Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of May 15, 2017, is by and between Jerash Holdings (US),
Inc., a Delaware corporation (the “Company”), Lee Kian Tjiauw, an individual (the “Selling Stockholder”),
and the undersigned purchasers (each, a “Purchaser” and, collectively, the “Purchasers”).

 

WHEREAS, the
Company, the Selling Stockholder and each Purchaser are executing and delivering this Agreement in reliance upon an exemption from
securities registration afforded by the provisions of Section 4(a)(2) and/or Regulation D (“Regulation D”) promulgated
by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended
(the “Securities Act”);

 

WHEREAS, this
Agreement has been provided to the Purchasers in connection with a “Private Placement Memorandum”, dated January
19, 2017, whereby the Company and the Selling Stockholder are offering (the “Offering”) a maximum of up to $5,000,000,
or such greater amount as the Company may determine in its sole discretion, of the Company’s securities, consisting of shares
(the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”)
and warrants to purchase shares of Common Stock (the “Warrants” and, together with the Shares, the “Securities”);

 

WHEREAS, fifty
percent (50%) of the Shares being purchased in the Offering will be sold by the Selling Stockholder;

 

WHEREAS, the
parties hereto desire that, upon the terms and subject to the conditions contained herein, the Company shall issue Shares and Warrants,
and the Selling Stockholder shall sell Shares, to the Purchasers as set forth herein.

 

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

 

1.             Closing.

 

(a)           On
the initial Closing Date (as defined below), on the basis of the representations, warranties and agreements contained herein and
subject to the terms and conditions set forth herein, the Company and the Selling Stockholder agree to sell at the initial Closing
(as defined below), and the Purchasers, severally and not jointly, agree to purchase at the initial Closing, an aggregate of up
to $5,000,000, or such greater amount as the Company may determine in its sole discretion (the “Maximum Offering Amount”),
of Shares, calculated based upon a price per Share equal to $5.00 (the “Purchase Price”), and Warrants as determined
pursuant to Section 2(a). The Selling Stockholder will receive $4.99 for each Transferred Share (as defined below), and the remainder
of the Purchase Price will be delivered to the Company. Thereafter, on any subsequent Closing Date, upon the terms and subject
to the conditions set forth herein, the Company and the Selling Stockholder agree to sell, and each Purchaser purchasing Shares
and Warrants at such subsequent Closing, severally and not jointly, agrees to purchase an aggregate of up to the Maximum Offering
Amount of Shares and Warrants, calculated as set forth above, less the amount of Shares and Warrants sold at all previous Closings.
Each Purchaser purchasing Shares and Warrants on a Closing Date shall deliver to Corporate Stock Transfer, as Escrow Manager for
the Company (the Escrow Manager”), the aggregate amount to be paid by such Purchaser for the Securities purchased
hereunder as specified next to such Purchaser’s name on such Purchaser’s signature page hereto (the “Subscription
Amount”) by wire transfer of immediately available funds in accordance with the Escrow Manager’s written wire instructions,
and the Selling Stockholder shall deliver to each Purchaser fifty percent (50%) of such Purchaser’s respective Shares (the
“Transferred Shares”), the Company shall deliver to the Purchaser the other fifty percent (50%) of such Purchaser’s
respective Shares (the “Issued Shares”) and a Warrant, as determined pursuant to Section 2(a), and the Company,
the Selling Stockholder and each Purchaser shall deliver the other items set forth in Section 2 deliverable at the Closing. In
the event the Company increases the size of the Offering, one hundred percent (100%) of the Shares and Warrants in excess of $5,000,000
will be issued and sold by the Company. Upon satisfaction of the covenants and conditions set forth in Section 2 and 3, a Closing
shall occur at the offices of Harter Secrest & Emery LLP (“Company Counsel”) or such other location as the
parties shall mutually agree. Notwithstanding anything herein to the contrary, each Closing Date shall occur on or before March
31, 2017; provided, however, that such date may be extended, without notice, to March 31, 2017 with the consent of the Company
(such outside date, the “Termination Date”).

 

     

     

    

 

(b)           If
a Closing is not held on or before the Termination Date, the Company shall cause all subscription documents and funds to be returned,
without interest or deduction, to each prospective Purchaser. The Company shall also cause any subscription documents or funds
received following the final Closing to be returned, without interest or deduction, to each applicable prospective Purchaser. Notwithstanding
the foregoing, the Company in its sole discretion may elect not to sell to any person any or all of the Shares and Warrants requested
to be purchased hereunder, provided that the Company causes all corresponding subscription documents and funds received from such
person to be promptly returned.

 

(c)           As
used herein, “Closing” means a closing of the purchase and sale of the Securities pursuant to Section 1, “Closing
Date” means a business day on which all of the Transaction Documents have been
executed and delivered by the Company, the Selling Stockholder and each of the Purchasers purchasing Securities at the relevant
Closing, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the third business
day following the relevant Closing; and “Transaction Documents” means this Agreement, the Private Placement
Memorandum, the Warrants, the Registration Rights Agreement, all exhibits and schedules thereto and hereto and any other documents
or agreements executed in connection with the transactions contemplated herunder.

 

2.            Deliveries.

 

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

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         the
Registration Rights Agreement, in substantially the form attached hereto as Exhibit A, duly executed by the Company;

 

(iii)        a legal opinion of Company
Counsel addressed to the Purchasers, in a form reasonably satisfactory to such Purchaser;

 

(iv)        a
certificate representing the Issued Shares of such Purchaser, registered in the name of such Purchaser (such certificate may be
delivered within three business days of the Closing Date); and

 

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(v)        a Warrant in substantially
the form attached hereto as Exhibit B registered in the name of such Purchaser to purchase up to a number of shares of Common
Stock equal to 10% of the aggregate of such Purchaser’s Issued Shares and Transferred Shares, with an exercise price equal
to $6.25 per share, subject to adjustment therein (such Warrant certificate may be delivered within three business days of the
Closing Date).

 

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

 

(i)          this
Agreement duly executed by the Selling Stockholder; and

 

(ii)         a
certificate representing the Transferred Shares of such Purchaser, registered in the name of such Purchaser (such certificate may
be delivered within three business days of the Closing Date).

 

(c)           On
or prior to each Closing Date, each Purchaser purchasing Securities on such Closing Date shall deliver or cause to be delivered
to the Company and the Selling Stockholder the following:

 

(i)          this
Agreement duly executed by such Purchaser;

 

(ii)         the
Investor Questionnaire (as defined in the Private Placement Memorandum), completed by such Purchaser;

 

(iii)        the
Registration Rights Agreement, in substantially the form attached hereto as Exhibit A, duly executed by such Purchaser;
and

 

(iv) such Purchaser’s
Subscription Amount by wire transfer to the account directed by the Escrow Manager.

 

3.            Closing
Conditions

 

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

 

(i)          the
accuracy in all material respects when made and on such Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to such Closing Date shall have been
performed; and

 

(iii) the delivery by each Purchaser
of the items set forth in Section 2(c) of this Agreement.

 

(b)           The
respective obligations of the Purchasers hereunder in connection with each Closing are subject to the following conditions being
met on or prior to the Closing Date:

 

(i)          the
accuracy in all material respects when made and on such Closing Date of the representations and warranties of the Company and the
Selling Stockholder contained herein (unless as of a specific date therein in which case they shall be accurate in all material
respects as of such date);

 

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

 

(iii)        the
delivery by the Company of the items set forth in Section 2(a) of this Agreement;

 

(iv)        the
delivery by the Selling Stockholder of the items set forth in Section 2(b) of this Agreement;

 

(v)         the
consummation of the Merger (as defined in the Private Placement Memorandum);

 

(vi)        the
entry by the Company into the Secured Credit Facility (as defined in the Private Placement Memorandum) in an aggregate amount of
no less than $20,000,000; and

 

(v)         there
shall have been no (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii)
a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of 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”) since the date hereof.

 

4.            Purchaser
Representations and Warranties. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of
the date hereof and as of the Closing Date on which such Purchaser is purchasing Securities hereunder to the Company and the Selling
Stockholder as follows (unless as of a specific date therein):

 

(a)           Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and performance
by such Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, 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.

 

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(b)           No
Conflicts. The execution, delivery and performance by such Purchaser of the Transaction Documents to which it is a party
and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (i) result in a violation of
the organizational documents, if any, of such Purchaser or (ii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws) applicable to such Purchaser, except for such violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Purchaser to
perform its obligations hereunder.

 

(c)           Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to a registration statement, if applicable,
or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder
in the ordinary course of its business. Specifically, such Purchaser understands that the Securities are “restricted securities”
and have not been registered under the Securities Act or any applicable state securities law and is acquiring such Securities as
principal for its own account, not as nominee or agent, and not with a view to or for distributing or reselling such Securities
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 Securities 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 Securities in violation
of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s
right to sell such Securities pursuant to a registration statement, if applicable, or otherwise in compliance with applicable federal
and state securities laws).

 

(d)           Independent
Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase Securities pursuant
to the Transaction Documents, and such Purchaser confirms that it has not relied on the advice of any other Purchaser or party’s
business advisors and/or legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement or any
other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Securities constitutes
legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of the Securities.

 

(e)           Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date
on which it exercises any Warrants, it will be an “accredited investor” within the meaning of Regulation D, Rule 501(a),
promulgated by the SEC under the Securities Act and has truthfully and accurately completed the Investor Questionnaire.

 

(f)           Experience
of Such Purchaser; Holding of Securities. 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 Securities, 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 Securities and, at the present time, is able to afford a complete loss of such investment.
The Purchaser understands that there is no established market for the Warrants or Warrant Shares, nor is any such market expected
to develop.

 

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(g)           Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and has been afforded, (i) 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 Securities
and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii)
the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or
expense that is necessary to make an informed investment decision with respect to the investment.

 

(h)           No
General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice
or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or, to such Purchaser’s knowledge, any other general solicitation or general advertisement.

