdiction of courts exercising jurisdiction there and in New South Wales.

 

Counterparts

 

This letter may be executed in any number of counterparts
and all of such counterparts taken together shall be deemed to constitute the one instrument.

 

/s/ Gavin Lochrin                                                                     

Gavin Lochrin, Associate Director — Corporate Banking

 

    	 

    	 

    

 

 

	AUS BORROWER	 	 
	Executed by Hudson Global Resources (Aust) 	 	 
	Pty Limited in accordance with Section 127 	 	 
	of the Corporations Act 2001	 	 
	 	 	 
	/s/ Kendall Ryan	 	/s/ Matthew Warburton
	Signature of director	 	Signature of director/company secretary
		 	(Please delete as applicable)
	 	 	 
	Kendall Ryan	 	Matthew Warburton
	Name of director (print)	 	Name of director/company secretary (print)
	 	 	 
	 	 	 
	NZ BORROWER	 	 
	Executed by Hudson Global Resources (NZ) Limited	 	 
	 	 	 
	/s/ Mark Steyn	 	/s/ Roman Rogers
	Signature of director	 	Signature of director/company secretary
		 	(Please delete as applicable)
	 	 	 
	Mark Steyn	 	Roman Rogers
	Name of director (print)	 	Name of director/company secretary (print)
	 	 	 
	 	 	 
	INITIAL GUARANTOR	 	 
	Executed by Hudson Highland (APAC) Pty Limited in accordance with Section 127 of the Corporations Act 2001	 	 
		 	 
	/s/ Kendall Ryan	 	/s/ Matthew Warburton
	Signature of director	 	Signature of director/company secretary
		 	(Please delete as applicable)
	 	 	 
	Kendall Ryan	 	Matthew Warburton
	Name of director (print)	 	Name of director/company secretary (print)
	 	 	 
	NZ LENDER	 	 
	 	 	 
	SIGNED SEALED and DELIVERED on	 	By executing this document the attorney states
	behalf of WESTPAC NEW ZEALAND	 	that the attorney has received no notice of
	LIMITED by its attorney under power of	 	revocation of the power of attorney.
	attorney in the presence of:	 	 
	 	 	 
	/s/ Tila Fleming Hoffman	 	/s/ Miriam Ariane Hanepen
	Witness (signature)	 	Attorney (signature)
	 	 	 
	Tila Fleming Hoffman	 	Miriam Ariane Hanepen
	Witness (print name)	 	Name of Attorney (print)STOCK PURCHASE AGREEMENT

 

This Stock Purchase
Agreement (this “Agreement”) is dated as of September 27, 2013 (the “Effective Date”), by and among
Reven Housing REIT, Inc., a Colorado corporation (the “Company”), and each purchaser identified on the signature
pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

R E C I T
A L S

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”) and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser,
and each Purchaser, severally and not jointly, desires to purchase from the Company, shares of the Common Stock of the Company
as more fully described in this Agreement.

 

A G R E E
M E N T

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

Article
I

DEFINITIONS

 

1.1             
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement,
the following terms have the meanings indicated in this Section 1.1:

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 144 under the Securities Act. With respect to a Purchaser,
any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Purchaser
will be deemed to be an Affiliate of such Purchaser.

 

“Business Day”
means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States.

 

“Closing”
means the Closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing Date”
means the Trading Day when all of the Transaction Documents have been executed and delivered by the applicable parties thereto,
and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the applicable Shares have been satisfied or waived.

 

“Commission”
or “SEC” means the U.S. Securities and Exchange Commission.

 

    	 

    	 

    

 

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed into.

 

“Company Counsel”
means Greenberg Traurig, LLP.

 

“Company Joint
Signature Account” means the City National Bank Reven Housing REIT, Inc. Business Savings account.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered in connection with the Closing.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Existing Loans”
means those certain convertible promissory notes issued by the Company to Chad M. Carpenter and other investors, copies of which
have been delivered by the Company to the Purchasers, as more particularly described in Schedule 3.1(g)(ii).

