Document:

Exhibit 10.2

 

OFFERING DEPOSIT ACCOUNT AGENCY AGREEMENT

 

This OFFERING DEPOSIT
ACCOUNT AGENCY AGREEMENT (this “Agreement”) dated as of this [__] day of [_____] 2018, by and among CHINA
XIANGTAI FOOD CO., LTD, a Cayman Islands company (the “Company”), having an address at Xinganxian Plaza,
Building B, Suite 21-1 Lianglukou, Yuzhong District 400800, Chongqing, People’s Republic of China, Boustead Securities, LLC
(the “Underwriter”), having an address at 6 Venture, Suite 265, Irvine CA 92618, and FINTECH CLEARING, LLC
(the “Deposit Account Agent”), a Delaware limited liability company and FINRA registered broker/dealer having
an office at 6 Venture, Suite 265, Irvine, CA 92618 . All capitalized terms not herein defined shall have the meaning ascribed
to them in that certain Prospectus, dated August 24, 2018, including all attachments, schedules and exhibits thereto (the “Prospectus”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant
to the terms of the Prospectus, the Company desires to sell (the “Offering”) a minimum of $1,000,000 (the “Minimum
Amount”) and a maximum of $3,000,000 (the “Maximum Amount”) of its shares (the “Shares”).
Each Share is being sold at a price of $5.00 per Share, with a minimum investment of $500 (which minimum investment may be waived
by Company). In addition, the Underwriter has been granted an over-subscription option (the “Over-Subscription Option”)
pursuant to which the Company may sell up to an additional 450,000 Shares for additional investment proceeds of up to $2,250,000;
and

 

WHEREAS, unless
the Minimum Amount is sold by 180 days from the effective date (the “Effective Date”) of the Prospectus (and
for a period of up to 45 additional days if extended by agreement of the Company and the Underwriter) (the “Termination
Date”), the Offering shall terminate and all funds shall be returned to the subscribers in the Offering. If the Minimum
Amount is met, the Offering may continue until the Termination Date (including any extension thereof), and one or more closings
may be conducted on or prior to the Termination Date; and

 

WHEREAS, in
the event that the Maximum Amount is sold by the Termination Date (including any extension thereof), and the Underwriter exercises
the Over-Subscription Option by such date, the Underwriter may extend the Offering for an additional 45 days past the date of exercise
of the Over-Subscription Option (the “Final Termination Date”); and

 

WHEREAS, the
Company and Underwriter desire to establish an Deposit Account with the Deposit Account Agent into which the Company and Underwriter
shall instruct Investors introduced to the Company by Underwriter (the “Investors”) to arrange wire transfers
for the payment of money made payable to the order of “Fintech Clearing as Agent for the Investors in CHINA XIANGTAI FOOD
CO., LTD,” and Deposit Account Agent is willing to accept the wire transfers for the payment of money in accordance with
the terms hereinafter set forth; and

 

WHEREAS, the
Company, as issuer, and Underwriter, as an introducing broker-dealer, represent and warrant to the Deposit Account Agent that they
will comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect
to sale of the Offering; and

 

     

     

    

 

WHEREAS, the
Company and Underwriter represent and warrant to the Deposit Account Agent that they have not stated to any individual or entity
that the Deposit Account Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the
Company and Underwriter warrant to the Deposit Account Agent that a copy of each document that has been delivered to Investors
and third parties that include Deposit Account Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE,
IT IS AGREED as follows:

 

1.       Delivery
of Escrow Funds.

 

(a)        Underwriter
and the Company shall instruct Investors to make wire transfer to Fintech Clearing, 6 Venture, Suite 265, Irvine, CA 92618, ABA
No. 122242869 for credit to Fintech Clearing as Agent for the Investors in CHINA XIANGTAI FOOD CO., LTD, Account No. _____________,
in each case, with the name and address of the individual or entity making payment. In the event any Investor’s address is
not provided to Deposit Account Agent by the Investor, then Underwriter and/or the Company agree to promptly provide Deposit Account
Agent with such information in writing. The wire transfers shall be deposited into a non interest-bearing account at Pacific Mercantile
Bank entitled “Fintech Clearing as Agent for the Investors in CHINA XIANGTAI FOOD CO., LTD” (the “Deposit
Account”).