 

(i)            Such
Purchaser acknowledges and agrees that neither the Company nor any other Person has made any oral representation or warranty as
to the Company or this Agreement.

 

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

 

(k)            No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of
the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(l)            Counsel.
Such Purchaser acknowledges that Company Counsel is acting as counsel to the Company and not as counsel to such Purchaser.

 

(m)           Residency.
If such Purchaser is an entity, such Purchaser’s principal executive offices are, and if such Purchaser is a natural person,
such Purchaser’s principal residence is, in the jurisdiction set forth immediately below such Purchaser’s name on such
Purchaser’s signature page hereto, and all communications between such Purchaser and the Company regarding the transactions
contemplated by this Agreement took place within or from the state of such principal executive offices or principal residence.

 

(n)           Disqualification
Events. No Purchaser that beneficially holds or will hold after the Closing 20% or more of the Company’s voting stock,
nor, to the extent it has them, any of such Purchaser’s shareholders, members, managers, general or limited partners, directors,
affiliates or executive officers, are subject to any Disqualification Event (as defined below), except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3). The purchase of the Securities by any Purchaser that beneficially holds or will hold after
the Closing 20% or more of the Company’s voting stock will not subject the Company to any Disqualification Event. “Disqualification
Event” shall mean any of the disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

 

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5.            Selling
Stockholder Representations and Warranties. Selling Stockholder hereby represents and warrants, as of the date hereof and as
of the Closing Date, to the Purchasers purchasing Securities hereunder on such Closing Date, as follows (unless as of a specific
date therein):

 

(a)           Authority.
Selling Stockholder has all requisite power and authority to execute and deliver this Agreement,
to carry out its obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement has
been duly executed and delivered by Selling Stockholder and constitutes Selling Stockholder’s legal, valid and binding obligation,
enforceable against Selling Stockholder in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of
equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

(b)           Title
to Transfer Shares. The Transfer Shares have been duly authorized, are validly issued, fully paid and non-assessable, and
are owned of record and beneficially by Selling Stockholder, free and clear of all liens, pledges, security interests, charges,
claims, encumbrances, agreements, options, voting trusts, proxies and other arrangements or restrictions of any kind (“Liens”).
Upon consummation of the transactions contemplated by this Agreement, each Purchaser shall own the Transferred Shares of such Purchaser,
free and clear of all Liens.

 

(c)           No
Conflicts. The execution, delivery and performance by Selling Stockholder of this Agreement do not conflict with, violate
or result in the breach of, or create any Lien on the Transferred Shares pursuant to, any agreement, instrument, order, judgment,
decree, law or governmental regulation to which Selling Stockholder is a party or is subject or by which the Transferred Shares
are bound.

 

(d)           Consents.
No governmental, administrative or other third party consents or approvals are required by or with respect to Selling Stockholder
in connection with the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby.

 

(e)           Absence
of Litigation. There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge
of Selling Stockholder, threatened against or by Selling Stockholder that challenge or seek to prevent, enjoin or otherwise delay
the transactions contemplated by this Agreement.

 

6.            Company
Representations and Warranties. The Company hereby represents and warrants, as of the date hereof and as of the Closing Date,
to the Purchasers purchasing Securities hereunder on such Closing Date, as follows (unless as of a specific date therein):

 

(a)           Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth on Schedule 6(a) (the “Subsidiaries”).
Except as set forth on Schedule 6(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 of 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. The Company does not own or have any rights to acquire, directly or indirectly, any capital stock or other
equity interests of any Person, or is a participant in any joint venture, partnership or similar arrangement.

 

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(b)           Organization
and Qualification. The Company and each of its Subsidiaries is duly organized, validly existing and in good standing under
the laws of the jurisdiction of their respective organization. The Company and each of its Subsidiaries has full corporate power
and authority to own the assets owned by it and conduct its business as and where it is being conducted by it, and is duly licensed
or qualified to do business and in good standing as a foreign entity in all jurisdictions in which its assets or the operation
of its business makes such licensing or qualification necessary, except for such failures to be licensed, qualified or in good
standing that, individually or in the aggregate, has not and would not reasonably be expected to have a Material Adverse Effect.

 

(c)           Authorization;
Corporate Documentation. The Company has full corporate power and authority to enter into this Agreement and the
Transaction Documents to which it is or is required to be a party and to consummate the transactions contemplated hereby and thereby
and to perform its obligations hereunder and thereunder. The execution and delivery of this Agreement and the Transaction Documents
and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the
part of the Company. Each of this Agreement and each Transaction Document to which the Company is or is required to be a party
has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable
in accordance with its terms, except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

(d)           Non-Contravention.
Neither the execution and delivery of this Agreement or any Transaction Document by the Company, nor the consummation of the transactions
contemplated hereby or thereby, will violate or conflict with or (with or without notice or the passage of time or both) constitute
a breach or default under (a)  any provision of the organizational documents of the Company, (b) any law, rule, regulation,
order, judgment or decree (including federal and state securities laws) applicable to the Company or (c) any contract or permit
to which the Company is a party or by which the Company or any of its properties may be bound or affected, other than, in the cases
of clauses (b) and (c), such violations and conflicts which would not reasonably be expected to have a Material Adverse Effect.

 

(e)           Capitalization.
The Company has an issued and fully paid up capital as set forth in the Private Placement Memorandum. All of the issued and outstanding
capital stock of the Company (i) have been duly and validly issued, (ii) are fully paid and non-assessable and (iii) were not issued
in violation of any preemptive rights or rights of first refusal or first offer. There are no issued or outstanding options, warrants
or other rights to subscribe for or purchase any equity interests of the Company or securities convertible into or exchangeable
for, or that otherwise confer on the holder any right to acquire any equity securities of the Company, or preemptive rights or
rights of first refusal or first offer with respect to the equity securities of the Company, nor are there any Contracts, commitments,
understandings, arrangements or restrictions to which the Company, or to the Knowledge of the Company, any stockholder of the Company,
is a party or bound relating to any equity securities of the Company, whether or not outstanding. There are no outstanding or authorized
stock appreciation, phantom stock or similar rights with respect to the Company, nor are there any voting trusts, proxies, shareholder
agreements or any other agreements or understandings with respect to the voting of the equity securities of the Company. All of
the equity securities of the Company have been granted, offered, sold and issued in compliance with all applicable corporate and
securities Laws.

 

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(f)    
       Financial Statements; Indebtedness.

 

(i)          The
audited consolidated balance sheet and income statement for Jerash Garments and Fashions Manufacturing Company Limited, subsidiaries
and affiliates, is attached to the Private Placement Memorandum and was prepared in good faith and according to GAAP as of and
for the fiscal years ended March 31, 2016 and March 31, 2015 (the “Jerash Garment Financial Statements”).
The Jerash Garment Financial Statements are complete and accurate in all material respects.

 

(ii)         Neither
the Company nor any of its Subsidiaries has any Indebtedness as of the Closing.

 

(g)           Absence
of Liabilities. Neither the Company nor any of its Subsidiaries has any Liabilities except (a) Liabilities that are accrued
and reflected on the Jerash Garment Financial Statements, and (b) obligations to be performed after the date hereof under any Contracts.

 

(h)           Absence
of Certain Changes. Since March 31, 2016, there has not been a Material Adverse Effect.

 

(i)            Compliance
with Laws. The Company and its Subsidiaries are in compliance with all applicable laws, and their respective assets, business,
employees or equity securities, except to the extent that such non-compliance, individually and in the aggregate, would not reasonably
be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any written or, to
the Company’s Knowledge, oral notice of any actual or alleged violation of or non-compliance with applicable laws, except
to the extent that such violations and non-compliance, individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect.

 

(j)            Company
Litigation. There is no action pending or, to the Company’s Knowledge, threatened, nor any order of any governmental
authority is outstanding, against or involving the Company or any of its Subsidiaries or any of their respective officers, directors,
stockholders, properties, assets or businesses, whether at law or in equity, before or by any governmental authority, which would
reasonably be expected to have a Material Adverse Effect.

 

(k)            Intellectual
Property. To the Knowledge of the Company, the Company and its Subsidiaries owns free and clear of any Liens or has the
license or right to use all material (a) patents, patent applications and the inventions, designs and improvements described and
claimed therein, patentable inventions, and other patent rights (including any divisionals, continuations, continuations-in-part,
substitutions, or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications
are amended, modified, withdrawn, or refiled); (b) trademarks, service marks, trade dress, trade names, brand names, Internet domain
names, designs, logos, or corporate/company names (including, in each case, the goodwill associated therewith), whether registered
or unregistered, and all registrations and applications for registration and renewal thereof; (c) works of authorship, mask works
and all copyrights therein, including all renewals and extensions, copyright registrations and applications for registration and
renewal, and non-registered copyrights; (d) trade secrets, confidential business information, concepts, ideas, designs, research
or development information, processes, procedures, techniques, technical information, specifications, operating and maintenance
manuals, engineering drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions, improvements,
and other proprietary rights (whether or not patentable or subject to copyright, trademark, or trade secret protection); (e) all
domain name and domain name registrations, web sites and web pages and related rights, registrations, items and documentation related
thereto; (f) computer software, including all source code, object code, and documentation related thereto and all software modules,
assemblers, applets, compilers, flow charts or diagrams, tools and databases; (g) rights of publicity and privacy, and moral rights,
and (h) all licenses, sublicenses, permissions, and other agreements related to the preceding property (all of the foregoing, collectively,
the “Intellectual Property”) used in the operations of the business of the Company and its Subsidiaries as currently
conducted. To the Knowledge of the Company, neither the business of the Company and its Subsidiaries as currently conducted, nor
the sale or use of any product or service offered by the Company or its Subsidiaries, infringes or misappropriates the Intellectual
Property of any third party. To the Knowledge of the Company, no third party has infringed or misappropriated any of the Intellectual
Property owned by the Company or its Subsidiaries. There is no third party claim or allegation asserted against the Company or
its Subsidiaries in writing that the Company or its Subsidiaries is infringing or misappropriating any Intellectual Property of
such third party. Each employee and each independent contractor of the Company and its Subsidiaries has executed a written agreement
expressly assigning to the Company or its Subsidiaries, as applicable, all right, title and interest in any material Intellectual
Property invented, created, developed, conceived or reduced to practice during the term of such employee’s employment or
such independent contractor’s work for the Company or its Subsidiaries, as applicable, and to the extent no written assignment
agreement may exist with respect to any Intellectual Property or independent contractor’s work, such absence of a written
agreement is not reasonably likely to result in a Material Adverse Effect .

