Document:

Exhibit 10.2

 

PLACEMENT AGENCY AGREEMENT

 

January 6th, 2021

 

TD Holdings, Inc.

25th Floor, Block C. Tairan
Building

No.31 Tairan 8th Road, Futian
District

Shenzhen, Guangdong 518000

People’s Republic of China

Attention: Renmei Ouyang, Chief Executive Officer

 

Dear Ms. Ouyang:

 

This letter (the “Agreement”)
constitutes the agreement by and between Univest Securities, LLC (“Univest” or the “Placement Agent”)
and TD Holdings, Inc., a company incorporated under the laws of the State of Delaware (the “Company”), pursuant
to which the Placement Agent shall serve as the placement agent for the Company, on a “reasonable best efforts” basis,
in connection with the proposed placement of an equity line of credit facility (the “Placement”) of registered
shares of common stock (the “Offered Shares”) of the Company, par value $0.001 per share (“Common Stock”)
to White Lion Capital LLC (the “Purchaser”). The terms of the Placement and the Securities shall be mutually
agreed upon by the Company and the Purchaser and nothing herein constitutes that the Placement Agent would have the power or authority
to bind the Company or any Purchaser or an obligation for the Company to issue any Offered Shares or complete the Placement. This
Agreement and the documents executed and delivered by the Company and the Purchaser in connection with the Placement, including
but not limited to the Purchase Agreement (as defined below), shall be collectively referred to herein as the “Transaction
Documents.” Each date of the closing of a drawdown from the equity line shall be referred to herein as a “Closing
Date.“The Company expressly acknowledges and agrees that the obligations of the Placement Agent hereunder are on a reasonable
best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase
the Offered Shares and does not ensure the successful placement of the Offered Shares or any portion thereof or the success of
the Placement Agent with respect to securing any other financing on behalf of the Company. Following the prior written consent
of the Company, the Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf
in connection with the Placement. The sale of the Offered Shares to the Purchaser will be evidenced by a securities purchase agreement
(the “Purchase Agreement”) between the Company and such Purchaser in a form mutually agreed upon by the Company
and the Placement Agent. Prior to the signing of any Purchase Agreement, executive officers of the Company will be available upon
reasonable notice and during normal business hours to answer inquiries from prospective Purchaser.

 

     

     

    

 

SECTION 1. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A. Representations
of the Company. Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants
made by the Company to the Purchaser in the Purchase Agreement in connection with the Placement is hereby incorporated herein by
reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of each Closing
Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that:

 

1. The
Company has prepared and filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-3 (Registration No. 333- 239757) for the registration under the Securities Act of 1933, as amended
(the “Securities Act”), of the Company’s securities, which registration statement became effective on
August 4, 2020. At the time of such filing, the Company met the requirements of Form S-3 under the Securities Act. Such registration
statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule.
The Company will file with the Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations
(the “Rules and Regulations”) of the Commission promulgated thereunder, a supplement to the form of prospectus
included in such registration statement relating to (i) the placement of the Offered Shares and the plan of distribution thereof,
(ii) the Commitment Shares and (iii) the Placement Agent Shares (as such term is defined in Section 3 hereafter) and has advised
the Placement Agent of all further information (financial and other) with respect to the Company required to be set forth therein.
The Offered Shares, the Commitment Shares and the Placement Agent Shares are sometimes referred to collectively hereafter as the
“Shares.” Such registration statement, including the exhibits thereto, as amended at the date of this Agreement,
is hereinafter called the “Registration Statement”; such prospectus in the form in which it appears in the Registration
Statement is hereinafter called the “Base Prospectus”; and the supplemented form of prospectus, in the form
in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus as so supplemented)
is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement to the Registration Statement,
the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated by reference
therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the issue
date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms
“amend,” “amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus
or the Prospectus Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the
date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be
incorporated therein by reference. All references in this Agreement to financial statements and schedules and other information
which is “contained,” “included,” “described,” “referenced,” “set forth”
or “stated” in the Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references
of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is
or is deemed to be incorporated by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as
the case may be. No stop order suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or
the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company’s
knowledge, is threatened by the Commission. For purposes of this Agreement, “Free Writing Prospectus” has the
meaning set forth in Rule 405 under the Securities Act.

 

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2. The
Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required
by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective,
complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and
did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus and
the Prospectus Supplement, each as of its respective date, comply in all material respects with the Securities Act and the Exchange
Act and the applicable Rules and Regulations. Each of the Base Prospectus, and the Prospectus Supplement, as amended or supplemented,
did not and will not contain as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Incorporated
Documents, when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange Act
and the applicable Rules and Regulations, and none of such documents, when they were filed with the Commission, contained
any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect
to Incorporated Documents incorporated by reference in the Base Prospectus or Prospectus Supplement), in the light of the circumstances
under which they were made not misleading; and any further documents so filed and incorporated by reference in the Base Prospectus,
or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements
of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events
arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth
therein is required to be filed with the Commission. There are no documents required to be filed with the Commission in connection
with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will
not be filed within the requisite time period. There are no contracts or other documents required to be described in the Base Prospectus,
or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have not been described
or filed as required or (y) will not be filed within the requisite time period. 

 

3. The
Company is eligible to use Free Writing Prospectuses in connection with the Placement pursuant to Rules 164 and 433 under the Securities
Act. Any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been,
or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations
of the Commission thereunder. Each Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule
433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or will comply in all material
respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. The
Company will not, without the prior consent of the Placement Agent, prepare, use or refer to, any Free Writing Prospectus.

 

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4.  The
Company has filed all reports, schedules, forms, statements or other documents required to be filed by the Company under the Securities
Act or Exchange Act, during the one year preceding the date hereof (the foregoing materials filed during such one year period,
including the exhibits thereto and documents incorporated by reference therein, the “SEC Reports”). For the
twelve months preceding the date hereof, the Company has filed the SEC Reports on a timely basis (including any valid extension
of such time of filing provided under Rule 12b-25 or under coronavirus-related relief by the SEC) and has filed any such SEC Reports
prior to the expiration of any such extension. As of their respective filing or amendment dates, the SEC Reports complied in all
material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder;
and as of their respective filing or amendment dates, the SEC Reports did not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. 

 

5.  There
are no affiliations with any Financial Industry Regulatory Authority, Inc. (“FINRA”) member firm among the Company’s
officers, directors or, to the knowledge of the Company, any five percent (5.0%) or greater shareholder of the Company, except
as set forth in the Registration Statement and the SEC Reports.

 

B. Covenants
of the Company.

 

1. The
Company has delivered or made available, or will as promptly as practicable deliver or make available, to the Placement Agent complete
conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable, filed as a part thereof,
and conformed copies of the Registration Statement (without exhibits), the Base Prospectus, and the Prospectus Supplement, as amended
or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any
of its directors and officers has distributed and none of them will distribute, prior to each Closing Date, any offering material
in connection with the offering and sale of the Offered Shares pursuant to the Placement other than the Transaction Documents,
the Base Prospectus, the Prospectus Supplement, the Registration Statement, copies of the documents incorporated by reference therein
and any other materials permitted by the Securities Act.

 

2. The
Company will advise the Placement Agent promptly after it receives notice thereof of the time when any amendment to the Registration
Statement has been filed or becomes effective or any supplement to the Base Prospectus or the final Prospectus has been filed and
will furnish the Placement Agent with copies thereof, the parties acknowledging that such obligation is satisfied by filing such
materials on the EDGAR system of the SEC. The Company will file promptly all reports and any definitive proxy or information statements
required to be filed by the Company with the Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange Act subsequent to
the date of any Prospectus and for so long as the delivery of a prospectus is required in connection with the Placement. The Company
will advise the Placement Agent, promptly after it receives notice thereof (i) of any request by the Commission to amend the Registration
Statement or to amend or supplement any Prospectus or for additional information, and (ii) of the issuance by the Commission of
any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order
directed at any Incorporated Document, if any, or any amendment or supplement thereto or any order preventing or suspending the
use of the Base Prospectus or the final Prospectus or any prospectus supplement or any amendment or supplement thereto or any post-effective
amendment to the Registration Statement, of the suspension of the qualification of any of the Shares for offering or sale in any
jurisdiction, of the institution or threatened institution of any proceeding for any such purpose, or of any request by the Commission
for the amending or supplementing of the Registration Statement or a Prospectus or for additional information. The Company shall
use its best efforts to prevent the issuance of any such stop order or prevention or suspension of such use.  If the Commission
shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts
to obtain the lifting of such order at the earliest possible moment, or will file a new registration statement and use its best
efforts to have such new registration statement declared effective as soon as practicable.  Additionally, the Company agrees
that it shall comply with the provisions of Rules 424(b), 430A, 430B and 430C, as applicable, under the Securities Act, including
with respect to the timely filing of documents thereunder, and will use its reasonable efforts to confirm that any filings made
by the Company under such Rule 424(b) are received in a timely manner by the Commission.