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Governmental
Authority” means any federal, state, municipal or other governmental department, commission, board, bureau, agency or
instrumentality, or any court of the United States of America or any political subdivision thereof, or of any other country.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Knowledge”
means the actual knowledge of Chad M. Carpenter or Michael P. Soni, after reasonable due inquiry.

 

“Liens”
means a lien, charge, mortgage, claim, security interest, pledge, restriction, equitable interest, option, easement, exception
to title of any kind, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material Adverse
Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Per Share Purchase
Price” equals $0.20, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

    	2

    	 

    

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Required Approvals”
shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Shares”
means up to 125,000,000 shares of Common Stock issued or issuable to the Purchasers pursuant to this Agreement.

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below
such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount”,
in United States Dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a).

 

“Trading Day”
means a day on which the Common Stock is traded on a Trading Market.

 

“Trading Market”
means the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, the OTC Markets, including the Bulletin
Board and Pink Sheets, the NYSE Euronext or the New York Stock Exchange, whichever is at the time the principal trading exchange
or market for the Common Stock.

 

“Transaction
Documents” means this Agreement, the Voting Agreement and any other documents or agreements executed in connection with
the transactions contemplated hereunder.

 

“Voting Agreement”
means the agreement among the Company, the Purchasers and certain other stockholders of the Company, dated as of the date of the
Initial Closing, in the form of Exhibit A attached to this Agreement.

 

Article
II

PURCHASE ANDSALE

 

2.1             
Closing.

 

(a)               
Upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and each Purchaser agrees to
purchase, severally and not jointly, the number of Shares set forth on each respective Purchaser’s signature page attached
hereto, for the Subscription Amount set forth thereon, which in the aggregate shall equal 55,000,000 Shares. On the Initial Closing
Date (the “Initial Closing Date”), each Purchaser shall deliver to the Company, via wire transfer or a certified
check, immediately available funds equal to their Subscription Amount, and the Company shall deliver to each Purchaser their respective
Shares to be issued at the Initial Closing (the “Initial Closing”). Upon satisfaction of the conditions set
forth in Sections 2.2 and 2.3, the Initial Closing shall occur at the offices of Company Counsel, or such other location
as the parties shall mutually agree.

 

    	3

    	 

    

 

(b)              
In addition to the Initial Closing pursuant to Section 2.1(a) above, the Company and the Purchasers agree that the
Purchasers, and any one of the Purchasers, may purchase in their sole discretion up to an aggregate of 70,000,000 of Shares at
the Per Share Purchase Price (up to $14,000,000) in a subsequent closing or series of subsequent closings (each, a “Subsequent
Closing”); provided that such Subsequent Closing(s) occur on or before December 31, 2013, on the same terms and conditions
as set forth herein, and provided further that the Articles Amendment (as defined in Section 3.1(g)(iii)) of this Agreement
is duly adopted by the Company’s Board of Directors and shareholders and filed with the Secretary of State of Colorado.

 

2.2             
Deliveries.

 

(a)               
On or prior to the Initial Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)                
the Transaction Documents duly executed by the Company;

 

(ii)              
a copy, certified by the Secretary of the Company to be true, complete and correct as of the Initial Closing Date, of the
resolutions of the Board of Directors of the Company authorizing and approving the transactions contemplated hereby;

 

(iii)            
a certificate of good standing, or equivalent certificate, for the Company issued by the Colorado Secretary of State, dated
within ten (10) Business Days of the Initial Closing Date;

 

(iv)            
a copy of the irrevocable instructions to the Company’s transfer agent instructing the transfer agent to deliver,
on an expedited basis, certificates evidencing the Shares purchased by each Purchaser hereunder registered in the name of each
Purchaser; and

 

(v)              
The President or Chief Executive Officer of the Company shall deliver to the Purchasers a certificate certifying that the
conditions specified in Sections 2.3(b)(i) and (ii) have been fulfilled.