 

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(l)            Material
Contracts. The Company is not a party to, and is not bound by, any Material Contract.

 

(m)          Tax
Matters.

 

(i)          Each
of the Company and its Subsidiaries has timely filed all material returns, reports, information returns, schedules, certificates,
statements or other documents (including any related or supporting information) filed or required to be filed with any governmental
authority responsible for the imposition or collection of any federal, state, local or foreign tax (“Tax Returns”)
required to have been filed by it, and all such Tax Returns are accurate and complete in all material respects;

 

(ii)         each
of the Company and its Subsidiaries has paid all federal, state, local or foreign tax (“Taxes”) owed by it which
were due and payable (whether or not shown on any Tax Return), except for Taxes being contested in good faith and for which adequate
reserves have been established and maintained;

 

(iii)        there
is no current action against the Company or any of its Subsidiaries in writing by a governmental authority in a jurisdiction where
the Company or its Subsidiaries, as applicable, does not file Tax Returns where the Company or its Subsidiaries, as applicable,
is or may be subject to taxation by that jurisdiction;

 

(iv)        there
are no currently pending or ongoing Tax audits or other administrative proceedings of the Company’s or any of its Subsidiaries’
Tax Returns by any governmental authority, for which written notice has been received, with regard to any Taxes for which the Company
or its Subsidiaries, as applicable, would be liable; and

 

(v)         neither
the Company nor any of its Subsidiaries has requested or received any ruling from, or signed any binding agreement with, any Governmental
Authority that would apply to any Tax periods ending after the Closing Date.

 

    	 	10	 

     

    

 

(n)           Transactions
with Related Persons. No affiliate, and no officer, director, manager, employee, trustee or beneficiary of the Company
or the Company’s affiliates, and any immediate family member of any of the foregoing (whether directly or indirectly through
an affiliate of such person) is presently a party to any transaction with the Company, including any contract or other arrangement
(a) providing for the furnishing of services by (other than as officers, directors or employees of the Company), (b) providing
for the rental of real or personal property to or from or (c) otherwise requiring payments to, any Related Person or any Person
in which any Related Person has an interest as an owner, officer, manager, director, trustee or partner or in which any Related
Person has any direct or indirect interest. The Company does not have any outstanding contract or other arrangement or commitment
with any Related Person, and no Related Person owns any real or personal property, or right, or tangible or intangible property
(including Intellectual Property) which is used in the Company’s business. The Company’s assets do not include any
receivable or other obligation from a Related Person, and the liabilities of the Company do not include any payable or other obligation
or commitment to any Related Person.

 

(o)           No
Other Representations and Warranties. Except for the representations and warranties contained in this Agreement and the
other Transaction Documents, neither the Company, nor any Subsidiary of the Company, makes any express or implied representations
or warranties, and each such party hereby disclaims any other representations and warranties, whether made orally or in writing,
by or on behalf of the Company by any Person.

 

7.            Broker’s
Commission/Finder’s Fee. Each party hereto represents to the others that there are no parties entitled to receive fees,
commissions, finder’s fees, due diligence fees or similar payments in connection with the consummation of the transactions
contemplated hereby, other than those fees payable by the Company pursuant to a Letter of Engagement between Jerash Garments &
Fashions Manufacturing Company Limited and Maxim Group, LLC, as placement agent (the “Placement Agent”), dated
July 15, 2016, the material terms of which are summarized in the Private Placement Memorandum.

 

8.            Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Shares in the Offering as required
under Regulation D and to provide a copy thereof, promptly upon request of the Subscriber. Subject to the Placement Agent providing
a list of the states in which each Purchaser resides, 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 Securities 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 reasonable request of the Purchaser.

 

9.            Legend.
The certificates representing the Securities sold pursuant to this Agreement will be imprinted with a legend in substantially the
following form:

 

“THE SECURITIES EVIDENCED
BY THIS CERTIFICATE [AND THE SECURITIES ISSUABLE UPON ITS EXERCISE] HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION,
UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

    	 	11	 

     

    

 

10.           Covenants
Regarding Indemnification.

 

(a)           By
the Company. The Company agrees to indemnify, hold harmless, reimburse and defend each Purchaser and such Purchaser’s
officers, directors, agents, counsel, affiliates, members, managers, control persons, and principal shareholders (each, together
with such Purchaser, a “Purchaser Party”), as applicable, against any claim, cost, expense, liability, obligation,
loss or damage (including reasonable legal fees) of any nature, incurred by or imposed upon the Purchaser Party which results,
arises out of or is based upon (i) any breach of any representation or warranty by the Company in this Agreement or the Private
Placement Memorandum or (ii) any breach or default in performance by the Company of any covenant or undertaking to be performed
by the Company (unless, in each case, such claim, cost, expense, liability, obligation, loss or damage results, arises out of or
is based upon a breach of such Purchaser’s representations, warranties or covenants in this Agreement or the Private Placement
Memorandum, any violations by a Purchaser Party of state or federal securities laws, or any conduct by a Purchaser Party which
constitutes fraud, gross negligence, willful misconduct or malfeasance).

 

(b)           By
the Purchaser. Each Purchaser agrees, severally and not jointly, to indemnify, hold harmless, reimburse and defend the Company
and the Company’s officers, directors, agents, counsel, affiliates, members, managers, control persons, and principal shareholders
(each, together with the Company, a “Company Party”), as applicable, against any claim, cost, expense, liability,
obligation, loss or damage (including reasonable legal fees) of any nature, incurred by or imposed upon the Company Party which
results, arises out of or is based upon (i) any breach of any representation or warranty by such Purchaser in this Agreement, the
Private Placement Memorandum or in the exhibits thereto, or (ii) any breach or default in performance by such Purchaser of any
covenant or undertaking to be performed by such Purchaser (unless, in each case, such claim, cost, expense, liability, obligation,
loss or damage results, arises out of or is based upon a breach of the Company’s representations, warranties or covenants
in this Agreement or the Private Placement Memorandum, any violations by the Company of state or federal securities laws, or any
conduct by the Company which constitutes fraud, gross negligence, willful misconduct or malfeasance).

 

11.           Miscellaneous.

 

(a)            Notices.
Any notice, request, instruction or other document to be given hereunder by a party hereto shall be in writing and shall be deemed
to have been given, (i) when received if given in person or by courier or a courier service, (ii) on the date of transmission if
sent by facsimile or email transmission or (iii) three (3) business days after being deposited in the U.S. mail, certified or registered
mail, postage prepaid:

 

(i)            if
to the Company:

 

Jerash Holdings
(US), Inc.

19/F, Ford
Glory Plaza

37-39 Wing
Hong Street

Cheung Sha
Wan, Kowloon, Hong Kong

Attention: Mr. Choi Lin Hung

 

    	 	12	 

     

    

 

Facsimile No.: (852) 2371-0010

Telephone
No.: (852) 2484-6688

 

with a copy (which
shall not constitute notice) to:

 

Harter Secrest
& Emery LLP

1600 Bausch
& Lomb Place

Rochester,
New York 14604

Attention:
James M. Jenkins, Esq.

Facsimile
No.: (585) 232-2152

Telephone
No.: (585) 232-6500

 

(ii)         If
to a Purchaser, to the address set forth next to its name on the signature page hereto.

 

or to such other individual or
address as a party hereto may designate for itself by notice given as herein provided.

 

(b)           Waivers.
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such
right or remedy, shall not operate as a waiver thereof.

 

(c)           Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and may be amended only by a writing executed by each party hereto. Neither the Company, the Selling Stockholder nor any
Purchaser has relied on any representations not contained or referred to in this Agreement and the Private Placement Memorandum
delivered herewith.

 

(d)           Assignment.
This Agreement may not be assigned by any party without the prior written consent of the other parties hereto, and any attempted
assignment in violation of this Section 10(d) will be null and void ab initio. Subject to the preceding sentence, this Agreement
will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of each party hereto.

 

(e)           Counterparts/Execution.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means with the
same force and effect as if such signature page were an original thereof.

 

(f)           Governing
Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York (without giving effect to its choice of law principles). For purposes of any action arising out of or in connection with this
Agreement or any transaction contemplated hereby, each party hereto (a) irrevocably submits to the exclusive jurisdiction and venue
of any state or federal court located within New York County, State of New York (or in any court in which appeal from such courts
may be taken), (b) agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s
respective address set forth in Section 10(a) shall be effective service of process for any Action with respect to any matters
to which it has submitted to jurisdiction in this Section 10(f), (c) waives and covenants not to assert or plead, by way of motion,
as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of such court, that
the action is brought in an inconvenient forum, that the venue of the action is improper or that this Agreement or the subject
matter hereof may not be enforced in or by such court, and hereby agrees not to challenge such jurisdiction or venue by reason
of any offsets or counterclaims in any such action, and (d) waives any bond, surety or other security that might be required of
any other party with respect thereto. Each party hereto agrees that a final judgment in any such action shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law or in equity.