 

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3. The
Company will cooperate with the Placement Agent and the Purchaser in endeavoring to qualify the Shares for sale under the securities
laws of such jurisdictions (United States and foreign) as the Placement Agent and the Purchaser may reasonably request and will
make such applications, file such documents, and furnish such information as may be reasonably required for that purpose, provided
the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any
jurisdiction where it is not now so qualified or required to file such a consent, and provided further that the Company shall not
be required to produce any new disclosure document. The Company will, from time to time, prepare and file such statements, reports
and other documents as are or may be required to continue such qualifications in effect for so long a period as the Placement Agent
may reasonably request for distribution of the Shares. The Company will advise the Placement Agent promptly of the suspension of
the qualification or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction
or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such
qualification, registration or exemption, the Company shall use its best efforts to obtain the withdrawal thereof at the earliest
possible moment.

 

4. The
Company will comply with the Securities Act and the Exchange Act, and the rules and regulations of the Commission thereunder, so
as to permit the completion of the distribution of the Shares as contemplated in this Agreement, the Incorporated Documents and
any Prospectus. If during the period in which a prospectus is required by law to be delivered in connection with the distribution
of any Shares contemplated by the Incorporated Documents or any Prospectus (the “Prospectus Delivery Period”),
any event shall occur as a result of which, in the judgment of the Company or in the opinion of the Placement Agent or counsel
for the Placement Agent, it becomes necessary to amend or supplement the Incorporated Documents or any Prospectus in order to make
the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if
it is necessary at any time to amend or supplement the Incorporated Documents or any Prospectus or to file under the Exchange Act
any Incorporated Document to comply with any law, the Company will promptly prepare and file with the Commission, and furnish at
its own expense to the Placement Agent and to dealers, an appropriate amendment to the Registration Statement or supplement to
the Registration Statement, the Incorporated Documents or any Prospectus that is necessary in order to make the statements in the
Incorporated Documents and any Prospectus as so amended or supplemented, in the light of the circumstances under which they were
made, as the case may be, not misleading, or so that the Registration Statement, the Incorporated Documents or any Prospectus,
as so amended or supplemented, will comply with law. Before amending the Registration Statement or supplementing the Incorporated
Documents or any Prospectus in connection with the Placement, the Company will furnish the Placement Agent with a copy of such
proposed amendment or supplement and will not file any such amendment or supplement to which the Placement Agent reasonably objects.

 

5. During
the Prospectus Delivery Period, the Company will duly file, on a timely basis, with the Commission and the Trading Market all reports
and documents required to be filed under the Exchange Act within the time periods and in the manner required by the Exchange Act.

 

6. 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.

 

7. If
any of the conditions specified in this Section 1(B) shall not have been fulfilled when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory
in form and substance to the Placement Agent and its counsel, this Agreement and all obligations of the Placement Agent hereunder
may be canceled at, or at any time prior to, the Closing Date by the Placement Agent. Notice of such cancellation shall be given
to the Company in writing or by telephone or facsimile confirmed in writing.

 

8. Upon
delivery of a Purchase Notice as set forth in the Purchase Agreement to the Purchaser, the Company shall promptly notify the Placement
Agent of the delivery of such Purchase Notice.

 

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SECTION 2.  REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA,
(ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of
the States applicable to the offers and sales of the Offered Shares by the Placement Agent, (iv) is and will be a corporate
entity validly existing under the laws of its place of formation, and (v) has full power and authority to enter into and perform
its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any change in its status
as such. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance
with the provisions of this Agreement and the requirements of applicable law.

 

SECTION 3. COMPENSATION. In
consideration of the services to be provided for hereunder by the Placement Agent, the Company shall pay to the Placement Agent
the following compensation with respect to the Offered Shares which the Placement Agent is placing:

 

A. A
cash fee (the “Cash Fee”) equal to an aggregate of seven percent (7.0%) of the aggregate gross proceeds raised
in the Placement. The Cash Fee shall be paid at the closing of each drawdown (each a “Closing”).

 

B. 25,000
shares of Common Stock, which shall be issued within two Business Days of the date of the Purchase Agreement and registered pursuant
to the Registration Statement and the Prospectus Supplement filed thereunder (the “Placement Agent Shares”).

 

C. Subject
to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to reimburse the Placement Agent, taken together and
not individually, for all travel and other out-of-pocket expenses, including the reasonable fees, costs and disbursements of its
legal counsel, in an amount not to exceed an aggregate of fifty-five thousand U.S. dollars (US$55,000). The Company will reimburse
the Placement Agent at the Closing directly out of the gross proceeds raised in the Placement. In the event this Agreement shall
terminate prior to the consummation of the Placement, the Placement Agent, shall be entitled to reimbursement for actual expenses
upon providing reasonable documentation relating to the incurrence of such expenses.

 

D. The
Placement Agent reserves the right to reduce any item of its compensation or adjust (in the Company’s favor) the terms thereof
as specified herein in the event that a determination shall be made by FINRA to the effect that the Placement Agent’s aggregate
compensation is in excess of FINRA’s rules and regulations or that the terms thereof require adjustment.

 

SECTION 4.  INDEMNIFICATION. The
Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination
or expiration of this Agreement.

 

SECTION 5.  ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder shall be until the earlier of (i) December 31, 2021, (ii) the date
that the Company sells and the Purchaser purchases Offered Shares resulting in aggregate gross proceeds to the Company of $40,000,000
(iii) the date that the Company has issued, pursuant to the Placement, an aggregate of 15,800,000Shares; (iv) written notice of
termination by the Company to the Purchaser upon a material breach of this Agreement by Investor; (v) the date in which the Base
Registration Statement is no longer effective(and (vi) the date that, pursuant to or within the meaning of any Bankruptcy Law,
the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the
Company or for all or substantially all of its property or the Company makes a general assignment for the benefit of its creditors
(such date, the “Termination Date” and the period of time during which this Agreement remains in effect is referred
to herein as the “Term”).  Notwithstanding anything to the contrary contained herein, the provisions concerning
the Company’s obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality,
indemnification and contribution contained herein and the Company’s obligations contained in the Indemnification Provisions
attached hereto as Addendum A will survive any expiration or termination of this Agreement for a period of thirty-six
months. If this Agreement is terminated prior to the completion of the Placement, all fees due to the Placement Agent shall be
paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of the
Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the Placement
Agent by the Company for any purposes other than those contemplated under this Agreement.

 

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SECTION 6.  PLACEMENT
AGENT’S INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection
with this engagement is for the confidential use of the Company only in its evaluation of the Placement and, except as otherwise
required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement
Agent’s prior written consent.

 

SECTION 7. NO
FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any
person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions attached hereto as Addendum
A hereof. The Company acknowledges and agrees that the Placement Agent is not nor shall it be construed as a fiduciary of the
Company and the Placement Agent shall not have any duties or liabilities to the equity holders or the creditors of the Company
or any other person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly
waived.

 

SECTION 8. CLOSING. The
obligations of the Placement Agent, and each Closing of the sale of the Shares hereunder are subject to the accuracy, when made
and on each Closing Date, of the representations and warranties on the part of the Company contained herein and in the Purchase
Agreement, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the
performance by the Company of their obligations hereunder, and to each of the following additional terms and conditions, except
as otherwise disclosed to and acknowledged and waived by the Placement Agent.

 

A. No
stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose
shall have been initiated or threatened by the Commission, and any request for additional information on the part of the Commission
(to be included in the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have been complied
with to the reasonable satisfaction of the Placement Agent. Any filings required to be made by the Company in connection with the
Placement shall have been timely filed with the Commission.

 

B. The
Placement Agent shall not have discovered and disclosed to the Company on or prior to such Closing Date that the Registration Statement,
the Base Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a fact which,
in the opinion of counsel for the Placement Agent, is material or omits to state any fact which, in the opinion of such counsel,
is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 

C. All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of
this Agreement, the Shares, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters
relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to
counsel for the Placement Agent and the Company shall have furnished to such counsel all documents and information that they may
reasonably request to enable them to pass upon such matters.