 

(b)              
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)                
the Transaction Documents duly executed by such Purchaser; and

 

(ii)              
such Purchaser’s Subscription Amount by wire transfer or cashier’s check to the Company Joint Signature Account.

 

    	4

    	 

    

 

2.3             
Closing Conditions.

 

(a)               
The obligations of the Company hereunder in connection with the Initial Closing are subject to the following conditions
being met:

 

(i)                
the accuracy in all material respects when made and on the Closing Date of the representations and warranties of the Purchasers
contained herein;

 

(ii)              
all obligations, covenants and agreements of the Purchasers required to be performed at or prior to the Initial Closing
Date shall have been performed;

 

(iii)            
the delivery by the Purchasers of the items set forth in Section 2.2(b) of this Agreement; and

 

(iv)            
the execution of a lock-up agreement with respect to the Shares issued or issuable to the Purchasers by and among the Company
and the Purchasers, in substantially the form attached hereto as Exhibit B.

 

(b)              
The respective obligations of the Purchasers hereunder in connection with the Initial Closing are subject to the following
conditions being met:

 

(i)                
the accuracy in all material respects when made and on the Closing Date of the representations and warranties of the Company
contained herein;

 

(ii)              
all obligations, covenants and agreements of the Company required to be performed at or prior to the Initial Closing Date
shall have been performed;

 

(iii)            
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)            
the conversion or the repayment of all Existing Loans;

 

(v)              
all authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States
or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall
be obtained and effective as of the Initial Closing, except for such as may be properly obtained subsequent to the Initial Closing;

 

(vi)            
as of the Initial Closing, the authorized size of the Board of Directors shall be six (6), and four (4) representatives
nominated by the Purchasers, who shall initially be Xiaofan Bai, Guojuan Chen, Siyu Lan and Xiaohang Bai, shall have been appointed
to the Board of Directors of the Company, which appointment shall be effective upon 10 days after the filing by the Company of
a Schedule 14F-1 regarding the change in the majority of the Board of Directors;

 

(vii)          
all corporate and other proceedings in connection with the transactions contemplated at the Initial Closing and all documents
incident thereto shall be reasonably satisfactory in form and substance to the Purchasers, and the Purchasers shall have received
all such counterpart original and certified or other copies of such documents as reasonably requested. Such documents may include
good standing certificates; and

 

    	5

    	 

    

 

(viii)        
the execution of a lock-up agreement with respect to the shares of the Company’s capital stock beneficially owned
by Chad M. Carpenter by and among the Purchasers and Chad M. Carpenter, in substantially the form attached hereto as Exhibit
C.

 

(c)               
The respective obligations of the Purchasers hereunder in connection with each Subsequent Closing are subject to the following
conditions being met:

 

(i)                
No Material Adverse Effect shall have occurred;

 

(ii)              
The President or Chief Executive Officer of the Company shall deliver to the Purchaser a certificate certifying that the
condition specified in Section 2.3(c)(i) has been fulfilled;

 

(iii)            
the accuracy in all material respects when made and at the applicable Subsequent Closing of the representations and warranties
of the Company contained herein; and

 

(iv)            
the approval and adoption of the Articles Amendment by the Company’s Board of Directors and shareholders and the filing
thereof with the Secretary of State of Colorado.

 

Article
III

REPRESENTATIONS AND WARRANTIES

 

3.1             
Representations and Warranties of the Company. Except as set forth under the corresponding section of the
disclosure schedules delivered to the Purchasers concurrently herewith (the “Disclosure Schedules”) which Disclosure
Schedules shall be deemed a part hereof, the Company hereby makes the representations and warranties set forth below to each Purchaser
as of the Closing and each Subsequent Closing:

 

(a)               
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a).
The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear
of any Liens, and all the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid,
non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

(b)              
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable),
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in (i) a material adverse effect on
the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely
basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”)
and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or
curtail such power and authority or qualification.