 

    	 	13	 

     

    

 

(g)           Waiver
of Jury Trial. The parties hereto hereby knowingly, voluntarily and intentionally waive the right any may have to a trial
by jury in respect to any litigation based hereon, or arising out of, under, or in connection with this Agreement and any agreement
contemplated to be executed in connection herewith, or any course of conduct, course of dealing, statements (whether verbal or
written) or actions of any party in connection with such agreements, in each case whether now existing or hereafter arising and
whether sounding in tort or contract or otherwise. Each party hereto acknowledges that it has been informed by the other parties
hereto that this Section 10(g) constitutes a material inducement upon which they are relying and will rely in entering into this
Agreement. Any party hereto may file an original counterpart or a copy of this Section 10(g) with any court as written evidence
of the consent of each such party to the waiver of its right to trial by jury.

 

(h)           Severability.
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.

 

(i)            Counsel;
Ambiguities. Each party and its counsel have participated, or have had the opportunity to participate, fully in the review
of this Agreement. The parties understand and agree that any rule of construction to the effect that ambiguities are to be resolved
against the drafting party shall not apply in interpreting the Agreement.

 

(j)            Expenses.
The Company and each Purchaser will each bear their own legal and other expenses with respect to this Offering.

 

(k)           Headings;
Interpretation. The headings of the various sections and paragraphs of this Agreement have been inserted only for the purposes
of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge
or restrict any of the provisions of this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall
be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(l)            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.

 

    	 	14	 

     

    

 

(m)           Obligations
Independent. The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any
other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser
under this Agreement. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken
by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint
venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as
a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and
the Company acknowledges that the Purchasers are not acting in concert or as a group, and the Company shall not assert any such
claim, with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to
independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall
not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.

 

[Signature Page Follows]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed on and as of the date set forth above.

 

	 	JERASH HOLDINGS (US), INC.	 
	 	 	 	 
	 	By:	/s/ Choi Lin Hung	 
	 	 	Name: Choi Lin Hung	 
	 	 	Title: President	 
	 	 	 	 
	 	PURCHASERS:	 
	 	 	 	 
	 	The Purchasers executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

 

    	 	16	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 16, 2017.

 

	Subscription Amount:	$ 800,000 (USD)
	 	 
	Shares:	160,000
	 	 
	Warrants:	16,000
	 	 
	Name of Subscriber:	Shell Creek, LLC
	 	 
	 	/s/ Theodore L. Kachris
	 	(signature)
	 	 	 
	 	By:	Theodore L. Kachris
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Dated:	March 16, 2017
	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 17, 2017.

 

	Subscription Amount:	$ 200,000 (USD)
	 	 
	Shares:	40,000
	 	 
	Warrants:	4,000
	 	 
	Name of Subscriber:	PAT Amicus Investments, LLC
	 	 
	 	/s/ Theodore L. Kachris
	 	(signature)
	 	 
	 	By:	Theodore L. Kachris
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Dated:	March 17, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 8, 2017.

 

	Subscription Amount:	$ 250,000  (USD)
	 	 
	Shares:	50,000
	 	 
	Warrants:	5,000
	 	 
	Name of Subscriber:	Karl Brenza
	 	 
	 	/s/ Karl Brenza
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	March 8, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 25, 2017.

 

	Subscription Amount:	$ 50,000 (USD)
	 	 
	Shares:	10,000
	 	 
	Warrants:	1,000
	 	 
	Name of Subscriber:	The Entrust Group Inc fbo David F Barden IRA #7230002692
	 	 
	 	/s/ Narcisa Patio
	 	(signature)
	 	 	 
	 	By:	Narcisa Patio
	 	 	 
	 	Title:	Authorized Signer
	 	 	 
	 	Dated:	March 27, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 21, 2017.

 

	Subscription Amount:	$ 50,000 (USD)
	 	 
	Shares:	10,000
	 	 
	Warrants:	1,000
	 	 
	Name of Subscriber:	Craig D. Cairns
	 	 
	 	/s/ Craig D. Cairns
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	March 21, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 20, 2017.

 

	Subscription Amount:	$ 100,000 (USD)
	 	 
	Shares:	20,000
	 	 
	Warrants:	2,000
	 	 
	Name of Subscriber:	Jared Penney
	 	 
	 	/s/ Jared Penney
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	March 20, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of March 10, 2017.

 

	Subscription Amount:	$ 250,000 (USD)
	 	 
	Shares:	50,000
	 	 
	Warrants:	5,000
	 	 
	Name of Subscriber:	Gary J. Haseley
	 	 
	 	/s/ Gary J. Haseley
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	March 10, 2017
	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of April 3, 2017.

 

	Subscription Amount:	$ 700,000 (USD)
	 	 
	Shares:	140,000
	 	 
	Warrants:	14,000
	 	 
	Name of Subscriber:	Lo Tsz Fung Philip
	 	 
	 	/s/ Lo Tsz Fung Philip
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	April 3, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of April 12, 2017.

 

	Subscription Amount:	$ 100,000 (USD)
	 	 
	Shares:	20,000
	 	 
	Warrants:	2,000
	 	 
	Name of Subscriber:	Ronald D. Billitier
	 	 
	 	/s/ Ronald D. Billitier
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	April 12, 2017
	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of April 21, 2017.

 

	Subscription Amount:	$ 200,000 (USD)
	 	 
	Shares:	40,000
	 	 
	Warrants:	4,000
	 	 
	Name of Subscriber:	Yang Yu Tsen
	 	 
	 	/s/ Yang Yu Tsen
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	April 21, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of August 1, 2017.

 

	Subscription Amount:	$ 1,000,000 (USD)
	 	 
	Shares:	200,000
	 	 
	Warrants:	20,000
	 	 
	Name of Subscriber:	Chow Chung Yan
	 	 
	 	/s/ Chow Chung Yan
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	August 1, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of August 28, 2017.

 

	Subscription Amount:	$ 150,000 (USD)
	 	 
	Shares:	30,000
	 	 
	Warrants:	3,000
	 	 
	Name of Subscriber:	Kan Chi Kin Kenneth
	 	 
	 	/s/ Kan Chi Kin Kenneth
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	August 28, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

    	 	17	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Securities Purchase Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the undersigned
has executed the Agreement as of September 12, 2017.

 

	Subscription Amount:	$ 100,000 (USD)
	 	 
	Shares:	20,000
	 	 
	Warrants:	2,000
	 	 
	Name of Subscriber:	Lau Lin Ling Helen
	 	 
	 	/s/ Lau Lin Ling Helen
	 	(signature)
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Dated:	September 12, 2017
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

 

    	 	17	 

     

    

 

 

EXHIBIT A

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

    	 	18	 

     

    

 

EXHIBIT B

 

FORM OF WARRANT

 

JERASH HOLDINGS (US), INC.

 

WARRANT

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT’), OR QUALIFIED
UNDER APPLICABLE STATE SECURITIES LAWS AND MAY ONLY BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. THIS WARRANT AND THE SECURITIES ISSUABLE UPON ITS EXERCISE MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT OR SUCH SECURITIES UNDER
THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW OR WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
AND QUALIFICATION ARE NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE
“SEC”).

 

 

	Warrant Shares: _____	 Issuance Date:  ___________, 20__

 

FOR VALUE RECEIVED, JERASH HOLDINGS
(US), INC., as of ___________, 20__ (the “Issuance Date”) a Delaware corporation (the “Company”),
hereby certifies that _______________________, or their registered assigns (the “Warrant Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company _________________ shares (the “Warrant Shares”)
of the Company’s common stock, par value $0.001 per share (the “Common Stock”) as defined in the signature
block, exercisable at $6.25 per share (the “Exercise Price”), subject to adjustment hereunder. This Warrant
may be exercised any time after issuance through and including the five (5) year anniversary of the Issuance Date (the “Expiration
Date”), subject to the following terms and conditions set out in this Warrant.

 

1.             Registration
of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Warrant Holder hereof from time to time. The Company may deem and treat the registered
Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Warrant
Holder, and for all other purposes, and the Company shall not be affected by notice to the contrary.

 

2.             Investment
Representation. The Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring this Warrant for
its own account or the account of an affiliate for investment purposes and not with the view to any offering or distribution and
that the Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in violation of applicable
securities laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares will bear a legend indicating
that they have not been registered under the Act and may not be sold by the Warrant Holder except pursuant to an effective registration
statement or pursuant to an exemption from registration requirements of the Act and in accordance with federal and state securities
laws.

 

    	 	19	 

     

    

 

3.             Validity
of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized and validly
issued and warrants and agrees that all of the shares of Common Stock that may be issued upon the exercise of the rights represented
by this Warrant will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and free
from all taxes, liens and charges with respect to the issue thereof. The Company further warrants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved
a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant.

 

4.             Registration
of Transfers and Exchange of Warrants.

 

(a)           Subject
to compliance with the legend set forth on the face of this Warrant, the Company shall register the transfer of any portion of
this Warrant in the Warrant Register, upon surrender of this Warrant with the Form of Assignment attached hereto duly completed
and signed, to the Company at the office specified in or pursuant to Section 9. Upon any such registration or transfer,
a new warrant to purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”),
evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New
Warrant by the transferee thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant
Holder of a Warrant.

 

(b)           This
Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant
to Section 9 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares
which may then be purchased hereunder. Any such New Warrant will be dated the date of such exchange.

 

5.             Exercise
of Warrants.

 

(a)           This
Warrant may be exercised at any time and from time to time from and after the Issuance Date and through and including the Expiration
Date, for such number of Warrant Shares as is indicated in the form of Election to Purchase, which is attached hereto and incorporated
herein as Exhibit A. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any
time, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining
number of Warrant Shares for which no exercise has been evidenced by this Warrant. At 5:00 P.M., New York time on the Expiration
Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value.

 

(b)           Exercise
of this Warrant shall be made upon surrender of this Warrant (or any New Warrant, as applicable), with an Election to Purchase
in the form attached hereto (or attached to such New Warrant), appropriately completed and duly signed, to the Company at its address
set forth in Section 9.