 

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D. The
Placement Agent shall have completed its due diligence investigation of the Company to the satisfaction of the Placement Agent
and its counsel.

 

E. On
the date of the Purchase Agreement, the Placement Agent shall have received from outside counsels to the Company such counsels’
written opinions, including, without limitation, a negative assurance letter from applicable counsel, addressed to the Placement
Agent and dated as of the date hereof, in form and substance reasonably satisfactory to the Placement Agent and its counsel.

 

F. 
On the date of the Purchase Agreement, the Placement Agent shall have received a certificate of the chief financial officer of
the Company, dated as of the date of the Purchase Agreement, with respect to certain financial information in
the Company’s public filings, and in form and substance satisfactory to the Placement Agent and its counsel.

 

G. On
the date of the Purchase Agreement, Placement Agent shall have received a certificate of the chief executive officer of the Company,
dated as of the date of the Purchase Agreement, to the effect that, as of the date of the Purchase Agreement, the representations
and warranties of the Company contained herein and in the Purchase Agreement were and are accurate in all material respects, except
for such changes as are contemplated by this Agreement and except as to representations and warranties that were expressly limited
to a state of facts existing at a time prior to the date hereof, and that, as of the date of the Purchase Agreement, the obligations
to be performed by the Company hereunder on or prior thereto have been fully performed in all material respects. 

 

H. On
the date of the Purchase Agreement, Placement Agent shall have received from the Company a certificate of the corporate secretary
of the Company, dated as of the date of the Purchase Agreement, certifying to the organizational documents of the Company, good
standing in the jurisdiction of formation of the Company and board resolutions authorizing the issuance of the Shares.

 

I. The
Company (i) shall not have sustained since the date of the latest audited financial statements included or incorporated by
reference in the Registration Statement, the Base Prospectus and the Prospectus Supplement, any loss or interference with its business
as a result of any fire, explosion, flood, terrorist act, epidemic or pandemic (including as a result of the coronavirus known
as COVID-19), any change in general economic, political or financial conditions in the United States or elsewhere, act of war or
other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus Supplement,
and (ii) since such date there shall not have been any change in the capital stock or long-term debt of the Company or any
change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial
position, shareholders’ equity, results of operations or prospects of the Company, otherwise than as set forth in or contemplated
by the Registration Statement, the Base Prospectus and the Prospectus Supplement, the effect of which, in any such case described
in clause (i) or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it impracticable or
inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus,
the Prospectus Supplement and the Purchase Agreement.

 

J. The
shares of Common Stock are registered under the Exchange Act and, as of each Closing Date, the Company has submitted the notification
of listing of Shares, to the Trading Market or other U.S. applicable national exchange, and the Shares shall be listed for trading
on the Trading Market or other applicable U.S. national exchange and reasonable evidence of such action, if available, shall have
been provided to the Placement Agent. The Company shall have taken no action designed to, or likely to have the effect of terminating
the registration of the shares of Common Stock under the Exchange Act or delisting or suspending from trading the shares of Common
Stock from the Trading Market or other applicable U.S. national exchange, nor has the Company received any information suggesting
that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such registration
or listing.

 

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K. No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of each Closing Date, prevent the issuance or sale of the Shares or materially and adversely affect
or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of
any other nature by any federal or state court of competent jurisdiction shall have been issued as of each Closing Date which would
prevent the issuance or sale of the Shares or materially and adversely affect or potentially and adversely affect the business
or operations of the Company.

 

L. The
Company will have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement.

 

M. The
Company shall have entered into a Purchase Agreement with the Purchaser and such agreement shall be in full force and effect and
shall contain representations, warranties and covenants of the Company as agreed between the Company and the Purchaser.

 

N. FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s
behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement
and pay all filing fees required in connection therewith.

 

O. The
Company has and shall take all such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for, or to qualify the Shares for, sale and/or issuance to the Purchaser and the Placement Agent, as applicable, at each Closing
under applicable securities, as the Placement Agent may designate and to maintain such qualifications in effect so long as required
to complete the distribution of the Shares; provided, however, that the Company shall not be obligated to file any general consent
to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not
so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so
subject.

 

P. The
Company shall apply the net proceeds from the Placement received by it in a manner consistent with the application thereof described
under the caption or heading “Use of Proceeds” in the Registration Statement, the Base Prospectus, the Prospectus Supplement
and the Purchase Agreement.

 

Q.  Prior
to the date of the Agreement, the Company shall have furnished to the Placement Agent such further information, certificates and
documents as the Placement Agent may reasonably request.

 

R. On
or prior to the date of the Agreement, the Company shall have set up an escrow account which designates the Placement Agent as
an authorized representative with the power to hold and disburse funds in such account for the Placement.

 

If any of the conditions
specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates,
opinions, written statements or letters furnished to the Placement Agent or to Placement Agent’s counsel pursuant to this
Section 8 shall not be reasonably satisfactory in form and substance to the Placement Agent and to Placement Agent’s
counsel, all obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to,
the consummation of each Closing. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral
notice shall be confirmed promptly thereafter in writing.

 

    9

     

    

 

SECTION 9. RIGHT
OF FIRST REFUSAL. Beginning on the date hereof until December 31, 2021 (the “ROFR Period”), if the Company
decides to conduct an offering using an underwriter or placement agent in the U.S., the Company grants the Placement Agent the
right of first refusal to act as lead managing underwriter and lead left book runner or minimally as a co-lead manager and co-lead
left book runner and/or co-lead left placement agent with at least 50% of the economics for a two-way transaction, or at least
25% of the economics for a three-way transaction with respect to the terms of any and all future equity, equity-linked or debt
(excluding commercial bank debt) offerings undertaken during the ROFR Period by the Company or any subsidiary of the Company. The
Placement Agent shall notify the Company within fifteen (15) days of its receipt of the written offer with respect to such placement
as to whether or not it agrees to accept such retention. If the Placement Agent declines such retention, the Company shall have
no further obligation to the Placement Agent, except as specifically provided for herein.

 

SECTION 10. TAIL. If
the Company elects to terminate this Agreement for any reason, and if within six (6) months following such termination, the Company
completes any financing of equity, equity-linked or debt or other capital raising activity of the Company (other than the exercise
by any person or entity of any options, warrants or other convertible securities) with any of the investors contacted by Placement
Agent during the term of this Agreement as evidenced by a list of such investors provided by the Placement Agent upon the Company’s
written request, then the Company will pay the Placement Agent upon the closing of such financing the compensation set forth in
Section 3 herein.

 

 SECTION 10. GOVERNING
LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to
agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their
respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement
or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the
courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this
Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of a Transaction
Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

SECTION 12.  ENTIRE
AGREEMENT/MISC. This Agreement (including the Indemnification Provisions attached hereto as Addendum A) embodies
the entire agreement and understanding between the parties hereto with respect to this Placement, and supersedes all prior agreements
and understandings, relating to the subject matter hereof including but not limited to the Placement Agency Agreement dated November
5, 2020 by and between the Company and Univest. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement,
which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument
in writing signed by both the Placement Agent and the Company. The representations, warranties, agreements and covenants contained
herein shall survive each Closing of the Placement and delivery of the Shares. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have
been signed by each party hereto and delivered to the other party hereto, it being understood that both parties hereto need not
sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or .pdf signature page were an original thereof.