 

(b)       The
collected funds deposited into the Deposit Account are referred to as the “Escrow Funds.”

 

(c)       The
Deposit Account Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into
the Deposit Account. If, for any reason, any check deposited into the Deposit Account shall be returned unpaid to the Deposit Account
Agent, the sole duty of the Deposit Account Agent shall be to return the check to the Investor and advise the Company and Underwriter
promptly thereof.

  

2.       Release
of Escrow Funds. The Escrow Funds shall be paid by the Deposit Account Agent in accordance with the following:

 

(a)       In
the event that the Company and Underwriter advise the Deposit Account Agent in writing that the Offering has been terminated (the
 “Termination Notice”), the Deposit Account Agent shall promptly return the funds paid by each Investor to said
Investor without interest or offset.

 

(b) If prior to
3:00 P.M. Eastern time on the Termination Date, the Deposit Account Agent receives written notice, in the form of Exhibit A,
attached hereto and made a part hereof, and signed by the Company and Underwriter, stating that the Termination Date has been extended
for an additional 45 days (the “Extension Notice”), then the Termination Date shall be so extended. 

 

(c)        If
at any time prior to 3:00 P.M. Eastern Time on the Termination Date (including any extension thereof), the Escrow Agent receives
written notice, in the form of Exhibit B, attached hereto and made a part hereof, and signed by the Underwriter, stating
that the Termination Date (including any extension thereof) has been extended to the Final Termination Date (the “Over-Subscription
Extension Notice”), then the Termination Date (including any extension thereof) shall be extended to the Final Termination
Date.

 

     

     

    

 

(d)       Provided
that the Deposit Account Agent does not receive the Termination Notice in accordance with Section 2(a) and there is the Minimum
Amount deposited into the Deposit Account on or prior to later of the Termination Date or the date stated in the Extension Notice,
if any, received by the Deposit Account Agent in accordance with Section 2(b) above, or the date stated in the Over-Subscription
Extension Notice, if any, received by the Deposit Account Agent in accordance with Section 2(c) above, the Deposit Account Agent
shall, upon receipt of written instructions, in the form of Exhibit C, attached hereto and made a part hereof, or in a form
and substance satisfactory to the Deposit Account Agent, received from the Company and Underwriter, pay the Escrow Funds in accordance
with such written instructions, such payment or payments to be made by wire transfer within one (1) business day of receipt of
such written instructions. Such instructions must be received by the Deposit Account Agent no later than 3:00 PM Eastern Time on
a Banking Day for the Deposit Account Agent to process such instructions that Banking Day.

 

(e)       If
by 3:00 P.M. Eastern time on the later of the Termination Date or the date stated in the Extension Notice, if any, that the Deposit
Account Agent has received in accordance with Section 2(b) above, or the date stated in the Over-Subscription Extension Notice,
if any, received by the Deposit Account Agent in accordance with Section 2(c) above, the Deposit Account Agent has not received
written instructions from the Company and Underwriter regarding the disbursement of the Escrow Funds or the total amount of the
Escrow Funds is less than the Minimum Amount, then the Deposit Account Agent shall promptly return the Escrow Funds to the Investors
without interest or offset. The Escrow Funds returned to each Investor shall be free and clear of any and all claims of the Deposit
Account Agent.

 

(f)       The
Deposit Account Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(g)       If
the Termination Date (including any extension thereof), Final Termination Date or any date that is a deadline under this Agreement
for giving the Deposit Account Agent notice or instructions or for the Deposit Account Agent to take action is not a Banking Day,
then such date shall be the Banking Day that immediately preceding that date. A “Banking Day” is any day other
than a Saturday, Sunday or a day that a New York State chartered bank is not legally obligated to be opened.