 

    	6

    	 

    

 

(c)               
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated
hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required
by the Company, its board of directors or its stockholders in connection therewith other than in connection with the Required Approvals.
Each Transaction Document has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and 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 and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(d)              
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company, the issuance and
sale of the Shares and the consummation by the Company of the other transactions contemplated hereby and thereby do not and will
not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice
or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets
of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation
of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property
or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)               
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than (i) the approvals and the Articles Amendment described in Section 3.1(g)(iii) of this Agreement and (ii) the
filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

 

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(f)               
Issuance of the Shares. The Shares issuable on the Initial Closing are duly authorized and, when issued and paid
for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free
and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The
Shares issuable on any Subsequent Closing, upon the approval by the Company’s Board of Directors and its shareholders of
the Articles Amendment and the filing thereof with the Secretary of State of Colorado, will be duly authorized and, when issued
and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company other than restrictions provided for in the Transaction Documents. The Company
has reserved from its duly authorized capital stock all of the Shares issuable in the Initial Closing pursuant to this Agreement.
Assuming the accuracy of the representations of the Purchasers in Section 3.2 of this Agreement and subject to the Required
Approvals, the Shares will be issued in compliance with all applicable federal and state securities laws.

 

(g)              
Capitalization.

 

(i)                
The Company’s authorized capital stock, as of the date of this Agreement, consists of 100,000,000 shares of Common
Stock, $0.001 par value per share, of which 8,350,000 shares are issued and outstanding, and 25,000,000 shares of Preferred Stock,
$0.001 par value per share, of which none are issued and outstanding.

 

(ii)              
The Company has reserved 9,782,640 shares of its Common Stock for issuance upon the exercise of options, warrants or any
other securities that are exercisable or exchangeable for, or convertible into, Common Stock. All of the issued and outstanding
shares of Common Stock are validly issued, fully paid and non-assessable and have been issued in compliance with applicable laws,
including, without limitation, applicable federal and state securities laws. Except as set forth on Schedule 3.1(g)(ii),
there are no outstanding options, warrants or other rights of any kind to acquire any additional shares of capital stock of the
Company or securities exercisable or exchangeable for, or convertible into, capital stock of the Company, nor is the Company committed
to issue any such option, warrant, right or security. The Company is not a party to any agreement granting any stockholder of the
Company the right to cause the Company to register shares of the capital stock of the Company held by such stockholder under the
Securities Act.

 

(iii)            
No further approval or authorization of any stockholder, the Board of Directors of the Company or others is required for
the issuance and sale of the Shares; provided, however, in the event that the Purchasers, or any of the Purchasers, elect to subscribe
for additional Shares in a Subsequent Closing pursuant to Section 2.1(b) of this Agreement, then the Board of Directors
of the Company and the shareholders of the Company will need to approve and adopt an amendment to the Company’s Articles
of Incorporation to increase its authorized capital stock in an amount sufficient to accommodate the issuance of the additional
Shares in any Subsequent Closing (the “Articles Amendment”). There are no stockholders agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s stockholders.

 

    	8

    	 

    

 

(h)              
SEC Reports; Financial Statements. The Company has filed all reports, registration statements, definitive proxy statements,
schedules, forms and other documents, and all amendments thereto and supplements thereof required to be filed by it under the Securities
Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the period commencing January 1, 2013 through
the date hereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being
collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of
such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. Except as set forth on Schedule
3.1(h), as of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities
Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, as applicable, and none of the
SEC Reports, when filed, 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 the light of the circumstances under which they were made, not
misleading. Except as set forth on Schedule 3.1(h), the financial statements of the Company included in the SEC Reports
(the “Financial Statements”) complied in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing. Except as set forth on Schedule
3.1(h), such financial statements have been prepared in accordance with United States generally accepted accounting principles
applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in
such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required
by GAAP, fairly present in all material respects the financial position of the Company and its consolidated subsidiaries as of
and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments, and are consistent with the books and records of the Company. The
Company does not have any liability (whether known or unknown, whether asserted or unasserted, whether absolute or contingent,
whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any liability for
taxes, except for liabilities expressly specified in the Financial Statements (none of which results from, arises out of, relates
to, is in the nature of, or was caused by any breach of contract, breach of warranty, tort, infringement, or violation of law).

