Document:

Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

SECURITIES
PURCHASE AGREEMENT

 

Dated
as of April 19, 2017

 

between

 

MLIGHT
TECH, INC.

 

and

 

HE
CEN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	ARTICLE
    1	Purchase
    and Sale of the SERIES A CONVERTIBLE DEBENTURE	4
	 	 	 
	Section
    1.1	Purchase
    Price and Closing	4
	 	 	 
	ARTICLE
    2	Representations
    and Warranties	5
	 	 	 
	Section
    2.1	Representations
    and Warranties of the Company, non-PRC Subsidiaries and the PRC Subsidiary	5
	 	 	 
	Section
    2.2	Representations
    and Warranties of the Purchasers	15
	 	 	 
	ARTICLE
    3	Covenants	18
	 	 	 
	Section
    3.1	Securities
    Compliance	18
	 	 	 
	Section
    3.2	Confidential
    Information	18
	 	 	 
	Section
    3.3	Compliance
    with Laws	18
	 	 	 
	Section
    3.4	Keeping
    of Records and Books of Account	19
	 	 	 
	Section
    3.5	Reporting
    Status	19
	 	 	 
	Section
    3.6	Disclosure
    of Transaction	19
	 	 	 
	Section
    3.7	Disclosure
    of Material Information	19
	 	 	 
	Section
    3.8	Pledge
    of Securities	19
	 	 	 
	Section
    3.9	Sarbanes-Oxley
    Act	20
	 	 	 
	Section
    3.10	No
    Integrated Offerings	20
	 	 	 
	Section
    3.11	No
    Manipulation of Price	20
	 	 	 
	ARTICLE
    4	CONDITIONS	20
	 	 	 
	Section
    4.1	Conditions
    Precedent to the Obligation of the Company to Sell the DEBENTURES	20
	 	 	 
	Section
    4.2	Conditions
    Precedent to the Obligation of the Purchasers to Purchase the DEBENTURES	21
	 	 	 
	ARTICLE
    5	Stock
    Certificate Legend	22
	 	 	 
	Section
    5.1	Legend	22

 

    	 	2	 

     

    

 

	ARTICLE
    6	Indemnification	23
	 	 	 
	Section
    6.1	General
    Indemnity	23
	 	 	 
	Section
    6.2	Indemnification
    Procedure	24
	 	 	 
	ARTICLE
    7	Miscellaneous	25
	 	 	 
	Section
    7.1	Fees
    and Expenses	25
	 	 	 
	Section
    7.2	Specific
    Enforcement, Consent to Jurisdiction	25
	 	 	 
	Section
    7.3	Entire
    Agreement; Amendment	26
	 	 	 
	Section
    7.4	Notices	26
	 	 	 
	Section
    7.5	Waivers	27
	 	 	 
	Section
    7.6	Headings	27
	 	 	 
	Section
    7.7	Successors
    and Assigns	27
	 	 	 
	Section
    7.8	No
    Third Party Beneficiaries	27
	 	 	 
	Section
    7.9	Governing
    Law	27
	 	 	 
	Section
    7.10	Survival	27
	 	 	 
	Section
    7.11	Counterparts	28
	 	 	 
	Section
    7.12	Publicity	28
	 	 	 
	Section
    7.13	Severability	28
	 	 	 
	Section
    7.14	Further
    Assurances	28
	 	 	 
	Section
    7.15	Currency	28
	 	 	 
	Section
    7.16	Termination	28
	 	 	 
	Section
    7.17	Language	29

 

    	 	3	 

     

    

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”) is dated as of April 19, 2017 by and between mLight Tech, Inc.,
a Florida corporation, (the “Company”) and He Cen (the “Purchaser”).

 

RECITALS

 

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

 

WHEREAS,
the Purchaser is desiring to purchase a Series A convertible debenture (the “Series A Convertible Debenture”
from the Company for an aggregate price of one hundred and fifty thousand U.S. dollars ($150,000) which are convertible into shares
of common stock of the Company, par value $0.0001 per share (the “Common Stock” and the “Conversion Share(s)”)
at price of $0.01 per share to the Purchaser;

 

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

 

ARTICLE
I

 

Purchase
and Sale of the Series A Convertible Debenture

 

Section
1.1Purchase Price and Closing.

 

(a) 
Subject to the terms and conditions hereof, the Company agrees to issue and sell to the Purchaser and, in consideration of and
in express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchaser agrees
to purchase Series A Convertible Debenture for an aggregate price of $150,000 (the “Offering Amount” or the “Purchase
Price”), convertible into shares of Common Stock at a conversion price of $0.01 per share (the “Debenture(s)”).

 

(b) 
Subject to all conditions to closing being satisfied or waived, the closing of the purchase
and sale of the Debentures shall take place at the primary offices of Hunter Taubman Fischer &Li LLC located at 1450 Broadway
Floor 26, New York, New York 10018 (the “Closing”) immediately following the date of the occurrence of
completion and receipt by the Company of the Offering Amount (the “Closing Date”). 

 

    	 	4	 

     

    

 

(c) 
Subject to the terms and conditions of this Agreement, at the Closing the Company shall deliver or
cause to be delivered to the Purchaser (i) the Series A Convertible Debenture, and (ii) any other documents required to be delivered
pursuant to this Agreement. At the time of the Closing, the Purchaser shall have delivered its Purchase Price by wire transfer
pursuant to the wire information contained in this Agreement. 

 

ARTICLE
II

 

Representations
and Warranties

 

Section
2.1Representations and Warranties of the Company, its Subsidiaries. The Company hereby represents and warrants to the
Purchaser on behalf of itself, its Subsidiaries (as hereinafter defined), as of the date hereof (except as set forth on the Schedule
of Exceptions attached hereto with each numbered Schedule corresponding to the section number herein), as follows:

 

(a) Organization,
Good Standing and Power. The Company, each of its Subsidiaries is a corporation or other entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization (as applicable)
and respectively, has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business
as it is now being conducted. Except as set forth on Schedule 2.1(a), the Company each of its Subsidiaries is duly qualified
to do business and is in good standing in every jurisdiction in which the nature of the business conducted or property owned by
it makes such qualification necessary except for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so
qualified will not have a Material Adverse Effect (as defined in Section 2.1(g) hereof).

 

(b) Corporate
Power; Authority and Enforcement. The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement, and to issue and sell the Debentures in accordance with the terms hereof. The execution,
delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and
thereby have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the
Company or its Board of Directors or stockholders is required. This Agreement constitutes, or shall constitute when executed and
delivered, a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship,
receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by
other equitable principles of general application.

 

(c) Capitalization.
The authorized capital stock of the Company is set forth in the Company’s Form 10-K Annual
Report for the periods ended September 30, 2016 (the “Form 10-K”) and the shares thereof currently issued
and outstanding as of April 19, 2017 is 204,000,000 and, except as set forth in the on Schedule
2.1(c) hereto, is the authorized and issued and outstanding capital stock of the Company as at
the date hereof. All of the issued outstanding shares of the Common Stock have been duly and validly authorized.

 

    	 	5	 

     

    

 

(i) 
no shares of Common Stock are entitled to preemptive, conversion or other rights and there are no outstanding options, warrants,
scrip, rights to subscribe to, call or commitments of any character whatsoever relating to, or securities or rights convertible
into, any shares of capital stock of the Company;

 

(ii)
there are no contracts, commitments, understandings, or arrangements by which the Company is or may become bound to issue additional
shares of capital stock of the Company or options, securities or rights convertible into shares of capital stock of the Company;

 

(iii)
the Company is not a party to any agreement granting registration or anti-dilution rights to any person with respect to any of
its equity or debt securities;

 

(iv)
the Company is not a party to, and it has no knowledge of, any agreement restricting the voting or transfer of any shares of the
capital stock of the Company.

 

The
offer and sale of all capital stock, convertible securities, rights, warrants, or options of the Company issued prior to the Closing
complied with all applicable Federal and state securities laws, except where non-compliance would
not have a Material Adverse Effect. The Company has furnished or made available to the Purchaser true and correct copies
of the Company’s Articles of Incorporation, as amended and in effect on the date hereof (the “Articles”),
and the Company’s Bylaws, as amended and in effect on the date hereof (the “Bylaws”). Except as restricted
under applicable federal, state, local or foreign laws and regulations, the Articles, this Agreement, or as set forth on Schedule
2.1 (c), no written or oral contract, instrument, agreement, commitment, obligation, plan or arrangement of the Company shall
limit the payment of dividends on the Company’s Preferred Shares, or its Common Stock.

 

(d) Issuance
of Debentures and Conversion Shares. The Debentures to be issued at the Closing have been duly authorized by all necessary
corporate action and the Conversion Shares, when paid for or issued in accordance with the terms hereof, shall be validly issued
and outstanding, fully paid and non-assessable.

 

(e) Subsidiaries.
Schedule 2.1(e) hereto sets forth each Subsidiary of the Company, showing the jurisdiction of its incorporation or organization
and showing the percentage of ownership of each Subsidiary. There are no outstanding preemptive, conversion or other rights, options,
warrants or agreements granted or issued by or binding upon any Subsidiary for the purchase or acquisition of any shares of capital
stock of any Subsidiary or any other securities convertible into, exchangeable for or evidencing the rights to subscribe for any
shares of such capital stock. Except as disclosed in the Form 10-K, neither the Company nor
any Subsidiary is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares
of the capital stock of any Subsidiary or any convertible securities, rights, warrants or options of the type described in the
preceding sentence. Neither the Company nor any Subsidiary is party to, nor has any knowledge of, any agreement restricting the
voting or transfer of any shares of the capital stock of any Subsidiary. For the purposes of this Agreement, “Subsidiary”
shall mean any corporation or other entity of which at least a majority of the securities or other ownership interests having
ordinary voting power (absolutely or contingently) for the election of directors or other persons performing similar functions
are at the time owned directly or indirectly by the Company and/or any of its other Subsidiaries. All of the outstanding shares
of capital stock of each Subsidiary has been duly authorized and validly issued, and are fully paid and non-assessable.

 

    	 	6	 

     

    

 

(f)
 Commission Documents, Financial Statements. The Company has filed all reports,
schedules, forms, statements and other documents required to be filed by it with the Commission pursuant to the reporting requirements
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the
Form 10-K and other material filed pursuant to Section 13(a) or 15(d) of the Exchange Act (all of the foregoing including
filings incorporated by reference therein being referred to herein as the “Commission Documents”). The Company
has not provided to the Purchaser any material non-public information or other information which, according to applicable law,
rule or regulation, was required to have been disclosed publicly by the Company but which has not been so disclosed, other than
(i) with respect to the transactions contemplated by this Agreement, or (ii) pursuant to a non-disclosure or confidentiality agreement
signed by the Purchaser. At the time of the respective filings, the Form 10-Q’s and the Form 10-K’s complied in all
material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder
and other federal, state and local laws, rules and regulations applicable to such documents. As of their respective filing dates,
none of the Form 10-Q’s or Form 10-K’s contained any untrue statement of a material fact; and none omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the Commission Documents comply
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the Commission
or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods
involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited
interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and fairly present
in all material respects the consolidated financial position of the Company as of the dates thereof and the results of operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

(g) No
Material Adverse Effect. Except as disclosed in the Company’s current report on Form 8-K filed on April 5, 2017 (the
“Form 8-K”), as at September 30, 2016 and as at the date of this Agreement, the Company,
and its Subsidiaries have not experienced or suffered any Material Adverse Effect. For the purposes of this Agreement, “Material
Adverse Effect” shall mean (i) any material adverse effect upon the assets, properties, financial condition, business or
prospects of the Company, and its Subsidiaries, when taken as a consolidated whole, and/or (ii) any condition, circumstance, or
situation that would prohibit or otherwise materially interfere with the ability of the Company to perform any of its material
covenants, agreements and obligations under this Agreement.