 

    10

     

    

 

SECTION 13. CONFIDENTIALITY.
The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except
as required by applicable law or Trading Market or other stock exchange requirement, regulation or legal process (“Legal
Requirement”)), without the Company’s prior written consent, disclose to any person any Confidential Information,
and (ii) will not use any Confidential Information other than in connection with the Placement. The Placement Agent further
agrees to disclose the Confidential Information only to its Representatives (as such term is defined below) who need to know the
Confidential Information for the purpose of the Placement, and who are informed by the Placement Agent of the confidential nature
of the Confidential Information. The term “Confidential Information” shall mean, all confidential, proprietary
and non-public information (whether written, oral or electronic communications) furnished by the Company to the Placement Agent
or its Representatives in connection with such Placement Agent’s evaluation of the Placement. The term “Confidential
Information” will not, however, include information which (i) is or becomes publicly available other than as a result
of a disclosure by the Placement Agent or its Representatives in violation of this Agreement, (ii) is or becomes available
to the Placement Agent or any of its Representatives on a non-confidential basis from a third-party, (iii) is known to the
Placement Agent or any of its Representatives prior to disclosure by the Company or any of its Representatives, or (iv) is
or has been independently developed by the Placement Agent and/or the Representatives without use of any Confidential Information
furnished to it by the Company. The term “Representatives” shall mean with respect to the Placement Agent, its
directors, board committees, officers, employees, financial advisors, attorneys and accountants. This provision shall be in full
force until the earlier of (a) the date on which the Confidential Information ceases to be confidential and (b) two years
from the date hereof. Notwithstanding any of the foregoing, in the event that the Placement Agent or any of its Representatives
are required by Legal Requirement to disclose any of the Confidential Information, the Placement Agent and its Representatives
will furnish only that portion of the Confidential Information which the Placement Agent or its Representative, as applicable,
is required to disclose by Legal Requirement as advised by counsel, and will use reasonable efforts to obtain reliable assurance
that confidential treatment will be accorded the Confidential Information so disclosed.

 

SECTION 14.  NOTICES.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent
to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business
day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address
on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time)
on any business day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized
air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for
such notices and communications shall be as set forth on the signature pages hereto.

 

SECTION 15.  PRESS
ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, from and after any Closing, have the right to reference
the Placement and the Placement Agent’s role

in connection therewith in the Placement
Agent’s marketing materials and on its website and to place advertisements in financial and other newspapers and journals,
in each case at its own expense.

 

[The remainder of this page has
been intentionally left blank.]

 

    11

     

    

 

Please confirm that the foregoing correctly
sets forth our agreement by signing and returning to Univest the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 	 
	 	UNIVEST SECURITIES, LLC
	 	 	 
	 	By:	/s/
Edric Yi Guo
	 	 	Name:	Edric Yi Guo
	 	 	Title:	COO and Head of Investment Banking

 

	 	
        Address for notice:
	 
	 	 	 
	 	375 Park Avenue, Unit 1502	 
	 	New York, New York 10152	 
	 	
        Attention: Edric Guo

        Email: yguo@univest.us
	 

 

 

	Accepted and Agreed to as of	 
	the date first written above:	 
	 	 	 
	TD HOLDINGS, INC.	 
	 	 	 
	By:	/s/
Renmei Ouyang	 
	 	Name:	 Renmei Ouyang	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	 	
        Address for notice:

         

        25th Floor, Block C. Tairan
        Building

        No.31 Tairan 8th Road, Futian
        District

        Shenzhen, Guangdong 518000

        People’s Republic of China

        Attention: Renmei Ouyang, Chief Executive Officer

        Phone: +8613699873919

        Email: ouyangrenmei@126.com
	 

 

[Signature Page to Placement Agency Agreement
Between TD Holdings, Inc. and Univest Securities, LLC.]

 

    12

     

    

 

ADDENDUM A

 

INDEMNIFICATION PROVISIONS

 

In connection with
the engagement of Univest Securities, LLC (“Univest” or the “Lead Manager”) or together with other broker
dealers registered with FINRA and caused by Univest to also act as a manager in connection with the Placement of the Shares (the
“Lead Managers”) to be issued by TD Holdings, Inc. (the “Company”) pursuant to the placement agency agreement,
dated January 6th, 2021, by and between the Company and the Lead Manager(s), as it may be amended from time to time in writing
(the “Agreement”), the Company hereby agrees as follows (capitalized terms used herein without definition shall have
the meanings ascribed to such terms in the Agreement):

 

1. To
the extent permitted by law, the Company shall indemnify the Lead Manager(s) and each of their respective affiliates, directors,
officers, employees, agents and controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) against all joint or several losses, claims, damages, expenses and liabilities (or actions, including shareholder
actions, in respect thereof), as the same are incurred (including the reasonable fees and expenses of counsel), relating to or
arising out of its activities hereunder or pursuant to the Agreement, including, without limitation, those which arise out of or
are based on (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or
any amendment thereto), including the information deemed to be a part of the Registration Statement at the time of effectiveness
and at any subsequent time pursuant to Rules 430A and 430B of the Securities Act and the rules and regulations thereunder, as applicable,
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or
Prospectus Supplement (or any amendment or supplement to any of the foregoing) or the omission or alleged omission therefrom of
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in any materials or information
provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Shares,
including any roadshow or investor presentations made to investors by the Company (whether in person or electronically) or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or (iv) in whole or in part any inaccuracy in any material respect in
the representations and warranties of the Company contained herein or in the Purchase Agreement; provided however, with regard
to the Lead Managers, the Company shall not be obligated to indemnify the Lead Manager(s) or such other person or entities under
this Section 1 to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found
in a final judgment (not subject to appeal) by a court of competent jurisdiction to have resulted primarily and directly from the
willful misconduct or gross negligence of the Lead Manager(s) in performing the services described herein, as the case may be.
The Company also agrees that no Lead Manager shall have any liability (whether direct or indirect, in contract or tort or otherwise)
to the Company or its security holders or creditors related to or arising out of the engagement of the Lead Manager(s) pursuant
to, or the performance by the Lead Manager(s) of the services contemplated by, this Agreement except to the extent that any loss,
claim, damage or liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily
from the willful misconduct or gross negligence of the Lead Manager(s).

 

2. Promptly
after receipt by the Lead Manager(s) of notice of any claim or the commencement of any action or proceeding with respect to which
the Lead Manager(s) are entitled to indemnity hereunder, the Lead Manager(s) will notify the Company in writing of such claim or
of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will
employ counsel reasonably satisfactory to the Lead Manager(s) and will pay the fees and expenses of such counsel. Notwithstanding
the preceding sentence, the Lead Manager(s) will be entitled to employ counsel separate from counsel for the Company and from any
other party in such action if counsel for the Lead Manager(s) reasonably determines that it would be inappropriate under the applicable
rules of professional responsibility for the same counsel to represent both the Company and the Lead Manager(s). In such event,
the reasonable fees and disbursements of no more than one such separate counsel will be paid by the Company. The Company will have
the exclusive right to settle the claim or proceeding provided that the Company will not settle any such claim, action or proceeding
without the prior written consent of the Lead Manager(s), which will not be unreasonably withheld.

 

    13

     

    

 

3. The
Company agrees to notify the Lead Manager(s) promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by the Agreement.

 

4. If
for any reason the foregoing indemnity is unavailable to the Lead Manager(s) or insufficient to hold such Lead Manager(s) harmless,
then the Company shall contribute to the amount paid or payable by the Lead Manager(s), as the case may be, as a result of such
losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received
by the Company on the one hand, and the Lead Manager(s) on the other, but also the relative fault of the Company on the one hand
and the Lead Manager(s) on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable
considerations. The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above
shall be deemed to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action
or claim. Notwithstanding the provisions hereof, the share of the liability of the Lead Manager(s) hereunder shall not be in excess
of the amount of fees actually received, or to be received, by the Lead Manager(s) under the Agreement (excluding any amounts received
as reimbursement of expenses incurred by the Lead Manager(s) t).

 

5. These
Indemnification Provisions shall remain in full force and effect whether or not the transactions contemplated by the Agreement
are completed and shall survive the termination of the Agreement, and shall be in addition to any liability that the Company might
otherwise have to any indemnified party under the Agreement or otherwise.

 

[The remainder of this page has
been intentionally left blank.]

 

    14

     

    

 

	
         

        
	Very truly yours,
	 	 	 
	 	UNIVEST SECURITIES, LLC
	 	 	 
	 	By:	/s/
Edric Yi Guo
	 	 	Name: 	Edric Yi Guo
	 	 	Title:	COO and Head of Investment Banking

 

	 	
        Address for notice:
	 
	 	 	 
	 	375 Park Avenue, Unit 1502	 
	 	New York, New York 10152	 
	 	
        Attention: Edric Guo

        Email: yguo@univest.us
	 

 

 

	Accepted and Agreed to as of	 
	the date first written above:	 
	 	 	 
	TD HOLDINGS, INC.	 
	 	 	 