 

(i)                
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report or as set forth on Schedule
3.1(i), (i) there has been no event, occurrence or development that has had or that could reasonably be expected by the Company
to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than
(A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities
not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the
Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend
or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem
any shares of its capital stock, (v) the Company has not issued any equity securities to any officer, director or Affiliate, except
pursuant to existing Company stock option plans, (vi) there has not been any sale or disposition of any material asset of the Company,
and (vii) there has not been the incurrence or commitment to incur any liability individually on in the aggregate material to the
Company. The Company does not have pending before the Commission any request for confidential treatment of information.

 

    	9

    	 

    

 

(j)                
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the Knowledge
of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by
any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which, if determined adversely to the Company could have, individually or in the
aggregate, a Material Adverse Effect or which materially adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Shares. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(k)              
Compliance. The Company has complied in all material respects with all applicable laws (including rules, regulations,
codes, plans, injunctions, judgments, orders, decrees, rulings, and charges thereunder) of all Governmental Authorities, and no
action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or commenced against
the Company alleging any failure so to comply. To the Company’s knowledge, neither the Company, nor any officer, director,
employee, consultant or agent of the Company has made, directly or indirectly, any payment or promise to pay, or gift or promise
to give or authorized such a promise or gift, of any money or anything of value, directly or indirectly, to any governmental official,
customer or supplier for the purpose of influencing any official act or decision of such official, customer or supplier or inducing
him, her or it to use his, her or its influence to affect any act or decision of a Governmental Authority or customer, under circumstances
which could subject the Company or any officers, directors, employees or consultants of the Company to administrative or criminal
penalties or sanctions.

 

(l)                
Title to Assets. Except as set forth on Schedule 3.1(l), the Company and the Subsidiaries have good and marketable
title in fee simple to all real property owned by them that is material to the business of the Company and the Subsidiaries and
good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for Liens as do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and Liens for the payment
of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities
held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which
the Company and the Subsidiaries are in compliance.

 

    	10

    	 

    

 

(m)            
Certain Fees. Except for fees payable to Ernst Young Capital Advisors, LLC and Silver Portal Capital, LLC, no brokerage
or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.
The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction
Documents as a result of any action taken by the Company or its Affiliates.

 

(n)              
Private Placement. Assuming the accuracy of the Purchasers representations and warranties set forth in Section
3.2, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchasers
as contemplated hereby.

 

(o)              
Listing and Maintenance Requirements. The Company’s Common Stock is registered pursuant to Section 12(b) or
12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect
of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that
the Commission is contemplating terminating such registration. The Company has not, in the 12 months preceding the date hereof,
received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company
is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to
believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

(p)              
Adverse Officer and Director Information. During the past five (5) year period, neither the Company nor, to its Knowledge,
any of its executive officers, members of executive management or directors, nor any Person intended to be nominated by the Company
to become an executive officer, member of executive management or director of the Company or any Subsidiary, has been the subject
of:

 

(i)                
a petition under the federal bankruptcy laws or any other insolvency or moratorium law or has a receiver, fiscal agent or
similar officer been appointed by a court for the business or property of the Company or such Person, or any partnership in which
the Company or any such Person was a general partner at or within two (2) years before the time of such filing, or any corporation
or business association of which the Company or any such Person was an executive officer at or within two (2) years before the
time of such filing;

 