 

3.       Acceptance
by Deposit Account Agent. The Deposit Account Agent hereby accepts and agrees to perform its obligations hereunder, provided
that:

 

(a)       The
Deposit Account Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has
been designated by Underwriter or the Company to give any written instructions, notice or receipt, or make any statements in connection
with the provisions hereof has been duly authorized to do so. Deposit Account Agent shall have no duty to make inquiry as to the
genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names
and true signatures of each individual authorized to act singly on behalf of the Company and Underwriter are stated in Schedule
II, which is attached hereto and made a part hereof. The Company and Underwriter may each remove or add one or more of its
authorized signers stated on Schedule II by notifying the Deposit Account Agent of such change in accordance with this Agreement,
which notice shall include the true signature for any new authorized signatories.

 

     

     

    

 

(b)       The
Deposit Account Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.
The Deposit Account Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions
of any kind, unless caused by its willful misconduct or gross negligence.

 

(c)       Underwriter
and the Company agree to indemnify and hold the Deposit Account Agent harmless from and against any and all claims, losses, costs,
liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed
against or incurred by Deposit Account Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless
caused by the Deposit Account Agent’s gross negligence or willful misconduct.

 

(d)       In
the event that the Deposit Account Agent shall be uncertain as to its duties or rights hereunder, the Deposit Account Agent shall
be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise
by a court of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)       The
Deposit Account Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other
than Deposit Account Agent’s obligations hereunder, and the Deposit Account Agent shall not be required to make a request
that any monies be delivered to the Deposit Account, it being agreed that the sole duties and responsibilities of the Deposit Account
Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money
and wire transfers delivered to the Deposit Account Agent for the Deposit Account and deposit said checks and wire transfers into
the non-interest bearing Deposit Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided
that the checks received by the Deposit Account Agent have been collected and are available for withdrawal.

 

4.       Deposit
Account Statements and Information. The Deposit Account Agent agrees to send to the Company and/or the Underwriter a copy of
the Deposit Account periodic statement, upon request in accordance with the Deposit Account Agent’s regular practices for
providing account statements to its non-escrow clients and to also provide the Company and/or Underwriter, or their designee, upon
request other deposit account information, including Deposit Account balances, by telephone or by computer communication, to the
extent practicable. The Company and Underwriter agree to complete and sign all forms or agreements required by the Deposit Account
Agent for that purpose. The Company and Underwriter each consent to the Deposit Account Agent’s release of such Deposit Account
information to any of the individuals designated by Company or Underwriter, which designation has been signed in accordance with
Section 3(a) by any of the persons in Schedule II.  Further, the Company and Underwriter have an option to receive
e-mail notification of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently
approved by the Deposit Account Agent, the Company and Underwriter agrees to provide a valid e-mail address and other information
necessary to set-up this service and sign all forms and agreements required for such service. The Company and Underwriter each
consent to the Deposit Account Agent’s release of wire transfer information to the designated e-mail address(es). The Deposit
Account Agent’s liability for failure to comply with this section shall not exceed the cost of providing such information.

 

     

     

    

 

5.       Resignation
and Termination of the Deposit Account Agent. The Deposit Account Agent may resign at any time by giving 30 days’ prior
written notice of such resignation to Underwriter and the Company. Upon providing such notice, the Deposit Account Agent shall
have no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day
period. In such event, the Deposit Account Agent shall not take any action, other than receiving and depositing Investors checks
and wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company, attorney
or other person as successor. Upon receipt of such written designation signed by Underwriter and the Company, the Deposit Account
Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If
such instructions are not received within 30 days following the effective date of such resignation, then the Deposit Account Agent
may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the
appointment of a successor. In either case provided for in this Section, the Deposit Account Agent shall be relieved of all further
obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

