Document:

Exhibit 10.2

 

FORM OF LOCK-UP
AGREEMENT

 

December 13, 2019

 

China SXT Pharmaceuticals, Inc.

178 Taidong Rd North

Taizhou, Jiangsu

China

 

Re: Pre-Delivered Shares

 

Ladies and Gentlemen:

 

Reference is hereby
made to (a) that certain Securities Purchase Agreement, dated as of April 16, 2019 (as amended, restated or otherwise modified
from time to time prior to the date hereof, the “Securities Purchase Agreement”), by and among CHINA SXT PHARMACEUTICALS,
INC., a company organized under the laws of the British Virgin Islands (the “Company”), the undersigned (the
“Investor”) and the other buyers signatory thereto (the “Buyers”), pursuant to which, among
other things, the Company sold, and the Investor, in its capacity as a Buyer, purchased (i) a Series A Note (as defined in the
Forbearance Agreement), (ii) a Series B Senior Secured Convertible Note (as defined in the Forbearance Agreement), (iii) a Series
A Warrant to purchase 298,329 of the Company’s ordinary shares equal to 50% of the shares issuable upon conversion of the
Series A Notes, and (D) a Series B Warrant to purchase 149,165 of the Company’s ordinary shares equal to 50% of the shares
issuable upon conversion of the Series B Notes; and (b) that certain Forbearance and Amendment Agreement, dated December 13, 2019,
by and between the Company and the Investor (the “Forbearance Agreement”), pursuant to which the Company agreed
to redeem the Series A Note for a cash amount equal to the Forbearance Redemption Amounts (as defined in the Forbearance Agreement).
Capitalized terms not defined herein shall have the meaning as set forth in the Forbearance Agreement.

 

In consideration of
the Company’s agreement to enter into the Forbearance Agreement and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, effective as of the Effective Date, the undersigned hereby agrees, solely for
the benefit of the Company that, without the prior written consent of the Company, the undersigned will not, during Forbearance
Period (the “Lock-Up Period”), directly or indirectly, unless otherwise provided herein, (a) offer, sell, agree
to offer or sell, solicit offers to purchase, grant any call option or purchase any put option, make any Short Sale (as defined
below), pledge, encumber, assign, borrow or otherwise dispose of or transfer any Pre-Delivered Shares (excluding any Applied Pre-Delivery
Shares) (the “Locked Shares”) or (b) enter into any hedge, swap or other agreement that transfers, in whole
or in part, any of the economic consequences of ownership of the Locked Shares (each a “Transfer”), whether
any such transaction described in clause (a) or (b) is to be settled by delivery of Ordinary Shares or such other securities, in
cash or otherwise;. “Short Sales” means all “short sales” as defined in Rule 200 promulgated under
Regulation SHO under the 1934 Act (as defined below) (but shall not be deemed to include (x) any sale of Ordinary Shares then held
by the Investor that do not consist of Locked Shares or (y) the location and/or reservation of borrowable Ordinary Shares). Notwithstanding
the foregoing, the Locked Shares may be pledged in connection with a bona fide margin account or other loan or financing arrangement
secured by the Locked Shares and such pledge of the Locked Shares shall not be deemed to be prohibited by this Lock-Up Agreement
(a “Bona-Fide Margin Pledge”); provided, that the subsequent transfer of such Locked Shares pursuant to such
Bona-Fide Margin Pledge would be deemed to violate the terms and conditions of this Lock-Up Agreement.

 

     

     

    

 

For
the avoidance of doubt, (i) the Investor acknowledges and agrees that the foregoing restrictions preclude the Investor from engaging
in any hedging or other similar transaction (excluding a Bona-Fide Margin Pledge) which would reasonably be expected to result
in a sale or disposition of the Locked Shares (even if such Locked Shares would be disposed of by someone other than the Investor).
Such prohibited hedging or other similar transactions would include any Short Sale or any purchase, sale or grant of any right
(including any put or call option) with respect to any of the Locked Shares or with respect to any Locked Shares that includes,
relates to, or derives any significant part of its value from such Locked Shares and (ii) the Company acknowledges and agrees that
nothing in this Lock-Up Agreement shall be deemed to restrict the purchase or sale by the Investor of any other Ordinary Shares
(excluding the Locked Shares).

 

In furtherance of the
Investor’s obligations hereunder, the Investor hereby agrees that the Investor shall at the Company’s written request,
from time to time during the Lock-Up Period, but not in excess of three (3) times during the Lock-Up Period, provide evidence,
reasonably satisfactory to the Company, that the Locked Shares remain in the account of the Investor. In the event that prior to
the expiration of the Lock-Up Period the aggregate number of Ordinary Shares held in the brokerage account of such Investor is
less than the Locked Shares, the undersigned shall within one (1) Business Day of the Company’s written request, return the
Locked Shares to the Company for cancellation by directing the Investor’s broker to initiate a DWAC withdrawal of the Pre-Delivery
Shares and delivering duly executed cancellation instructions in the form attached hereto as Exhibit A along with the original
certificates (if any) evidencing the Pre-Delivery Shares, original stock power with medallion guaranteed and corporate resolution
approving such cancellation to the Company’s Transfer Agent.