 

    	 	7	 

     

    

 

(h) No
Undisclosed Liabilities. Other than as disclosed in the Form 10-K, Form 8-K or on Schedule
2.1(h) to the knowledge of the Company, neither the Company, nor the Subsidiaries has any liabilities, obligations, claims
or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those
incurred in the ordinary course of the Company’s and the Subsidiaries’ respective businesses since September 30, 2016
and which, individually or in the aggregate, do not or would not have a Material Adverse Effect.

 

(i) No
Undisclosed Events or Circumstances. To the Company’s knowledge, no event or circumstance has occurred or exists with
respect to the Company, the Subsidiaries or their respective businesses, properties, operations or financial condition, which,
under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so
publicly announced or disclosed.

 

(j) Intentionally
Left Blank

 

(k) Title
to Assets. Except where non-compliance would not have a Material Adverse Effect, each of the
Company and the Subsidiaries has good and marketable title to (i) all properties and assets purportedly owned or used by
them as reflected in the Financial Statements, (ii) all properties and assets necessary for the conduct of their business as currently
conducted, and (iii) all of the real and personal property reflected in the Financial Statements free and clear of any Lien. All
leases are valid and subsisting and in full force and effect.

 

(l) Actions
Pending. There is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding or any other
proceeding pending or, to the knowledge of the Company, threatened against or involving the Company or
Subsidiary which questions the validity of this Agreement or the transactions contemplated hereby or thereby or any action taken
or to be taken pursuant hereto or thereto. Except where the same would not have a Material Adverse Effect, there is no action,
suit, claim, investigation, arbitration, alternate dispute resolution proceeding or any other proceeding pending or, to the knowledge
of the Company, threatened against or involving the Company or any Subsidiary involving any of their respective properties or
assets. To the knowledge of the Company, there are no outstanding orders, judgments, injunctions, awards or decrees of
any court, arbitrator or governmental or regulatory body against the Company, the Subsidiaries or any of their respective executive
officers or directors in their capacities as such.

 

(m) Compliance
with Law. The Company and the Subsidiaries have all material franchises, permits, licenses, consents and other governmental
or regulatory authorizations and approvals necessary for the conduct of their respective business as now being conducted by it
unless the failure to possess such franchises, permits, licenses, consents and other governmental or regulatory authorizations
and approvals, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

    	 	8	 

     

    

 

(n) No
Violation. The business of the Company and the Subsidiaries is not being conducted in violation of any Federal, state, local
or foreign governmental laws, or rules, regulations and ordinances of any of any governmental entity, except for possible violations
which singularly or in the aggregate could not reasonably be expected to have a Material Adverse Effect. The Company is not required
under Federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing
or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under
this Agreement, or issue and sell the Debentures in accordance with the terms hereof or thereof (other than (x) any consent, authorization
or order that has been obtained as of the date hereof, (y) any filing or registration that has been made as of the date hereof
or (z) any filings which may be required to be made by the Company with the Commission or state securities administrators subsequent
to the Closing.)

 

(o) No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of
the transactions contemplated herein and therein do not and will not (i) violate any provision of the Company’s Certificate
or Bylaws, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage,
deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party or by
which it or its properties or assets are bound, (iii) create or impose a lien, mortgage, security interest, pledge, charge or
encumbrance (collectively, “Lien”) of any nature on any property of the Company under any agreement or any
commitment to which the Company is a party or by which the Company is bound or by which any of its respective properties or assets
are bound, or (iv) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or
decree (including Federal and state securities laws and regulations) applicable to the Company or any of its subsidiaries or by
which any property or asset of the Company or any of its subsidiaries are bound or affected, provided, however,
that, excluded from the foregoing in all cases are such conflicts, defaults, terminations, amendments, accelerations, cancellations
and violations as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(p) Taxes.
Each of the Company and the Subsidiaries, to the extent its applicable, has accurately prepared and filed all federal, state and
other tax returns required by law to be filed by it, has paid or made provisions for the payment of all taxes shown to be due
and all additional assessments, and adequate provisions have been and are reflected in the consolidated financial statements of
the Company for all current taxes and other charges to which the Company or the Subsidiaries, if any, is subject and which are
not currently due and payable. None of the federal income tax returns of the Company have been audited by the Internal Revenue
Service. The Company has no knowledge of any additional assessments, adjustments or contingent tax liability (whether federal,
state or foreign) of any nature whatsoever, whether pending or threatened against the Company or any subsidiary for any period,
nor of any basis for any such assessment, adjustment or contingency.

 

(q) Certain
Fees. Except as set forth on Schedule 2.1(q) hereto, no brokers fees, finders fees
or financial advisory fees or commissions will be payable by the Company with respect to the transactions contemplated by this
Agreement.

 

(r) Disclosure.
Except as set forth in Schedule 2.1(r), neither this Agreement nor the Schedules hereto nor any other documents, certificates
or instruments furnished to the Purchaser by or on behalf of the Company or the Subsidiaries in connection with the transactions
contemplated by this Agreement contain any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements made herein or therein, taken as a whole and in the light of the circumstances under which they were made
herein or therein, not false or misleading.

 

    	 	9	 

     

    

 

(s) Intellectual
Property. Each of the Company and the Subsidiaries owns or has the lawful right to use all patents, trademarks, domain names
(whether or not registered) and any patentable improvements or copyrightable derivative works thereof, websites and intellectual
property rights relating thereto, service marks, trade names, copyrights, licenses and authorizations, and all rights with respect
to the foregoing, which are necessary for the conduct of their respective business as now conducted without any conflict with
the rights of others, except where the failure to so own or possess would not have a Material Adverse Effect.

 

(t) Books
and Record Internal Accounting Controls. Except as may have otherwise been disclosed in the Form 10-K’s or the Form
10-Ks, the books and records of the Company and the Subsidiaries accurately reflect in all material respects the information relating
to the business of the Company and the Subsidiaries, the location and collection of their assets, and the nature of all transactions
giving rise to the obligations or accounts receivable of the Company, or the Subsidiaries. Except as disclosed on Schedule
2.1(t), the Company and the Subsidiaries maintain a system of internal accounting controls sufficient, in the judgment of
the Company, to provide reasonable assurance that (i) transactions are executed in accordance with management’s general
or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s
general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate actions are taken with respect to any differences.

 

(u) Material
Agreements. Any and all written or oral contracts, instruments, agreements, commitments, obligations, plans or arrangements,
the Company and the Subsidiaries is a party to, that a copy of which would be required to be filed with the Commission as an exhibit
to a registration statement on Form S-1 (collectively, the “Material Agreements”) if the Company or any subsidiary
were registering securities under the Securities Act has previously been publicly filed with the Commission in the Commission
Documents. Each of the Company and the Subsidiaries has in all material respects performed all the obligations required to be
performed by them to date under the foregoing agreements, have received no notice of default and are not in default under any
Material Agreement now in effect the result of which would cause a Material Adverse Effect.

 

(v) Transactions
with Affiliates. Except as set forth in the Financial Statements or in the Commission Documents, there are no loans, leases,
agreements, contracts, royalty agreements, management contracts or arrangements or other continuing transactions between (a) the
Company or any Subsidiary on the one hand, and (b) on the other hand, any officer, employee, consultant or director of the Company,
or any of Subsidiaries, or any person owning any capital stock of the Company or any Subsidiary or any member of the immediate
family of such officer, employee, consultant, director or stockholder or any corporation or other entity controlled by such officer,
employee, consultant, director or stockholder, or a member of the immediate family of such officer, employee, consultant, director
or stockholder.

 

    	 	10	 

     

    

 

(w) Securities
Act of 1933. Assuming the accuracy of the representations of the Purchaser set forth in Section 2.2 (d)-(h) hereof, the Company
has complied and will comply with all applicable federal and state securities laws in connection with the offer, issuance and
sale of the Debentures hereunder. Neither the Company nor anyone acting on its behalf, directly or indirectly, has or will sell,
offer to sell or solicit offers to buy any of the Debentures, to, or solicit offers with respect thereto from, or enter into any
preliminary conversations or negotiations relating thereto with, any person, or has taken or will take any action so as to bring
the issuance and sale of any of the Debentures in violation of the registration provisions of the Securities Act and applicable
state securities laws, and neither the Company nor any of its affiliates, nor any person acting on its or their behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection
with the offer or sale of any of the Debentures.

 

(x) Governmental
Approvals. Except for the filing of any notice prior or subsequent to the Closing Date that may be required under applicable
state and/or Federal securities laws (which if required, shall be filed on a timely basis), no authorization, consent, approval,
license, exemption of, filing or registration with any court or governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, is or will be necessary for, or in connection with, the execution or delivery of the Debentures,
or for the performance by the Company of its obligations under this Agreement.

 

(y) Employees.
Except as disclosed on Schedule 2.1(y), neither the Company nor any subsidiary has any collective bargaining arrangements
covering any of its employees. Schedule 2.1(y) sets forth a list of the employment contracts, agreements regarding proprietary
information, non-competition agreements, non-solicitation agreements, confidentiality agreement, or any other similar contract
or restrictive covenant, relating to the right of any officer, employee or consultant to be employed or engaged by the Company.
Since April 5, 2017, no officer, consultant or key employee of the Company or any subsidiary whose termination, either individually
or in the aggregate, would have a Material Adverse Effect, has terminated or, to the knowledge of the Company, has any present
intention of terminating his or her employment or engagement with the Company or any subsidiary.

 

(z) Absence
of Certain Developments. Except as disclosed on Schedule 2.1(z) or as disclosed in the
Form 10-K or the Form 8-K, since September 30, 2016, neither the Company nor the Subsidiaries have:

 

(i) issued
any stock, bonds or other corporate securities or any rights, options or warrants with respect thereto;

 

(ii) borrowed
any amount or incurred or become subject to any liabilities (absolute or contingent) except current liabilities incurred in the
ordinary course of business which are comparable in nature and amount to the current liabilities incurred in the ordinary course
of business during the comparable portion of its prior fiscal year, as adjusted to reflect the current nature and volume of the
Company’s or such subsidiary’s business;

 

    	 	11	 

     

    

 

(iii) discharged
or satisfied any lien or encumbrance or paid any obligation or liability (absolute or contingent), other than current liabilities
paid in the ordinary course of business;

 

(iv) declared
or made any payment or distribution of cash or other property to stockholders with respect to its stock, or purchased or redeemed,
or made any agreements so to purchase or redeem, any shares of its capital stock;

 

(v) sold,
assigned or transferred any other tangible assets, or canceled any debts or claims, except in the ordinary course of business;

 

(vi) sold,
assigned or transferred any patent rights, trademarks, trade names, copyrights, trade secrets or other intangible assets or intellectual
property rights, or disclosed any proprietary confidential information to any person except to customers in the ordinary course
of business or to the Purchaser or their representatives;

 

(vii) suffered
any substantial losses or waived any rights of material value, whether or not in the ordinary course of business, or suffered
the loss of any material amount of prospective business;

 

(viii) made
any changes in employee compensation except in the ordinary course of business and consistent with past practices;

 

(ix) made
capital expenditures or commitments therefor that aggregate in excess of $50,000;

 

(x) entered
into any other transaction other than in the ordinary course of business, or entered into any other material transaction, whether
or not in the ordinary course of business;

 

(xi) made
charitable contributions or pledges in excess of $10,000;

 

(xii) suffered
any material damage, destruction or casualty loss, whether or not covered by insurance;

 

(xiii) experienced
any material problems with labor or management in connection with the terms and conditions of their employment;

 

(xiv) effected
any two or more events of the foregoing kind which in the aggregate would be material to the Company or its subsidiaries; or

 

(xv) entered
into an agreement, written or otherwise, to take any of the foregoing actions.