	By:	/s/
Renmei Ouyang	 
	 	Name:	Renmei Ouyang	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	 	
        Address for notice:

         

        25th Floor, Block C. Tairan
        Building

        No.31 Tairan 8th Road, Futian
        District

        Shenzhen, Guangdong 518000

        People’s Republic of China

        Attention: Renmei Ouyang, Chief Executive Officer

        Phone: +8613699873919

        Email: ouyangrenmei@126.com

        
	 

 

[Signature Page to Indemnification Provisions

Pursuant to January 6th, 2021 Placement
Agency Agreement

by and between Univest Securities, LLC
and TD Holdings, Inc.]

 

 

 

15Exhibit 10.3

 

 

ESCROW AGREEMENT

 

This Escrow Agreement
dated this 19th day of January, 2021 (the “Escrow Agreement”), is entered into by and among Univest
Securities LLC, a New York limited liability company, having an office at 375 Park Avenue, Unit 1502, New York, NY 10152 (the “Placement
Agent”), White Lion Capital, LLC, a Nevada limited liability company, having an office at 16911 San Fernando Mission
Blvd Suite #183, Granada Hills, CA 91344 (“Investor”), TD Holdings, Inc., a Delaware Corporation, having an
address at 25th Floor, Block C, Tairan Building, No. 31 Tairan 8th Road, Futian District, Shenzhen, Guangdong, PRC 518000 (the
“Company”), and Wilmington Trust, National Association, having an office at Suite 2 R, 166 Mercer Street, New
York, NY 10012, as escrow agent (“Escrow Agent”). All capitalized terms not herein defined shall have the meaning
ascribed to them in that certain Common Stock Purchase Agreement, dated January 19, 2021, between the Company and Investor, including
all attachments, schedules and exhibits thereto ( the “SPA”).

 

RECITALS

 

WHEREAS, pursuant
to the issuance of one or more Purchase Notices under the SPA, the Company desires to sell its shares of common stock, par value
$0.001 (the “Shares”) to Investor;

 

WHEREAS, the
Company is required to establish an escrow account in connection with that certain Placement Agency Agreement, dated January 6,
2020, by and between the Company and the Placement Agent

 

WHEREAS, the
Company desires to establish an escrow account with the Escrow Agent for funds contributed by Investor with the Escrow Agent, to
be held for the benefit of Investor and the Company in accordance with the terms of this Escrow Agreement; and

 

WHEREAS, the
Company, the Placement Agent and Investor hereby appoint Escrow Agent to act as Escrow Agent for the purposes of this Escrow Agreement
and the Escrow Agent accepts such appointment in accordance with the terms of this Escrow Agreement.

 

NOW, THEREFORE,
in consideration of the premises, and further consideration of the covenants set forth hereafter, it is hereby agreed mutually
as follows:

 

DEFINITIONS

 

When used herein, each
of the following terms shall have the respective meanings as set forth below:

 

“Applicable
Law” shall have the meaning as set forth in Section 4.12.

 

“Authorized
Representative” shall mean any individual designated by a Party as authorized to provide Written Direction hereunder
pursuant to its respective Certificate of Authorized Signers.

 

“Certificate
of Authorized Signers” shall mean that certain certificate, substantially in the form of Exhibit B hereto, delivered
by each Party and setting forth its respective Authorized Representatives.

 

“CIP”
shall have the meaning as set forth in Section 4.12.

 

“Company”
shall mean TD Holdings, Inc.

 

    1

     

    

 

“Escrow Account”
shall mean that certain United States Dollar denominated account established as set forth below:

 

Manufacturers
& Traders Trust Co. 

ABA#

A/C#

A/C Name: TD
Holdings Escrow

Attn: Global
Capital Markets

 

“Escrow Agent”
shall mean Wilmington Trust, National Association.

 

“Escrow Agreement”
shall have the meaning as set forth in the Recitals hereto.

 

“Escrow Funds”
shall mean all funds delivered to the Escrow Agent by Investor for deposit in the Escrow Account, together with all investments
thereof and all interest accumulated thereon and proceeds therefrom.

 

“Indemnified
Parties” shall have the meaning as set forth in Section 3.1.

 

“Party”
and collectively, the “Parties” shall mean Investor, the Placement Agent, and/or the Company, respectively.

 

“SPA”,
shall mean that certain Common Stock Purchase Agreement, dated January 19, 2021, between the Company and Investor.

 

“Written Direction”
shall mean any instruction or notice delivered to the Escrow Agent hereunder.

 

ARTICLE I. ESCROW
DEPOSIT

 

		1.1	Receipt of Escrow Funds.

 

(a) Upon
execution of this Escrow Agreement by each of the parties hereto, Investor shall deposit funds pursuant to Section 2.2 of the SPA
(the “Deposited Funds”) from time to time via wire transfer to the Escrow Account.

 

(b) All
such wire transfers remitted to the Escrow Agent shall be accompanied by information identifying Investor, including the name,
mailing address, taxpayer identification number and a completed Form W9/W8 (the “Investor Information”). In
the event Investor Information is not provided to Escrow Agent by Investor, then the Company agrees to promptly upon request provide
Escrow Agent with such information in writing. The Escrow Agent shall not be required to accept any Escrow Funds which are not
accompanied by the Investor Information. In the event that Investor fails to remit an executed Form W-9 to the Escrow Agent prior
to the date the Escrow Agent returns such Investor’s funds, the Escrow Agent will be required to withhold a portion of the
earnings attributable Investor at the applicable rate in accordance with Section 3406 of the Internal Revenue Code of 1986, as
amended.The Escrow Agent will hold the Escrow Funds, in escrow upon the terms and conditions set forth in this Escrow Agreement
and shall not disburse funds from the Escrow Account except as provided herein. The Company understands that until disbursed pursuant
to Paragraph 1.3, it is not entitled to any Escrow Funds and no funds deposited in the Escrow Account will become the property
of the Company. All funds so deposited shall remain the property of Investor according to its interests and shall not be subject
to any lien or charge by Escrow Agent or by judgment or creditors' claims against Company until released or eligible to be released
to Company in accordance with section 1.3 hereof.

 

    2

     

    

 

(c) The
Escrow Agent shall have no duty or responsibility to solicit the Escrow Funds from Investor or to enforce the collection or demand
payment of any funds deposited into the Escrow Account. In the event that any funds, including cleared funds, deposited in the
Escrow Account prove uncollectible after the funds represented thereby have been released by the Escrow Agent pursuant to this
Agreement, Investor shall immediately reimburse the Escrow Agent upon request for the face amount of such check or checks, together
with reasonable and customary charges and expenses related thereto, and the Escrow Agent shall deliver the returned checks or other
instruments to Investor. Investor acknowledges that its obligation in the preceding sentence shall survive the termination of this
Agreement and the resignation or removal of the Escrow Agent.

 

		1.2	Disbursements.

 

(a) Disbursement
instructions shall be limited to the payment to the Escrow Agent of escrow fee as set forth in Exhibit C hereof (the “Escrow
Fee”) and wire transfer fees, the payment to the Company of the purchase price for the Shares delivered to Investor,
the payment of the placement agent fee and reimbursement of the Placement Agent’s expenses to the Placement Agent, and the
payment of the balance of Escrow Funds, if any, to Investor (these four payments, in the aggregate, one “Closing”).
Escrow Agent shall make the disbursements according to the Written Direction signed by the Company, Investor and the Placement
Agent, a form of which is set forth as Exhibit A hereof

 

Notwithstanding the
foregoing, Escrow Agent shall not be obligated to disburse the Escrow Funds if the Escrow Agent has reason to believe that investments
in full payment for that number of Shares have not been received, deposited with and collected by the Escrow Agent.

 

(b) In
the event that Escrow Agent makes any payment to any other party pursuant to this Escrow Agreement and for any reason such payment
(or any portion thereof) is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a receiver, trustee or other party under any bankruptcy
or insolvency law, other federal or state law, common law or equitable doctrine, then the recipient shall repay to the Escrow Agent
upon written request the amount so paid to it.

 

(c) The
Escrow Agent shall, in its sole discretion, comply with judgments or orders issued or process entered by any court with respect
to the Escrow Funds, including without limitation any attachment, levy or garnishment, without any obligation to determine such
court's jurisdiction in the matter and in accordance with its normal business practices. If the Escrow Agent complies with any
such judgment, order or process, then Escrow Agent shall not be liable to any Party or any other person by reason of such compliance,
regardless of the final disposition of any such judgment, order or process.