 

Notwithstanding the
foregoing, the undersigned may transfer the undersigned’s Locked Shares if the undersigned is a corporation, partnership,
limited liability company, trust or other business entity (1) to another corporation, partnership, limited liability company, trust
or other business entity that is a direct or indirect affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended)
of the undersigned, (2) to limited partners, limited liability company members or stockholders of the undersigned, or (3) in connection
with a sale, merger or transfer of all or substantially all of the assets of the undersigned or any other change of control of
the undersigned, not undertaken for the purpose of avoiding the restrictions imposed by this Lock-Up Agreement; provided, that
(A) such transfer shall not involve a disposition for value, and (B) the transferee agrees in writing with the Company to be bound
by the terms of this Lock-Up Agreement.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement and that this Lock-Up
Agreement has been duly authorized (if the undersigned is not a natural person) and constitutes the legal, valid and binding obligation
of the undersigned, enforceable in accordance with its terms. Upon request, the undersigned will execute any additional documents
necessary in connection with the enforcement hereof. Any obligations of the undersigned shall be binding upon the successors and
assigns of the undersigned from the date of this Lock-Up Agreement.

 

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This Lock-Up Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws
principles thereof. Delivery of a signed copy of this Lock-Up Agreement by facsimile or e-mail/.pdf transmission shall be effective
as the delivery of the original hereof.

 

The obligations of the
undersigned under this Lock-Up Agreement are several and not joint with the obligations of any Other Investor under any lock-up
agreement required to be entered into by each such Other Investor and the Company pursuant to any Other Agreement (each, an “Other
Lock-Up Agreement”) or under any other agreement, and the undersigned shall not be responsible in any way for the performance
of the obligations of any Other Investor under any Other Lock-Up Agreement or under any other agreement. Nothing contained herein
or in this Lock-Up Agreement, and no action taken by the undersigned pursuant hereto, shall be deemed to constitute the undersigned
and the Other Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the undersigned and the Other Investors are in any way acting in concert or as a group with respect to such obligations or
the transactions contemplated by this Lock-Up Agreement and the Company acknowledges that the undersigned and the Other Investors
are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this Lock-Up Agreement
or any other Lock-Up Agreement. The Company and the undersigned confirm that the undersigned has independently participated in
the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The undersigned shall
be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Lock-Up
Agreement, and it shall not be necessary for any Other Investor to be joined as an additional party in any proceeding for such
purpose nor shall the undersigned have any right of enforcement or otherwise against any Other Investor related hereto.

 

The Company hereby represents
and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered to any
Other Investor with respect to hereto or any waiver, modification or amendment (or consent to permit any term or condition of this
Lock-Up Agreement not to apply, in whole or in part, to any portion of any security) of any term offered to any Other Investor
(each a “Settlement Document”), is or will be more favorable to such Other Investor than those of the undersigned
and this Lock-Up Agreement. If, and whenever on or after the date hereof, the Company enters into a Settlement Document, then (i)
the Company shall provide notice thereof to the undersigned promptly following the occurrence thereof and (ii) the terms and conditions
of this Lock-Up Agreement shall be, without any further action by the undersigned or the Company, automatically amended and modified
in an economically and legally equivalent manner such that the undersigned shall receive the benefit of the more favorable terms
and/or conditions (as the case may be) set forth in such Settlement Document, provided that upon written notice to the Company
at any time the undersigned may elect not to accept the benefit of any such amended or modified term or condition, in which event
the term or condition contained in this Lock-Up Agreement shall apply to the undersigned as it was in effect immediately prior
to such amendment or modification as if such amendment or modification never occurred with respect to the undersigned. The provisions
of this paragraph shall apply similarly and equally to each Settlement Document.

 

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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 letter agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereby irrevocably waives any right it may have, and agrees not to request,
a jury trial for the adjudication of any dispute hereunder or in connection with or arising out of this letter agreement or any
transaction contemplated hereby.

 

This Lock-Up Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.

 

This Lock-Up Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Lock-Up Agreement may be executed and accepted by facsimile or
PDF signature and any such signature shall be of the same force and effect as an original signature.

 

The terms of this Lock-Up
Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and
assigns. This Lock-Up Agreement may not be amended, modified or waived without the prior written consent of the parties hereto.

 

[The remainder of this page is intentionally
left blank]

 

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	Very truly yours,	 
	 	 	 
	[investor]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	AGREED AND ACCEPTED BY:	 
	 	 	 
	CHINA SXT PHARMACEUTICALS, INC.	 
	 	 	 
	By:	                           	 
	 	Name:	 
	 	Title:	 

 

 

5Exhibit 10.3

 

CHINA SXT PHARMACEUTICALS, INC.