 

    	 	12	 

     

    

 

(aa) Public
Utility Holding Company Act; Investment Company Act and U.S. Real Property Holding Corporation Status. The Company is not
a “holding company” or a “public utility company” as such terms are defined in the Public Utility Holding
Company Act of 1935, as amended. The Company is not, and as a result of and immediately upon the Closing will not be, an “investment
company” or a company “controlled” by an “investment company,” within the meaning of the Investment
Company Act of 1940, as amended. The Company is not and has never been a U.S. real property holding corporation within the meaning
of Section 897 of the Internal Revenue Code of 1986, as amended.

 

(bb) ERISA.
No liability to the Pension Benefit Guaranty Corporation has been incurred with respect to any Plan (as defined below) by the
Company or any of its Subsidiaries which is or would have a Material Adverse Effect. The execution
and delivery of this Agreement and the issuance and sale of the Debentures and Conversion Shares, the will not involve any transaction
which is subject to the prohibitions of Section 406 of ERISA or in connection with which a tax could be imposed pursuant to Section
4975 of the Internal Revenue Code of 1986, as amended, provided, that, if any of the Purchaser, or any person or entity that owns
a beneficial interest in any of the Purchaser, is an “employee pension benefit plan” (within the meaning of Section
3(2) of ERISA) with respect to which the Company is a “party in interest” (within the meaning of Section 3(14) of
ERISA), the requirements of Sections 407(d)(5) and 408(e) of ERISA, if applicable, are met. As used in this Section 2.1(bb), the
term “Plan” shall mean an “employee pension benefit plan” (as defined in Section 3 of ERISA) which
is or has been established or maintained, or to which contributions are or have been made, by the Company or any subsidiary or
by any trade or business, whether or not incorporated, which, together with the Company or any subsidiary, is under common control,
as described in Section 414(b) or (c) of the Code.

 

(cc) No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales of any security or solicited any offers to buy any security under circumstances that would
cause the offering of the Debentures pursuant to this Agreement to be integrated with prior offerings by the Company for purposes
of the Securities Act which would prevent the Company from selling the Debentures pursuant to Rule 506 under the Securities Act,
nor will the Company or any of its affiliates take any action or steps that would cause the offering of the Debentures to be integrated
with other offerings. The Company does not have any registration statement pending before the Commission or currently under the
Commission’s review and since September 30, 2016, other than as contemplated under this Agreement or disclosed in the Form
8-K, the Company has not offered or sold any of its equity securities or debt securities convertible into shares of Common Stock.

 

(dd)Sarbanes-Oxley
Act. The Company is in compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), and the rules and regulations promulgated thereunder, that are effective and for which compliance by the Company
is required as of the date hereof.

 

(ee) No
Additional Agreements. Neither the Company nor any of its affiliates has any agreement or understanding with any Purchaser
with respect to the transactions contemplated by this Agreement other than as specified in this Agreement.

 

    	 	13	 

     

    

 

(ff) Foreign
Corrupt Practices Act. Neither the Company, the Subsidiaries, nor to the knowledge of the Company, the Subsidiaries any agent
or other person acting on behalf of the Company or the Subsidiaries, has, directly or indirectly, (i) used any funds, or will
use any proceeds from the sale of the Debentures, for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials
or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully
any contribution made by the Company, or any subsidiary of the Company (or made by any Person acting on their behalf of which
the Company is aware) or any members of their respective management which is in violation of any applicable law, or (iv) has violated
in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder which was applicable to the Company or any of its subsidiaries.

 

(gg) PFIC.
None of the Company or any of its Subsidiaries is or intends to become a “passive foreign investment company” within
the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

(hh) OFAC.
None of the Company or any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee,
Affiliate or Person acting on behalf of any of the Company or any of its Subsidiaries, is currently subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
and the Company will not directly or indirectly use the proceeds of the sale of Debentures to any subsidiary of the Company,
joint venture partner or other Person or entity, towards any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any
other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to any U.S.
sanctions administered by OFAC.

 

(ii) Money
Laundering Laws. The operations of each of the Company and the Subsidiaries have been conducted at all times in compliance
with the money laundering requirements of all applicable governmental authorities and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental authority (collectively, the “Money Laundering Laws”)
and no action, suit or proceeding by or before any court or governmental authority or any arbitrator involving any of the Company
or the Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

 

    	 	14	 

     

    

 

Section
2.2Representations and Warranties of the Purchaser. The Purchaser hereby makes the following representations and warranties
to the Company as of the date hereof, with respect solely to itself and not with respect to any other Purchaser:

 

(a) Organization
and Good Standing of the Purchaser. If the Purchaser is an entity, such Purchaser is a corporation, partnership or limited
liability company duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of
its incorporation or organization.

 

(b) Authorization
and Power. The Purchaser has the requisite power and authority to enter into and perform this Agreement. The execution, delivery
and performance of this Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate, partnership or limited liability company action, and no further consent or authorization
of such Purchaser or its Board of Directors, stockholders, partners, members, or managers, as the case may be, is required. This
Agreement has been duly authorized, executed and delivered by such Purchaser and constitutes, or shall constitute when executed
and delivered, a valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with the terms
hereof.

 

(c) No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by such Purchaser of the transactions
contemplated hereby and thereby or relating hereto do not and will not (i) result in a violation of such Purchaser’s charter
documents, bylaws, operating agreement, partnership agreement or other organizational documents or (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of any agreement, indenture or instrument or obligation to which such
Purchaser is a party or by which its properties or assets are bound, or result in a violation of any law, rule, or regulation,
or any order, judgment or decree of any court or governmental agency applicable to such Purchaser or its properties (except for
such conflicts, defaults and violations as would not, individually or in the aggregate, have a material adverse effect on such
Purchaser). Such Purchaser is not required to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement,
provided, that for purposes of the representation made in this sentence, such Purchaser is assuming and relying upon the accuracy
of the relevant representations and agreements of the Company herein.

 

(d) Status
of Purchaser. The Purchaser is a “non-US person” as defined in Regulation S. Such Purchaser is not required to
be registered as a broker-dealer under Section 15 of the Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate
of a broker-dealer.

 

    	 	15	 

     

    

 

(e) Acquisition
for Investment. The Purchaser is acquiring the Debentures, solely for its own account for
the purpose of investment and not with a view to or for sale in connection with a distribution. The Purchaser does not have a
present intention to sell the Securities, nor a present arrangement (whether or not legally binding) or intention to effect
any distribution of the Securities to or through any person or entity; provided, however, that by making the
representations herein (except as provided below), such Purchaser does not agree to hold the Securities for any minimum or
other specific term and reserves the right to dispose of the Securities at any time in accordance with Federal and
state securities laws applicable to such disposition. The Purchaser acknowledges that it is able to bear the financial risks
associated with an investment in the Securities and that it has been given full access to such records of the Company and the
Subsidiaries and to the officers of the Company and the Subsidiaries and received such information as it has deemed necessary
or appropriate to conduct its due diligence investigation and has sufficient knowledge and experience in investing in
companies similar to the Company in terms of the Company’s stage of development so as to be able to evaluate the risks
and merits of its investment in the Company. The Purchaser further acknowledges that such Purchaser understands the risks of
investing in companies domiciled and/or which operate primarily in the People’s Republic
of China and that the purchase of the  Securities involves substantial risks.

 

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

 

(g) Information.
The Purchaser and its advisors, if any, have had the opportunity to ask questions of management of the Company and its Subsidiaries
and have been furnished with all information relating to the business, finances and operations of the Company and information
relating to the offer and sale of the Securities which have been requested by the Purchaser or its advisors. Neither such inquiries
nor any other due diligence investigation conducted by the Purchaser or any of its advisors or representatives shall modify, amend
or affect the Purchaser’s right to rely on the representations and warranties of the Company contained herein. The Purchaser
understands that its investment in the Securities involves a significant degree of risk. The Purchaser further represents to the
Company that the Purchaser’s decision to enter into this Agreement has been based solely on the independent evaluation of
the Purchaser and its representatives.

 

(h) Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

(i)Transfer
or Re-sale. The Purchaser understands that the sale or re-sale of the Conversion Shares has not been and is not being registered
under the Securities Act or any applicable state securities laws, and the Conversion Shares may not be transferred unless (i)
the Conversion Shares are sold pursuant to an effective registration statement under the Securities Act, (ii) the Purchaser shall
have delivered to the Company an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel
in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to
an exemption from such registration, which opinion shall be reasonably acceptable to the Company, (iii) the Securities are sold
or transferred to an “affiliate” (as defined in Rule 144 promulgated under the Securities Act (or a successor rule)
(“Rule 144”)) of the Purchaser who agrees to sell or otherwise transfer the Securities only in accordance with
this Section 2.2(f) and who is a non-US person, (iv) the Securities are sold pursuant to Rule 144, or (v) the Securities are sold
pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”). Notwithstanding the
foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a
bona fide margin account or other lending arrangement.

 

    	 	16	 

     

    

 

(j) Legends.
The Purchaser understands that the Conversion Shares shall bear a restrictive legend in the form as set forth below. The Purchaser
understands that, until such time the Conversion Shares may be sold pursuant to Rule 144 or Regulation S without any restriction
as to the number of securities as of a particular date that can then be immediately sold, the Conversion Shares may bear a restrictive
legend in substantially the following form (and a stop-transfer order may be placed against transfer of the certificates evidencing
such Securities):

 

“Neither
the offer nor sale of the securities represented by this certificate has been registered under the Securities Act of 1933, as
amended, (the “Act”). The securities may not be sold, transferred or assigned in the absence of an effective
registration statement for the securities under the Act, or an opinion of counsel, in form, substance and scope customary for
opinions of counsel in comparable transactions, that registration is not required under the Act or unless sold pursuant to Rule
144 or Regulation S under the Act.”

 

(k) Residency.
The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature pages
hereto.

 

(l)Short
Sales.The Purchaser may engage in short sales of Common Stock, to the extent permissible by applicable law and regulation.

 

(m)
Intentionally Left Blank.

 

(n)
Additional Representations and Warranties of Non-U.S. Persons. The Purchaser indicating that it is not a U.S. person on
its signature page to this Agreement, severally and not jointly, further makes the representations and warranties to the Company
set forth on Exhibit A.

 

(o) No
General Solicitation. The Purchaser acknowledges that the Debentures were not offered to such Purchaser by means of any form
of general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including
(i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast
over television or radio, or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of
communications.