 

(c)           A
“Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant,
as applicable), with an Election to Purchase in the form attached hereto (or attached to such New Warrant), appropriately completed
and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares specified in the Election to Purchase
(as such exercise number shall be adjusted to reflect any adjustment in the total number of Warrant Shares issuable to the Warrant
Holder per the terms of this Warrant), as set forth herein.

 

    	 	20	 

     

    

 

(d)           Payment
upon exercise may be made at the written option of the Warrant Holder either by cashless exercise, as set forth in Section 6,
or in cash, wire transfer or by certified or official bank check payable to the order of the Company equal to the applicable aggregate
Exercise Price for the number of Warrant Shares specified in the Election to Purchase (as such exercise number shall be adjusted
to reflect any adjustment in the total number of Warrant Shares issuable to the Warrant Holder per the terms of this Warrant) and
the Warrant Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable
Warrant Shares determined as provided herein.

 

(e)           The
Company shall promptly, but in no event later than five (5) business days after the Date of Exercise as defined herein, issue or
cause to be issued and cause to be delivered to, or upon the written order of the Warrant Holder in such name or names as the Warrant
Holder may designate (subject to the restrictions on transfer described in the legend set forth on the face of this Warrant), a
certificate for the Warrant Shares issuable upon such exercise, with such restrictive legend as required by the Act. If no such
restrictive legend is applicable, upon request of the Warrant Holder, the Warrant Shares will be recorded by book entry with the
Company’s transfer agent. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed to have
become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant.

 

6.             Cashless
Exercise.

 

(a)           If
at any time after six (6) months following the Issuance Date and prior to the Expiration Date there is not an effective registration
statement on file with the SEC covering the resale of the Warrant Shares by the Warrant Holder, then at such time this Warrant
may also be exercised by means of a cashless exercise. Notwithstanding anything herein to the contrary, the Company shall not be
required to make any cash payments or net cash settlement to the Warrant Holder in lieu of issuance of the Warrant Shares. Upon
a “cashless exercise”, the Warrant Holder shall surrender this Warrant to the Company, together with the Election to
Purchase, and the Company shall issue to the Warrant Holder the number of Warrant Shares determined as follows:

 

X = Y (A-B)/A

 

where:

 

X    =
   The number of Warrant Shares to be issued to the Warrant Holder.

 

Y
  =     The number of Warrant Shares with respect to which this Warrant is being exercised.

 

A   =
    The fair market value of one Warrant Share.

 

B
  =     The Exercise Price.

 

For purposes of this Section
6(a), the fair market value of one Warrant Share shall be determined by the first of the following clauses that applies:

 

    	 	21	 

     

    

 

(i) if the
Common Stock is traded on a national securities exchange, the fair market value shall be the last sale price on the trading day
immediately prior to the Date of Exercise or, if no sale of the Company's Common Stock took place on the trading day immediately
prior to the Date of Exercise, then the fair market value shall be the last sale price on the most recent day prior to the Date
of Exercise on which trades were made and reported;

 

(ii) if the
Common Stock is traded over-the-counter, the value shall be deemed to be the last sale price on the trading day immediately prior
to the Date of Exercise or, if no sale of the Company's Common Stock took place on the trading day immediately prior to the Date
of Exercise, then the fair market value shall be the last sale price on the most recent day prior to the Date of Exercise on which
trades were made and reported; or

 

(iii) if there
is no active public market for the Common Stock, the fair market value thereof shall be determined in good faith by the Company’s
Board of Directors.

 

(b)          For
purposes of Rule 144 of the Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise
transaction shall be deemed to have been acquired by the Warrant Holder, and the holding period for the Warrant Shares shall be
deemed to have been commenced, on the Issuance Date.

 

7.             Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this
Warrant. The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the basis
of the aggregate number of Warrant Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share
would, except for the provisions of this Section 7, be issuable on the exercise of this Warrant, the Company shall, at its
option, (i) pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the number of Warrant Shares
issuable up to the next whole number.

 

8.             Adjustment
for Certain Events. The number, class, and price of Warrant Shares for which this Warrant may be exercised are subject to adjustment
from time to time upon the happening of certain events as follows:

 

(a)           Subdivisions,
Combinations and Other Issuances. If the outstanding shares of Common Stock are divided into a greater number of shares, by
forward stock split or otherwise, or a dividend in stock is paid on the Common Stock, then the number of Warrant Shares for which
the Warrant is then exercisable will be proportionately increased and the Exercise Price will be proportionately reduced. Conversely,
if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, by reverse stock split
or otherwise, then the number of Warrant Shares for which the Warrant is then exercisable will be proportionately reduced and the
Exercise Price will be proportionately increased. The increases and reductions provided for in this Section 8(a) will
be made with the intent and, as nearly as practicable, the effect that neither the percentage of the total equity of the Company
obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will be affected by any event
described in this Section 8(a).

 

    	 	22	 

     

    

 

(b)           Merger,
Consolidation, Reclassification, Reorganization, Etc. In case of any change in Common Stock through merger, consolidation,
reclassification, reorganization, partial or complete liquidation, purchase of all or substantially all the assets of the Company,
or other change in the capital structure of the Company, then, as a condition of such change, lawful and adequate provision will
be made so that the Warrant Holder will have the right thereafter to receive upon the exercise of the Warrant the kind and amount
of shares of stock or other securities or property to which the Warrant Holder would have been entitled if, immediately prior to
such event, the Warrant Holder had held the number of Warrant Shares obtainable upon the exercise of the Warrant. In any such case,
appropriate adjustment will be made in the application of the provisions set forth herein with respect to the rights and interest
thereafter of the Warrant Holder, to the end that the provisions set forth herein will thereafter be applicable, as nearly as reasonably
may be, in relation to any shares of stock deliverable upon the exercise of the Warrant. The Company will not permit any change
in its capital structure to occur unless the issuer of the shares of stock or other securities to be received by the Warrant Holder
agrees to comply with the provisions of this Warrant.

 

9.             Notice.
Any notice, request, instruction or other document to be given hereunder by a party hereto shall be in writing and shall be deemed
to have been given, (i) when received if given in person or by courier or a courier service, (ii) on the date of transmission if
sent by facsimile or email transmission or (iii) three (3) business days after being deposited in the U.S. mail, certified or registered
mail, postage prepaid:

 

(a)           If
to the Company:

 

Jerash Holdings (US), Inc.

19/F Ford Glory Plaza

37-39 Wing Hong Street

Cheung Sha Wan, Kowloon, Hong
Kong

Attention: Mr. Choi Lin Hung

Facsimile No.: (852) 2371-0010

Telephone No.: (852) 2484-6688

 

with a copy
(which will not constitute notice) to:

 

Harter Secrest & Emery LLP

1600 Bausch & Lomb Place

Rochester, New York 14604

Attention: James M. Jenkins,
Esq.

Facsimile No.: (585) 232-2152

Telephone No.: (585) 232-6500

 

(b)           If
to the Warrant Holder, to the address set forth for notice in the Securities Purchase Agreement, dated as of the date hereof, between
the Warrant Holder and the Company.

 

or to such other individual or address as a party hereto may
designate for itself by notice given as herein provided.

 

10.           Miscellaneous.

 

(a)           This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
This Warrant may be amended only in writing and signed by the Company and the Warrant Holder.

 

(b)           Nothing
in this Warrant shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal
or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the
Company and the Warrant Holder.

 

    	 	23	 

     

    

 

(c)           Without
the prior written consent of the Company, this Warrant, or any of the rights granted hereunder, shall not be transferred, assigned,
pledged, hypothecated or otherwise disposed of (whether by operation of law or otherwise) by the Warrant Holder, and shall not
be subject to execution, attachment or similar process, unless (i) an effective registration statement is on file with the SEC
covering the resale of the Warrant and the Warrant Shares by the Warrant Holder, or (ii) the Warrant and the Warrant Shares are
otherwise exempt from the registration requirements under the Act. Any such attempted transfer or disposition of the Warrant or
of any rights granted hereunder contrary to the provisions of this section, or the levy of any attachment or similar process upon
the Warrant or such rights, shall be null and void.

 

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

 

(e)           In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)           The
Warrant Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at
law or equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant.

 

(g)           This
Warrant shall be governed by and construed in accordance with the laws of New York without regard to principles of conflicts of
laws.

 

[Signature Page Follows]

 

    	 	24	 

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed by the authorized officer as of the date first above stated.

 

		THE COMPANY:
	 	 
	 	JERASH HOLDINGS (US), INC. 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	25	 

     

    

 

FORM OF ELECTION TO PURCHASE

(To be executed by the Warrant Holder
to exercise the right to 

purchase shares of Common Stock under
the foregoing Warrant)

 

TO: JERASH HOLDINGS (US), INC.

 

(1)           The
undersigned hereby elects to purchase ______________ shares of the Common Stock of Jerash Holdings (US), Inc. pursuant to the terms
of the attached Warrant, and tenders herewith payment of the Exercise Price in full, together with all applicable transfer taxes,
if any.

 

(2)           Payment
shall take the form of (check applicable box):

 

 ̈      In
lawful money of the United States; or

 

 ̈        [If
permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section
6 of the Warrant, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in Section 6.

 

(3)           Please
issue a certificate or certificates representing the Shares in the name of the undersigned or in such other name as is specified
below:

 

	 	Name:	 
	 	 	 
	 	Taxpayer ID:	 
	 	 	 
	 	Address:	 

 

(4)           If
the number of shares of Common Stock issuable upon this exercise shall not be all of the shares of Common Stock which the undersigned
is entitled to purchase in accordance with the enclosed Warrant, the undersigned requests that a New Warrant evidencing the right
to purchase the shares of Common Stock not issuable pursuant to the exercise evidenced hereby be issued in the name of and delivered
to.