(ii)              
a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations
which do not relate to driving while intoxicated or driving under the influence);

 

(iii)            
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,
permanently or temporarily enjoining the Company or any such Person from, or otherwise limiting (i) acting as a futures commission
merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant,
any other Person regulated by the United States Commodity Futures Trading Commission or the SEC or an associated Person of any
of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, real estate broker, or as an affiliated
Person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in
or continuing any conduct or practice in connection with such activity; (ii) engaging in any type of business practice, including
but not limited to the buying, selling and/or brokering of real estate or real estate related securities; or (iii) engaging in
any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal,
state or other securities laws or commodities laws;

 

    	11

    	 

    

 

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

 

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

 

(q)              
Disclosure. All disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company, its
business and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, with respect to the representations
and warranties made herein are true and correct with respect to such representations and warranties and do not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading. There is no fact known to the Company or any Subsidiary or that
the Company or any Subsidiary should know after having made all reasonable inquiries (other than conditions known to the public
generally) that has not been disclosed in writing to the Purchasers that would reasonably be expected to have or result in a Material
Adverse Effect.

 

(r)                
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in
Section 3.2, 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 of any security or solicited any offers to buy any security, under circumstances that would
cause this offering of the Shares to be integrated with prior offerings by the Company for purposes of the Securities Act or any
applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(s)               
No General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any
of the Shares by any form of general solicitation or general advertising. The Company has offered the Shares for sale only to the
Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(t)                
Confirmation. The Company agrees that, if, to the Knowledge of the Company, any events occur or circumstances exist
prior to the consummation of all Subsequent Closings which would make any of the Company’s representations or warranties
set forth herein materially untrue or materially inaccurate as of such date, the Company shall immediately notify the Purchasers
in writing prior to such date of such events or circumstances, specifying which representations or warranties are affected and
the reasons therefor.

 

    	12

    	 

    

 

3.2             
Representations and Warranties of the Purchasers. Each Purchaser hereby, for itself and for no other Purchaser,
represents and warrants as of the date hereof and as of the Closing Date to the Company as follows:

 

(a)               
Organization; Authority. Such Purchaser is an entity duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and
to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and
thereunder. The execution, delivery and performance by such Purchaser of the transactions contemplated by this Agreement have been
duly authorized by all necessary corporate or similar action on the part of such Purchaser. Each Transaction Document to which
it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,
will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms,
except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and 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 and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

 

(b)              
Own Account. Such Purchaser understands that the Shares are “restricted securities” and have not been
registered under the Securities Act or any applicable state securities law and is acquiring the Shares as principal for its own
account and not with a view to or for distributing or reselling such Shares or any part thereof in violation of the Securities
Act or any applicable state securities law, has no present intention of distributing any of such Shares in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to
distribute or regarding the distribution of such Shares (this representation and warranty not limiting such Purchaser’s right
to sell the Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities
laws) in violation of the Securities Act or any applicable state securities law. Such Purchaser is acquiring the Shares hereunder
in the ordinary course of its business.

 

(c)               
Purchaser Status. At the time such Purchaser was offered the Shares, it was, and at the date hereof it is, an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act. Such Purchaser is not
required to be registered as a broker-dealer under Section 15 of the Exchange Act.

 

(d)              
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic
risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

 

    	13

    	 

    

 

(e)               
General Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice
or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or general advertisement.

 

(f)               
Access to Information. Such Purchaser acknowledges that it has received and had the opportunity to review (i) copies
of the SEC Reports, and (ii) the Company’s Private Placement Memorandum dated August, 2013, and all exhibits thereto. Such
Purchaser further acknowledges that it or its representatives have been afforded (iii) the opportunity to ask such questions as
it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of
the offering of the Shares and the merits and risks of investing in the Shares; (iv) access to information about the Company and
the Company’s financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment in the Shares; and (v) the opportunity to obtain such additional information which the Company possesses
or can acquire without unreasonable effort or expense that is necessary to verify the accuracy and completeness of the information
contained in the SEC Reports.