 

(d) Each
Party understands and agrees that the Escrow Agent shall have no obligation or duty to act upon a Written Direction delivered to
the Escrow Agent for the disbursement of Escrow Funds under this Escrow Agreement if such Written Direction is not (i) in writing,
(ii) signed by an Authorized Representative of each Party, and (iii) delivered to, and able to be authenticated by, the Escrow
Agent in accordance with Section 1.5.

 

(e) Upon
request, the Escrow Agent will furnish monthly statements to each Party setting forth the activity in the Escrow Account.

 

(f) A
Party may specify in a Written Direction whether the Escrow Funds shall be disbursed by way of wire transfer or check. If the written
notice for the disbursement of funds does not so specify the disbursement means, the Escrow Agent may disburse the Escrow Funds
by any means chosen by the Escrow Agent.

 

    3

     

    

 

		1.3	Written Direction and Other Instruction.

 

(a) With
respect to any Written Direction or any other notice, direction or other instruction required to be delivered by a Party to the
Escrow Agent under this Escrow Agreement, the Escrow Agent is only authorized to follow and rely upon any and all such instructions
given to it from time to time if the Escrow Agent believes, in good faith, that such instruction is genuine and to have been signed
by an Authorized Representative of all Parties herein. The Escrow Agent shall have no duty or obligation to verify that the person
who sent such instruction is, in fact, a person duly authorized to give instructions on behalf of a Party, other than to verify
that the signature of the Authorized Representative on any such instruction appears to be the signature of such person. Each Party
acknowledges and agrees that it is fully informed of the protections and risks associated with the various methods of transmitting
instructions to the Escrow Agent, and that there may be more secure methods of transmitting instructions other than the method
selected by such Party. The Escrow Agent shall have no responsibility or liability for any loss which may result from:

 

(i) any
action taken or not taken by the Escrow Agent in good faith reliance on any such signatures or instructions;

 

(ii) as
a result of a Party’s reliance upon or use of any particular method of delivering instructions to the Escrow Agent, including
the risk of interception of such instruction and misuse by third parties; or

 

(iii) any
officer or Authorized Representative of a Party named in a Certificate of Authorized Signers delivered hereunder prior to actual
receipt by the Escrow Agent of a more current or updated Certificate of Authorized Signers and a reasonable time for the Escrow
Agent to act upon such updated or more current Certificate of Authorized Signers.

 

(b) Investor,
the Placement Agent or the Company may, at any time, update its respective Certificate of Authorized Signers by signing and submitting
to the Escrow Agent an updated Certificate substantially in the form of Exhibit B. Any updated Certificate of Authorized Signers
shall not be effective unless the Escrow Agent countersigns a copy thereof. The Escrow Agent shall be entitled to a reasonable
time to act to implement any changes on an updated Certificate of Authorized Signers.

 

		1.4	Delivery and Authentication of Written Direction.

 

(a) A
Written Direction must be delivered to the Escrow Agent by one of the delivery methods set forth in Section 4.3.

 

(b) Each
Party and the Escrow Agent hereby agree that the following security procedures will be used to verify the authenticity of a Written
Direction delivered by any Party to the Escrow Agent under this Escrow Agreement:

 

(i) The
Written Direction must include the names and signatures of the Authorized Representatives of all Parties. The Escrow Agent will
check that the names and signatures of the Authorized Representatives identified on the Written Direction appears to be the same
as the name and signatures of the Authorized Representatives of such Parties; and

 

(ii) If
the Written Direction is sent by email to the Escrow Agent by one Party, the Escrow Agent also shall receive confirmation from
email addresses for Authorized Representatives of the other two Parties as set forth on a Certificate of Authorized Signers in
Exhibit B or from an email address for a person authorized under a Certificate of Authorized Signers to email a Written Direction
to the Escrow Agent on behalf of the Authorized Representative).

 

    4

     

    

 

(c) Each
Party acknowledges and agrees that given its particular circumstances, including the nature of its business, the size, type and
frequency of its instructions, transactions and files, internal procedures and systems, the alternative security procedures offered
by the Escrow Agent and the security procedures in general use by other customers and banks similarly situated, the security procedures
set forth in this Section 1.4 are a commercially reasonable method of verifying the authenticity of a payment order in a Written
Direction.

 

(d) The
Escrow Agent is authorized to execute, and each Party expressly agrees to be bound by any payment order in a Written Direction
issued in its name (and associated funds transfer) (i) that is accepted by the Escrow Agent in accordance with the security procedures
set forth in this Section 1.4, whether or not authorized by such Party and/or (ii) that is authorized by or on behalf of such Party
or for which such Party is otherwise bound under the law of agency, whether or not the security procedures set forth in this Section
1.4 were followed, and to debit the Escrow Account for the amount of the payment order. Notwithstanding anything else, the Escrow
Agent shall be deemed to have acted in good faith and without negligence, gross negligence or misconduct if the Escrow Agent is
authorized to execute the payment order under this Section 1.4. Any action taken by the Escrow Agent pursuant to this Section 1.4
prior to the Escrow Agent’s actual receipt and acknowledgement of a notice of revocation, cancellation or amendment of a
Written Direction shall not be affected by such notice of revocation, cancellation or amendment of a Written Direction.

 

(e) The
security procedures set forth in this Section 1.4 are intended to verify the authenticity of payment orders provided to the Escrow
Agent and are not designed to, and do not, detect errors in the transmission or content of any payment order. The Escrow Agent
is not responsible for detecting an error in the payment order, regardless of whether either Party believes the error was apparent,
and the Escrow Agent is not liable for any losses arising from any failure to detect an error.

 

(f) When
instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number),
the Escrow Agent, and any other banks participating in the funds transfer, may rely solely on the unique identifier, even if it
identifies a party different than the party named. Each Party agrees to be bound by the rules of any funds transfer network used
in connection with any payment order accepted by the Escrow Agent hereunder.

 

(g) The
Escrow Agent shall not be obliged to make any payment requested under this Escrow Agreement if it is unable to validate the authenticity
of the request by the security procedures set forth in this Section 1.5. The Escrow Agent’s inability to confirm a payment
order may result in a delay or failure to act on that payment order. Notwithstanding anything else in this Escrow Agreement, the
Escrow Agent shall not be required to treat a payment order as having been received until the Escrow Agent has authenticated it
pursuant to the security procedures in this Section 1.4 and shall not be liable or responsible for any losses arising in relation
to such delay or failure to act.

 

		1.5	Termination.

 

This Escrow Agreement
shall terminate upon the resignation or removal of the Escrow Agent as set forth in Section 3.4 (Resignation or Removal), at which
time the Escrow Agent is authorized and directed to disburse the Escrow Funds in accordance with Section 1.2 (Disbursements) and
this Escrow Agreement shall be of no further force and effect, except that the provision of 3.2 (Limitation of Liability) hereof
shall survive termination.

 

    5

     

    

 

ARTICLE II. DUTIES
OF THE ESCROW AGENT

 

		2.1	Scope of Responsibility.

 

Notwithstanding any
provision to the contrary, the Escrow Agent is obligated only to perform the duties expressly and specifically set forth in this
Escrow Agreement, which shall be deemed purely ministerial in nature. Under no circumstances will the Escrow Agent be deemed to
be a fiduciary to any Party or any other person under this Escrow Agreement or otherwise. The Escrow Agent will not be responsible
or liable for the failure of either Party to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be
responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document other
than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the Escrow Agent; and the
Escrow Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement,
instrument, or document. References in this Escrow Agreement to any other agreement, instrument, or document are for the convenience
of the parties and the Escrow Agent has no duties or obligations with respect thereto. The Escrow Agent acts hereunder as escrow
agent only, and is not responsible or liable in any manner whatsoever for the sufficiency, correctness, applicability or validity
of the subject matter of this Escrow Agreement or any part thereof. The Escrow Agent shall have no responsibilities (except as
expressly set forth herein) as to the validity, sufficiency, value, genuineness, ownership or transferability of the Escrow Funds,
written instructions, or any other documents in connection therewith, and will not be regarded as making nor be required to make,
any representations thereto. This Escrow Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and no
additional obligations of the Escrow Agent shall be inferred or implied from the terms of this Escrow Agreement, any other agreement
or otherwise.