 

	 	Name:	 
	 	 	 
	 	Taxpayer ID:	 
	 	 	 
	 	Address:	 

 

(5)           The
undersigned represents that the undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended, and that the Warrant Shares are being acquired for the account of the undersigned for investment
and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention
of distributing or reselling such shares.

 

     

     

    

 

HOLDER:

 

	Name:	 	 
	 	 	 
	By:	 	 
	 	 	 
	Title:	 	 

 

	Dated:	_______________________, _______Exhibit 10.2

 

JERASH HOLDINGS (US), INC.

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of May 15, 2017, is made and entered into by and between Jerash Holdings (US),
Inc., a Delaware corporation (the “Company”), and each of the purchasers set forth on the signature pages hereto
(the “Purchasers”).

 

WHEREAS, in
connection with the Securities Purchase Agreement of even date herewith by and among the Company, Lee Kian Tjiauw (the “Selling
Stockholder”) and the Purchasers (the “Securities Purchase Agreement”), the Company and the Selling
Stockholder have agreed to issue and sell to the Purchasers:  (i) up to 1,000,000 shares (the Shares”) of
the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and (ii) warrants to purchase
shares of Common Stock (the “Warrants”); and

 

WHEREAS, in
order to induce the Purchasers to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Purchaser hereby agree as follows:

 

1.             Definitions.

 

As used in this Agreement,
the following capitalized terms shall have the following meanings.  Capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Securities Purchase Agreement.

 

(a)          “Business
Day” means any day other than Saturday, Sunday or a federal holiday.

 

(b)          “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(c)          “Effectiveness
Deadline” means (i) with respect to any Registration Statement required to be filed pursuant to Section 2(a), the 120th
calendar day after the Filing Deadline; and (ii) with respect to any additional Registration Statements that may be required to
be filed by the Company pursuant to this Agreement, the earlier of the (A) 90th calendar day following the date on which
the Company was required to file such additional Registration Statement and (B) 5th Business Day after the date the Company is
notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed or will
not be subject to further review.

 

    	 		 

     

    

 

(d)          “Filing
Deadline” means (i) with respect to any Registration Statement required to be filed pursuant to Section 2(a), the 45th
calendar day following the date hereof; and (ii) with respect to any additional Registration Statements that may be required to
be filed by the Company pursuant to this Agreement, the date on which the Company was required to file such additional Registration
Statement pursuant to the terms of this Agreement.

 

(e)           “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
or a government or any department or agency thereof.

 

(f)           “Purchasers”
means the Purchasers and any transferee or assignee who agrees to become bound by the provisions of this Agreement in accordance
with Section 9 hereof.

 

(g)          “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
a Registration Statement or Statements in compliance with the Securities Act and pursuant to Rule 415, and the declaration or ordering
of effectiveness of such Registration Statement by the SEC; provided, however, if the Required Holders in good faith determine
that under applicable SEC interpretations, rules or policies a Rule 415 registration would not, in light of the circumstances of
the Company or the proposed offering, permit the resale of all of the Registrable Securities immediately after effectiveness, or
material limitations would be imposed on any such resale, then the registration shall be on Form S-1 or such other form that permits
the maximum ability of holders of Registrable Securities to effectuate an unrestricted resale of such securities.

 

(h)          “Registrable
Securities” means, as of any date of determination, (a) all Shares, (b) all Warrants, (c) all shares of Common Stock
issuable upon exercise or otherwise pursuant to the Warrants (without regard to any limitations on exercise set forth therein)
(the “Warrant Shares”) and (d) any securities issued or then issuable upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities
shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another,
Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of
such Registrable Securities is declared effective by the SEC under the Securities Act and such Registrable Securities have been
disposed of by the Purchaser in accordance with such effective Registration Statement, (b) such Registrable Securities have been
previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale
restrictions and without the requirement for current public information pursuant to Rule 144 as set forth in a written opinion
letter to such effect, addressed, delivered and acceptable to the Company and the affected Purchasers (assuming that such securities
and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued
or are issuable, were at no time held by any affiliate of the Company, and all Warrants are exercised by “cashless exercise”
as provided in Section 6 of each of the Warrants), as reasonably determined by the Company, upon the advice of counsel to the Company.

 

    	 	2	 

     

    

 

(i)            “Registration
Statement” means a registration statement of the Company under the Securities Act which the Company may or is obligated
to file hereunder.

 

(j)            “Required
Holders” means the holders of at least a majority of the Registrable Securities.

 

(k)           “Rule
144” means Rule 144 promulgated by the SEC under the Securities Act, as such rule may be amended from time to time, or
any other similar or successor rule or regulation of the SEC that may at any time permit the Purchasers to sell securities of the
Company to the public without registration.

 

(l)            “Rule
415” means Rule 415 promulgated by the SEC under the Securities Act, as such rule may be amended from time to time, or
any other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.

 

(m)          “SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

2.             Registration.

 

(a)          Mandatory
Registration.  Subject to the terms and conditions, and in accordance with the provisions of Section 3 and Section
4 hereof, and subject to the limitations of this Section 2, the Company shall prepare and, as soon as practicable, but in no event
later than the Filing Deadline, file with the SEC an initial Registration Statement on Form S-1 (or if applicable, then a Form
S-3) covering the resale of all of such Registrable Securities.  The Company shall use reasonable best efforts to have
such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this Agreement,
declared effective by the SEC as soon as practicable, but in no event later than the applicable Effectiveness Deadline for such
Registration Statement.

 

(b)          Piggy-Back
Registrations.  Subject to the terms and conditions, and in accordance with the provisions of, Section 4 hereof,
in the event that all Registrable Securities are not registered for resale, should the Company at any time prior to the expiration
of the Registration Period (as hereinafter defined), determine to file with the SEC a Registration Statement relating to an offering
for its own account or the account of others under the Securities Act of any of its equity securities (other than on Form S-4 or
Form S-8 or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any
entity or business or equity securities issuable in connection with stock option or other bona fide employee benefit plans), the
Company shall send to each Purchaser who is entitled to registration rights under this Section 2(b) written notice of such determination
and, if within 20 days after the effective date of such notice (as provided for in Section 11(b) hereof), such Purchaser shall
so request in writing, the Company shall include in such Registration Statement all or any part of the Registrable Securities such
Purchaser requests to be registered.  Notwithstanding any other provision of this Agreement, the Company may withdraw
any registration statement referred to in this Section 2(b) without incurring any liability to the Purchasers.

 

    	 	3	 

     

    

 

(c)          Offering.
Notwithstanding anything to the contrary contained in this Agreement, in the event the staff of the SEC (the “Staff”)
or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting
an offering of securities by, or on behalf of, the Company, or in any other manner, such that the Staff or the SEC do not permit
such Registration Statement to become effective and used for resales in a manner that does not constitute such an offering and
that permits the continuous resale at the market by the Purchasers participating therein (or as otherwise may be acceptable to
each such Purchaser) without being named therein as an “underwriter,” then the Company shall reduce the number of shares
to be included in such Registration Statement by all Purchasers until such time as the Staff and the SEC shall so permit such Registration
Statement to become effective as aforesaid.  In making such reduction, the Company shall reduce the number of shares
to be included by all Purchasers and other persons included in such Registration Statement on a pro rata basis (based upon the
number of Registrable Securities otherwise required to be included for each Purchaser) unless the inclusion of shares by a particular
Purchaser or a particular set of Purchasers are resulting in the Staff or the SEC’s “by or on behalf of the Company”
offering position, in which event the shares held by such Purchaser or set of Purchasers shall be the only shares subject to reduction
(and if by a set of Purchasers on a pro rata basis by such Purchasers or on such other basis as would result in the exclusion of
the least number of shares by all such Purchasers); provided, that, with respect to such pro rata portion allocated to any Purchaser,
such Purchaser may elect the allocation of such pro rata portion among the Registrable Securities of such Purchaser.  In
addition, in the event that the Staff or the SEC requires any Purchaser seeking to sell securities under a Registration Statement
filed pursuant to this Agreement to be specifically identified as an “underwriter” in order to permit such
Registration Statement to become effective, and such Purchaser does not consent to being so named as an underwriter in such Registration
Statement, then, in each such case, the Company shall reduce the total number of Registrable Securities to be registered on behalf
of such Purchaser, until such time as the Staff or the SEC does not require such identification or until such Purchaser accepts
such identification and the manner thereof.

 

(d)          Allocation
of Other Securities. If for any reason the SEC or its Staff requires the Company to reduce the number of securities to be included
on any Registration Statement in which the Registrable Securities are included (the “SEC Cutback”), then the
Company shall reduce the number of securities to be included in such Registration Statement to the extent of the SEC Cutback as
follows: first, for any securities other than the Registrable Securities; and second, for any Registrable Securities held by the
Purchasers on a pro rata basis in accordance with Section 2(c) above.

 

3.            Obligations
of the Company.  In connection with the registration of the Registrable Securities, the Company shall have the following
obligations:

 

    	 	4	 

     

    

 

(a)          On
or prior to the Filing Deadline the Company will use reasonable best efforts to file a Registration Statement with the SEC on Form
S-1 covering the Registrable Securities and shall use its reasonable best efforts to cause such Registration Statement to be declared
effective by the SEC as soon as practicable after such filing (but in no event later than the Effectiveness Date).  Subject
to the Grace Period (as defined below), upon effectiveness, the Company shall use its reasonable best efforts to keep such Registration
Statement effective pursuant to Rule 415 at all times until such date as is the earlier of:  (i) the date on which all
of the Registrable Securities covered by the Registration Statement have been sold and (ii) the date on which the Registrable Securities
(in the opinion of counsel to the Purchasers reasonably acceptable to the Company) may be immediately sold to the public by non-affiliates
without registration or restriction (including, without limitation, as to volume by each holder thereof) under the Securities Act
(the “Registration Period”).  Notwithstanding anything to the contrary contained in this Agreement,
the Company shall ensure that, when filed and at all times while effective, each Registration Statement (including, without limitation,
all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto)
used in connection with such Registration Statement (1) shall not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the
light of the circumstances in which they were made) not misleading and (2) will disclose (whether directly or through incorporation
by reference to other SEC filings to the extent permitted) all material information regarding the Company and its securities. The
Company shall submit to the SEC, within five Business Days after the later of the date that (i) the Company learns that no review
of a particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular Registration
Statement (as the case may be) and (ii) the consent of legal counsel is obtained pursuant to Section 3(c) (which consent shall
be immediately sought), a request for acceleration of effectiveness of such Registration Statement to a time and date not later
than 48 hours after the submission of such request.