6.       Termination.
Except as otherwise specifically provided herein, this Agreement shall terminate on the later of the final closing date of the
Offering, the Termination, or the Final Termination Date, as applicable (except with respect to provisions hereof which are specially
intended to survive such termination). The Company and Underwriter may terminate the appointment of the Deposit Account Agent hereunder
upon written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from
the date of such notice. In the event of such termination, the Company and Underwriter shall, within 30 days of such notice, appoint
a successor Deposit Account Agent and the Deposit Account Agent shall, upon receipt of written instructions signed by the Company
and Underwriter, turn over to such successor Deposit Account Agent all of the Escrow Funds; provided, however, that
if the Company and Underwriter fail to appoint a successor Deposit Account Agent within such 30-day period, such termination notice
shall be null and void and the Deposit Account Agent shall continue to be bound by all of the provisions hereof. Upon receipt of
the Escrow Funds, the successor Deposit Account Agent shall become the Deposit Account Agent hereunder and shall be bound by all
of the provisions hereof and Deposit Account Agent shall be relieved of all further obligations and released from all liability
thereafter arising with respect to the Escrow Funds and under this Agreement.

 

7.       Investment.
All funds received by the Deposit Account Agent shall be held only in non-interest bearing bank accounts at Pacific Mercantile
Bank.

 

     

     

    

 

8.       Compensation.
Deposit Account Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,500.00, which fee shall
be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Deposit Account
Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Deposit Account, including
reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation
or termination of the Deposit Account Agent shall affect the right of Deposit Account Agent to retain the amount of any fee which
has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any
such modification, cancellation, termination, resignation or rescission. To the extent the Deposit Account Agent has incurred any
such expenses, or any such fee becomes due, prior to any closing, the Deposit Account Agent shall advise the Company and the Company
shall direct all such amounts to be paid directly at any such closing.

 

9.       Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Underwriter:

 

Boustead Securities,
LLC

6 Venture, Suite 325,

Irvine CA
92618

Attention:
Keith Moore, CEO

Email: keith@boustead1828.com

Fax: +1 815
301 8099

 

With a copy
to:

Sichenzia
Ross Ference LLP

1185 Avenue
of the Americas, 37th Floor,

New York,
NY 10036

Attention:
Mr. Benjamin Tan

Fax: (212)
930 9725

Email: btan@srfkllp.com

 

If to the Company:

 

China Xiangtai
Food Co., Ltd

c/o Chongqing
Penglin Food Co., Ltd.

Xinganxian
Plaza

Building
B, Suite 21-1

Lianglukou,
Yuzhong District 400800

Chongqing,
People’s Republic of China

Attention:
Zeshu Dai

 

     

     

    

 

With a copy
to:

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attention: William S. Rosenstadt,
Esq./Mengyi “Jason” Ye, Esq.

Fax No.: (212) 826-9307

 

If to Deposit Account
Agent:

 

Fintech Clearing LLC

6 Venture, Suite 265,

Irvine, CA 92618

Attention: Brian Park,
President

Email: brian@fintechclearing.com

Fax: (310) 504-3704

 

10.       General.

 

(a)       This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(b)       This
Agreement sets forth the entire
agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements
and understandings relating thereto.

 

(c)       All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
hereto, as well as their respective successors and assigns.

 

(d)       This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any
party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to
enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any
such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may
assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

     

     

    

 

(e)       If
any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)       This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11.       Form
of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however,
that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of
his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other
party.

 

12.        No
Third-Party Beneficiaries.  This Agreement is solely for the benefit of the parties and their respective successors
and permitted assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of this
Agreement.

 

 

 

[SIGNATURES FOLLOW ON THE NEXT PAGE]

 

 

 

 

 

     

     

    

IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

 

	China Xiangtai Food Co., Ltd.	 	Boustead Securities, LLC	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Name:	Zeshu Dai	 	Name:   	Keith Moore	 
	Title:  	Chairwoman of the Board	 	Title:   	CEO	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	FINTECH CLEARING LLC	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	Brian Park	 	 	 	 
	Title:	President	 	 	 	 

 

 

     

     

    

Schedule
I

 

OFFERING DOCUMENTS

 

 

As attached.