 

(p) Rule
144. Such Purchaser understands that the Conversion Shares must be held indefinitely unless such Conversion Shares are registered
under the Securities Act or an exemption from registration is available. Such Purchaser acknowledges that such Purchaser is familiar
with Rule 144 and Rule 144A, of the rules and regulations of the Commission, as amended, promulgated pursuant to the Securities
Act (“Rule 144”), and that such person has been advised that Rule 144 and Rule 144A, as applicable, permits
resales only under certain circumstances. Such Purchaser understands that to the extent that Rule 144 or Rule 144A is not available,
such Purchaser will be unable to sell any Conversion Shares without either registration under the Securities Act or the existence
of another exemption from such registration requirement.

 

    	 	17	 

     

    

 

(q) Independent
Investment. Except as may be disclosed in any filings with the Commission by the Purchaser under Section 13 and/or Section
16 of the Exchange Act, no Purchaser has agreed to act with any other Purchaser for the purpose of acquiring, holding, voting
or disposing of the Debentures purchased hereunder for purposes of Section 13(d) under the Exchange Act, and the Purchaser is
acting independently with respect to its investment in the Debentures.

 

(r) Brokers.
Purchaser does not have any knowledge of any brokerage or finder’s fees or commissions that are or will be payable by the
Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person or entity
with respect to the transactions contemplated by this Agreement.

ARTICLE
III

 

Covenants

 

The
Company covenants with the Purchaser as follows, which covenants are for the benefit of the Purchaser and its permitted assignees
(as defined herein).

 

Section
3.1Securities Compliance. The Company shall notify the Commission in accordance with its rules and regulations, of
the transactions contemplated by any of this Agreement, and shall take all other necessary action and proceedings as may be required
and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Debentures to the Purchaser or subsequent
holders.

 

Section
3.2Confidential Information. The Purchaser agrees that such Purchaser and its employees, agents and representatives
will keep confidential and will not disclose, divulge or use (other than for purposes of monitoring its investment in the Company)
any confidential information which such Purchaser may obtain from the Company pursuant to financial statements, reports and other
materials submitted by the Company to such Purchaser pursuant to this Agreement, unless such information is known to the public
through no fault of such Purchaser or his or its employees or representatives; provided, however, that a Purchaser may disclose
such information (i) to its attorneys, accountants and other professionals in connection with their representation of such Purchaser
in connection with such Purchaser’s investment in the Company, (ii) to any prospective permitted transferee of the Debentures,
so long as the prospective transferee agrees to be bound by the provisions of this Section 3.3, or (iii) to any general partner
or affiliate of such Purchaser.

 

Section
3.3Compliance with Laws. The Company shall comply, and cause each subsidiary to comply in all material respects, with
all applicable laws, rules, regulations and orders,except where non-compliance could not reasonably
be expected to have a Material Adverse Effect.

 

    	 	18	 

     

    

 

Section
3.4Keeping of Records and Books of Account. The Company shall keep and cause each Subsidiary to keep adequate records
and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial
transactions of the Company and the Subsidiaries, and in which, for each fiscal year, all proper reserves for depreciation, depletion,
obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made.

 

Section
3.5Intentionally Left Blank.

 

Section
3.6Disclosure of Transaction. The Company shall file with the Commission, the Form 8-K describing the material terms
of the transactions contemplated hereby (and attaching as exhibits thereto this Agreement) within four (4) Business Days following
the First Closing Date. “Business Day” means any day during which the NYSE AMEX (“AMEX”)
(or other principal exchange) shall be open for trading.

 

Section
3.7Disclosure of Material Information. The Company and the Subsidiaries covenant and agree that neither it nor any
other person acting on its or their behalf has provided or, from and after the filing of the Press Release, will provide any Purchaser
or its agents or counsel with any information that the Company believes constitutes material non-public information (other than
with respect to the transactions contemplated by this Agreement), unless prior thereto such Purchaser shall have executed a specific
written agreement regarding the confidentiality and use of such information. The Company understands and confirms that the Purchaser
shall be relying on the foregoing covenants in effecting transactions in securities of the Company. At the time of the filing
of the Press Release, no Purchaser shall be in possession of any material, nonpublic information received from the Company, any
of its subsidiaries or any of its respective officers, directors, employees or agents that is not disclosed in the Press Release.
The Company shall not disclose the identity of any Purchaser in any filing with the SEC except as required by the rules and regulations
of the SEC thereunder. In the event of a breach of the foregoing covenant by the Company, any of its subsidiaries, or any of its
or their respective officers, directors, employees and agents, in addition to any other remedy provided herein, a Purchaser may
notify the Company, and the Company shall make public disclosure of such material nonpublic information within two (2) trading
days of such notification.

 

Section
3.8Pledge of Debentures. The Company acknowledges and agrees that the Debentures may be pledged by a Purchaser in connection
with a bona fide margin agreement or other loan or financing arrangement that is secured by the Debentures.
The pledge of Debentures shall not be deemed to be a transfer, sale or assignment of the Debentures hereunder, and no Purchaser
effecting a pledge of Debentures shall be required to provide the Company with any notice thereof or otherwise make any delivery
to the Company pursuant to this Agreement; provided, that a Purchaser and its pledgee shall be required to comply with
the provisions of Article V hereof in order to effect a sale, transfer or assignment of Debentures to such pledgee. At a Purchaser’s
expense, the Company hereby agrees to execute and deliver such documentation as a pledgee of the Debentures may reasonably request
in connection with a pledge of the Debentures to such pledgee by a Purchaser, in accordance with applicable laws relating to the
transfer of the securities.

 

    	 	19	 

     

    

 

Section
3.9 Sarbanes-Oxley Act. The Company shall be in compliance with the applicable provisions of the Sarbanes-Oxley Act
of 2002, and the rules and regulations promulgated thereunder, as required under such Act.

 

Section
3.10 No Integrated Offerings. The Company shall not make any offers or sales of any security (other than the securities
being offered or sold hereunder) under circumstances that would require registration of the securities being offered or sold hereunder
under the Securities Act.

 

Section
3.11No Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result
in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any
securities of the Company.

 

ARTICLE
IV

 

CONDITIONS

 

Section
4.1Conditions Precedent to the Obligation of the Company to Sell the Debentures. The obligation hereunder of the Company
to issue and sell the Debentures is subject to the satisfaction or waiver, at or before the Closing, of each of the conditions
set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company at any time in its
sole discretion.

 

(a) Accuracy
of the Purchaser’s Representations and Warranties. The representations and warranties of the Purchaser in this Agreement
shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that
time, except for representations and warranties that are expressly made as of a particular date, which shall be true and correct
in all material respects as of such date.

 

(b) Performance
by the Purchaser. The Purchaser shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by such Purchaser at or prior to the Closing.

 

(c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any
of the transactions contemplated by this Agreement.

 

(d) Delivery
of Purchase Price. The Purchase Price for the Debentures shall have been delivered to the Company pursuant to the wiring information
contained hereto in Exhibit B to this Agreement.

 

    	 	20	 

     

    

 

(e) Delivery
of this Agreement. This Agreement shall have been duly executed and delivered by the Purchaser to the Company.

 

Section
4.2Conditions Precedent to the Obligation of the Purchaser to Purchase the Debentures in the Offering. The obligation
hereunder of the Purchaser to acquire and pay for the Debentures offered in the Offering is subject to the satisfaction or waiver,
at or before the Closing, of each of the conditions set forth below. These conditions are for the Purchaser’s sole benefit
and may be waived by such Purchaser at any time in its sole discretion.

  

(a) Accuracy
of the Company’s Representations and Warranties. Each of the representations and warranties of the Company in this Agreement
shall be true and correct in all respects as of the date when made and as of the Closing Date as though made at that time, except
for representations and warranties that are expressly made as of a particular date, which shall be true and correct in all respects
as of such date.

 

(b) Performance
by the Company. The Company shall have performed, satisfied and complied in all respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing.

 

(c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any
of the transactions contemplated by this Agreement.

 

(d) No
Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any governmental authority shall have been
commenced, and no investigation by any governmental authority shall have been threatened, against the Company or any subsidiary,
or any of the officers, directors or affiliates of the Company or any subsidiary seeking to restrain, prevent or change the transactions
contemplated by this Agreement, or seeking damages in connection with such transactions.

 

(e) 
Certificates. The Company shall have executed and delivered to the Purchaser the certificates (in such denominations as
such Purchaser shall request) for the Debentures being acquired by such Purchaser at the Closing (in such denominations as such
Purchaser shall request) to such address set forth next to the Purchaser with respect to the Closing.

 

(i) Resolutions.
The Board of Directors of the Company shall have adopted resolution consistent with Section 2.1(b) hereof in a form reasonably
acceptable to such Purchaser (the “Resolution”).

 

    	 	21	 

     

    

 

 
(k) Secretary’s Certificate. The Company shall have delivered to such Purchaser a secretary’s certificate,
dated as of the Closing Date, as to (i) the resolutions adopted by the Board of Directors of the Company consistent with Section
2.1(b), (ii) the Articles, (iii) the Bylaws, , and (iv) the authority and incumbency of the officers of the Company executing
this Agreement.

  

(l) Officer’s
Certificate. The Company shall have delivered to the Purchaser a certificate of an executive officer of the Company, dated
as of the Closing Date, confirming the accuracy of the Company’s representations, warranties and covenants as of the Closing
Date and confirming the compliance by the Company with the conditions precedent set forth in this Section 4.2 as of the Closing
Date.

 

(n) Material
Adverse Effect. Unless otherwise disclosed in the Form 8-K, no Material Adverse Effect shall have occurred at or before the
Closing Date.

  

ARTICLE
V

 

Stock
Certificate Legend

 

Section
5.1Legend. Each certificate representing the Conversion Shares shall be stamped or otherwise
imprinted with a legend substantially in the following form (in addition to any legend required by applicable state securities
or “blue sky” laws):

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION
S UNDER THE U.S. SECURITIES ACT, (C) WITHIN THE UNITED STATES AFTER REGISTRATION OR IN ACCORDANCE WITH THE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS, OR (D) WITHIN THE UNITED STATES IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER
THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS AND THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE CORPORATION
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION.

 

    	 	22	 

     

    

 

The
Company agrees to reissue certificates representing any of the Conversion Shares, without the legend set forth above if at such
time, prior to making any transfer of any such Conversion Shares, such holder thereof shall give written notice to the Company
describing the manner and terms of such sale and removal as the Company may reasonably request. Such proposed transfer and removal
will not be effected until: (a) either (i) the Company has received an opinion of counsel reasonably satisfactory to the Company,
to the effect that the registration of the Conversion Shares under the Securities Act is not required in connection with such
proposed transfer, (ii) a registration statement under the Securities Act covering such proposed disposition has been filed by
the Company with the Commission and has become effective under the Securities Act, (iii) the Company has received other evidence
reasonably satisfactory to the Company that such registration and qualification under the Securities Act and state securities
laws are not required, or (iv) the holder provides the Company with reasonable assurances that such security can be sold pursuant
to Rule 144(i) under the Securities Act; and (b) either (i) the Company has received an opinion of counsel reasonably satisfactory
to the Company, to the effect that registration or qualification under the securities or “blue sky” laws of any state
is not required in connection with such proposed disposition, or (ii) compliance with applicable state securities or “blue
sky” laws has been effected or a valid exemption exists with respect thereto. The Company will respond to any such notice
from a holder within five (5) business days. In the case of any proposed transfer under this Section 5.1, the Company will use
reasonable efforts to comply with any such applicable state securities or “blue sky” laws, but shall in no event be
required, (x) to qualify to do business in any state where it is not then qualified, (y) to take any action that would subject
it to tax or to the general service of process in any state where it is not then subject, or (z) to comply with state securities
or “blue sky” laws of any state for which registration by coordination is unavailable to the Company. The restrictions
on transfer contained in this Section 5.1 shall be in addition to, and not by way of limitation of, any other restrictions on
transfer contained in any other section of this Agreement. Whenever a certificate representing the Conversion Shares is required
to be issued to a Purchaser without a legend, in lieu of delivering physical certificates representing the Conversion Shares (provided
that a registration statement under the Securities Act providing for the resale of the Conversion Shares is then in effect), the
Company may cause its transfer agent to electronically transmit the Conversion Shares to a Purchaser by crediting the account
of such Purchaser or such Purchaser’s prime broker with the DTC through its DWAC system (to the extent not inconsistent
with any provisions of this Agreement).