 

(b)          The
Company shall use its reasonable best efforts to prepare and file with the SEC such amendments (including post-effective amendments)
and supplements to the Registration Statements and the prospectus used in connection with the Registration Statements, which prospectus
is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statements
effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statements; provided,
however, by 9:30 a.m. (New York time) on the Business Day immediately following each Effective Date, the Company shall file with
the SEC in accordance with Rule 424(b) under the Securities Act the final prospectus to be used in connection with sales pursuant
to the applicable Registration Statement (whether or not such a prospectus is technically required by such rule).

 

(c)          If
requested by a Purchaser, the Company shall furnish to each Purchaser whose Registrable Securities are included in a Registration
Statement promptly (but in no event more than three Business Days) after the Registration Statement is declared effective by the
SEC, such number of copies of a final prospectus and all amendments and supplements thereto and such other documents as such Purchaser
may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Purchaser.  The
Company will promptly notify each Purchaser of the effectiveness of each Registration Statement or any post-effective amendment.  The
Company will, as promptly as reasonably practical, respond to any and all comments received from the SEC (which comments relating
to such Registration Statement that pertain to the Purchasers as “Selling Shareholders” shall promptly be made available
to the Purchasers upon request; provided that, the Company shall not be obligated to make available any comments that would result
in the disclosure to the Purchasers of material and non-public information concerning the Company or that contain information for
which the Company has sought confidential treatment), with a view towards causing each Registration Statement or any amendment
thereto to be declared effective by the SEC as soon as practicable, shall promptly file an acceleration request as soon as practicable
following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration
Statement or any amendment thereto will not be subject to review and, if required by law, shall promptly file with the SEC a final
prospectus as soon as practicable following receipt by the Company from the SEC of an order declaring the Registration Statement
effective.

 

    	 	5	 

     

    

 

(d)          The
Company shall use reasonable best efforts to:  (i) register and qualify the Registrable Securities covered by the Registration
Statements under such other securities or “blue sky” laws of such jurisdictions in the United States as the Purchasers
who hold a majority-in-interest of the Registrable Securities being offered reasonably request (not to exceed 10 states), (ii)
prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period,
and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to:  (a)
qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (b) subject
itself to general taxation in any such jurisdiction, (c) file a general consent to service of process in any such jurisdiction,
(d) provide any undertakings that cause the Company undue expense or burden, or (e) make any change in its charter or bylaws, which
in each case the Board of Directors of the Company determines to be contrary to the best interests of the Company and its shareholders.

 

(e)          The
Company shall promptly notify each Purchaser (i) when a prospectus or any prospectus supplement or post-effective amendment has
been filed, when a Registration Statement or any post-effective amendment has become effective, and when the Company receives written
notice from the SEC that a Registration Statement or any post-effective amendment will be reviewed by the SEC, (ii) of any request
by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, (iii) of the
Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate; and
(iv) of the receipt of any request by the SEC or any other federal or state governmental authority for any additional information
relating to the Registration Statement or any amendment or supplement thereto or any related prospectus. The Company shall respond
as promptly as practicable to any comments received from the SEC with respect to each Registration Statement or any amendment thereto.

 

(f)           The
Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of
any Registration Statement, and, if such an order is issued, to obtain the withdrawal of such order at the earliest possible moment
and to notify each Purchaser who holds Registrable Securities being sold (or, in the event of an underwritten offering, the managing
underwriters) of the issuance of such order and the resolution thereof.

 

    	 	6	 

     

    

 

(g)          The
sections of such Registration Statement covering information with respect to the Purchasers, the Purchaser’s beneficial ownership
of securities of the Company or the Purchasers intended method of disposition of Registrable Securities shall conform to the information
provided to the Company by each of the Purchasers.

 

(h)          In
connection with an underwritten offering only, at the request of the Required Holders, the Company shall furnish, on the date that
Registrable Securities are delivered to an underwriter for sale in connection with any Registration Statement:  (i) an
opinion, dated as of such date, from counsel representing the Company for purposes of such Registration Statement, in form, scope
and substance as is customarily given in an underwritten public offering, addressed to the underwriters, if any, and the Purchasers
and (ii) a letter, dated such date, from the Company’s independent registered public accounting firm in form and substance
as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed
to the underwriters, if any, and the Purchasers.

 

(i)           The
Company shall take all reasonable efforts to cause all the Registrable Securities covered by the Registration Statement to be quoted
on each national securities exchange and automated quotation system, if any, on which securities of the same class or series issued
by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such
exchange or system.

 

(j)           The
Company shall provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than
the effective date of the Registration Statement.

 

(k)          The
Company shall use its reasonable best efforts to cause the Registrable Securities covered by a Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.

 

(l)           The
Company shall use its reasonable best efforts to comply with all applicable rules and regulations of the SEC in connection with
any registration hereunder.

 

(m)          Notwithstanding
anything to the contrary herein (but subject to the last sentence of this Section 3(m)), at any time after the Effective Date of
a particular Registration Statement, the Company may delay the disclosure of material, non-public information concerning the Company
or any of its subsidiaries, the disclosure of which at the time is not, in the good faith opinion of the board of directors of
the Company, in the best interest of the Company and is not otherwise required to be disclosed under applicable law (a “Grace
Period”), provided that the Company shall promptly notify the Purchasers in writing of the existence of material, non-public
information giving rise to a Grace Period (provided that in each such notice the Company shall not disclose the content of such
material, non-public information to any of the Purchasers) and the date on which such Grace Period will begin and end.

 

    	 	7	 

     

    

 

4.             Underwriting
Requirements.  In connection with any Registration Statement involving an underwritten offering of shares of the
Company’s Common Stock, the Company shall not be required to include any of the Purchasers’ Registrable Securities
in such underwriting unless the Purchaser accepts the terms of the underwriting as agreed upon between the Company and its underwriters,
and then only in such quantity as the underwriter in its sole discretion determines will not jeopardize the success of the offering
by the Company.  If the total number of Registrable Securities to be included in such offering (the “Requested
Securities”) exceeds the number of securities to be sold (other than by the Company) that the underwriter in its reasonable
discretion determines is compatible with the success of the offering, then the Company shall be required to include in the offering
only that number of such Requested Securities which the underwriter, in its sole discretion, determines will not jeopardize the
success of the offering.  If the underwriter determines that less than all of the Requested Securities can be included
in such offering, then the securities to be registered that are included in such offering shall be allocated among the holders
of the Registrable Securities (the “Holders”) in proportion (as nearly as practicable) to the number of Requested
Securities owned by each Holder.  To facilitate the allocation of shares in accordance with the above provisions, the
Company or the underwriters may round the number of shares allocated to any Holder to the nearest 10 shares.  For purposes
of the provision in this Section 4 concerning apportionment, for any Holder that is a partnership, limited liability company, or
corporation, the partners, members, retired partners, retired members, shareholders, and affiliates of such Holder, or the estates
and immediate family members of any such partners, retired partners, members, and retired members and any trusts for the benefit
of any of the foregoing Persons, shall be deemed to be a single “Holder,” and any pro rata reduction with respect to
such “Holder” shall be based upon the aggregate number of Requested Securities owned by all Persons included in such
“Holder,” as defined in this sentence.  The Purchasers understand that the underwriter may determine that
none of the Registrable Securities can be included in the offering.

 

5.             Obligations
of the Purchasers. In connection with the registration of the Registrable Securities, the Purchasers shall have the following
obligations:

 

(a)          It
shall be a condition precedent to the obligations of the Company to include any Purchaser’s Registrable Securities in any
Registration Statement that such Purchaser shall timely furnish to the Company such information regarding itself, the Registrable
Securities held by it, the intended method of disposition of the Registrable Securities held by it and any other information as
shall be reasonably required to effect the registration of such Registrable Securities and shall provide such information and execute
such documents in connection with such registration as the Company may reasonably request.  At least three Business Days
prior to the first anticipated filing date of the Registration Statement, the Company shall notify each Purchaser of the information
the Company requires from each such Purchaser.

 

(b)          Each
Purchaser, by such Purchaser’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of the Registration Statements hereunder, unless such Purchaser
has notified the Company in writing of such Purchaser’s election to exclude all of such Purchaser’s Registrable Securities
from the Registration Statements.

 

    	 	8	 

     

    

 

(c)          In
the event that Purchasers holding a majority-in-interest of the Registrable Securities being registered determine to engage the
services of an underwriter, each Purchaser agrees to enter into and perform such Purchaser’s obligations under an underwriting
agreement, in usual and customary form, including, without limitation, customary indemnification and contribution obligations,
with the managing underwriter of such offering and take such other actions as are reasonably required in order to expedite or facilitate
the disposition of the Registrable Securities, unless such Purchaser has notified the Company in writing of such Purchaser’s
election to exclude all of such Purchaser’s Registrable Securities from such Registration Statement.