 

(g)              
Restrictions on Shares. Such Purchaser understands that the Shares have not been registered under the Securities
Act and may not be offered, resold, pledged or otherwise transferred except (a) pursuant to an exemption from registration under
the Securities Act or pursuant to an effective registration statement in compliance with Section 5 under the Securities Act and
(b) in accordance with all applicable securities laws of the states of the United States and other jurisdictions.

 

Article
IV

OTHER AGREEMENTS OF THE PARTIES

 

4.1             
Transfer Restrictions. The Shares may only be disposed of in compliance with state and federal securities
laws.

 

(a)               
In connection with any transfer of Shares other than pursuant to an effective registration statement or Rule 144, the Company
may require the transferor thereof to provide to the Company an opinion of counsel to the Company, the form and substance of which
opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such
transferred Shares under the Securities Act.

 

(b)              
The Purchasers agree to the imprinting, so long as is required by this Section 4.1(b), of a legend on any of the
Shares in the following form:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND ARE “RESTRICTED SECURITIES”
AS THAT TERM IS DEFINED IN RULE 144 UNDER THE SECURITIES ACT. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE REASONABLE
SATISFACTION OF COUNSEL TO THE ISSUER.

 

    	14

    	 

    

 

4.2             
Furnishing of Information. As long as any Purchaser owns Shares, the Company covenants to timely file (or
obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company
after the date hereof pursuant to the Exchange Act. As long as any Purchaser owns Shares, if the Company is not required to file
reports pursuant to the Exchange Act, it will prepare and furnish to the Purchasers and make publicly available in accordance with
Rule 144(c) such information as is required for the Purchasers to sell the Shares under Rule 144. The Company further covenants
that it will take such further action as any holder of Shares may reasonably request, to the extent required from time to time
to enable such Person to sell such Shares without registration under the Securities Act within the requirements of the exemption
provided by Rule 144.

 

4.3             
Insurance As soon as practicable after the Closing, the Company shall maintain, and cause each of its Subsidiaries
to maintain, insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive
general liability, directors & officers, hazard, rent and business interruption insurance) with respect to its properties (including
all real properties leased or owned by it) and business, in such amounts and covering such risks as is required by any governmental
authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies
in similar businesses similarly situated.

 

4.4             
Restriction on Transfer of Assets. The Company shall not, and the Company shall cause each of its Subsidiaries
to not, directly or indirectly, sell, lease, license, assign, transfer, convey or otherwise dispose of any assets or rights of
the Company or any Subsidiary owned or hereafter acquired, whether in a single transaction or a series of related transactions,
other than (i) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights supported
by fair market value consideration as determined in the reasonable discretion of the board of directors or the Chief Executive
Officer of the Company or its Subsidiary, as the case may be, or (ii) sales of inventory in the ordinary course of business.

 

4.5             
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in
respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the
Shares in a manner that would require the registration under the Securities Act of the sale of the Shares to the Purchasers or
that would be integrated with the offer or sale of the Shares for purposes of the rules and regulations of any Trading Market such
that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained
before the closing of such subsequent transaction.

 

    	15

    	 

    

 

4.6             
Securities Laws Disclosure; Publicity. The Company shall, within one Trading Day of the Closing Date, issue
a press release disclosing the material terms of the transactions contemplated hereby and shall file a Current Report on Form 8-K,
which shall attach the Transaction Documents thereto by the fourth Business Day following the Closing Date. The Company agrees
to provide the Purchasers an opportunity to review and comment on the press release prior to its issuance. The Purchasers shall
not issue any such press release or otherwise make any such public statement without the prior consent of the Company.

 

4.7             
Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder in accordance
with the Operating Budget as set forth on Schedule 4.7 of the Disclosure Schedule.