 

ARTICLE
VI

 

Indemnification

 

Section
6.1General Indemnity. The Company agrees to indemnify and hold harmless the Purchaser (and their respective directors,
officers, managers, partners, members, shareholders, affiliates, agents, successors and assigns) from and against any and all
losses, liabilities, deficiencies, costs, damages and expenses (including, without limitation, reasonable attorneys’ fees,
charges and disbursements) incurred by the Purchaser as a result of any inaccuracy in or breach of the representations, warranties
or covenants made by the Company herein. The Purchaser severally but not jointly agrees to indemnify and hold harmless the Company
and its directors, officers, affiliates, agents, successors and assigns from and against any and all losses, liabilities, deficiencies,
costs, damages and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements) incurred
by the Company as a result of any inaccuracy in or breach of the representations, warranties or covenants made by such Purchaser
herein. The maximum aggregate liability of the Purchaser pursuant to its indemnification obligations under this Article VI shall
not exceed the portion of the Purchase Price paid by such Purchaser hereunder. In no event shall any “Indemnified Party”
(as defined below) be entitled to recover consequential or punitive damages resulting from a breach or violation of this Agreement.

 

    	 	23	 

     

    

 

Section
6.2Indemnification Procedure. Any party entitled to indemnification under this Article VI (an “Indemnified
Party”) will give written notice to the indemnifying party of any matters giving rise to a claim for indemnification;
provided, that the failure of any party entitled to indemnification hereunder to give notice as provided herein shall not
relieve the indemnifying party of its obligations under this Article VI except to the extent that the indemnifying party is actually
prejudiced by such failure to give notice. In case any action, proceeding or claim is brought against an Indemnified Party in
respect of which indemnification is sought hereunder, the indemnifying party shall be entitled to participate in and, unless in
the reasonable judgment of the Indemnified Party a conflict of interest between it and the indemnifying party may exist with respect
of such action, proceeding or claim, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party.
In the event that the indemnifying party advises an Indemnified Party that it will contest such a claim for indemnification hereunder,
or fails, within thirty (30) days of receipt of any indemnification notice to notify, in writing, such person of its election
to defend, settle or compromise, at its sole cost and expense, any action, proceeding or claim (or discontinues its defense at
any time after it commences such defense), then the Indemnified Party may, at its option, defend, settle or otherwise compromise
or pay such action or claim. In any event, unless and until the indemnifying party elects in writing to assume and does so assume
the defense of any such claim, proceeding or action, the Indemnified Party’s costs and expenses arising out of the defense,
settlement or compromise of any such action, claim or proceeding shall be losses subject to indemnification hereunder. The Indemnified
Party shall cooperate fully 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 which relates to such action or claim. The indemnifying party shall keep the Indemnified Party fully apprised at all times
as to the status of the defense or any settlement negotiations with respect thereto. If the indemnifying party elects to defend
any such action or claim, then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice
at its sole cost and expense. The indemnifying party shall not be liable for any settlement of any action, claim or proceeding
effected without its prior written consent, provided, however, that the indemnifying party shall be liable for any
settlement if the indemnifying party is advised of the settlement but fails to respond to the settlement within thirty (30) days
of receipt of such notification. Notwithstanding anything in this Article VI to the contrary, the indemnifying party shall not,
without the Indemnified Party’s prior written consent, settle or compromise any claim or consent to entry of any judgment
in respect thereof which imposes any future obligation on the Indemnified Party or which does not include, as an unconditional
term thereof, the giving by the claimant or the plaintiff to the Indemnified Party of a release from all liability in respect
of such claim. The indemnification required by this Article VI shall be made by periodic payments of the amount thereof during
the course of investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred, so long
as the Indemnified Party irrevocably agrees to refund such moneys if it is ultimately determined by a court of competent jurisdiction
that such party was not entitled to indemnification. The indemnity agreements contained herein shall be in addition to (a) any
cause of action or similar rights of the Indemnified Party against the indemnifying party or others, and (b) any liabilities the
indemnifying party may be subject to pursuant to the law.

  

    	 	24	 

     

    

 

ARTICLE
VII

 

Miscellaneous

 

Section
7.1Fees and Expenses. Except as otherwise set forth in this Agreement, each party shall pay the fees and expenses of
its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement..

 

Section
7.2Specific Enforcement, Consent to Jurisdiction.

 

(a) The
Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement
and to enforce specifically the terms and provisions hereof or thereof, this being in addition to any other remedy to which any
of them may be entitled by law or equity.

 

(b) Each
of the Company and the Purchaser (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting
in the Southern District of New York and the courts of the State of New York located in New York county for the purposes of any
suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby or thereby and
(ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of
the suit, action or proceeding is improper. Each of the Company and the Purchaser consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing in this Section 7.2 shall affect or limit any right to serve
process in any other manner permitted by law. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
The Company hereby appoints Hunter Taubman Fischer & Li, LLC, with offices at 1450 Broadway, 26th Floor, New York,
NY 10018 as its agent for service of process in New York. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law.

 

    	 	25	 

     

    

 

Section
7.3Entire Agreement; Amendment. This Agreement contains the entire understanding and agreement of the parties with
respect to the matters covered hereby and, except as specifically set forth herein, neither the Company nor any of the Purchaser
makes any representations, warranty, covenant or undertaking with respect to such matters and they supersede all prior understandings
and agreements with respect to said subject matter, all of which are merged herein. No provision of this Agreement may be waived
or amended other than by a written instrument signed by the Company and the Purchaser , and no provision hereof may be waived
other than by a written instrument signed by the party against whom enforcement of any such waiver is sought.

 

Section
7.4Notices. All notices, demands, consents, requests, instructions and other communications to be given or delivered
or permitted under or by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby
shall be in writing and shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered,
on the business day of such delivery (as evidenced by the receipt of the personal delivery service), (ii) if mailed certified
or registered mail return receipt requested, two (2) business days after being mailed, (iii) if delivered by overnight courier
(with all charges having been prepaid), on the business day of such delivery (as evidenced by the receipt of the overnight courier
service of recognized standing), or (iv) if delivered by facsimile transmission, on the business day of such delivery if sent
by 6:00 p.m. in the time zone of the recipient, or if sent after that time, on the next succeeding business day (as evidenced
by the printed confirmation of delivery generated by the sending party’s telecopier machine). If any notice, demand, consent,
request, instruction or other communication cannot be delivered because of a changed address of which no notice was given (in
accordance with this Section 7.4), or the refusal to accept same, the notice, demand, consent, request, instruction or other communication
shall be deemed received on the second business day the notice is sent (as evidenced by a sworn affidavit of the sender). All
such notices, demands, consents, requests, instructions and other communications will be sent to the following addresses or facsimile
numbers as applicable:

 

If
to the Company:

 

mLight
Tech, Inc.

 

with
copies (which shall not constitute notice) to:

 

Hunter
Taubman Fischer & Li, LLC

1450
Broadway, 26th Floor

New
York, New York 10018

 

If
to Purchaser: 

He
Cen

Tel.
No.: 86-18570659144

Fax
No: 86-18570659144

 

    	 	26	 

     

    

 

Any
party hereto may from time to time change its address for notices by giving at least ten (10) days written notice of such changed
address to the other party hereto.

 

Section
7.5Waivers. No waiver by any party of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right
accruing to it thereafter.

 

Section
7.6Headings. The section headings contained in this Agreement (including, without limitation, section headings and
headings in the exhibits and schedules) are inserted for reference purposes only and shall not affect in any way the meaning,
construction or interpretation of this Agreement. Any reference to the masculine, feminine, or neuter gender shall be a reference
to such other gender as is appropriate. References to the singular shall include the plural and vice versa.

 

Section
7.7Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of
the Company or the Purchaser, as applicable, provided, however, that, subject to federal and state securities laws,
a Purchaser may assign its rights and delegate its duties hereunder in whole or in part to an affiliate or to a third party acquiring
all or substantially all of its Debentures in a private transaction without the prior written consent of the Company or the other
Purchaser, after notice duly given by such Purchaser to the Company provided, that no such assignment or obligation shall
affect the obligations of such Purchaser hereunder and that such assignee agrees in writing to be bound, with respect to the transferred
securities, by the provisions hereof that apply to the Purchaser. The provisions of this Agreement shall inure to the benefit
of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

Section
7.8No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section
7.9Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive
law of another jurisdiction. This Agreement shall not be interpreted or construed with any presumption against the party causing
this Agreement to be drafted.

 

Section
7.10Survival. The representations and warranties of the Company and the Purchaser shall survive the execution and delivery
hereof and the Closing hereunder for a period of three (3) years following the Closing Date.

 

    	 	27	 

     

    

 

Section
7.11Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall
be deemed to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective
when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties
need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall
create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same
force and effect as if such facsimile signature were the original thereof.

 

Section
7.12Publicity. The Company agrees that it will not disclose, and will not include in any public announcement, the name
of the Purchaser without the consent of the Purchaser unless and until such disclosure is required by law or applicable regulation,
and then only to the extent of such requirement.

 

Section
7.13Severability. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction
shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision or part of a provision of this Agreement and such provision shall be reformed and construed as if such invalid
or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would
be valid, legal and enforceable to the maximum extent possible.

 

Section
7.14Further Assurances. From and after the date of this Agreement, upon the request of any Purchaser or the Company,
each of the Company and the Purchaser shall execute and deliver such instrument, documents and other writings as may be reasonably
necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

Section
7.15Currency. Unless otherwise indicated, all dollar amounts referred to in this Agreement are in United States Dollars.
All amounts owing under this Agreement shall be paid in US dollars. All amounts denominated in other currencies shall be converted
in the US dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into US dollars pursuant to this Agreement, the US dollar exchange
rate as published in The Wall Street Journal on the relevant date of calculation.

 

Section
7.16Termination. This Agreement may be terminated prior to Closing:

 

(a) by
mutual written agreement of the Purchaser and the Company, (the; and

 

(b) In
the event of a termination pursuant to Section 7.16(a), each Purchaser shall have the right to a return of up to its entire Purchase
Price pursuant to this Agreement, without interest or deduction. The Company covenants and agrees to return the Purchase Price.

 

    	 	28	 

     

    

 

Section
7.17. Language. The Agreement is in English only; the Chinese language herein is merely for reference purpose for the Purchaser.
If there is any conflict between the English and Chinese language, English language prevails.

 

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

 

	The Company:	MLIGHT
TECH, INC.
	 	 
	 	By:	/s/
    Huibin Su
	 	 	
        Name: Huibin Su

        Title:   CEO

 

    	 	29	 

     

    

 

Purchaser
Signature Page

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member
as of the date first above written.