 

		2.2	Rights of the Escrow Agent.

 

No provision of this
Escrow Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability or potential
financial liability in the performance of its duties or the exercise of its rights under this Escrow Agreement. The Escrow Agent
shall not be required to take any action which, in the Escrow Agent's sole and absolute judgment, could involve it in expense or
liability unless furnished with security and indemnity which it deems, in its sole and absolute discretion, to be satisfactory.
The Escrow Agent shall not be obligated to take any legal action or to commence any proceedings in connection with this Escrow
Agreement or any property held hereunder or to appear in, prosecute or defend in any such legal action or proceedings. The Escrow
Agent shall be protected in acting upon any written instruction, notice, request, waiver, consent, certificate, receipt, authorization,
power of attorney or other paper or document which the Escrow Agent in good faith believes to be genuine and what it purports,
to be, including, but not limited to, items directing investment or non-investment of funds, items requesting or authorizing release,
disbursement or retainage of the subject matter of this Escrow Agreement and items amending the terms of this Escrow Agreement.

 

		2.3	Attorneys and Agents.

 

The Escrow Agent shall
be entitled to consult with legal counsel in the event that a question or dispute arises with regard to the construction of any
of the provisions hereof. The Escrow Agent shall be entitled to rely on and shall not be liable for any action taken or omitted
to be taken by the Escrow Agent in accordance with the advice of counsel or other professionals retained or consulted by the Escrow
Agent. The Escrow Agent shall be reimbursed as set forth in Article III for any and all compensation (fees, expenses and other
costs) paid and/or reimbursed to such counsel and/or professionals. The Escrow Agent may perform any and all of its duties through
its agents, representatives, attorneys, custodians, and/or nominees and shall not be responsible for the acts or omissions of
such agents, representatives, attorneys, custodians or nominees appointed with due care.

 

		2.4	Right Not Duty Undertaken.

 

The permissive rights
of the Escrow Agent to do things enumerated in this Escrow Agreement shall not be construed as duties.

 

    6

     

    

 

ARTICLE III. PROVISIONS
CONCERNING THE ESCROW AGENT

 

		3.1	Indemnification.

 

The Parties, jointly
and severally, hereby indemnify and defend the Escrow Agent and its directors, officers, employees and agents (collectively, the
“Indemnified Parties”), and hold the Indemnified Parties harmless from any and against all liabilities, losses,
actions, suits or proceedings at law or in equity, and any other expenses, fees or charges of any character or nature, (including,
without limitation, attorney's fees and expenses and the costs of enforcement of this Escrow Agreement or any provision thereof),
which an Indemnified Party may incur or with which it may be threatened by reason of acting as or on behalf of the Escrow Agent
under this Escrow Agreement or arising out of the existence of the Escrow Account, except to the extent the same shall be have
been finally adjudicated to have been directly caused by the Escrow Agent's gross negligence or willful misconduct. The Escrow
Agent shall have a first lien against the Escrow Account (to the extent of Company's rights thereto) to secure the obligations
of the Parties hereunder. The terms of this paragraph shall survive termination of this Escrow Agreement.

 

		3.2	Limitation of Liability.

 

THE ESCROW AGENT SHALL
NOT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY (I) DAMAGES, LOSSES OR EXPENSES ARISING OUT OF OR IN CONNECTION WITH THIS ESCROW
AGREEMENT, THE ESCROW ACCOUNT, THE ESCROW FUNDS, OR THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH
HAVE BEEN FINALLY ADJUDICATED TO HAVE DIRECTLY RESULTED FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, (II)
SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR LOSSES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF
THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION, OR (III) ANY
AMOUNT IN EXCESS OF THE VALUE OF THE ESCROW FUNDS.

 

		3.3	No Endorsement.

 

THE COMPANY, INVESTOR
AND THE PLACEMENT AGENT UNDERSTAND THAT THE ESCROW AGENT, BY ACCEPTING THE APPOINTMENT AND DESIGNATION AS ESCROW AGENT HEREUNDER,
IN NO WAY ENDORSES THE MERITS OF THE OFFERING OF THE SECURITIES. THE COMPANY, INVESTOR AND THE PLACEMENT AGENT AGREE TO NOTIFY
ANY PERSON ACTING ON ITS BEHALF THAT THE ESCROW AGENT’S POSITION AS ESCROW AGENT DOES NOT CONSTITUTE SUCH AN ENDORSEMENT,
AND TO PROHIBIT SAID PERSONS FROM THE USE OF THE ESCROW AGENT’S NAME AS AN ENDORSER OF SUCH OFFERING. THE COMPANY, INVESTOR
AND THE PLACEMENT AGENT FURTHER AGREE TO INCLUDE WITH ANY SALES LITERATURE, IN WHICH THE ESCROW AGENT’S NAME APPEARS AND
WHICH IS USED IN CONNECTION WITH SUCH OFFERING, A STATEMENT TO THE EFFECT THAT THE ESCROW AGENT IN NO WAY ENDORSES THE MERITS OF
THE OFFERING.

 

    7

     

    

 

		3.4	Resignation or Removal.

 

The Escrow Agent may,
at any time, resign as escrow agent hereunder by furnishing written notice of its resignation to each Party. At such time, all
fees and expenses to which the Escrow Agent is entitled shall be immediately due and payable to Escrow Agent. The Parties may remove
the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses
to which it is entitled through the date of termination. Such resignation or removal, as the case may be, shall be effective thirty
(30) days after the delivery of such notice or upon the earlier appointment of a successor, and the Escrow Agent’s sole responsibility
thereafter shall be to safely keep the Escrow Funds and to deliver the same to a successor escrow agent as shall be appointed by
the Parties, as evidenced by a joint written notice filed with the Escrow Agent or in accordance with a court order. If the Parties
have failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such notice
of resignation or removal, the Escrow Agent shall be entitled, at its sole discretion and at the expense of Investor, to petition
any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such
resulting appointment shall be binding upon the Parties.

 

		3.5	Compensation.

 

(a) The
Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit C,
which compensation shall be paid by the Company, deducted from payments for shares received from the Company. Such compensation
is intended for the Escrow Agent's services as contemplated by this Escrow Agreement. In addition to such compensation, in the
event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders
any service not contemplated in this Escrow Agreement, or there is any assignment of interest in the subject matter of this Escrow
Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a
party to any litigation pertaining to this Escrow Agreement or the subject matter hereof, then the Escrow Agent shall be compensated
for such extraordinary services and any services or work performed by Escrow Agent in connection with any delay, controversy, litigation
or event, and reimbursed for all costs and expenses, including reasonable attorneys’ fees and expenses, occasioned by any
such delay, controversy, litigation or event. If any amount due to the Escrow Agent hereunder is not paid within thirty (30) days
of the date due, the Escrow Agent in its sole discretion may charge interest on such amount up to the highest rate permitted by
applicable law.

 

(b) As
security for the due and punctual performance of any and all of the Parties’ obligations to the Escrow Agent hereunder, now
or hereafter arising, the Parties, individually and collectively, hereby pledge, assign and grant (to the extent of Company's rights
thereto) to the Escrow Agent a continuing security interest in, and a lien on and right of setoff against, the Escrow Funds and
all distributions thereon, investments thereof or additions thereto (whether such additions are the result of deposits by the Parties
or the investment of Escrow Funds or otherwise). If any fees, expenses or costs incurred by, or any obligations owed to, the Escrow
Agent hereunder are not promptly paid when due, the Escrow Agent may reimburse itself therefor from the Escrow Funds, and may sell,
convey or otherwise dispose of any Escrow Funds for such purpose. The security interest and setoff rights of the Escrow Agent shall
at all times be valid, perfected and enforceable by the Escrow Agent against the Parties and all third parties in accordance with
the terms of this Escrow Agreement.

 

The terms of this Section
3.5 shall survive termination of this Escrow Agreement.

 

    8

     

    

 

		3.6	Disagreements.

 

If any conflict, disagreement
or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder
or concerning any other matter relating to this Escrow Agreement, or the Escrow Agent is in doubt as to the action to be taken
hereunder, the Escrow Agent may, at its option, refuse to act until the Escrow Agent (a) receives a final non-appealable order
of a court of competent jurisdiction directing delivery of the Escrow Funds or (b) receives a written instruction, executed by
each of the parties involved in such disagreement or dispute, in a form reasonably acceptable to the Escrow Agent, directing delivery
of the Escrow Funds. The Escrow Agent will be entitled to act on any such written instruction or final, non-appealable order of
a court of competent jurisdiction without further question, inquiry or consent. The Escrow Agent may file an interpleader action
in a state or federal court, and upon the filing thereof, the Escrow Agent will be relieved of all liability as to the Escrow Funds
and will be entitled to recover reasonable and documented out-of-pocket attorneys’ fees, expenses and other costs incurred
in commencing and maintaining any such interpleader action. In the event the Escrow Agent receives conflicting instructions hereunder,
the Escrow Agent shall be fully protected in refraining from acting until such conflict is resolved to the satisfaction of the
Escrow Agent.