178 Taidong Rd North, Taizhou

Jiangsu Province, China

 

December 13, 2019

[INVESTOR]

[INVESTOR’S ADDRESS]

 

Dear Sirs:

 

Reference is hereby
made to (a) that certain Securities Purchase Agreement, dated as of April 16, 2019 (as amended, restated or otherwise modified
from time to time prior to the date hereof, the “SPA”), by and among CHINA SXT PHARMACEUTICALS, INC., a company
organized under the laws of the British Virgin Islands (the “Company”), the undersigned (the “Investor”)
and the other buyers signatory thereto (the “Buyers”), pursuant to which, among other things, the Company sold,
and the Investor, in its capacity as a Buyer, purchased (i) a Series A Note (as defined in the Forbearance Agreement), (ii) a Series
B Senior Secured Convertible Note (as defined in the Forbearance Agreement), (iii) a Series A Warrant to purchase 298,329 of the
Company’s ordinary shares equal to 50% of the shares issuable upon conversion of the Series A Notes, and (D) a Series B Warrant
to purchase 149,165 of the Company’s ordinary shares equal to 50% of the shares issuable upon conversion of the Series B
Notes (Series A Note, Series B Note, Series A Warrant and Series B Warrant, collectively, the “Securities”);
and (b) that certain Forbearance and Amendment Agreement, dated December 13, 2019, by and between the Company and the Investor (the
“Forbearance Agreement”), pursuant to which the Company agreed to redeem the Series A Note for a cash amount
equal to the Forbearance Redemption Amounts (as defined in the Forbearance Agreement). Capitalized terms not defined herein shall
have the meaning as set forth in the Forbearance Agreement.

 

In consideration of
the Company’s agreement to enter into the Forbearance Agreement and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, effective as of the Effective Date, the Investor hereby agrees, solely for the
benefit of the Company that, without the prior written consent of the Company, neither the Investor, nor any affiliate of the Investor
which (x) had or has knowledge of the transactions contemplated by the SPA and Forbearance Agreement, (y) has or shares discretion
relating to the Investor’s investments or trading or information concerning the Investor’s investments, in respect
of the Securities, or (z) is subject to the Investor’s review or input concerning such affiliate’s investments or trading
(together, the “Investor’s Trading Affiliates”), collectively will, during Forbearance Period, sell, dispose
or otherwise transfer, directly or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative
transactions that would be equivalent to any sales or short positions) , any Ordinary Shares issued in any Permitted Transaction
(collectively, the “Restricted Securities”) on any Trading Day (each date of determination, each a “Measuring
Date”), if such sale, together with all prior sales of Restricted Securities by the Investor on such Measuring Date,
exceed 20% of the daily composite trading volume of the Ordinary Shares (as reported by Bloomberg, LP for such Measuring Date)
(the “Daily Limit”); provided that any other sales of Ordinary Shares on such Measuring Date (excluding any
sales of Restricted Securities) shall not be included in the Daily Limit calculation above.

 

     

     

    

 

For the purpose of
this Leak-Out Agreement, the following definitions shall apply:

 

“Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and any governmental or any department or agency thereof.

 

Notwithstanding anything
herein to the contrary, on or after the date hereof, the Investor may, directly or indirectly, sell or transfer all, or any part,
of the Restricted Securities (or any securities convertible or exercisable into Restricted Securities, as applicable) to any Person
(an “Assignee”) without complying with (or otherwise limited by) the restrictions set forth in this Leak-Out
Agreement; provided, that as a condition to any such sale or transfer an authorized signatory of the Company and such Assignee
duly execute and deliver a leak-out agreement in the form of this Leak-Out Agreement with respect to such transferred Restricted
Securities (or such securities convertible or exercisable into Restricted Securities, as applicable) (an “Assignee Agreement”)
and sales of the Investor and all Assignees shall be aggregated for all purposes of this Leak-Out Agreement and all Assignee Agreements.

 

Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Leak-Out Agreement must be in writing.

 

This Leak-Out Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.

 

This Leak-Out Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Leak-Out Agreement may be executed and accepted by facsimile or
PDF signature and any such signature shall be of the same force and effect as an original signature.

 

The terms of this Leak-Out
Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and
assigns.

 

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This Leak-Out Agreement
may not be amended or modified except in writing signed by each of the parties hereto.

 

All questions concerning
the construction, validity, enforcement and interpretation of this letter agreement shall be governed by the internal laws of the
State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of
New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper.

 

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 letter agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereby irrevocably waives any right it may have, and agrees not to request,
a jury trial for the adjudication of any dispute hereunder or in connection with or arising out of this letter agreement or any
transaction contemplated hereby.

 

Each party hereto acknowledges
that, in view of the uniqueness of the transactions contemplated by this letter agreement, the other parties hereto would not have
an adequate remedy at law for money damages in the event that this Leak-Out Agreement has not been performed in accordance with
its terms, and therefore agrees that such other parties shall be entitled to specific enforcement of the terms hereof in addition
to any other remedy to which it may be entitled, at law or in equity.

 

[Signature page follows]

 

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[SIGNATURE PAGE TO LEAK-OUT]

 

	Agreed to and Acknowledged:	 
	 	 	 
	CHINA SXT PHARMACEUTICALS, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[INVESTOR]	 
	 	 	 
	By:	                         	 
	 	Name:	 
	 	Title:	 

 

 

4

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