 

The
Purchaser: 

 

	/s/
    He Cen	 
	HE
    CEN	 

 

Address
and Contacts of Purchaser 

 

Address:
Room 1003, Unit 3, Tung Chun Garden

Yijingju,
Nancheng District, Dongguan

Guangdong
Province, China, 523079

 

Telephone:
+86-18570659144

Email:
18353687@qq.com

 

    	 	30	 

     

    

 

Schedule
2.1(a)

 

List
of the Company’s Subsidiaries that are not qualified to do business or are not in good standing in any of the jurisdiction
in which such qualification is necessary

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	31	 

     

    

 

Schedule
2.1(c)

List
of the Company’s Shares that are duly issued but not authorized

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	32	 

     

    

 

Schedule
2.1(e)

List
of the Company’s Subsidiaries

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	33	 

     

    

 

Schedule
2.1(h)

List
of the Company’s undisclosed liabilities

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	34	 

     

    

 

Schedule
2.1(q)

List
of the Company’s payable brokers fees, finders fees, financial advisory fees or commissions related to the transactions
contemplated by this Agreement

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	35	 

     

    

 

Schedule
2.1(r)

List
of untrue or misleading statements of a material fact contained in any of the documents furnished to the Purchaser by or on behalf
of the Company or the Subsidiaries in connection with this transaction contemplated by this Agreement.

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	36	 

     

    

 

Schedule
2.1(t)

List
of the Company’s internal accounting control deficiency

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	37	 

     

    

 

Schedule
2.1(y)

List
of the collective bargaining arrangements covering any of the Company or its subsidiary’s employee

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	38	 

     

    

 

Schedule
2.1(z)

List
of Certain Developments of the Company or its subsidiaries

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	39	 

     

    

 

EXHIBIT
A TO THE

SECURITIES
PURCHASE AGREEMENT

 

 

 

NON
U.S. PERSON REPRESENTATIONS

 

Each
Purchaser indicating that it is not a U.S. person, severally and not jointly, further represents and warrants to the Company as
follows:

		1.	At
                                         the time of (a) the offer by the Company and (b) the acceptance of the offer by such
                                         person or entity, of the Debentures, such person or entity was outside the United States.
	 	 	 

		2.	Such
                                         person or entity is acquiring the Debentures for such Shareholder’s own account,
                                         for investment and not for distribution or resale to others and is not purchasing the
                                         Debentures for the account or benefit of any U.S. person, or with a view towards distribution
                                         to any U.S. person, in violation of the registration requirements of the Securities Act.
	 	 	 

		3.	Such
                                         person or entity will make all subsequent offers and sales of the Debentures either (x)
                                         outside of the United States in compliance with Regulation S; (y) pursuant to a registration
                                         under the Securities Act; or (z) pursuant to an available exemption from registration
                                         under the Securities Act. Specifically, such person or entity will not resell the Debentures
                                         to any U.S. person or within the United States prior to the expiration of a period commencing
                                         on the Closing Date and ending on the date that is one year thereafter (the “Distribution
                                         Compliance Period”), except pursuant to registration under the Securities Act
                                         or an exemption from registration under the Securities Act.
	 	 	 

		4.	Such
                                         person or entity has no present plan or intention to sell the Debentures in the United
                                         States or to a U.S. person at any predetermined time, has made no predetermined arrangements
                                         to sell the Debentures and is not acting as a Distributor of such securities.
	 	 	 

		5.	Neither
                                         such person or entity, its Affiliates nor any Person acting on behalf of such person
                                         or entity, has entered into, has the intention of entering into, or will enter into any
                                         put option, short position or other similar instrument or position in the U.S. with respect
                                         to the Debentures at any time after the Closing Date through the Distribution Compliance
                                         Period except in compliance with the Securities Act.
	 	 	 

		6.	Such
                                         person or entity consents to the placement of a legend on any certificate or other document
                                         evidencing the Debentures substantially in the form set forth in Section 5.1.
	 	 	 

		7.	Such
                                         person or entity is not acquiring the Debentures in a transaction (or an element of a
                                         series of transactions) that is part of any plan or scheme to evade the registration
                                         provisions of the Securities Act.
	 	 	 

		8.	Such
                                         person or entity has sufficient knowledge and experience in finance, securities, investments
                                         and other business matters to be able to protect such person’s or entity’s
                                         interests in connection with the transactions contemplated by this Agreement.

 

    	 	40	 

     

    

 

		9.	Such
                                         person or entity has consulted, to the extent that it has deemed necessary, with its
                                         tax, legal, accounting and financial advisors concerning its investment in the Debentures.
	 	 	 

		10.	Such
                                         person or entity understands the various risks of an investment in the Debentures and
                                         can afford to bear such risks for an indefinite period of time, including, without limitation,
                                         the risk of losing its entire investment in the Debentures.
	 	 	 

		11.	Such
                                         person or entity has had access to the Company’s publicly filed reports with the
                                         SEC and has been furnished during the course of the transactions contemplated by this
                                         Agreement with all other public information regarding the Company that such person or
                                         entity has requested and all such public information is sufficient for such person or
                                         entity to evaluate the risks of investing in the Debentures.
	 	 	 

		12.	Such
                                         person or entity has been afforded the opportunity to ask questions of and receive answers
                                         concerning the Company and the terms and conditions of the issuance of the Debentures.
	 	 	 

		13.	Such
                                         person or entity is not relying on any representations and warranties concerning the
                                         Company made by the Company or any officer, employee or agent of the Company, other than
                                         those contained in this Agreement.
	 	 	 

		14.	Such
                                         person or entity will not sell or otherwise transfer the Conversion Shares unless either
                                         (A) the transfer of such securities is registered under the Securities Act or (B)
                                         an exemption from registration of such securities is available.
	 	 	 

		15.	Such
                                         person or entity represents that the address furnished on its signature page to this
                                         Agreement is the principal residence if he is an individual or its principal business
                                         address if it is a corporation or other entity.
	 	 	 

		16.	Such
                                         person or entity understands and acknowledges that the Debentures have not been recommended
                                         by any federal or state securities commission or regulatory authority, that the foregoing
                                         authorities have not confirmed the accuracy or determined the adequacy of any information
                                         concerning the Company that has been supplied to such person or entity and that any representation
                                         to the contrary is a criminal offense.

 

    	 	41	 

     

    

 

EXHIBIT
B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42Exhibit
10.3

 

NEITHER
THE OFFER NOR SALE OF THE SECURITIES REPRESENTED BY THIS DEBENTURE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
(THE “1933 ACT”). THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT, OR AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS
OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR UNLESS SOLD PURSUANT TO RULE 144
UNDER THE 1933 ACT.

 

MLIGHT
TECH, INC.

 

Series
A CONVERTIBLE DEBENTURE

 

DUE:
April 18, 2018

 

	No.
    0001	April
    19, 2017 (the "Issuance Date")

 

	$150,000	New
    York, New York

 

FOR
VALUE RECEIVED, the undersigned, MLIGHT TECH, INC. (herein called the “Company”), a Florida corporation,
promises to pay to the order HE CEN, or his or its registered assigns (the “Holder” or “Holders”),
the principal sum of one hundred and fifty thousand dollars (US$150,000), as such amount is reduced pursuant to
the terms hereof pursuant to redemption, conversion or otherwise (the “Principal”), on April 18, 2018 (the
“Maturity Date”), together with interest (computed on the basis of a 365-day year) on the outstanding principal
amount at the rate of eight percent (8%) per annum (the “Interest Rate”) from the date hereof, payable on June
30, 2017 and, thereafter, quarterly in arrears, until the principal hereof shall have become due and payable.

 

1. Securities
Purchase Agreement. This Debenture has been issued pursuant to the terms and conditions set forth in the Securities
Purchase Agreement dated as of April 19, 2017 by and among the Company and, inter alia, the Holder, (as from time to time
amended, the “Securities Purchase Agreement”). All of the terms and conditions of such Securities Purchase
Agreement are incorporated herein by this reference, and all capitalized terms not separately defined in this Debenture,
shall have the same meanings as defined in the Securities Purchase Agreement.

 

2. Debenture.
Payments of principal of, and interest on, this Debenture are to be made in lawful money of the United States of America at
such place as provided in the Securities Purchase Agreement. This Debenture is the 8% Series A Convertible Debenture (herein
called the “Debenture”) issued pursuant to the Securities Purchase Agreement, and is subject to other
terms as set forth in the Securities Purchase Agreement.

 

    	 	1	 

     

    

 

3. Interest.
Interest on this Debenture shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the
outstanding Principal amount from time to time, shall be computed on the basis of a 365-day year comprised of twelve (12)
months and shall be payable in arrears upon the earlier of (i) the last day of June, September, December and March,
commencing on the Issuance Date, until the principal hereof shall have become due and payable and, (ii) the date of
conversion into Common Stock in accordance with Section 5 herein below. 

 

		(a)	Subject
                                         to the conditions set forth in Section 5(e), the Company has the sole discretion to elect
                                         to make interest payment to the Holder either (i) in cash, or (ii) such number of shares
                                         of Common Stock converted in accordance with Section 5 below e; or (iii) in a combination
                                         of cash and shares of Common Stock.

 

4.
Prepayment. At any time after the Issuance Date prior to the Maturity Date, Company shall have the right to prepay
this Debenture in full or any portion of the then outstanding principal balance prior to the Maturity Date, provided that the
Company give written notice to the Purchasers at least ten (10) business days before the prepayment and; provided further that
Purchasers may during five (5) business days of receipt of such notice elect to convert the Debentures in accordance with their
terms set forth herein, although such conversion shall not be effective until sixty-one (61) days following the date of Purchasers’
notice of election.

 

5.
Conversion into Common Stock

 

a.
General.

 

(i)  Conversion
into Common Stock. Subject to the provisions of Section 5(a)(iii) and 5(e), on
any one or more occasions on or after the date hereof, the Holder shall be entitled to convert any portion of the
outstanding and unpaid Conversion Amount (as defined below) into fully paid and non-assessable shares of common stock of the
Company, par value $0.0001 per share (the “Common Stock”), or any shares of capital stock or other securities of
the Company into which such Common Stock shall hereafter be changed, exchanged or reclassified in accordance with Section
5(c), at the Conversion Rate (as defined below) then in effect. The Company shall not issue any fraction of a share of Common
Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company
shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all
transfer, stamp and similar taxes that may be payable with respect to the issuance and delivery of Common Stock upon
conversion of any Conversion Amount. Any such conversion set forth in a conversion notice dated prior thereto, shall be
deemed to be effective as of the date of such conversion notice (the “Conversion Date”).

 

    	 	2	 

     

    

 

(ii) Conversion
Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to Section 5(a)
shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion
Rate”). The Conversion Amount shall be subject from time to time to adjustment as
described below. 

 

1.
“Conversion Amount” means the sum of (A) the portion of the Principal to be converted, amortized,
redeemed or otherwise with respect to which this determination is being made, and (B) any accrued and unpaid
Interest.

 

2.
“Conversion Price” means, as of any Conversion Date (as defined below) or other date of determination,
$0.01 per share, subject to adjustment as provided herein.