 

		3.7	Merger or Consolidation. 

 

Any corporation or
association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell
or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any
corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent
is a party, shall be and become the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights,
powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the
performance of any further act.

 

		3.8	Attachment of Escrow Funds; Compliance with Legal Orders.

 

In the event that any
Escrow Funds shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined
by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Escrow Funds,
the Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all
writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it,
whether with or without jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree
it shall not be liable to any Party or to any other person, firm or corporation, should, by reason of such compliance notwithstanding,
such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

		3.9	Force Majeure.

 

The Escrow Agent shall
not be responsible or liable for any failure or delay in the performance of its obligation under this Escrow Agreement arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of
God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions;
loss or malfunctions of utilities including but not limited to, computer (hardware or software), payment systems, or communications
services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the Escrow
Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume
performance as soon as reasonably practicable under the circumstances.

 

    9

     

    

 

ARTICLE IV. MISCELLANEOUS

 

		4.1	Successors and Assigns.

 

This Escrow Agreement
shall be binding on and inure to the benefit of each Party and the Escrow Agent and their respective successors and permitted assigns.
No other persons shall have any rights under this Escrow Agreement.  No assignment of the interest of any of the Parties
and the Escrow Agent shall be binding unless and until written notice of such assignment shall be delivered to the other Party
and the Escrow Agent and shall require the prior written consent of the other Party and the Escrow Agent (such consent
not to be unreasonably withheld).

 

		4.2	Escheat.

 

Each Party is aware
that under applicable state law, property which is presumed abandoned may under certain circumstances escheat to the applicable
state. The Escrow Agent shall have no liability to either Party or any other party, should any or all of the Escrow Funds escheat
by operation of law.

 

		4.3	Notices.

 

All notices, requests,
demands, and other communications required under this Escrow Agreement shall be in writing, in English, and shall be deemed to
have been duly given if delivered (i) personally, (ii) by facsimile transmission with written confirmation of receipt, (iii) by
overnight delivery with a reputable national overnight delivery service, (iv) by mail or by certified mail, return receipt requested,
and postage prepaid, or (v) by electronic transmission; including by way of e-mail (as long as such email is accompanied by a PDF
or similar version of the relevant document bearing the signature of an Authorized Representative for the Party sending the notice)
with email confirmation of receipt. If any notice is mailed, it shall be deemed given five business days after the date such notice
is deposited in the United States mail. If notice is given to a party, it shall be given at the address for such party set forth
below. It shall be the responsibility of each Party to notify the Escrow Agent in writing of any name or address changes. In the
case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given on the date received
by the Escrow Agent.

 

If to the Company:

 

TD Holdings,
Inc.

25th Floor,
Block C, Tairan Building

No. 31 Tairan
8th Road, Futian District

Shenzhen,
Guangdong, PRC 518000Attention: Wei Sun

Email: verrasun@outlook.com

 

If to the Placement
Agent:

 

Univest Securities,
LLC

375 Park Avenue,
Unit 1502

New York,
NY 10152

Attention:
Edric Guo

Email: yguo@univest.us

 

If to Investor:

 

White Lion
Capital, LLC

Sam Yaffa

16911 San
Fernando Mission Blvd Suite #183

Granada Hills,
CA 91344 

Email: team@whitelioncapital.com

 

    10

     

    

 

If to the Escrow
Agent:

 

Wilmington Trust,
National Association

Corporate Client
Services

166 Mercer Street,
Suite 2R

New York, NY
10012

Attn: Boris
Treyger

Telephone: (212)
941-4416

Email address:
btreyger@wilmingtontrust.com

 

		4.4	Governing Law.

 

This Escrow Agreement
shall be governed by and construed in accordance with the laws of the State of New York without regard to any laws relating to
choice of laws (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York.

 

		4.5	Venue.

 

Each Party and the
Escrow Agent hereby consent to the exclusive personal jurisdiction of any state or federal court sitting in The City of New York,
Borough of Manhattan in the event of a dispute arising out of or under this Escrow Agreement. Each Party and the Escrow Agent hereby
irrevocably waives any objection to the laying of the venue of any suit, action or proceeding and irrevocably submits to the exclusive
jurisdiction of such court in such suit, action or proceeding.

 

		4.6	Entire Agreement.

 

This Escrow Agreement
and the exhibits hereto set forth the entire agreement and understanding of the parties related to the Escrow Funds and supersedes
all prior agreements and understandings, oral or written. If a court of competent jurisdiction declares a provision invalid, it
will be ineffective only to the extent of the invalidity, so that the remainder of the provision and Escrow Agreement will continue
in full force and effect. In no event shall the Escrow Agent be bound by the terms of the Subscription Agreement or the Underwriting
Agreement. In the event of any direct conflict of the terms of this Escrow Agreement with the terms of the Subscription Agreement
or the Underwriting Agreement, the terms of This Escrow Agreement shall control and prevail. This Escrow Agreement is not intended
to confer upon any person other than the parties hereto any rights or remedies.

 

		4.7	Amendment.

 

This Escrow Agreement
may be amended, modified, supplemented, superseded, rescinded, or canceled only by a written instrument executed by the Parties
and the Escrow Agent; provided that any Certificate of Authorized Signers may be amended at any time in accordance with Section
1.3.

 

    11

     

    

 

		4.8	Waivers.

 

The failure of any
party to this Escrow Agreement at any time or times to require performance of any provision under this Escrow Agreement shall in
no manner affect the right at a later time to enforce the same performance. A waiver by any party to this Escrow Agreement of any
such condition or breach of any term, covenant, representation, or warranty contained in this Escrow Agreement, in any one or more
instances, shall neither be construed as a further or continuing waiver of any such condition or breach nor a waiver of any other
condition or breach of any other term, covenant, representation, or warranty contained in this Escrow Agreement.

 

		4.9	Interpretation.

 

Section headings of
this Escrow Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any
of the terms or provisions of this Escrow Agreement. Unless otherwise indicated by the context, the singular shall include the
plural and the plural shall include the singular. Any references to an Exhibit is a reference to an Exhibit of this Escrow Agreement.

 

		4.10	Counterparts.

 

This Escrow Agreement
may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts
shall together constitute one and the same instrument.

 

		4.11	Waiver of Jury Trial.

 

EACH OF THE PARTIES
HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS ESCROW
AGREEMENT.

 

		4.12	Patriot Act Compliance.

 

In order to comply
with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those
relating to the funding of terrorist activities and money laundering and the Customer Identification Program (“CIP”)
requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Escrow Agent must obtain, verify
and record information that allows the Escrow Agent to identify customers (“Applicable Law”), the Escrow Agent
is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship
with the Escrow Agent. Accordingly, each Party agrees to provide to the Escrow Agent upon its request from time to time such identifying
information and documentation as may be available for such party in order to enable the Escrow Agent to comply with Applicable
Law, including, but not limited to, information as to name, physical address, tax identification number and other information that
will help the Escrow Agent to identify and verify such Party such as organizational documents, certificates of good standing, licenses
to do business or other pertinent identifying information. Each Party understands and agrees that the Escrow Agent cannot open
the Escrow Account unless and until the Escrow Agent verifies the identities of the Parties in accordance with its CIP.

 

[The remainder of this
page left intentionally blank.]

 

    12

     

    

 

 

IN WITNESS WHEREOF,
this Escrow Agreement has been duly executed as of the date first written above.

 

	 	TD HOLDINGS, INC.

 

	 	By:	/s/ Renmei Ouyang
	 	Name: 	Renmei Ouyang
	 	Title:	Chief Executive Officer

 

	 	UNIVEST SECURITIES, LLC

 

	 	By:	/s/ Edric Yi Guo
	 	Name: 	Edric Yi Guo
	 	Title:	COO and Head of Investment Banking

 

	 	WHITE LION CAPITAL, LLC

 

	 	By:	/s/ Sam Yaffa
	 	Name: 	Sam Yaffa
	 	Title:	Managing Member

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Escrow Agent

 

	 	By:	/s/ Boris Treyger
	 	Name: 	Boris Treyger
	 	Title:	Vice President

 

 

13

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