 

 

 

 

 

	Offering Deposit Account Agency Agreement – Public Offering	Rev. 05/2015

     

     

    

Schedule
II

 

 

The Deposit Account
Agent is authorized to accept instructions signed or believed by the Deposit Account Agent to be signed by any one of the following
on behalf of the Company and Underwriter.

 

China Xiangtai Food Co., Ltd.

 

	 	Name	 	True Signature	 
	 	 	 	 	 
	 	Zeshu Dai	 	 	 

 

Boustead Securities, LLC

 

	 	Name	 	True Signature	 
	 	 	 	 	 
	 		 	 	 

 

 

 

	Offering Deposit Account Agency Agreement – Public Offering	Rev. 05/2015

     

     

    

Exhibit A

 

EXTENSION NOTICE

 

Date:

 

Fintech Clearing, LLC

[address of financial center]

______________

Attention: [name & title of Group
Director]

 

Dear _________:

 

In accordance with the terms of Section
2(b) of an Offering Deposit Account Agency Agreement dated ___ _______, by and among [insert Company’s full legal name]
(the “Company”), [insert Underwriter’s full legal name] (“Underwriter”), and Fintech Clearing
LLC (the “Deposit Account Agent”), the Company and Underwriter hereby notifies the Deposit Account Agent that the Termination
Date has been extended to __________ __, 20__.

 

Very truly yours,

 

[insert Company’s full legal name]

 

By:_____________

Name:__________

Title:____________

 

[insert Underwriter’s full legal name]

 

By:_____________

Name:___________

Title:____________

 

 

     

     

    

 

 

Exhibit B

 

OVER-SUBSCRIPTION EXTENSION NOTICE

 

Date:

 

Fintech Clearing, LLC

[address of financial center]

______________

Attention: [name & title of Group
Director]

 

Dear _________:

 

In accordance with the terms of Section
2(c) of an Offering Deposit Account Agency Agreement dated ___ _______, by and among [insert Company’s full legal name]
(the “Company”), [insert Underwriter’s full legal name] (“Underwriter”), and Fintech Clearing
LLC (the “Deposit Account Agent”), the Underwriter hereby notifies the Deposit Account Agent that the Termination Date
has been extended to __________ __, 20__, the Final Termination Date.

 

Very truly yours,

 

[insert Underwriter’s full legal name]

 

By:_____________

Name:___________

Title:____________

 

 

     

     

    

Exhibit C

 

FORM OF ESCROW RELEASE NOTICE

 

Date:

 

Fintech Clearing LLC

[address of financial center]

______________

Attention: [name & title
of Group Director]

 

Dear _________:

 

In accordance with the terms of Section
2(c) of an Offering Deposit Account Agency Agreement dated as of ________ __, 20__ (the "Deposit Account Agreement"),
by and between ____________ (the "Company"), Fintech Clearing LLC (the "Deposit Account Agent") and __________.
("Underwriter"), the Company and Underwriter hereby notify the Deposit Account Agent that the ________ closing will be
held on ___________ for gross proceeds of $_________.

 

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER
AS FOLLOWS (wire instructions attached):

 

 

________________________:$

 

________________________:$

 

________________________:$

 

 

Very truly yours,

 

[insert Company’s full legal name]

 

By:_____________

Name:__________

Title:____________

 

[insert Underwriter’s full legal name]

 

By:_____________

Name:___________

Title:____________Exhibit 10.3

 

Business Cooperation Agreement

  

This Business Cooperation
Agreement (this “Agreement”) is made and entered into by and between the following parties on October 9, 2017 in Chongqing,
the People’s Republic of China (“China” or the “PRC”).