 

(iii) Conversion
Limit. Notwithstanding anything to the contrary set forth in this Debenture, at no time may a Holder of this Debenture
convert this Debenture into Common Stock if the number of shares of Common Stock to be issued pursuant to such conversion
would cause the number of shares of Common Stock owned by such Holder at such time to exceed, when aggregated with all other
shares of Common Stock owned by such Holder and its affiliates at such time, the number of shares of Common Stock which would
result in such Holder, its affiliates, any investment manager having discretionary investment authority over the accounts or
assets of such Holder, or any other persons whose beneficial ownership of Common Stock would be aggregated with such
Holder’s for purposes of Section 13(d) and Section 16 of the 1934 Act, beneficially owning (as determined in accordance
with Section 13(d) of the 1934 Act and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of
Common Stock (the "Holder Cap").

 

(iv) Effect
of Conversion. Upon conversion of this Debenture in full in the manner provided by this Section 5 (c) below, this Debenture
shall be deemed fully satisfied and cancelled.

 

b. Authorized
Shares. The Company covenants that during the period the conversion right exists, the Company will reserve from its
authorized and unissued Common Stock, free from preemptive rights, to provide for the issuance of 110% of the number of
shares of Common Stock upon the full conversion of the Holder’s Debenture and the other Debentures issued pursuant to
the Securities Purchase Agreement (the “Reserved Amount”). If the Company shall issue any securities or make any
change to its capital structure which would change the number of shares of Common Stock into which the Debentures shall be
convertible at the then current Conversion Price, the Company shall at the same time make proper provision so that thereafter
there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for
conversion of the outstanding Debentures. The Company (i) acknowledges that it has irrevocably authorized by its Board of
Directors to issue certificates for the Common Stock issuable upon conversion of the Holder’s Debenture, and (ii)
agrees that its issuance of the Holder’s Debenture shall constitute full authority to its officers and agents who are
charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common
Stock in accordance with the terms and conditions of the Holder’s Debenture.

 

c. Method of Conversion. 

 

(i) Mechanics of Conversion. Subject to Section 5(a), the Holder’s Debenture may be
converted by the Holder in whole or in part, by (i) submitting to the Company a conversion notice (by facsimile or other reasonable
means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (ii) subject to Section
5(c)(ii), surrendering the Holder’s Debenture at the principal office of the Company.

 

    	 	3	 

     

    

 

(ii) Surrender of Debenture upon Conversion. Notwithstanding anything to the contrary set
forth herein, upon conversion of the Holder’s Debenture in accordance with the terms hereof, the Holder shall not be required
to physically surrender the Holder’s Debenture to the Company unless the entire unpaid principal amount of the Holder’s
Debenture is so converted. The Holder and the Company shall maintain records showing the principal amount so converted and the
dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to
require physical surrender of the Holder’s Debenture upon each such conversion. In the event of any dispute or discrepancy,
such records of the Company shall be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing,
if any portion of the Holder’s Debenture is converted as aforesaid, the Holder may not transfer the Holder’s Debenture
unless the Holder first physically surrenders the Holder’s Debenture to the Company, whereupon the Company will forthwith
issue and deliver upon the order of the Holder a new Debenture of like tenor, registered as the Holder (upon payment by the Holder
of any applicable transfer taxes) may request, representing in the aggregate the remaining unpaid principal amount of the Holder’s
Debenture. The Holder and any assignee, by acceptance of the Holder’s Debenture, acknowledge and agree that, by reason of
the provisions of this paragraph, following conversion of a portion of the Holder’s Debenture, the unpaid and unconverted
principal amount of the Holder’s Debenture represented by the Holder’s Debenture may be less than the amount stated
on the face hereof.

 

(iii) Delivery of Common Stock upon Conversion. Upon receipt by the Company from the Holder
of a facsimile transmission (or other reasonable means of communication) of a conversion notice meeting the requirements for conversion
as provided in this Section 5(c), the Company shall issue and deliver or cause to be issued and delivered to or upon the order
of the Holder certificates for the Common Stock issuable upon such conversion within three (3) Business Days (such third Business
Day being hereinafter referred to as the “Deadline”) in accordance with the terms hereof and the Securities Purchase
Agreement.

 

(iv) Obligation
of Company to Deliver Common Stock. Upon delivery by the Holder to the Company of a Conversion notice, the Holder shall
be deemed to be the Holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and
the amount of accrued and unpaid interest on that portion of the Holder’s Debenture being converted shall be reduced to
reflect such conversion, and, unless the Company defaults on its obligations under this Section 5, all rights with respect to
the portion of the Holder’s Debenture being so converted shall forthwith terminate except the right to receive the
Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have
given a conversion notice as provided herein, the Company’s obligation to issue and deliver the certificates for Common
Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any
waiver or consent with respect to any provision thereof, the recovery of any judgment against any Person or any action to
enforce the same, any failure or delay in the enforcement of any other obligation of the Company to the Holder of record, or
any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any
obligation to the Company, and irrespective of any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with such conversion. The Conversion Date specified in the conversion notice shall be the
Conversion Date so long as the conversion notice is received by the Company before 6:00 p.m., New York, New York time, on
such date.

 

    	 	4	 

     

    

 

(vi)
Pro Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder
of Debentures for the same Conversion Date and the Company can convert some, but not all, of such portions of the Debentures submitted
for conversion, the Company, subject to Section 5(a)(iii), shall convert from each holder of Debentures electing to have Debentures
converted on such date a pro rata amount of such holder’s portion of its Debentures submitted for conversion based on the
principal amount of Debentures submitted for conversion on such date by such holder relative to the aggregate principal amount
of all Debentures submitted for conversion on such date. In the event of a dispute as to the number of shares of Common Stock
issuable to the Holder in connection with a conversion of this Debenture, the Company shall issue to the Holder the number of
shares of Common Stock not in dispute and resolve such dispute in accordance with Section 19.

 

d. Certain
Adjustments.

 

(i) Subdivision
or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a
greater number of shares, then, after the date of record for effecting such subdivision, the Conversion Price in effect
immediately prior to such subdivision will be proportionately reduced. If the Company at any time combines (by any
reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable
hereunder into a smaller number of shares, then, after the date of record for effecting such combination, the Conversion
Price in effect immediately prior to such combination will be proportionately increased.

 

(ii) Reclassification, Exchange, and Substitution.  If at any time or from time
to time after the date upon which this Debenture was issued by the Company (the “ Original Issue Date”), the
shares of Common Stock issuable upon the conversion of this Debenture shall be changed into the same or a different number of
shares of any class or classes of stock, whether by recapitalization, reclassification, reorganization, merger, exchange, consolidation,
sale of assets or otherwise, then, in any such event, each holder of the Debentures shall have the right thereafter to convert
such stock into the kind and amount of stock and other securities and property receivable upon such recapitalization, reclassification,
reorganization, merger, exchange, consolidation, sale of assets, distribution of assets or other change by a holder of the number
of shares of Common Stock into which such shares of this Debenture could have been converted immediately prior to such recapitalization,
reclassification, reorganization, merger, exchange, consolidation, sale of assets, distribution of assets or other change, or
with respect to such other securities or property by the terms thereof.

 

(iii) Calculations. All calculations under this Section 5 shall be made to the nearest cent
or the nearest 1/100th of a share, as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed
to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares,
if any) issued and outstanding. 

 

    	 	5	 

     

    

 

(iv) Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the
Conversion Price as a result of the events described in this Section 5(d), the Company, at its expense, shall promptly compute
such adjustment or readjustment and prepare and furnish to the Holder of this Debenture a certificate setting forth such adjustment
or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. Failure to give such notice
or any defect therein shall not effect the legality or validity of the subject adjustment. 

 

e. Intentionally
Left Blank. 

 

f. Concerning
the Shares. 

 

(i) Legend.
The shares of Common Stock issuable upon conversion of the Debenture may not be sold or transferred unless (A) such shares are
sold pursuant to an effective registration statement under the Securities Act, or (B) the Company or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of
counsel in comparable transactions and from an attorney that regularly practices securities law) to the effect that the shares
to be sold or transferred may be sold or transferred pursuant to an exemption from such registration, or (C) such shares
are sold or transferred pursuant to Rule 144 under the Securities Act (or a successor rule) (“Rule
144”), or (D) such shares are sold or transferred outside the United States in accordance
with Rule 904 of Regulation S under the Securities Act, or (E) such shares are transferred to an “affiliate” (as defined
in Rule 144) of the Company who agrees to sell or otherwise transfer the shares only in accordance with this Section 5(e). Except
as otherwise provided in this Agreement (and subject to the removal provisions set forth below), until such time as the shares
of Common Stock issuable upon conversion of the Debenture have been registered under the Securities Act as contemplated by the
Registration Rights Agreement, otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities
as of a particular date that can then be immediately sold, each certificate for shares of Common Stock issuable upon conversion
of the Debenture that has not been so included in an effective registration statement or that has not been sold pursuant to an
effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in the
following form, as appropriate:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION
S UNDER THE U.S. SECURITIES ACT, (C) WITHIN THE UNITED STATES AFTER REGISTRATION OR IN ACCORDANCE WITH THE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS, OR (D) WITHIN THE UNITED STATES IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER
THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS AND THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE CORPORATION
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION.

 

    	 	6	 

     

    

 

(ii) Removal
of Legend. The legend set forth above shall be removed and the Company shall issue to the Holder a new certificate
therefor free of any transfer legend if (A) the Company or its transfer agent shall have received an opinion of counsel, in
form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or
transfer of such Common Stock may be made without registration under the Act and the shares are so sold or transferred, or
(B) in the case of the Common Stock issuable upon conversion of the Holder’s Debenture, such security is registered for
sale by the Holder under an effective registration statement filed under the Securities Act or otherwise may be sold pursuant
to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold.
The Company shall cause its counsel to issue a legal opinion to the Company’s transfer agent promptly after the
effective date of any registration statement under the Securities Act registering the resale of the Common Stock issuable
upon conversion of the Debenture if required by the Company’s transfer agent to effect the removal of the legend
hereunder. Nothing in the Debenture shall (x) limit the Company’s obligation under the Registration Rights Agreement or
(y) affect in any way the Holder’s obligations to comply with applicable prospectus delivery requirements upon the
resale of the securities referred to herein.

 

(g) Distribution
of Assets; If the Company shall declare or make any dividend or other distributions of its assets (or rights to acquire
its assets) to any or all holders of shares of Common Stock, by way of return of capital or otherwise (including without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the
“Distributions”), then the Holder will be entitled to such Distributions as if the Holder had held the
number of shares of Common Stock acquirable upon complete conversion of this Debenture (without taking into account any
limitations or restrictions on the convertibility of this Debenture) immediately prior to the date on which a record is taken
for such Distribution or, if no such record is taken, the date as of which the record holders of Common Stock are to be
determined for such Distributions (provided, however, to the extent that the Holder’s right to participate in any such
Distributions would result in the Company exceeding the Exchange Cap, then the Holder shall not be entitled to participate in
such Distribution to such extent (or the beneficial ownership of any such shares of Common Stock as a result of such
Distribution to such extent) and such Distribution to such extent shall be held in abeyance for the benefit of the Holder
until such time, if ever, as its right thereto would not result in the Company exceeding the Exchange Cap).