 

(d)          Each
Purchaser agrees that, upon receipt of any notice from the Company of the happening of any event of which the Company has knowledge
as a result of which the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of
a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, or of the issuance of a stop order or other suspension of effectiveness of any Registration Statement, such Purchaser
will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such Purchaser’s receipt of the copies of the supplemented or amended prospectus and, if so directed by
the Company, such Purchaser shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company
a certificate of destruction) all copies in such Purchaser’s possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

 

(e)          No
Purchaser may participate in any underwritten registration hereunder unless such Purchaser:  (i) agrees to sell such
Purchaser’s Registrable Securities on the basis provided in any underwriting arrangements in usual and customary form entered
into by the Company, (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting arrangements, and (iii) agrees to pay its pro rata share
of all underwriting discounts and commissions and any expenses in excess of those payable by the Company pursuant to Section 6
below.

 

(f)           Each
Purchaser covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it or an exemption therefrom in connection with the offer and sale of Registrable Securities pursuant to any Registration Statement.

 

6.             Expenses
of Registration.  All reasonable expenses, other than underwriting discounts and commissions, incurred in connection
with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing
and qualification fees, printers and accounting fees, the fees and disbursements of counsel for the Company, and the reasonable
fees and disbursements of legal counsel to the underwriter (if any), shall be borne by the Company.

 

    	 	9	 

     

    

 

7.             Indemnification.

 

(a)          To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Purchaser and
each of its directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title)
and each Person, if any, who controls such Purchaser within the meaning of the Securities Act or the Exchange Act of 1934, as amended
(the “Exchange Act”) and each of the directors, officers, shareholders, members, partners, employees, agents,
advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
the lack of such title or any other title) of such controlling Persons (each, an “Indemnified Person”), against
any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without
limitation, court costs, reasonable attorneys’ fees and costs of defense and investigation), amounts paid in settlement or
expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action,
claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a
party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or
alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction
in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement
or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof
or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the
statements made therein, in light of the circumstances under which they were made, not misleading or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration
Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject
to Section 7(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable,
for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 7(a): (i) shall not apply to
a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection
with the preparation of such Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not be available
to a particular Purchaser to the extent such Claim is based on a failure of such Purchaser to deliver or to cause to be delivered
the prospectus made available by the Company (to the extent applicable), including, without limitation, a corrected prospectus,
if such prospectus or corrected prospectus was timely made available by the Company and then only if, and to the extent that, following
the receipt of the corrected prospectus no grounds for such Claim would have existed; and (iii) shall not apply to amounts paid
in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall
not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Person.

 

    	 	10	 

     

    

 

(b)          In
connection with any Registration Statement in which a Purchaser is participating, such Purchaser agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 7(a), the Company, each
of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Party”), against any Claim or Indemnified
Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim
or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that
such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Purchaser expressly
for use in connection with such Registration Statement; and, subject to Section 7(c) and the below provisos in this Section 7(b),
such Purchaser will reimburse the Indemnified Party, promptly as such expenses are incurred and are due and payable, for any legal
fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim; provided, however,
the indemnity agreement contained in this Section 7(b) shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of such Purchaser, which consent shall not be unreasonably withheld or delayed, provided
further that such Purchaser shall be liable under this Section 7(b) for only that amount of a Claim or Indemnified Damages as does
not exceed the net proceeds to such Purchaser as a result of the applicable sale of Registrable Securities pursuant to such Registration
Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party.

 

(c)          Promptly
after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 7 of notice of the commencement
of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Indemnified
Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party
under this Section 7, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party
and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified Person or Indemnified
Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid
by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying
party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Indemnified
Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without
limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party and the indemnifying party, and such
Indemnified Person or such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist
if the same counsel were to represent such Indemnified Person or such Indemnified Party and the indemnifying party (in which case,
if such Indemnified Person or such Indemnified Party notifies the indemnifying party in writing that it elects to employ separate
counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the defense thereof
and such counsel shall be at the expense of the Indemnifying Party, provided further that in the case of clause (iii) above the
indemnifying party shall not be responsible for the reasonable fees and expenses of more than one separate legal counsel for such
Indemnified Person or Indemnified Party). The Indemnified Party or Indemnified Person shall reasonably cooperate with the indemnifying
party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to
the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such
action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person reasonably apprised at all times
as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for
any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying
party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without the prior
written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or
other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such Claim or litigation, and such settlement shall not
include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the
indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties,
firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party
of any liability to the Indemnified Person or Indemnified Party under this Section 7, except to the extent that the indemnifying
party is materially and adversely prejudiced in its ability to defend such action.

 

    	 	11	 

     

    

 

(d)          No
Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such
sale of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e)          The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

8.             Amendment
of Registration Rights.  The terms and provisions of this Agreement may be amended and the observance thereof may
be waived (either generally or in a particular instance and either retroactively or prospectively), only with written consent of
the Company and the Required Holders.  Any amendment or waiver effected in accordance with this Section 8 shall be binding
upon each Purchaser and the Company; provided that no such amendment shall be effective to the extent that it (1) applies to less
than all of the Purchasers or (2) imposes any obligation or liability on any Purchaser without such Purchaser’s prior written
consent (which may be granted or withheld in such Purchaser’s sole discretion). No waiver shall be effective unless it is
in writing and signed by an authorized representative of the waiving party.  No consideration shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration
also is offered to all of the parties to this Agreement.

 

    	 	12	 

     

    

 

9.             Miscellaneous.

 

(a)          A
Person is deemed to be a holder of Registrable Securities whenever such Person owns of record such Registrable Securities.  If
the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such
Registrable Securities.

 

(b)          Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set
forth in the Securities Purchase Agreement.

 

(c)          Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

(d)          All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance
with the provisions of the Securities Purchase Agreement.

 

(e)           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.

 

(f)           This
Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof.  There
are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein.  This Agreement
supersedes all prior agreements and understandings among the parties hereto with respect to the subject matter hereof.

 

(g)          This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.  This Agreement
is not for the benefit of, nor may any provision hereof be enforced by, any Person, other than the parties hereto or their respective
permitted successors and assigns. The Company may not assign (except by merger) its rights or obligations hereunder without the
prior written consent of all of the holders of the then outstanding Registrable Securities.

 

(h)          The
headings in this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this
Agreement.  Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include”
and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

    	 	13	 

     

    

 

(i)           This
Agreement may be executed in two 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.  This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or electronic mail delivery of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(j)            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.

 

(k)           Except
as otherwise provided herein, all consents and other determinations to be made by the Purchasers pursuant to this Agreement shall
be made by the Required Holders.

 

(l)           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.

 

(m)          The
obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no
Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing
contained herein or in any other agreement or document delivered at any closing, and no action taken by any Purchaser pursuant
hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other
kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group or entity with
respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges
that the Purchasers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such
obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to independently protect and enforce
its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other
Purchaser to be joined as an additional party in any proceeding for such purpose.

 

[Remainder of page intentionally left
blank; signature pages follow.]

 

    	 	14	 

     

    

 

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

 

 

	 	JERASH HOLDINGS (US), INC.	 
	 	 	 	 
	 	By:	/s/ Choi Lin Hung	 
	 	 	Name: Choi Lin Hung	 
	 	 	Title: President	 
	 	 	 	 
	 	PURCHASERS:	 
	 	 	 	 
	 	The Purchasers executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 16, 2017.

 

	Name of Subscriber:	Shell Creek, LLC
	 	 
	 	/s/ Theodore L. Kachris
	 	(signature)
	 	 
	 	By:	Theodore L. Kachris
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Date:	March 16	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 17, 2017.

 

	Name of Subscriber:	PAT Amicus Investments, LLC
	 	 
	 	/s/ Theodore L. Kachris
	 	(signature)
	 	 
	 	By:	Theodore L. Kachris
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Date:	March 17	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 8, 2017.

 

	Name of Subscriber:	Karl Brenza
	 	 
	 	/s/ Karl Brenza
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	March 8,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

 Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 21, 2017.

 

	Name of Subscriber:	Craig D. Cairns
	 	 
	 	/s/ Craig D. Cairns
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	March 21,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 20, 2017.

 

	Name of Subscriber:	Jared Penney
	 	 
	 	/s/ Jared Penney
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	March 20,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 25, 2017.

 

	Name of Subscriber:	The Entrust Group Inc fbo David F. Barden IRA #7230002692
	 	 
	 	/s/ Narcisa Patio
	 	(signature)
	 	 
	 	By:	Narcisa Patio
	 	 	 
	 	Title:	Authorized Signer
	 	 	 
	 	Date:	March 27,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of March 10, 2017.

 

	Name of Subscriber:	Gary J. Haseley
	 	 
	 	/s/ Gary J. Haseley
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	March 10,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of April 3, 2017.

 

	Name of Subscriber:	Lo Tsz Fung Philip
	 	 
	 	/s/ Lo Tsz Fung Philip
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	April 3,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of April 12, 2017.

 

	Name of Subscriber:	Ronald D. Billitier
	 	 
	 	/s/ Ronald D. Billitier
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	April 12,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of April 21, 2017.

 

	Name of Subscriber:	Yang Yu Tsen
	 	 
	 	/s/ Yang Yu Tsen
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	April 21,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of August 1, 2017.

 

	Name of Subscriber:	Chow Chung Yan
	 	 
	 	/s/ Chow Chung Yan
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	August 1,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of August 28, 2017.

 

	Name of Subscriber:	Kan Chi Kin Kenneth
	 	 
	 	/s/ Kan Chi Kin Kenneth
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	August 28,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:	 

 

     

     

    

 

Annex A

 

Registration Rights Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to enter into this Registration Rights Agreement dated as of May 15, 2017 (the “Agreement”), between the undersigned,
Jerash Holdings (US), Inc., a Delaware corporation (the “Company”), and the other parties thereto, in or substantially
in the form furnished to the undersigned, hereby agrees to join the Agreement as a party thereto, with all the rights and privileges
appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of September 12, 2017.

 

	Name of Subscriber:	Lau Lin Ling Helen
	 	 
	 	/s/ Lau Lin Ling Helen
	 	(signature)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	September 12,	2017
	 	 	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Phone Number:	 
	 	 
	Fax Number:	 
	 	 
	Taxpayer ID:

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