 

	Party A:	Chongqing Jinghuangtai Enterprise Management and Consulting Co., Ltd.
	Address:	2-18-1,No.55 Chongqing Village, Yuzhong District, Chongqing, China
	 	 
	Party B:	Chongqing Penglin Food Co., Ltd.
	Address:	No.128 Xinyuan Road,Zhenxi Town, Fuling District, Chongqing, China

 

Each of Party A and
Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties” collectively.

 

Whereas,

 

		1.	Party A is a wholly-foreign-owned
enterprise established in China, and has the necessary resources to provide management and consulting services;

 

		2.	Party B is a company with
exclusively domestic capital registered in China and engages in food sales, livestock market survey and other businesses (the
 “Principal Business”).

 

		3.	Party A is willing to provide
Party B with management, consulting services and other commercial services on exclusive basis in relation to the Principal Business
during the term of this Agreement, utilizing its advantages in management, human resources, and information, and Party B is willing
to accept such services provided by Party A or Party A's designee(s), each on the terms set forth herein.

 

    1

Business Cooperation Agreement

     

    

 

Now, therefore, through mutual
discussion, the Parties have reached the following agreements:

 

		1.	Services Provided by
Party A

 

		1.1	Party B hereby appoints
Party A as Party B's exclusive services provider to provide Party B with complete management support, business support and related
consulting services during the term of this Agreement, in accordance with the terms and conditions of this Agreement, which may
include all necessary services within the scope of the Principal Business as may be determined from time to time by Party A, such
as but not limited to technical services, business consultations, management consultancy, and enterprise image design.

 

	 	1.2	Party B agrees to accept all the consultations and services provided by Party A. Party B further agrees that unless with Party A's prior written consent, during the term of this Agreement, Party B shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party and shall not establish similar corporation relationship with any third party regarding the matters contemplated by this Agreement. Party A may appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party B with the consultations and/or services under this Agreement.

 

		1.3	Service Providing Methodology

  

		1.3.1	Party A and Party B agree
that during the term of this Agreement, where necessary, Party B may enter into further management service agreements or consulting
service agreements with Party A or any other party designated by Party A, which shall provide the specific contents, manner, personnel,
and fees for the specific management services and consulting services.

 

	 	1.3.2	To fulfill this Agreement, Party A and Party B agree that during the term of this Agreement, where necessary, Party B may enter into equipment or property leases with Party A or any other party designated by Party A which shall permit Party B to use Party A's or its designee’s relevant equipment or property based on the needs of the business of Party B.

 

    2

Business Cooperation Agreement

     

    

 

 

		2.	The Calculation and
Payment of the Service Fees

 

Both
Parties agree that, in consideration of the services provided by Party A, Party B shall pay to Party A the fees (the “Service
Fees”) equal to 96.9% of the after-tax income determined by U.S. GAAP of Party B, provided that upon mutual discussion
between the Parties and the prior written consent by Party A, the rate of Service Fees may be adjusted based on the services rendered
by Party A in that quarter and the operational needs of Party B. All out-of-pocket expenses (including without limitation the
travelling expenses, accommodation, transportation, printing and postage fees etc) that Party A may incur as a result of the provision
of the Services hereunder shall be solely borne by Party B. The Service Fees shall be due and payable on a quarterly basis; within
15 working days after the beginning of each quarter, Party B shall (a) deliver to Party A the management accounts and operating
statistics of Party B for such quarter, including the after-tax income of Party B during such quarter (the “Quarterly Income”),
and (b) pay 96.9% of such Quarterly Income, or other amount agreed by Party A, to Party A (each such payment, a “Quarterly
Payment”). Within ninety (90) days after the end of each fiscal year, Party B shall (a) deliver to Party A audited financial
statements of Party B for such fiscal year, which shall be audited and certified by an independent certified public accountant
approved by Party A, and (b) pay an amount to Party A equal to the shortfall, if any, of the net income of Party B for such fiscal
year, as shown in such audited financial statements, as compared to the aggregate amount of the Quarterly Payments paid by Party
B to Party A in such fiscal year. Unless the Parties agree otherwise or the law provides otherwise, the Service Fees payable by
Party B hereunder shall not be subject to any deduction or set-off (e.g. bank handling fees etc). The management report, operation
data and financial statements provided by Party B shall be true, valid, accurate and complete. If Party A suffers any losses as
a result of any defect of the aforesaid documents, Party B shall be fully responsible for such losses. In the event that Party
B’s payment obligation hereunder is reduced or released because of the provision by Party B of any fraudulent materials
to Party A, Party B hereby irrevocably undertakes to compensate Party A accordingly for the amount so reduced or released.