 

6. Status
as Shareholder. Upon submission of a conversion notice by the Holder of this Debenture, (i) the shares covered thereby
(other than the shares, if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion
of the Reserved Amount or cause the Company to exceed the Exchange Cap) shall be deemed converted into shares of Common Stock
and (ii) the Holder’s rights as a Holder of such converted portion of the Holder’s Debenture shall cease and terminate,
excepting only the right to receive certificates for such shares of Common Stock and to any remedies provided herein or otherwise
available at law or in equity to such Holder because of a failure by the Company to comply with the terms of the Holder’s
Debenture. Notwithstanding the foregoing, if a Holder has not received certificates for all shares of Common Stock prior to the
third (3rd) Business Day after the Deadline, Holder may elect at such Holder’s option to regain the rights of
a Holder of the Holder’s Debenture with respect to such attempted converted portions of the Holder’s Debenture and
the Company shall, as soon as practicable, return such attempted converted Debenture to the Holder or, if the Debenture has not
been surrendered, adjust its records to reflect that such portion of the Holder’s Debenture has not been converted. In all
cases, the Holder shall retain all of its rights and remedies for the Company’s failure to convert the Holder’s Debenture.

 

    	 	7	 

     

    

 

7.
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

 

a.
This Debenture shall be governed by, and construed in accordance with, the internal laws of the State of New York without
regard to the choice of law principles thereof. Each of the parties of the Debenture hereto irrevocably submits to the
exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court
for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out
of this Debenture. Service of process in connection with any such suit, action or proceeding may be served on each party
hereto anywhere in the world by the same methods as are specified for the giving of notices under this Debenture. Each of the
parties of this Debenture irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding
and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any
such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY
RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS DEBENTURE AND REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

b.
Each party shall bear its own expenses in any litigation conducted under this section.

 

c.
The Company consents to accept service of process by the certified mail, return receipt requested in the event of
litigation. The Company further consents to accept service of process via recognized international courier in the case that
the Company is not able to accept service by the certified mail provided a receipt of delivery is available.

8.
Facsimile Signatures. This Debenture may be executed by facsimile signature which shall, for all purposes be deemed
to be as legally valid and binding upon the Company as an original signature.

 

    	 	8	 

     

    

 

9.
Event of Default. An “Event of Default” shall exist if any of the
following conditions or events shall occur and be continuing: 

 

a.
Following the Holder’s written demand for payment, the Company shall fail to pay in full the entire outstanding
principal amount of this Debenture and all interest accrued hereon within thirty (30) Days after such written demand for
payment is given to Holder; or 

 

b. Subject to Section 5(a)(iii), the Company’s (A) failure to cure a Conversion Failure by delivery of the required number
of shares of Common Stock within ten (10) Business Days after the applicable Conversion Date or (B) notice, written or oral, to
any holder of the Debentures, including by way of public announcement or through any of its agents, at any time, of its intention
not to comply with a request for conversion of any Debentures into shares of Common Stock that is tendered in accordance with
the provisions of the Debentures; 

 

c.
At any time following the tenth (10th) consecutive Business Day that the Reserved Amount is less than the number
of shares of Common Stock that the Holder would be entitled to receive upon a conversion of the full Conversion Amount of
this Debenture (without regard to any limitations on conversion set forth in Section 5(a)(iii) or otherwise and except as
limited by Section 5(e)). 

 

d.
The Company defaults in the performance of or compliance with its obligations under any of this Debenture, the Securities
Purchase Agreement or any of the Transaction Documents and such default has not been cured for thirty (30) days after written
notice of default is given to the Company; or 

 

e.
Any representation or warranty made by or on behalf of the Company or the Holder in this Debenture, the Securities Purchase
Agreement or any of the Transaction Documents proves to have been false or incorrect in any material respect on the date as
of which made, and such condition has not been cured for sixty (60) Business Days after written notice of default is given to
the other party; or 

 

f.
The Company (i) admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer
or otherwise to the filing against it of a petition for relief or reorganization or arrangement or any other petition
in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other
similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment
of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial
part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of
any of the foregoing; or 

 

g.
A court or governmental authority of competent jurisdiction enters an order appointing, without consent by the Company, a
custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part
of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other
petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or
ordering the dissolution, winding-up or liquidation of the Company, or any such petition shall be filed against such party
and such petition shall not be dismissed within six (6) months. 

 

    	 	9	 

     

    

 

10. Remedies
Following An Event Of Default. Upon occurrence of an Event of Default defined in
subsection (a) to (g) of Section 9, this Debenture and all accrued Interest to the date of such default shall, at the option
of the Holder, immediately become due and payable without presentment, protest or notice of any kind, all of which are waived
by the Company. 

 

11. Vote
To Issue, Or Change The Terms Of, Debentures. The written consent of the Holders of at least
51% of the holders of the then outstanding Debentures shall be required for any change, modification or amendment to any of the
Debentures, unless the change shall only effect the Holder and the Company shall have offered such change to all holders of Debentures,
in which case only the consent of the Holder is required.

 

12.
Intentionally Left Blank.

 

13. Noncircumvention. The Company hereby covenants and agrees that the Company
will not, by amendment of its certificate of incorporation, bylaws or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Debenture, and will at all times in good faith carry out all of the
provisions of this Debenture and take all action as may be required to protect the rights of the Holder of this Debenture.

 

14. Intentionally
left blank. 

 

15. Reissuance of This Debenture.

 

a. Lost,
Stolen or Mutilated Debenture.  Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any
indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and
cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with
Section 15(c)) representing the outstanding Principal.

 

b. Debenture
Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Debenture or Debentures (in accordance with Section 15(c) and in principal amounts
of at least $10,000) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture
will represent such portion of such outstanding Principal as is designated by the Holder at the time of such
surrender.

 

c. Issuance
of New Debentures.  Whenever the Company is required to issue a new Debenture pursuant to the terms of this
Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face
of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to
Section 15(b), the Principal designated by the Holder which, when added to the principal represented by the other new
Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture
immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such
new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as
this Debenture, and (v) shall represent accrued and unpaid Interest, if any, on the Principal of this Debenture, from the
Issuance Date.

 

    	 	10	 

     

    

 

16. Payment of Collection, Enforcement And Other Costs. If (a) this Debenture
is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or
the Holder otherwise takes action to collect amounts due under this Debenture or to enforce the provisions of this Debenture or
(b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’
rights and involving a claim under this Debenture, then the Company shall pay the costs incurred by the Holder for such collection,
enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, but
not limited to, attorneys’ fees and disbursements.

 

17. Construction;
Headings.  This Debenture shall be deemed to be jointly drafted by the Company and the Holder and shall not
be construed against any Person as the drafter hereof.  The headings of this Debenture are for convenience of reference
and shall not form part of, or affect the interpretation of, this Debenture.

 

18. No Waiver for Failure or Indulgence.  No failure or delay on
the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege. No waiver shall be effective unless it is in writing and signed by an authorized representative of
the waiving party.

 

19. Dispute Resolution.  In the case of a dispute as to the arithmetic
calculation of the Conversion Price or Conversion Amount, the Company shall submit the disputed determinations or arithmetic calculations
via facsimile within one (1) Business Day of receipt, or deemed receipt, of the Conversion Notice or other event giving rise to
such dispute, as the case may be, to the Holder.  If the Holder and the Company are unable to agree upon such determination
or calculation within one (1) Business Day of such disputed determination or arithmetic calculation being submitted to the Holder,
then the Company shall, within one Business Day submit via facsimile the disputed arithmetic calculation of the Conversion Price
or Conversion Amount to the Company’s independent, outside accountant.  The Company shall cause the accountant
to perform the determinations or calculations and notify the Company and the Holder of the results no later than five (5) Business
Days from the time it receives the disputed determinations or calculations. Such accountant’s determination or calculation
shall be binding upon all parties absent demonstrable error.  The party, whose calculation is furthest from the accountant’s
determination or calculation, shall be obligated to pay the fees and expenses of such accountant.

 

    	 	11	 

     

    

 

20. Notices;
Payments.

 

a. Notices.  Whenever
notice is required to be given under this Debenture, unless otherwise provided herein, such notice shall be given in the same
manner provided in the subsection headed “Notices” in the Securities Purchase Agreement, the terms of which are
incorporated herein by reference.

 

d. Payments.  Except
as otherwise provided in this Debenture, whenever any payment of cash is to be made by the Company to any Person pursuant to
this Debenture, such payment shall be made in lawful money of the United States of America by a check drawn on the account of
the Company and sent via overnight courier service to such Person at such address as previously provided to the Company in
writing; provided that the Holder may elect to receive a payment of cash via wire transfer of immediately available
funds by providing the Company with prior written notice setting out such request and the Holder’s wire transfer
instructions.  Whenever any amount expressed to be due by the terms of this Debenture is due on any day which is
not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day.  

 

21. Cancellation.  After all Principal and other amounts at any
time owed on this Debenture have been paid in full, this Debenture shall automatically be deemed canceled, shall be surrendered
to the Company for cancellation and shall not be reissued.

 

22. Waiver of Notice.  To the extent permitted by law, the Company
hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Debenture and the Securitas Purchase Agreement.

 

23. Currency. All principal, interest and other amounts owing under this Debenture
or any Transaction Document that, in accordance with their terms, are paid in cash shall be paid in U.S. dollars. All amounts
denominated in other currencies shall be converted in the U.S. dollar equivalent amount in accordance with the Exchange Rate on
the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted into
U.S. dollars pursuant to this Debenture, the U.S. dollar exchange rate as published in the Wall Street Journal on the relevant
date of calculation (it being understood and agreed that where an amount is calculated with reference to, or over, a period of
time, the date of calculation shall be the final date of such period of time).

 

24. Language. This Debenture is written in Chinese and English but if there
is any conflict between the Chinese and English version, English version shall prevail.

 

25. Severability.
If any provision of this Debenture is prohibited by law or otherwise determined to be invalid or unenforceable by a court of
competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to
apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision
shall not affect the validity of the remaining provisions of this Debenture so long as this Debenture as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the
respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of
the prohibited, invalid or unenforceable provision(s).

 

[Signature
Page Follows]

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the Company has executed and delivered this Debenture the date and year first above written.

 

	MLIGHT TECH, INC.	 
	 	 
	/s/ Huibin Su	 
	
        Name: Huibin Su

        Title: CEO
	 

 

 

    	 	13	 

     

    

  

MLIGHT
TECH, INC.

CONVERSION
NOTICE

 

Reference
is made to the Convertible Debenture (the “Note”) issued to the undersigned by mLight Tech, Inc., a Florida
corporation (the “Company”). In accordance with and pursuant to the Debenture, the undersigned hereby elects
to convert the Conversion Amount (as defined in the Debenture) of the Debenture indicated below into shares of common stock, par
value $0.00001 per share, of mLight Tech, Inc., a Florida corporation (the “Common Stock”), as of the date
specified below.

 

Conversion
Date:                                                                                                                                                       

Aggregate
Conversion Amount to be converted:                                                                                                

Conversion
Price:                                                                                                                                                  

Number
of shares of Common Stock to be issued:                                                                                               

 

Please
issue the Common Stock into which the Debenture is being converted in the following name and to the following address:

 

Issue
to:                                                                                                                                                                     

 
                                                                                                                                                                                

 
                                                                                                                                                                                 

 

Facsimile
Number:   
                                                                                                                                              

Holder:
 
                                                                                                                                                                 

By:
                                                                                                                                                                 

Title:
                                                                                                                                                               

Dated:   
                                                                                                                                                                            

Account
Number:                                                                                                                                                  

(if electronic book entry transfer)  

Transaction
Code Number:                                                                                                                                  

(if electronic book entry transfer)  

                       

 

 

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]