 

4.8             
Delivery of Shares After Closing. The Company shall deliver, or cause to be delivered, the respective Shares
purchased by each Purchaser to such Purchaser within 3 Trading Days of the Closing Date.

 

4.9             
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Shares as required
under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as
the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to
the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and
shall provide evidence of such actions promptly upon request of any Purchaser.

 

Article
V

MISCELLANEOUS

 

5.1             
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party
shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.

 

5.2             
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the
entire understanding of the parties with respect to the subject matter hereof and supersede and replace in their entirety all prior
and contemporaneous agreements, discussions, negotiations and understandings, oral or written, with respect to such matters, which
the parties acknowledge have been merged into such documents, exhibits and schedules.

 

    	16

    	 

    

 

5.3             
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the 2nd Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required
to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

5.4             
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by the Company and the Purchasers holding not less than 51% of the Shares then outstanding
or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay
or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.5             
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall
not be deemed to limit or affect any of the provisions hereof.

 

5.6             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
successors and permitted assigns. Neither the Company nor any Purchasers may assign this Agreement or any rights or obligations
hereunder without the prior written consent of each the other party (other than by merger).

 

5.7             
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

5.8             
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the
Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of California,
without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in Los Angeles County, California. The parties hereby waive all rights to a
trial by jury. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then
the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

5.9             
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of
the Shares.

 

5.10         
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

    	17

    	 

    

 

5.11         
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.12         
Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the
case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance
of such replacement Shares.

 

5.13         
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any
Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible
in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing
contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for
any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in their review and negotiation of the Transaction Documents.

 

5.14         
Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
hereto.

 

(Signature Pages Follow)

 

    	18

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the
date first indicated above.

 

	
        REVEN HOUSING REIT, INC.

         

        By: /s/ Chad M. Carpenter

        Chad M. Carpenter,

        Chief Executive Officer
	
        Address for Notice:

         

        7911 Herschel Avenue

        Suite 201

        La Jolla, CA 92037 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	19

    	 

    

 

[PURCHASER SIGNATURE PAGES TO STOCK PURCHASE
AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

	Name of Purchaser:  	King Apex Group Holdings II Limited	 

 

	Signature of Authorized Signatory of Purchaser:  	/s/ Bai Xiaofan	 

 

	Name of Authorized Signatory:  	Bai Xiaofan	 

 

	Title of Authorized Signatory:  	Chief Executive Officer	 

 

	Email Address of Purchaser:  	baixiaofan@alliedfortune.com	 

 

	Fax Number of Purchaser:  	 	 

 

Address for Notice of Purchaser:

 

28C, 500 Zhangyang Rd, Shanghai, China

 

Address for Delivery of Shares for Purchaser
(if not same as above):

 

Subscription Amount: USD5,000,000

 

Shares: 25,000,000

 

EIN Number: [PROVIDE THIS UNDER SEPARATE
COVER]

 

[SIGNATURE PAGES CONTINUE]

 

    	20

    	 

    

 

[PURCHASER SIGNATURE PAGES TO STOCK PURCHASE
AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

  

	Name of Purchaser:  	King Apex Group Holdings III Limited	     

 

	Signature of Authorized Signatory of Purchaser:  	/s/ Bai Xiaofan	    

 

	Name of Authorized Signatory:  	Bai Xiaofan	    

 

	Title of Authorized Signatory:	Chief
Executive Officer	    

 

	Email Address of Purchaser:	baixiaofan@alliedfortune.com	    

 

	Fax Number of Purchaser:   	                                                      	    

 

Address for Notice of Purchaser:

 

28C, 500 Zhangyang Rd, Shanghai, China

 

Address for Delivery of Shares for Purchaser
(if not same as above):

 

Subscription Amount: USD6,000,000

 

Shares: 30,000,000

 

EIN Number: [PROVIDE THIS UNDER SEPARATE
COVER]

 

[SIGNATURE PAGES CONTINUE]

 

    	21

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