 

If Party
B is operating at losses determined by U.S. GAAP when Party B is obligated to pay the Services fees to Party A, Party A needs
to absorb Party B’s losses and be responsible and required to reimbursement Party B for those losses.

 

    3

Business Cooperation Agreement

     

    

 

		3.	Intellectual Property
Rights and Confidentiality Clauses

 

	 	3.1	To the extent permitted under the PRC laws, Party A shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications, software, technical secrets, trade secrets and others. Party B shall execute all appropriate documents, take all appropriate actions, submit all filings and/or applications, render all appropriate assistance and otherwise conduct whatever is necessary as deemed by Party A in its sole discretion for the purposes of vesting any ownership, right or interest of any such intellectual property rights in Party A, and/or perfecting the protections for any such intellectual property rights in Party A.

 

	 	3.2	The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

 

	 	3.3	The Parties agree that this Section shall survive changes to, and rescission or termination of, this Agreement.

 

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Business Cooperation Agreement

     

    

 

		4.	Representations and
Warranties

 

	 	4.1	Party A hereby represents and warrants as follows:

  

	 	4.1.1	Party A is a wholly owned foreign enterprise legally registered and validly existing in accordance with the laws of China.

 

	 	4.1.2	Party A has taken all necessary corporate actions, obtained all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution and performance of this Agreement. Party A’s execution and performance of this Agreement do not violate any explicit requirements under any law or regulation binding on Party A.

 

	 	4.1.3	This Agreement constitutes Party A's legal, valid and binding obligations, enforceable in accordance with its terms.

 

	 	4.2	Party B hereby represents and warrants as follows:

 

	 	4.2.1	Party B is a company legally registered and validly existing in accordance with the laws of China and has obtained the relevant permit and license for engaging in the Principal Business in a timely manner. It has independent legal person status, and has full and independent civil and legal capacity to execute, deliver and perform this Agreement. It can sue and be sued as a separate entity;

 

	 	4.2.2	Party B has taken all necessary corporate actions, obtained all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution and performance of this Agreement. Party B’s execution and performance of this Agreement do not violate any explicit requirements under any law or regulation binding on Party B.

 

	 	4.2.3	This Agreement constitutes Party B's legal, valid and binding obligations, and shall be enforceable against it.

 

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Business Cooperation Agreement

     

    

 

		5.	Effectiveness and Term

 

This Agreement is executed on
the date first above written and shall take effect as of such date. This Agreement shall maintain effective unless terminated in
accordance with Article 6.1 or was compelled to terminate under applicable PRC laws and regulations.

 

	 	6.	Termination

 

	 	6.1	During the term of this Agreement, unless Party A commits gross negligence, or a fraudulent act, against Party B, Party B shall not terminate this Agreement prior to its expiration date. Nevertheless, Party A shall have the right to terminate this Agreement upon giving 30 days' prior written notice to Party B at any time.

 

	 	6.2	The rights and obligations of the Parties under Articles 3, 7 and 8 shall survive the termination of this Agreement.

 

		7.	Governing Law and Resolution
of Disputes

 

	 	7.1	The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

	 	7.2	In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party's request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the Southwest Commission of China International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Chongqing, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

	 	7.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

    6

Business Cooperation Agreement

     

    

 

		8.	Default

 

	 	8.1	The Parties agree and confirm that, if either Party (the “Defaulting Party”) is in breach of any provisions herein or fails to perform its obligations hereunder, such breach or failure shall constitute a default under this Agreement (the “Default”), which shall entitle the non-defaulting Party to request the Defaulting Party to rectify or remedy such Default with a reasonable period of time. If the Defaulting Party fails to rectify or remedy such Default within the reasonable period of time or within 30 days of non-defaulting Party’s written notice requesting for such rectification or remedy, then the non-defaulting Party shall be entitled to elect any one of the following remedial actions: (a) to terminate this Agreement and request the Defaulting Party to fully compensate its losses and damages; (b) to request the specific performance by the Defaulting Party of its obligations hereunder and request the Defaulting Party to fully compensate non-defaulting Party’s losses and damages.

 

	 	8.2	No waiver of rights in respect of any Default hereunder shall be valid unless it was made in writing. Any failure to exercise or delay in exercising any rights or remedy by any Party under this Agreement shall not be deemed as a waiver of such Party. Any partial exercise of any right or remedy shall not affect the exercise of any other rights and remedies.

 

	 	8.3	Notwithstanding Clause 8.1 above, the Parties agree and confirm that in no circumstance shall Party B early terminate this Agreement unless the applicable law or this Agreement provides otherwise.

 

	 	8.4	Notwithstanding any other provisions under this Agreement, the validity of this Clause shall not be affected by the suspension or termination of this Agreement.

 

		9.	Notices

 

	 	9.1	All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

	 	9.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.

 

    7

Business Cooperation Agreement

     

    

 

		9.2	For the purpose of notices,
the addresses of the Parties are as follows:

 

	 	Party A:	Chongqing Jinghuangtai Enterprise Management and Consulting Co., Ltd.
	 	Address: 	2-18-1,No.55 Chongqing Village, Yuzhong District, Chongqing, China
	 	Attn:	Zeshu Dai
	 	Phone:	13618258422
	 	 	 
	 	Party B:	Chongqing Penglin Food Co., Ltd.
	 	Address:	No.128 Xinyuan Road, Zhenxi Town, Fuling District, Chongqing, China
	 	Attn:	Zeshu Dai
	 	Phone:	13618258422

  

	 	9.3	If any Party change its address for notices or its contact person, a notice shall be delivered to the other Party in accordance with the terms hereof.

 

		10.	Assignment

 

	 	10.1	Without Party A's prior written consent, Party B shall not assign its rights and obligations under this Agreement to any third party.

 

	 	10.2	Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party upon a prior written notice to Party B but without the consent of Party B.

 

		11.	Severability

 

In the event that one or several
of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or
compromised in any aspect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.

 

    8

Business Cooperation Agreement

     

    

 

		12.	Amendments and Supplements

 

Any
amendments and supplements to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have
been signed by the Parties and that relate to this Agreement shall be an integral part of this Agreement and shall have the same
legal validity as this Agreement.

 

		13.	Language and Counterparts

 

This Agreement is written in
both Chinese and English language in two copies, each Party having one copy with equal legal validity; in case there is any conflict
between the Chinese version and the English version, the Chinese version shall prevail.

 

[The remainder of this page is intentionally
left blank.]

 

    9

Business Cooperation Agreement

     

    

 

[THE SIGNATURE PAGE]

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Business Cooperation Agreement as of the date first above
written.

  

		Party A:	Chongqing Jinghuangtai
Enterprise Management and Consulting Co., Ltd.

 

	By:	/s/ Zeshu Dai 
	Name:	Zeshu Dai
	Title: 	Legal Representative

 

	Party B:	Chongqing Penglin Food Co., Ltd.
	 	 
	By:	 /s/ Zeshu Dai 
	Name:	Zeshu Dai
	Title:	Legal Representative

 

    10

Business Cooperation Agreement

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